Blaize (BZAI) investor relations material

Executive summary

• Full-year 2026 revenue guidance reduced to $40–$43 million, down from $130 million, due to delayed customer orders, slower deployment cycles, and supply chain cost inflation.

• Achieved Q2 2026 revenue of $12.0 million, up from $2.0 million in Q2 2025, driven by increased commercial activity and major sales in China, Europe, and Asia-Pacific.

• Signed agreement for 2,000 servers worth $70 million, with $20 million recognized in 2026 and $50 million as backlog for 2027.

• Significant customer and geographic concentration, with 99.6% of Q2 2026 revenue from one customer in China.

• Business is expanding geographically, with new orders in Europe and increased activity in Asia-Pacific.

Financial highlights

• Q2 2026 revenue was $12.0 million, up from $2.0 million in Q2 2025; first half 2026 revenue totaled $14.7 million, a 390% year-over-year increase.

• Gross margin for Q2 2026 was 8%, down from 58% in Q1 2026 and 59% in Q2 2025, due to a higher mix of third-party hardware.

• Net loss for Q2 2026 was $28.8 million, a slight improvement from $29.6 million in Q2 2025.

• Adjusted EBITDA loss for Q2 2026 was $20.9 million, compared to $13.9 million in Q1 and $12.9 million in Q2 2025.

• Cash and cash equivalents at quarter-end were $36.8 million, with $12.4 million held in China and subject to currency controls.

Outlook and guidance

• 2026 revenue guidance set at $40–$43 million, with expected year-end backlog of $50 million at current memory prices.

• Gross margin expected to improve to 17–19% in the second half of 2026.

• Adjusted EBITDA loss for 2026 projected at $62–$65 million.

• Management highlights substantial uncertainty regarding future purchase orders from key customers.

• Liquidity concerns persist; ability to continue as a going concern depends on raising additional financing.