Blaize Holdings Inc.

Q2 2026 revenue was $12 million, versus $2.7 million in the prior quarter. First-half 2026 revenue was $14.7 million, compared with $3 million in the same period last year, a 390% year-over-year increase. Gross profit was $0.9 million and gross margin was approximately 8%, down from 58% in Q1; the quarter was almost entirely third-party hardware. Operating expenses were $31.5 million, up 32% sequentially, and adjusted EBITDA loss was $20.9 million versus $13.9 million in Q1. Cash ended the quarter at $36.8 million, up $3.6 million, helped by $9.4 million in customer payments and $32.8 million in net proceeds from an equity offering. Full-year 2026 revenue guidance is now $40 million-$43 million, with expected year-end backlog of about $50 million; full-year adjusted EBITDA loss is guided to $62 million-$65 million, and second-half gross margin is expected to be 17%-19%.

Dinakar Munagala framed the quarter around a shift toward inference economics, physical AI, and hybrid AI platforms, saying Blaize is designed for the market where efficient AI deployment matters more than training the largest model. He emphasized that the company is broadening geographically, citing ongoing business in China, the first Europe purchase order, and increased Asia Pacific activity. He also said Blaize is investing in AI Services and a next-generation inference product, but intends to pace development against customer demand and what the business can support.

Harminder Sehmi said the guidance reset was driven by three factors: non-converting commercial opportunities, slower follow-on order timing, and materially higher DRAM/LPDDR costs plus supplier advance-payment demands. He noted that Starshine’s receivable was fully reserved this quarter and that the company is reevaluating that relationship. Financially, he pointed to $12 million in Q2 revenue, $0.9 million in gross profit, $31.5 million in operating expenses, $20.9 million adjusted EBITDA loss, and $36.8 million in cash; he also said the company received $9.4 million in customer payments and $32.8 million in net proceeds from its equity raise. He added that the lower outlook should reduce near-term working-capital needs, and said Blaize is exploring operating expense reductions, non-dilutive debt, and advance customer payments, with no financing decision made yet.

Analysts focused on why customers are delaying purchases, whether the pipeline is still intact, and what has to happen with memory costs for deals to accelerate. Management said the delays are mostly timing-related: customer deployments, especially in data center/cloud and some government programs, are ramping more slowly, and not because demand has disappeared or pricing is the main issue. On memory, Harminder said Blaize is discussing forward buying with suppliers, has already invested about $8 million to $9 million in components, and may reprice third-party hardware as memory costs change. Stephen Patak said the four national-scale hybrid AI opportunities are still moving through sales and qualification and are not included in guidance, with some potentially contributing in Q1 next year.