Key Highlights

  • Blaize now expects 2026 Revenue of $40.0 million to $43.0 million and an adjusted EBITDA loss of $62.0 million to $65.0 million.
  • Second-quarter revenue was $12.0 million, but gross Margin fell to 8% from 58% in the first quarter.
  • Cash was $36.8 million at 30 June 2026, and the company said it was reviewing its cost structure.

The revised outlook

Blaize Holdings, Inc. (NASDAQ:BZAI), the edge-AI computing company, reported second-quarter 2026 results on 13 August 2026 after the market close. Alongside the numbers it reduced its full-year outlook. Revenue is now expected to be between $40.0 million and $43.0 million, with an adjusted EBITDA loss of $62.0 million to $65.0 million.

The company attributed the reduction to engagements that did not convert to orders and to higher memory costs. It said the guidance includes only binding, non-cancellable purchase orders and excludes opportunities still in progress. Chief executive Dinakar Munagala said Blaize had delivered sequential revenue growth but had reduced its full-year revenue outlook.

Because the range excludes opportunities still in progress, the release gives no probability for them. The range is the company's own expectation rather than an independent forecast, and revenue guidance of this kind is not a commitment.

Second-quarter figures

Revenue for the quarter ended 30 June 2026 was $12.0 million, compared with $2.7 million in the first quarter and $2.0 million a year earlier. First-half revenue was $14.7 million, against $3.0 million in the first half of 2025.

Gross margin fell to 8% from 58% in the first quarter and 59% a year earlier. The company explained that the mix was weighted towards lower-margin third-party server hardware. Net loss was $28.8 million, against $22.7 million in the first quarter and $29.6 million a year earlier. The adjusted EBITDA loss, a non-GAAP measure, was $20.9 million.

The first-half net loss of $51.5 million compares with $177.4 million in the first half of 2025.

Backlog, programmes and customers

Blaize reported a binding agreement for 2,000 servers valued at about $70.0 million at current memory pricing, with roughly $20.0 million expected to be recognised in the second half of 2026 and about $50.0 million contracted for 2027. The total will vary with memory prices.

It also described four national-scale Hybrid AI Platform programmes at various stages, covering areas such as Facility supervision, production quality grading and fuel-retail monitoring, and said qualifications were under way in aerial robotics and ruggedised platforms. A first purchase order from Europe covers several thousand Blaize-branded units.

The revised outlook is weighted towards the company's largest customer, which was not named. Concentration of that kind is a point to consider when assessing the revenue range.

Liquidity and cost control

Cash stood at $36.8 million on 30 June 2026, up from $33.2 million at the end of March. Given an adjusted EBITDA loss guided at $62.0 million to $65.0 million for the year, the cash balance relative to losses is a central consideration, and the company said it was reviewing its cost structure with a focus on cash consumption.

Its release also lists maintaining compliance with exchange listing standards as a risk factor. Stock-based compensation is guided at about $34.7 million, and weighted average shares at about 141 million.

What to watch

Points to watch include the next Quarterly Report and whether the $20.0 million of server revenue due in the second half is recognised on schedule, the trend in gross margin as the product mix changes, movements in memory prices that affect contract value, and any further financing. Whether the Hybrid AI Platform programmes convert to purchase orders is also an open question.