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Revenue - Summary Of Disaggregation Of Revenue Based On Method Of Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,007	$ 549
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,007	3
Recognized over time
Disaggregation of Revenue [Line Items]
Total revenue		$ 546

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 13. Stock-Based Compensation

The Company recorded stock-based compensation expense for stock options and RSUs as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Research and development	$	5,975	$	180
Selling, general and administrative		5,065		157
Total	$	11,040	$	337

Equity Award Plans

In January 2025, the Company’s board of directors approved, and the Company adopted the 2025 Incentive Award Plan (the “2025 Incentive Plan”), replacing the historical 2011 Amended Stock Plan. The 2025 Incentive Plan became effective on January 13, 2025. The 2025 Incentive Plan provides for the grant of stock options (both incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs and other stock or cash based awards to employees and consultants of the Company and its subsidiaries and members of the board of directors of the Company.

Under the 2025 Incentive Plan, stock options, including incentive stock options (“ISOs”), may be granted to employees at exercise prices not lower than the fair value of the stock as of the date of grant. For ISOs granted to a person whom, at the time of the grant, owns stock representing more than 10% of the total combined voting power of all classes of our stock, the per share exercise price must be no less than 110% of the fair value on the date of the grant as determined by the Board.

The Company recognizes compensation expense for service-based options on a straight-line basis over the requisite service period of all employees or non-employees, which is the award’s vesting term, generally over four years. The Company accounts for forfeitures when they occur.

Under the 2025 Incentive Plan, RSUs are unfunded, unsecured rights to receive, on the applicable settlement date, shares of common stock or an amount in cash, or a combination thereof, as determined by the Administrator, subject to vesting conditions, which may include continued employment or service, or the achievement of performance criteria established by the Administrator.

As of March 31, 2025, no equity awards have been granted under the 2025 Incentive Plan and 25,397,242 shares of common stock were reserved for issuance under the plan.

Following the effectiveness of the 2025 Incentive Plan, the Company ceased making grants under the 2011 Equity Incentive Plan (the “2011Amended Plan”) and all remaining unissued shares were retired. However, the 2011 Amended Plan continues to govern the terms and conditions of the outstanding awards granted under it. Shares of common stock subject to the awards granted under the 2011 Plan that cease to be subject to such awards by forfeiture or otherwise after the termination of the 2011 Amended Plan will be retired and no longer be available for issuance.

Under the 2011 Amended Plan, we issued RSUs, which vested upon the satisfaction of both the service-based condition and a liquidity event condition. The liquidity event condition for the RSUs was satisfied upon the occurrence of a qualifying event, defined specifically in the equity documents, and generally refer to the earlier of a specified period of time subsequent to an initial public offering or an acquisition, in all cases prior to the expiration date of the award (see Note 3). Additionally, for all terminated RSU grants, all RSUs which have satisfied a portion or all of the service-based condition of the termination date remain with the stockholder and do not return to the pool of shares available for issuance until the earlier of the satisfaction of the liquidity event (at which time those RSUs vest) or the expiration date of the award. The RSUs expired as defined by the individual RSU grant, generally the earlier of (i) the first anniversary or second anniversary of terminated service, for 2023 and prior grants, respectively, for any reason and (ii) expire date defined as the fifth anniversary of the date of grant. The fair value of RSUs was determined based on the estimated fair value of shares of common stock at the date of grant, as determined by the Board of Directors.

Stock Options

A summary of stock option activity under the 2011 Amended Plan is as follows:


	Number of Options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2024		28,360,635		$	1.27		9.2	$	22,741
Forfeited		(318,400	)		1.18
Outstanding as of March 31, 2025		28,042,235		$	1.27		8.9		30,225
Vested and expected to vest as of March 31, 2025		28,042,235		$	1.27		8.9		30,225
Exercisable as of March 31, 2025		8,472,388		$	1.87		8.1		10,342

As of March 31, 2025, there was approximately $19.0 million of total unrecognized compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 2.3 years.

The Company uses the Black-Scholes option-pricing model to determine the grant-date fair value of stock options. The determination of the fair value of stock options on the grant date is affected by the estimated underlying common stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include expected stock price volatility over the term of the awards, actual and projected employee stock option exercise behaviors, risk-free interest rates, and expected dividends. There were no stock options granted during the three months ended March 31, 2025.

RSUs

A summary of the Company’s RSU activity issued under the 2011 Amended Plan is as follows:


	RSUs Awarded			Weighted average grant date fair value
Nonvested as of December 31, 2024		3,630,447		$	1.53
Vested		(2,464,171	)	1.76
Forfeited		(15,552	)	0.73
Nonvested as of March 31, 2025		1,150,724		$	1.04

Immediately prior to the consummation of the Merger, the RSUs had both a service-based condition and a liquidity event condition. The liquidity event condition was only satisfied on the consummation of a liquidity event, such as an IPO, which was not determinable or probable as of December 31, 2024. Effective with the consummation of the Merger, we recognized $3.9 million in stock-based compensation expense associated with the vesting of the outstanding RSUs (see Note 3).

As of March 31, 2025, the 2,464,171 common stock shares that are subject to the release of the vested RSU have not been issued holders but have been included in the weighted average shares outstanding calculation for purposes of earning per share (see Note 17).

As of March 31, 2025, there was approximately $1.0 million of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted average period of 0.8 years.

Employee Stock Purchase Plans

In January 2025, the Company’s board of directors adopted the 2025 Employee Stock Purchase Plan (the “2025 ESPP”) that became effective upon the date of the de-SPAC in order to enable eligible employees to purchase shares of common stock with accumulated payroll deductions. The 2025 ESPP is intended to qualify under Section 423 of the Internal Revenue Code, as amended. Under the 2025 ESPP, eligible employees are offered the option to purchase share of common stock at a discount over a series of offering periods. Each offering period may consist of one or more purchase periods. The purchase price for shares of common stock purchased under the 2025 ESPP will be 85% of the lesser of the fair market value of shares of common stock on (i) the first trading day of the applicable offering period or (ii) the last trading day of each purchase period in the applicable offering period.

As of March 31, 2025, 3,047,669 shares of common stock were reserved for issuance pursuant to the 2025 ESPP. As of March 31, 2025, no offers have been made to purchase shares of the Company's common stock.

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Defined Benefit Plan [Abstract]
Contributions	$ 0.2	$ 0.1
Basic salary of each completed year of services	15 days

Commitments and Contingencies	3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14. Commitments and Contingencies Purchase Commitments As of March 31, 2025, the Company had outstanding purchase orders and contractual obligations totaling $0.3 million to procure inventory. The majority of the Company's outstanding inventory purchase orders and preauthorized commitments to procure strategic components based on expected demand are placed with its primary third-party contract manufacturer and a semiconductor supplier. The Company has an obligation to purchase inventories that have been purchased by the contract manufacturer when components have not been consumed within a period defined in the terms of our agreement. During the three months ended March 31, 2025 and 2024, the Company purchased inventories of $0.1 million and $3.3 million, respectively, due to this obligation. While the Company expects such purchased components to be used in future production of its finished goods, these components are considered in its reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase on non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in expected demand, indicate that the value of the components may not be recoverable, the loss is probable and management has the ability to reasonably estimate the amount of the loss. As of March 31, 2025 and December 31, 2024, the liability balance of our accrued losses on purchase commitments equaled $0.6 million on the condensed consolidated balance sheets. Legal Proceedings From time to time, the Company may become involved in claims or other legal matters arising in the ordinary course of business. The Company records accruals for outstanding legal proceedings when it is probable a liability will be incurred, and the amount of loss can be reasonably estimated. On September 9, 2024, BurTech entered into an Advisory Services Engagement Letter with Jefferies to serve as its exclusive capital markets advisor in connection with the contemplated Merger involving Legacy Blaize (the “Jefferies Engagement Letter”), pursuant to which Jefferies would be eligible for a fee of $4,500,000 contingent upon the closing of the Merger and for reimbursement of expenses up to $500,000. On April 7, 2025, Jefferies commenced a lawsuit against the Company in the Supreme Court of the State of New York, County of New York, seeking summary judgment in lieu of complaint. The lawsuit alleges that pursuant to the Jefferies Engagement Letter, Jefferies was entitled to receive a fee of $4,500,000 conditional on the Closing of the Merger, with the option for the Company to defer up to $1,000,000 of this fee for up to 12 months post-closing, and $500,000 in reimbursable expenses. Jefferies alleges that as of March 31, 2025, no fees have been paid to Jefferies under the Jefferies Engagement Letter. Jefferies seeks $3,500,000 for its fees, as well as $500,000 in expense reimbursement, as well as pre-and post-judgment interest and attorneys’ fees and legal costs incurred in connection with the lawsuit. The Company has retained counsel and intends to vigorously defend the litigation. Although the outcome of this matter cannot be predicted with certainty, based on the existing facts and circumstances the Company has recorded estimated liabilities of $4,950,000 on the condensed consolidated balance sheets as of March 31, 2025, of which $3,950,000 is included in accounts payable and $1,000,000 is included in accrued expenses and other current liabilities. These estimated liabilities reflect management's assessment of the Company's potential exposure from the Jefferies Engagement Letter based on its contracted fees. The resolution of this matter could differ materially from the amount currently recorded. The Company continues to evaluate the matter as it progresses and will adjust the estimated liabilities if and when additional information becomes available that indicates a different outcome is probable and reasonably estimable. Advisor Agreements In October through December of 2024, the Company entered into various advisor agreements related to business development and strategy, and for new revenue contracts, in new geographical markets. Compensation for services, pending approval by the Company's Board of Directors, is in the form of restricted stock units following the filing of a registration statement subsequent to the Merger consummation to register such shares, and subject to the advisors continued service on the applicable grant date. In December 2024, the Company entered into an agreement for capital market services which included advisory services and a finder’s fee, for which payment was due upon the close of the Merger (see Note 3). Under the terms of the agreement, at the Company's discretion, the advisory fee of $0.8 million is to be paid in the form of (i) cash and (ii) cash or a combination of cash and shares of common stock of common stock at a price of $10.00 per share at various dates in 2025. The finder’s fee, equal to a specified percentage of the trust value of our shares held by investors introduced by the advisor, is to be paid fifty percent in cash and fifty percent in shares of common stock at a price of $10.00 per share, concurrent with the close of the Merger. The Company recognized $0.6 million associated with the contract as deferred offering costs and accrued liabilities for the year ended December 31, 2024. On the earlier of the date that is six months from the date of the Merger and the date that a Registration Statement filed with the SEC registering the resale of the closing shares is declared effective (the “Reset Date”), if the five day volume weighted average price of common stock for the five trading days immediately preceding the Reset Date (such price, the “Reset Price”) is less than $10.00 per share (subject to a $1.00 per share floor), within two days we shall issue an additional number of common shares equal to the number obtained by dividing (i) the product of the number of shares held as of the Reset Date and $10.00 by (ii) the Reset Price, less the number of sharing shares held, provided that the additional shares shall not exceed 300,000.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 14. Commitments and Contingencies

Purchase Commitments

As of March 31, 2025, the Company had outstanding purchase orders and contractual obligations totaling $0.3 million to procure inventory. The majority of the Company's outstanding inventory purchase orders and preauthorized commitments to procure strategic components based on expected demand are placed with its primary third-party contract manufacturer and a semiconductor supplier.

The Company has an obligation to purchase inventories that have been purchased by the contract manufacturer when components have not been consumed within a period defined in the terms of our agreement. During the three months ended March 31, 2025 and 2024, the Company purchased inventories of $0.1 million and $3.3 million, respectively, due to this obligation.

While the Company expects such purchased components to be used in future production of its finished goods, these components are considered in its reserve estimate for excess and obsolete inventory. Furthermore, the Company accrues for losses on commitments for the future purchase on non-cancelable and non-returnable components from this contract manufacturer at the time that circumstances, such as changes in expected demand, indicate that the value of the components may not be recoverable, the loss is probable and management has the ability to reasonably estimate the amount of the loss. As of March 31, 2025 and December 31, 2024, the liability balance of our accrued losses on purchase commitments equaled $0.6 million on the condensed consolidated balance sheets.

Legal Proceedings

From time to time, the Company may become involved in claims or other legal matters arising in the ordinary course of business. The Company records accruals for outstanding legal proceedings when it is probable a liability will be incurred, and the amount of loss can be reasonably estimated.

On September 9, 2024, BurTech entered into an Advisory Services Engagement Letter with Jefferies to serve as its exclusive capital markets advisor in connection with the contemplated Merger involving Legacy Blaize (the “Jefferies Engagement Letter”), pursuant to which Jefferies would be eligible for a fee of $4,500,000 contingent upon the closing of the Merger and for reimbursement of expenses up to $500,000.

On April 7, 2025, Jefferies commenced a lawsuit against the Company in the Supreme Court of the State of New York, County of New York, seeking summary judgment in lieu of complaint. The lawsuit alleges that pursuant to the Jefferies Engagement Letter, Jefferies was entitled to receive a fee of $4,500,000 conditional on the Closing of the Merger, with the option for the Company to defer up to $1,000,000 of this fee for up to 12 months post-closing, and $500,000 in reimbursable expenses. Jefferies alleges that as of March 31, 2025, no fees have been paid to Jefferies under the Jefferies Engagement Letter. Jefferies seeks $3,500,000 for its fees, as well as $500,000 in expense reimbursement, as well as pre-and post-judgment interest and attorneys’ fees and legal costs incurred in connection with the lawsuit. The Company has retained counsel and intends to vigorously defend the litigation. Although the outcome of this matter cannot be predicted with certainty, based on the existing facts and circumstances the Company has recorded estimated liabilities of $4,950,000 on the condensed consolidated balance sheets as of March 31, 2025, of which $3,950,000 is included in accounts payable and $1,000,000 is included in accrued expenses and other current liabilities. These estimated liabilities reflect management's assessment of the Company's potential exposure from the Jefferies Engagement Letter based on its contracted fees. The resolution of this matter could differ materially from the amount currently recorded. The Company continues to evaluate the matter as it progresses and will adjust the estimated liabilities if and when additional information becomes available that indicates a different outcome is probable and reasonably estimable.

Advisor Agreements

In October through December of 2024, the Company entered into various advisor agreements related to business development and strategy, and for new revenue contracts, in new geographical markets. Compensation for services, pending approval by the Company's Board of Directors, is in the form of restricted stock units following the filing of a registration statement subsequent to the Merger consummation to register such shares, and subject to the advisors continued service on the applicable grant date.

In December 2024, the Company entered into an agreement for capital market services which included advisory services and a finder’s fee, for which payment was due upon the close of the Merger (see Note 3). Under the terms of the agreement, at the Company's discretion, the advisory fee of $0.8 million is to be paid in the form of (i) cash and (ii) cash or a combination of cash and shares of common stock of common stock at a price of $10.00 per share at various dates in 2025. The finder’s fee, equal to a specified percentage of the trust value of our shares held by investors introduced by the advisor, is to be paid fifty percent in cash and fifty percent in shares of common stock at a price of $10.00 per share, concurrent with the close of the Merger. The Company recognized $0.6 million associated with the contract as deferred offering costs and accrued liabilities for the year ended December 31, 2024. On the earlier of the date that is six months from the date of the Merger and the date that a Registration Statement filed with the SEC registering the resale of the closing shares is declared effective (the “Reset Date”), if the five day volume weighted average price of common stock for the five trading days immediately preceding the Reset Date (such price, the “Reset Price”) is less than $10.00 per share (subject to a $1.00 per share floor), within two days we shall issue an additional number of common shares equal to the number obtained by dividing (i) the product of the number of shares held as of the Reset Date and $10.00 by (ii) the Reset Price, less the number of sharing shares held, provided that the additional shares shall not exceed 300,000.

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 16. Segment Reporting

The Company operates as a single reportable segment, and manages the business and evaluates financial performance on a consolidated basis. The CODM regularly receives and reviews consolidated financial results focusing primarily on revenue, costs and expenses, and net loss from the consolidated statements of operations to make decisions regarding the allocation of resources and assessment of performance.

The Company has determined that net loss and earnings before interest, tax, depreciation and amortization (“EBITDA”) adjusted for irregular or non-recurring items (“Adjusted EBITDA”) are the profit or loss measures that the CODM uses to make resource allocation decisions and evaluate segment performance. Adjusted EBITDA assists management in comparing the performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations and, therefore, are not included in measuring performance. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider in our evaluation of ongoing operating performance from period to period.

Net loss is as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025			2024
Revenue	$	1,007		$	549
Cost of revenue		(327	)		(306	)
Employee costs		(19,081	)		(5,700	)
Technology costs		(2,417	)		(360	)
Depreciation and amortization		(191	)		(253	)
Net interest (income)/expense		399			(229	)
Fair value changes and financing charges		(109,530	)		(8,166	)
Other segment items (a)		(17,621	)		(2,278	)
Net loss	$	(147,761	)	$	(16,743	)

(a)

Other segment items includes marketing expense, professional fees, income tax expense, facilities costs, foreign currency exchange gains and losses, credit loss expense, and other overhead expenses

The following reflects our Adjusted EBITDA:


	Three Months Ended March 31,
(Amounts in thousands)	2025			2024
Net loss	$	(147,761	)	$	(16,743	)
Depreciation and amortization		191			253
Provision for income taxes		162			162
Other expenses, net		109,578			8,444
EBITDA		(37,830	)		(7,884	)
Stock-based compensation		11,040			337
Non-cash inventory cost realignment adjustments		(625	)		(25	)
Other non-recurring expenses (a)		12,035			45
Adjusted EBITDA	$	(15,380	)	$	(7,527	)

(a)

Includes, but not limited to, legal, accounting and consulting fees incurred in connection with the Merger. These costs are non-recurring and are not reflective of our ongoing operating performance. Management believes that excluding these costs provides a more meaningful comparison of our performance to prior periods.

The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Long-lived and ROU assets were located as follows:


	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Fixed Assets		ROU Assets		Fixed Assets		ROU Assets
United States	$	1,043	$	238	$	1,095	$	277
Asia Pacific		934		1,116		913		1,175
United Kingdom		77		269		73		321
Total	$	2,054	$	1,623	$	2,081	$	1,773

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases - Schedule of Components of the Net Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating	$ 200	$ 204
Short-term	5	10
Total lease costs	$ 205	$ 214

Net Loss Per Share - Schedule of calculation of diluted net loss per share attributable to common shareholders (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	58,891,209	16,621,655
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	28,042,235	12,819,685
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	1,150,724	3,801,970
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	50,000
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	28,750,000
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	898,250

Organization and Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Common stock shares issued	98,818,874		48,376,052
Net loss	$ (147,761)	$ (16,743)
Cash and cash equivalents	44,967	$ 7,045	$ 50,237
Accumulated deficit	$ 577,012		$ 429,251
Redemption price (per share)	$ 33,061		$ 0
Number of shares outstanding	2,854,242		0
Amount transferred to escrow account	$ 33,350
Restricted cash	$ 300		$ 300
Blaize Holdings, Inc.
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Interest holder	65.00%
Blaize Artificial Intelligence Middle East, LLC [Member]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Ownership Percentage	35.00%
Class A common stock subject to possible redemption
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of shares outstanding	2,854,242
BURTECH ACQUISITION CORP [Member]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Common stock shares issued	87,314,968
BURTECH ACQUISITION CORP [Member] \| Public Warrants
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
Number of warrants to purchase shares issued	28,750,000

Segment Reporting - Summary of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting [Abstract]
Revenue	$ 1,007	$ 549
Cost of revenue	(327)	(306)
Employee costs	(19,081)	(5,700)
Technology costs	(2,417)	(360)
Depreciation and amortization	(191)	(253)
Net interest (income)/expense	399	(229)
Fair value changes and financing charges	(109,530)	(8,166)
Other segment items	(17,621)	(2,278)
Net loss	$ (147,761)	$ (16,743)

Fair Value Measurements - Summary of Company's Assets and Liabilities Measured Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	$ 41,339	$ 44,894
Total liabilities, measured at fair value	9,507	163,340
Earnout Share Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value	9,507
Warrant Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		14,711
Pay-to-Play Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		15,942
2023 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		132,687
U.S. Government Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	30,883	30,580
U.S. Government money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	5,336	9,247
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	5,120	5,067
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	41,339	44,894
Level 1 \| U.S. Government Treasury Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	30,883	30,580
Level 1 \| U.S. Government money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	5,336	9,247
Level 1 \| Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets, measured at fair value	5,120	5,067
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value	9,507	163,340
Level 3 \| Earnout Share Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value	$ 9,507
Level 3 \| Warrant Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		14,711
Level 3 \| Pay-to-Play Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		15,942
Level 3 \| 2023 Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, measured at fair value		$ 132,687

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Summary of Revenue Disaggregation

The following table presents the Company’s revenue information by customer geographical region:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Asia Pacific	$	960	$	333
United States		—		215
Others		47		1
Total revenue	$	1,007	$	549

The following provides a disaggregation of revenue based on the method of revenue recognition:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Revenue recognized at a point in time	$	1,007	$	3
Revenue recognized over time		—		546
Total revenue	$	1,007	$	549

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 4. Revenue

Disaggregation of Revenue

The following table presents the Company’s revenue information by customer geographical region:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Asia Pacific	$	960	$	333
United States		—		215
Others		47		1
Total revenue	$	1,007	$	549

The following provides a disaggregation of revenue based on the method of revenue recognition:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Revenue recognized at a point in time	$	1,007	$	3
Revenue recognized over time		—		546
Total revenue	$	1,007	$	549

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting Information [Line Items]
Number of reportable segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company has determined that net loss and earnings before interest, tax, depreciation and amortization (“EBITDA”) adjusted for irregular or non-recurring items (“Adjusted EBITDA”) are the profit or loss measures that the CODM uses to make resource allocation decisions and evaluate segment performance.

Fair Value Measurements - Summary of Changes Fair Values of liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 163,340	$ 36,435
Issuance of earnout share awards	126,025
Change in estimated fair value	109,530	8,166
Conversion to common stock	(389,388)
Issuance of 2023 convertible notes and related warrants		11,500
Ending Balance	9,507	56,101
Warrant Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	14,711	3,730
Change in estimated fair value	60,345	3,515
Conversion to common stock	(75,056)
Issuance of 2023 convertible notes and related warrants		909
Ending Balance		8,154
Earnout Share Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of earnout share awards	126,025
Change in estimated fair value	(116,518)
Ending Balance	9,507
Pay-to-Play Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	15,942	14,641
Change in estimated fair value	27,232	(92)
Conversion to common stock	(43,174)
Ending Balance		14,549
2023 Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	132,687	18,064
Change in estimated fair value	138,471	4,743
Conversion to common stock	$ (271,158)
Issuance of 2023 convertible notes and related warrants		10,591
Ending Balance		$ 33,398

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2025 USD ($) Customer Segment shares	Mar. 31, 2024 USD ($) Customer shares	Dec. 31, 2024 USD ($) Customer shares
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents inclusive of funds	$ 71,900,000		$ 49,300,000
Restricted cash	300,000		300,000
Cash held escrow account	33,400,000
Allowance for credit losses	400,000		400,000
Deferred offering cost			$ 11,100,000
Asset Impairment Charges	$ 0	$ 0
Common stock subject to possible redemption, outstanding (in shares) \| shares	2,854,242		0
Federal depository insurance coverage	$ 250,000
Number of reportable segment \| Segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company has determined that net loss and earnings before interest, tax, depreciation and amortization (“EBITDA”) adjusted for irregular or non-recurring items (“Adjusted EBITDA”) are the profit or loss measures that the CODM uses to make resource allocation decisions and evaluate segment performance.
Anti-dilutive securities attributable to warrants (in shares) \| shares	58,891,209	16,621,655
Effective income tax rate (in percent)	(0.10%)	(1.40%)
Statutory federal income tax rate (in percent)	21.00%	21.00%
Accounts Receivable \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	1		1
Accounts Receivable \| Customer Concentration Risk \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	95.00%		98.00%
Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Number of customers \| Customer	1	2
Revenue \| Customer Concentration Risk \| Customer One
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk	95.00%	61.00%
Revenue \| Customer Concentration Risk \| Customer Two
Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration risk		39.00%
U.S. Government Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents inclusive of funds	$ 5,300,000		$ 9,200,000
U.S. Government Treasury Securities
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents inclusive of funds	30,900,000		30,600,000
Mutual Funds
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents inclusive of funds	$ 5,100,000		$ 5,100,000
Class A common stock \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Earnout shares receivable \| shares	15,000,000
Class A common stock subject to possible redemption
Summary Of Significant Accounting Policies [Line Items]
Common stock subject to possible redemption, outstanding (in shares) \| shares	2,854,242

Stock-Based Compensation - Summary of RSU Activity Issued (Details) - 2011 Amended Plan - RSUs	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSUs Awarded, Beginning balance \| shares	3,630,447
RSUs Awarded, Vested \| shares	(2,464,171)
RSUs Awarded, Forfeited \| shares	(15,552)
RSUs Awarded, Ending balance \| shares	1,150,724
Weighted average grant-date fair value, Beginning balance \| $ / shares	$ 1.53
Weighted average grant-date fair value, Vested \| $ / shares	1.76
Weighted average grant-date fair value, Forfeited \| $ / shares	0.73
Weighted average grant-date fair value, Ending balance \| $ / shares	$ 1.04

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summary of net loss and Adjusted EBITDA

Net loss is as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025			2024
Revenue	$	1,007		$	549
Cost of revenue		(327	)		(306	)
Employee costs		(19,081	)		(5,700	)
Technology costs		(2,417	)		(360	)
Depreciation and amortization		(191	)		(253	)
Net interest (income)/expense		399			(229	)
Fair value changes and financing charges		(109,530	)		(8,166	)
Other segment items (a)		(17,621	)		(2,278	)
Net loss	$	(147,761	)	$	(16,743	)

(a)

Other segment items includes marketing expense, professional fees, income tax expense, facilities costs, foreign currency exchange gains and losses, credit loss expense, and other overhead expenses

The following reflects our Adjusted EBITDA:


	Three Months Ended March 31,
(Amounts in thousands)	2025			2024
Net loss	$	(147,761	)	$	(16,743	)
Depreciation and amortization		191			253
Provision for income taxes		162			162
Other expenses, net		109,578			8,444
EBITDA		(37,830	)		(7,884	)
Stock-based compensation		11,040			337
Non-cash inventory cost realignment adjustments		(625	)		(25	)
Other non-recurring expenses (a)		12,035			45
Adjusted EBITDA	$	(15,380	)	$	(7,527	)

(a)

Summary of long-lived and ROU assets

The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Long-lived and ROU assets were located as follows:


	As of March 31, 2025				As of December 31, 2024
(Amounts in thousands)	Fixed Assets		ROU Assets		Fixed Assets		ROU Assets
United States	$	1,043	$	238	$	1,095	$	277
Asia Pacific		934		1,116		913		1,175
United Kingdom		77		269		73		321
Total	$	2,054	$	1,623	$	2,081	$	1,773

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 07, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Registrant Name	Blaize Holdings, Inc.
Entity Central Index Key	0001871638
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		101,683,916
Amendment Flag	false
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Tax Identification Number	86-2708752
Securities Act File Number	001-41139
Entity Address, Address Line One	4659 Golden Foothill Parkway
Entity Address, Address Line Two	Suite 206
Entity Address, City or Town	El Dorado Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95762
City Area Code	916
Local Phone Number	347-0050
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	BZAI
Title of 12(b) Security	Common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Redeemable Warrants [Member]
Document Information [Line Items]
Trading Symbol	BZAIW
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share
Security Exchange Name	NASDAQ

Merger and Reverse Recapitalization - Additional Information (Details)		3 Months Ended
	Jan. 13, 2025 USD ($) shares	Mar. 31, 2025 USD ($) Days $ / shares shares	Dec. 31, 2024 shares
Business Acquisition [Line Items]
Common stock shares issued		98,818,874	48,376,052
Shares pledged to secure note receivable	2,000,000
Cash escrow held for redemption \| $	$ 11.57
Earnout Shares
Business Acquisition [Line Items]
Earnout commencement period		Jan. 13, 2025
Earnout ending period		Jan. 13, 2030
Number of consecutive trading days \| Days		30
Number of trading days \| Days		20
Fair value of earnout shares \| $		$ 82,900,000
Stock based compensation expense \| $		$ 3,500,000
Shares forfeited during the period		37,090
Service period		5 years
Aggregate amount right to receive		650,000
Estimated fair value \| $		$ 33,000
Earnout Shares \| Tranche One
Business Acquisition [Line Items]
Issuance of earnout share awards		3,750,000
Earnout Shares \| Tranche Two
Business Acquisition [Line Items]
Issuance of additional earnout share awards		3,750,000
Earnout Shares \| Tranche Three
Business Acquisition [Line Items]
Issuance of additional earnout share awards		3,750,000
Earnout Shares \| Tranche Four
Business Acquisition [Line Items]
Issuance of additional earnout share awards		3,750,000
Common Stock
Business Acquisition [Line Items]
Shares issued for common stock		94,949
Common Stock \| Earnout Shares \| Tranche One
Business Acquisition [Line Items]
Common stock price per share \| $ / shares		$ 12.5
Common Stock \| Earnout Shares \| Tranche Two
Business Acquisition [Line Items]
Common stock price per share \| $ / shares		15
Common Stock \| Earnout Shares \| Tranche Three
Business Acquisition [Line Items]
Common stock price per share \| $ / shares		17.5
Common Stock \| Earnout Shares \| Tranche Four
Business Acquisition [Line Items]
Common stock price per share \| $ / shares		$ 20
Public Warrants
Business Acquisition [Line Items]
Warrants outstanding at merger	28,750,000
Private Placement Warrants
Business Acquisition [Line Items]
Warrants outstanding at merger	898,250
Blaize Class A Common Stock
Business Acquisition [Line Items]
Aggregate amount right to receive		2,600,000
PIPE Subscription Agreements \| Blaize Class A Common Stock
Business Acquisition [Line Items]
Shares issued for common stock	1,529,500
BurTech LP
Business Acquisition [Line Items]
Shareholder note receivable, principal amount \| $	$ 8,753,744
Common stock shares issued	750,000
Bur Tech
Business Acquisition [Line Items]
Merger exchange ratio	0.78

Organization and Description of Business Organization

3 Months Ended

Mar. 31, 2025

Organization and Description of Business

Organization and Description of Business

Note 1. Organization and Description of Business

Organization

Blaize Holdings, Inc. (together with its subsidiaries, the "Company,” “Blaize,” “we,” “our,” “us,” or the “registrant,”) is headquartered in El Dorado Hills, California, and consists of four separate operating entities: Blaize, Inc. (United States of America), Blaize New Computing Technologies India Private Limited (India), Blaize Technologies Philippines, Inc. (Philippines) and Blaize U.K. LTD (England).

Description of Business

Blaize designs and develops low-power, high-efficiency, programmable artificial intelligence (“AI”) edge computing hardware and software. The Company leads a new generation of computing, which unleashes the potential of AI in order to enable significant increases in the value that technology delivers to improve the way people work and live. Blaize offers transformative edge computing solutions for AI data collection and processing, with a focus on smart vision and other AI applications for the automotive, retail, security and industrial markets.

In November 2023, Blaize entered into a Memorandum of Understanding with a United Arab Emirates (“UAE”) based third-party investment entity to establish a cooperative framework for both entities to discuss and explore commercial and technical collaboration in the UAE. The collaboration is intended to be operationalized through a newly created entity, Blaize Artificial Intelligence Middle East, LLC, in which the Company has a 35% ownership in the entity. As of March 31, 2025, there has not been an operating agreement executed between the Company and the holder of the 65% interest that would make us the primary beneficiary of this new legal entity. The newly established entity has incurred insignificant expenses since its incorporation.

In the first quarter of 2025, the U.S. government announced a series of new tariff policies affecting imports from several countries, including China. While these actions impact a range of global trade flows, the new tariffs targeting imports from China are the most significant for our business. While the ultimate implications of the tariffs remain unclear, they could materially increase the Company's import costs and potentially lead to higher prices that reduce consumer demand. The Company is monitoring the situation closely and is proactively evaluating strategies to mitigate the impact on its supply chain and margins. These efforts include exploring alternative sourcing outside of China, working with our suppliers to manage cost increases, and implementing price increases. These actions that we take may not fully offset the impact of tariffs and, as a result, our revenues, gross margins and overall financial performance may be materially impacted.

Merger and Reverse Recapitalization

On January 13, 2025 (the “Closing Date”), the Company consummated the transactions (the “Merger”) contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 22, 2023 (as amended on April 22, 2024, October 24, 2024 and November 21, 2024), with BurTech Acquisition Corp. (“BurTech”), BurTech Merger Sub, Inc. (“Merger Sub”), Blaize, Inc. (“Legacy Blaize”), and for the limited purposes set forth therein, Burkhan Capital LLC (“Burkhan”), a Delaware limited liability company and an affiliate of BurTech. On the Closing Date, Merger Sub merged with and into Legacy Blaize, with Legacy Blaize, surviving the Merger as a wholly owned subsidiary of the Company.

Concurrent with the Merger, BurTech was renamed Blaize Holdings, Inc. Beginning on January 14, 2025, Blaize’s common stock and warrants trade on Nasdaq under the ticker symbols “BZAI” and “BZAIW”, respectively (see Note 3).

Accounting for the Merger

The Merger is accounted for as a reverse recapitalization, with BurTech being treated as the acquired company and Legacy Blaize was treated as the acquirer for financial reporting purposes. This accounting treatment is equivalent to Legacy Blaize issuing stock for the net assets of BurTech, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded. Operations prior to the Merger are those of Legacy Blaize. For periods prior to the Merger, the reported share and per share amounts have been retroactively converted (“Retroactive Conversion”) by applying the Exchange Ratio. Legacy Blaize shareholders were issued 87,314,968 shares of common stock.

Prior to the Merger, BurTech LP, LLC was the sponsor (the “Sponsor”, “BurTech LP”) of BurTech and with the close of the Merger, BurTech LP and its affiliated entities, have remained a significant shareholder in Blaize.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended, (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). The Company may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Liquidity and Going Concern

The Company's condensed consolidated financial statements have been prepared on a going concern basis, which assumes that it will be able to meet its obligations and continue its operations during the twelve months following the issuance of these condensed consolidated financial statements. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should we be unable to continue as a going concern.

Since the inception of the Company and through March 31, 2025, the Company has funded its operations primarily with cash flows from contributions from founders or other investors and other financing activities. The Company has incurred recurring losses and negative cash flows since its inception, including net losses of $147.8 million and $16.7 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had cash and cash equivalents of approximately $45.0 million, and an accumulated deficit of $577.0 million.

The Company's ability to continue to meet its obligations, to achieve its business objectives and continue as a going concern is dependent upon several factors, including its revenue growth rate, the timing and extent of spending to support further sales and marketing and research and development efforts. In order to finance these opportunities, the Company will need to raise additional financing. While there can be no assurances, the Company intends to raise such capital through issuances of additional debt and equity. If additional financing is required from outside sources, the Company may not be able to raise it on terms acceptable to it or at all. If the Company is unable to raise additional capital when desired, its business, results of operations and financial condition would be materially and adversely affected.

As a result of the above, in connection with its assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, management has determined that the Company's liquidity condition raises substantial doubt about its ability to continue as a going concern through one year from the date that these condensed consolidated financial statements are issued.

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 7,576	$ 7,410
Work in progress	761	1,064
Finished goods	46	87
Total inventories	$ 8,383	$ 8,561

Common Stock - Summary of Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Total common stock reserved for issuance	61,769,393	33,728,438
Public Warrants
Class of Stock [Line Items]
Total common stock reserved for issuance	28,750,000
Private Warrants
Class of Stock [Line Items]
Total common stock reserved for issuance	898,250
Common Stock Warrants
Class of Stock [Line Items]
Total common stock reserved for issuance	50,000
Earnout Shares
Class of Stock [Line Items]
Total common stock reserved for issuance	2,854,242
Incentive Stock Options and Restricted Stock Units
Class of Stock [Line Items]
Total common stock reserved for issuance	29,192,959	31,991,752
Equity Awards Available For Future Issuance
Class of Stock [Line Items]
Total common stock reserved for issuance	23,942	1,736,686

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - 2011 Amended Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning balance	28,360,635
Number of Options, Forfeited	(318,400)
Number of Options, Ending balance	28,042,235	28,360,635
Number of Options, Vested and expected to vest	28,042,235
Number of Options, Exercisable	8,472,388
Weighted average exercise price, Beginning balance	$ 1.27
Weighted average exercise price, Forfeited	1.18
Weighted average exercise price, Ending balance	1.27	$ 1.27
Weighted average exercise price, Vested and expected to vest	1.27
Weighted average exercise price, Exercisable	$ 1.87
Weighted average remaining contractual life (in years)	8 years 10 months 24 days	9 years 2 months 12 days
Weighted average remaining contractual life (in years), Vested and expected to vest	8 years 10 months 24 days
Weighted average remaining contractual life (in years), Exercisable	8 years 1 month 6 days
Aggregate intrinsic value, Outstanding	$ 30,225	$ 22,741
Aggregate intrinsic value, Vested and expected to vest	30,225
Aggregate intrinsic value, Exercisable	$ 10,342

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of lease cost and supplemental information

The components of the net lease cost reflected in the Company’s condensed consolidated statements of operations were as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Operating	$	200	$	204
Short-term		5		10
Total lease costs	$	205	$	214

Supplemental information related to operating leases was as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	202	$	192

Schedule of future minimum lease payments under non-cancelable operating leases

Future minimum lease payments under the Company’s non-cancelable operating leases are as follows:


(Amounts in thousands)	As of March 31, 2025
2025	$	526
2026		544
2027		431
2028		366
2029		15
Total future lease payments		1,882
Less: Imputed interest		(290	)
Present value of net future minimum lease payments		1,592
Less: Operating lease liabilities, current		(542	)
Total operating lease liabilities, non-current	$	1,050

Summary of Significant Accounting Policies - Summary of contract liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Contract with Customer, Liability [Abstract]
Beginning balance	$ 0	$ 1,100
Additions to deferred revenue	0	1,728
Deferred revenue recognized	0	(183)
Ending balance	$ 0	$ 2,645

Merger and Reverse Recapitalization - Schedule of Number of Shares of Common Stock Outstanding on Merger (Details) - shares	2 Months Ended
	Mar. 31, 2025	Jan. 13, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Common stock, shares outstanding	98,818,874		48,376,052
Sponsor forfeiture	(2,000,000)
Shareholder Note receivable	750,000
PIPE shares	1,529,500
Merger And Pipe Financing Shares, Total	11,408,957
Legacy Blaize shares	87,314,968
Issuance of common stock to advisors	94,949
Class A common stock \| Bur Tech
Business Acquisition [Line Items]
Common stock, shares outstanding		10,816,995
Common stock shares subject to redemption outstanding prior to merger	4,104,543
Redemption of common stock shares to business combination	(937,844)
Non-redemption escrow	(2,854,242)
Common stock (in shares)	9,879,452
Class B Common Stock \| Bur Tech
Business Acquisition [Line Items]
Common stock, outstanding prior to the Merger	5

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense

The Company recorded stock-based compensation expense for stock options and RSUs as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Research and development	$	5,975	$	180
Selling, general and administrative		5,065		157
Total	$	11,040	$	337

Summary of Stock Option Activity

A summary of stock option activity under the 2011 Amended Plan is as follows:


	Number of Options			Weighted average exercise price		Weighted average remaining contractual life (in years)		Aggregate intrinsic value (in thousands)
Outstanding as of December 31, 2024		28,360,635		$	1.27		9.2	$	22,741
Forfeited		(318,400	)		1.18
Outstanding as of March 31, 2025		28,042,235		$	1.27		8.9		30,225
Vested and expected to vest as of March 31, 2025		28,042,235		$	1.27		8.9		30,225
Exercisable as of March 31, 2025		8,472,388		$	1.87		8.1		10,342

Summary of RSU Activity Issued

A summary of the Company’s RSU activity issued under the 2011 Amended Plan is as follows:


	RSUs Awarded			Weighted average grant date fair value
Nonvested as of December 31, 2024		3,630,447		$	1.53
Vested		(2,464,171	)	1.76
Forfeited		(15,552	)	0.73
Nonvested as of March 31, 2025		1,150,724		$	1.04

CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Common stock subject to possible redemption, outstanding (in shares)	2,854,242	0
Common stock subject to possible redemption, redemption value (in dollars per share)	$ 33,061	$ 0
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	136,562,809
Common stock, shares issued (in shares)	98,818,874	48,376,052
Common stock, shares outstanding (in shares)	98,818,874	48,376,052
Class A common stock subject to possible redemption
Common stock subject to possible redemption, outstanding (in shares)	2,854,242

Leases - Additional Information (Details)	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Weighted average remaining lease term	3 years 1 month 6 days	3 years 2 months 12 days
Weighted average discount rate of ROU assets and lease liabilities	10.00%	9.90%

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The table below presents the Company's financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy:


	As of March 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
U.S. Government treasury securities	$	30,883	$	—	$	—	$	30,883
U.S. Government money market funds		5,336		—		—		5,336
Mutual funds		5,120		—		—		5,120
Total assets, measured at fair value	$	41,339	$	—	$	—	$	41,339

Liabilities:
Earnout share liabilities	$	—	$	—	$	9,507	$	9,507
Total liabilities, measured at fair value	$	—	$	—	$	9,507	$	9,507


	As of December 31, 2024
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
U.S. Government treasury securities	$	30,580	$	—	$	—	$	30,580
U.S. Government money market funds		9,247		—		—		9,247
Mutual funds		5,067		—		—		5,067
Total assets, measured at fair value	$	44,894	$	—	$	—	$	44,894

Liabilities:
Pay-to-Play convertible notes	$	—	$	—	$	15,942	$	15,942
2023 convertible notes		—		—		132,687		132,687
Warrant liabilities		—		—		14,711		14,711
Total liabilities, measured at fair value	$	—	$	—	$	163,340	$	163,340

Level 1 instruments consisted of U.S. Government treasury securities, U.S. Government money market funds, and mutual funds because they were valued using quoted prices in active markets and can be redeemed on any business days with an intermediary.

Level 3 instruments consisted of earnout share liabilities. The Company has elected to apply the fair value option to measure all historical convertible notes and warrant liabilities (see Notes 8 and 9) and current earnout shares due to the nature of their embedded features.

Changes in the fair value measurement of Level 3 liabilities related to unrealized gains (losses) resulting from remeasurement of our outstanding historical convertible notes and warrant liabilities (see Notes 8 and 9) and current earnout shares. The respective changes for remeasurement are reflected in the change in fair value of convertible notes, change in fair value of warrant liabilities and change in fair value of the earnout liabilities in the condensed consolidated statements of operations.

The changes in the fair values of the Level 3 liabilities were as follows:


(Amounts in thousands)	Pay-to-Play Convertible Notes			2023 Convertible Notes			Warrant liabilities			Earnout share liabilities			Total
Balance as of December 31, 2024	$	15,942		$	132,687		$	14,711		$	—		$	163,340
Issuance of earnout share awards		—			—			—			126,025			126,025
Change in estimated fair value		27,232			138,471			60,345			(116,518	)		109,530
Conversion to common stock		(43,174	)		(271,158	)		(75,056	)		—			(389,388	)
Balance as of March 31, 2025	$	—		$	—		$	—		$	9,507		$	9,507


(Amounts in thousands)	Pay-to-Play Convertible Notes			2023 Convertible Notes		Warrant liabilities		Earnout share liabilities		Total
Balance as of December 31, 2023	$	14,641		$	18,064	$	3,730	$	—	$	36,435
Issuance of 2023 convertible notes and related warrants		—			10,591		909		—		11,500
Change in estimated fair value		(92	)		4,743		3,515		—		8,166
Balance as of March 31, 2024	$	14,549		$	33,398	$	8,154	$	—	$	56,101

The Company's convertible notes and related warrants outstanding as of December 31, 2024 were classified within level 3 of the fair value hierarchy because there was no active market for the liabilities or similar instruments.

There were no transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended March 31, 2025 or 2024.

Upon the consummation of the Merger, all then outstanding convertible notes and warrant liabilities were converted into shares of common stock (see Note 3).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

INITIAL PUBLIC OFFERING - Common stock subject to redemption (Details) (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Initial Public Offering [LineItems]
Class A ordinary shares subject to possible redemption	$ 33,061

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References

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-Topic 944
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-Subparagraph (SX 210.7-03(a)(23)(a)(1))
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+ Details

Warrant - Schedule of Black Scholes Option Pricing Model for Fair Value of Common Stock Warrants (Details)	3 Months Ended
	Mar. 31, 2025
Common Stock Warrants
Schedule of Black Scholes Option Pricing Model for Fair Value of Common Stock Warrants [Line Items]
Expected life (in years)	5 years

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Note 19. Subsequent Events

The Company has evaluated subsequent events through the date on which these condensed consolidated financial statements were available to be issued, and determined that the following subsequent events, other than those disclosed elsewhere in the condensed consolidated financial statements, are reportable:

On April 11, 2025, the Company entered into an advisory agreement for future services. The terms of the agreement require a non-refundable advisory fee of $2.0 million paid upon execution of the contract in the form of 769,231 shares of common stock (the “Fee Shares”). The Fee Shares are subject to a one-year lock up provision (the “Lock-Up Period”) which expires the earlier of one year from the date of the agreement or the date of a change of control as defined in the agreement. Prior to the expiration of the lock-up period, the advisor may sell the common stock shares back to us or an affiliate as defined in Rule 405 under the Securities Act. The Fee Shares subject to the lock-up provision are subject to adjustment if the dollar volume-weighted average price for the Company's common stock (“VWAP”) 20 out of any 30 trading Days is at least $7.00 per share, then the Lock-Up Period shall be terminated with respect to fifty percent of the shares to be issued for the fee. Furthermore, if the VWAP of the common stock for 20 out of any 30 Trading Days is at least $10.00 per share, then the Lock-Up Period shall be terminated with respect to the other fifty percent of the Fee Shares, rounded up.

Segment Reporting - Summary of Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting [Abstract]
Net loss	$ (147,761)	$ (16,743)
Depreciation and amortization	191	253
Provision for income taxes	162	162
Other expenses, net	109,578	8,444
EBITDA	(37,830)	(7,884)
Stock-based compensation	11,040	337
Non-cash inventory cost realignment adjustments	(625)	(25)
Other non-recurring expenses	12,035	45
Adjusted EBITDA	$ (15,380)	$ (7,527)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Shareholder Note Receivable [Member]	Accumulated Deficit	Previously Reported	Previously Reported Common Stock	Previously Reported Additional Paid-In Capital	Previously Reported Accumulated Deficit	Previously Reported Treasury Stock	Retroactive Application of Recapitalization	Retroactive Application of Recapitalization Common Stock	Retroactive Application of Recapitalization Additional Paid-In Capital	Retroactive Application of Recapitalization Treasury Stock	Redeemable Convertible Preferred Stock Previously Reported	Redeemable Convertible Preferred Stock Retroactive Application of Recapitalization	Common Stock Subject to Possible Redemption Common Stock
Balance at the beginning at Dec. 31, 2023	$ (53,213)	$ 5	$ 314,838		$ (368,056)	$ (226,560)		$ 141,496	$ (368,056)		$ 173,347	$ 5	$ 173,342		$ 173,347	$ (173,347)
Balance at the beginning outstanding (in shares) at Dec. 31, 2023		48,325,794					13,613,269					34,712,525			34,712,525
Balance at the beginning outstanding (in shares) at Dec. 31, 2023										96,887				(96,887)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retroactive application of recapitalization (in shares)																(34,712,525)
Stock-based compensation	337		337
Net Income (Loss)	(16,743)				(16,743)
Balance at the end at Mar. 31, 2024	$ (69,619)	$ 5	315,175		(384,799)
Balance at the end outstanding (in shares) at Mar. 31, 2024	48,325,794
Balance at the beginning at Dec. 31, 2024	$ (110,463)	$ 5	318,783		(429,251)	$ (283,810)		$ 145,441	$ (429,251)						$ 173,347
Balance at the beginning outstanding (in shares) at Dec. 31, 2024		48,376,052					13,663,527								34,712,525
Balance at the beginning outstanding (in shares) at Dec. 31, 2024										96,887				(96,887)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Retroactive application of recapitalization											$ 173,347	$ 5	$ 173,342			$ (173,347)
Retroactive application of recapitalization (in shares)																(34,712,525)
Temporary equity Merger and PIPE financing, Shares																	2,854,242
Temporary equity Merger and PIPE financing, Value																	$ 33,061
Balance at the end outstanding (in shares) at Dec. 31, 2024	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible notes	$ 314,334	$ 3	314,331
Conversion of convertible notes (in shares)		31,433,259
Net exercise of warrants	75,057	$ 1	75,056
Net exercise of warrants (in shares)		7,505,657
Merger and PIPE financing, Shares		11,408,957
Merger and PIPE financing, Value	(126,164)	$ 1	(117,411)	$ (8,754)
Payment of Shareholder note receivable	200			200
Issuance of common stock to advisors, Shares		94,949
Issuance of common stock to advisors, Value	300		300
Issuance of common stock warrants	167		167
Stock-based compensation	11,040		11,040
Net Income (Loss)	(147,761)				(147,761)
Balance at the end at Mar. 31, 2025	16,710	$ 10	$ 602,266	$ (8,554)	$ (577,012)
Balance at the end outstanding (in shares) at Mar. 31, 2025		98,818,874
Balance at the end at Mar. 31, 2025	$ 33,061																$ 33,061
Balance at the end outstanding (in shares) at Mar. 31, 2025	2,854,242																2,854,242

Revenue - Summary Of Revenue Information By Customer Geographical Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,007	$ 549
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenue	960	333
United States
Disaggregation of Revenue [Line Items]
Total revenue		215
Others
Disaggregation of Revenue [Line Items]
Total revenue	$ 47	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of contract liabilities

The following table is a rollforward of contract liabilities, which are included in accrued expenses and other current liabilities and other liabilities:


	Contract Liabilities
(Amounts in thousands)	2025		2024
Balance as of January 1	$	—	$	1,100
Additions to deferred revenue		—		1,728
Deferred revenue recognized		—		(183	)
Balance as of March 31	$	—	$	2,645

Schedule of computation of basic and dilutive net loss per share

The following table sets forth the computation of basic and dilutive net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025			2024
Numerator:
Net loss	$	(147,761	)	$	(16,743	)
Denominator:
Weighted average number of shares outstanding, basic and diluted		91,747,685			13,613,270
Net loss per share, basic and diluted	$	(1.61	)	$	(1.23	)

Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 11,040	$ 337
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	5,975	180
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 5,065	$ 157

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases - Schedule of Supplemental Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 202	$ 192

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited interim condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The unaudited interim condensed consolidated financial statements should be read in conjunction with Blaize, Inc.’s consolidated financial statements and accompanying footnotes included in the Company’s Form 8-K/A filed with the U.S. Securities and Exchange Commission (“SEC”) on April 15, 2025, which provides a more complete discussion of the Company’s accounting policies and certain other information.

Use of Estimates

The preparation of the condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods presented. Such estimates and assumptions include, but are not limited to, those related to revenue recognition, the allowance for credit losses, the net realizable value of inventory, the useful lives of long-lived assets, the incremental borrowing rate used in calculating operating lease right of use assets, the accounting for income taxes, the estimates used to evaluate the recoverability of long-lived assets, amortization method and periods for capitalized software, and the estimated fair values of convertible notes, warrant liabilities, earnout share liabilities, and common stock, and stock-based compensation expense. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less to be cash equivalents in the condensed consolidated financial statements. The Company’s cash equivalents are primarily comprised of U.S. Government treasury securities, mutual funds, and money market funds. The Company has cash deposits in a financial institution that, at times, may be in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions.

As of March 31, 2025 and December 31, 2024, the Company had cash and cash equivalents balances, inclusive of funds held in escrow, in excess of domestic and international insurance limits of approximately $71.9 million and $49.3 million, respectively.

As of March 31, 2025, the Company held $30.9 million in U.S. Government treasury securities, $5.3 million in U.S. Government money market funds, and $5.1 million in mutual funds, while as of December 31, 2024, the Company held $30.6 million in U.S. Government treasury securities, $9.2 million in U.S. Government money market funds, and $5.1 million in mutual funds (see Note 5).

Restricted Cash

Restricted cash represents cash balances held as security deposits related to international payment services. As of March 31, 2025 and December 31, 2024, restricted cash of $0.3 million was included within other assets on the condensed consolidated balance sheets.

Funds Held in Escrow

As of March 31, 2025, the Company held $33.4 million of cash in an interest-earning escrow account pursuant to certain non-redemption agreements entered into with several unaffiliated stockholders of the Company, whereby amounts are required to be held in a separate account at the Closing of the Merger and held until such time that certain non-redeemed shares are either sold in the open market and/or put to the Company. The funds in escrow approximate $11.57 per non-redeemed share (see Note 3).

Accounts Receivable, Net

Accounts receivable, net is recorded at the invoiced amount and does not accrue interest. The allowance for credit losses is the Company’s estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines that allowance based upon a review of each receivable and all known factors that could affect collectability. These factors include but are not limited to a customer’s past payment performance, customer financial condition, general economic or industry conditions and disputes regarding the invoiced amount or the product or service rendered. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The allowance for credit losses was $0.4 million as of March 31, 2025 and December 31, 2024.

Inventories

Inventories consist of raw materials, work in process inventories, and finished goods. Inventories are stated at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence, or impaired balances. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the newly established cost basis. Any write-downs of inventories are reflected as part of cost of revenue in the condensed consolidated statements of operations.

Deferred Offering Costs

Deferred offering costs consist of direct incremental legal, consulting and banking fees primarily relating to the Merger (see Note 3). The capitalized costs were fully expensed upon the consummation of the Merger within transaction costs on the condensed consolidated statement of operations during the three months ended March 31, 2025. As of December 31, 2024, there were $11.1 million of capitalized deferred offering costs included in prepaid expenses and other current assets on the condensed consolidated balance sheets.

Impairment of Long-Lived Assets

Whenever events or changes in circumstances indicate that the carrying amount of long-lived assets may not be recoverable, the Company estimates the expected undiscounted future cash flows from the use of those assets and their eventual disposition (without any allocated debt financing charges). If the sum of the expected undiscounted future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. For the three months ended March 31, 2025 and 2024, the Company did not recognize any impairment expense related to its long-lived assets.

Embedded Derivative Evaluation

The Company evaluates the terms of its debt instruments to determine if any identified embedded features, including embedded conversion options or redemption features, are required to be bifurcated and accounted for separately as a derivative financial instrument. In circumstances where a host instrument contains more than one embedded derivative instrument, including a conversion option, that is required to be bifurcated, the bifurcated derivative instruments would be accounted for as a single, compound derivative instrument. Any identified and bifurcated embedded derivatives are initially recorded at fair value and are revalued at each reporting date with changes in the fair value reported as non-operating income or expense.

Legacy Blaize Convertible Notes

Prior to the consummation of the Merger, the Company accounted for its convertible notes, some of which contained predominantly fixed rate conversion features under ASU 2020-06 Debt—Debt with Conversion and Other Options (Subtopic 470-20), Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) and Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The Company elected to account for its convertible notes at fair value at each period end pursuant to ASC 825, Financial Instruments wherein changes in the fair value were recorded as change in fair value of convertible notes in the condensed consolidated statements of operations. The convertible notes were remeasured just prior to the date of the Merger and upon the closing of the Merger, the convertible notes were fully converted into shares of common stock (see Note 3 and Note 5).

Legacy Blaize Warrant Liabilities

Prior to the consummation of the Merger, the Company had issued freestanding warrants in connection with certain of its convertible debt agreements and preferred stock issuances which were recorded as current liabilities on the condensed consolidated balance sheets at their estimated fair value. At initial recognition, the warrants were recorded at their estimated fair value calculated using the Black-Scholes-Merton (“Black-Scholes”) option pricing model (see Note 9). The liability associated with these warrants were subject to fair value remeasurement at each balance sheet date, with changes in fair value recorded as change in the fair value of warrant liabilities on the condensed consolidated statements of operations. The warrants were remeasured just prior to the date of the Merger and, upon the consummation of the Merger, the warrant liabilities were fully converted into shares of common stock.

Earnout Shares

In connection with the Merger, Legacy Blaize shareholders and outstanding equity award holders (including stock options and RSUs) are entitled to receive up to 15,000,000 shares of the Company’s Class A common stock (the “Earnout Shares”) (see Note 3). Earnout Shares issued to eligible Legacy Blaize equity holders (including holders of stock options and restricted stock units (“RSUs”)) are considered a compensatory award and are accounted for under ASC 718, Share-Based Compensation. Further these awards have been determined to be equity classified and accordingly will not be remeasured at each reporting date.

The Earnout Shares issued to Burkhan and all other equity holders not within the scope of ASC 718 in connection with consummation of the Merger, were evaluated by management under ASC 480, Distinguishing Liabilities from Equity (see Note 3). The Company determined that the Earnout Shares are freestanding and not liability classified under ASC 480. Subsequently, management evaluated whether the Earnout Shares represented a derivative instrument pursuant to ASC 815, Derivatives and Hedging. The Company concluded that the Earnout Shares under the arrangement resulted in liability classification pursuant to ASC 815-40. The liability for such Earnout Shares will be remeasured at each reporting date with changes in the fair value recorded to earnings on the condensed consolidated statements of operations

Legacy Blaize Redeemable Convertible Preferred Stock

Prior to the consummation of the Merger, the Company had (i) Series Seed Shadow Preferred Stock, (ii) Series A Shadow Preferred Stock, (iii) Shadow B Shadow Preferred Stock, (iv) Series C Shadow Preferred Stock, (v) Series D Shadow Preferred Stock, (vi) Series D Exchange Shadow Preferred Stock, (vii) Series D-1 Shadow Preferred Stock, (viii) Series D-1 Exchange Shadow Preferred Stock, and (ix) Series D-2 Shadow Preferred Stock, all outstanding. The Company’s redeemable convertible preferred stock had been classified outside of stockholders’ equity (deficit), as mezzanine equity, due to the redemption option of the preferred stock shareholders. The Company recorded redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company adjusted the carrying values of the redeemable convertible preferred stock, subsequent to the initial issuance date, to the redemption value of such shares because it was probable that the convertible preferred stock would become redeemable.

Upon the consummation of the Merger, all shares of redeemable convertible preferred stock outstanding were converted into shares of common stock (see Note 3). All shares of redeemable convertible preferred stock which were converted into shares of common stock were retroactively adjusted using the exchange ratio and reclassified into permanent equity as a result of the Merger.

Common Stock Subject to Possible Redemption

The Company accounts for common stock subject to possible redemption in accordance with the guidance in ASC Topic 480 Distinguishing Liabilities from Equity. Certain common stock is held in escrow pursuant to Non-Redemption Agreements and feature certain redemption rights that are considered to be outside of the Company’s control and within the control of the holders (see Note 3). Accordingly, as of March 31, 2025, 2,854,242 shares of common stock are subject to possible redemption, and have been presented at redemption value as temporary equity, outside of the stockholders’ equity (deficit) section of the condensed consolidated balance sheet.

The Company recognizes changes in redemption value as they occur by adjusting the carrying value of common stock subject to possible redemption to equal the redemption value as of the end of each reporting period. Changes in the carrying amount of redeemable common stock are affected by charges against additional paid-in capital and accumulated deficit.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance, as well as each subsequent reporting period while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. The Company analyzed the warrants issued in BurTech's Initial Public Offering (“Public Warrants”),warrants included in the Private Placement Units (the “Private Warrants”) and warrants issued to advisor for services (the “Common Stock Warrants”) and determined they are considered to be freestanding instruments and do not exhibit any of the characteristics in ASC 480 and therefore are not classified as liabilities under ASC 480. As of March 31, 2025, the Company's outstanding public warrants and private warrants met all the requirements for equity classification under ASC 815 and therefore were classified as equity. As of December 31, 2024, Legacy Blaize warrants were classified as liabilities, as described above.

Revenue Recognition

The Company derives revenue from product sales, license and development arrangements, joint marketing arrangements and cloud services. The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers, in which it determines revenue recognition through the following steps:

Step 1: Identify the contract with the customer.

The Company considers the terms and conditions of the engagement in identifying the contracts. The Company determines a contract with a customer to exist when the contract is approved, each party’s rights regarding the services to be transferred can be identified, the payment terms for the services can be identified, it has been determined the customer has the ability and intent to pay, and the contract has commercial substance. At contract inception, the Company will evaluate whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, and financial information pertaining to the customer.

Step 2: Identify the performance obligations in the contract.

Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from third parties or from the Company and are distinct in the context of the contract.

Step 3: Determine the transaction price.

The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts contain a significant financing component.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on each performance obligation’s relative standalone selling price (“SSP”).

Step 5: Recognize revenue when the company satisfies a performance obligation.

Revenue is recognized at the time the related performance obligation is satisfied by transferring the control of the promised service to a customer. Revenue in respect of services, including nonrecurring engineering services or marketing services, is recognized over the contractual terms during which the Company provides services over period of time. Hardware revenue is recognized at a point in time when the product is shipped. The Company generates all its revenue from contracts with customers.

Revenue from hardware sales is recognized upon transfer of control of products to customers in an amount that reflects the consideration the Company expects to receive in exchange for the hardware. The Company offers unspecified upgrades and support on certain products, however, the related revenue has historically not been material.

The Company’s license and development arrangements entail revenue from the licensing of its intellectual property (“IP”) and also include nonrecurring engineering development services to configure the Company’s IP and hardware to a customer’s needs. For each contract, the Company considers the promise to deliver a license that grants the customer the right to use the IP, as well as any professional services provided under the contract, as distinct performance obligations. The Company recognizes licensing revenue from such arrangements over the term of the arrangements and recognizes professional services over time as the services are provided. The Company measures progress to completion based on actual costs incurred to date as a percentage of the estimated total cost required to complete the project.

The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. An unbilled receivable is recorded when revenue is recognized prior to invoicing and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The following table is a rollforward of contract liabilities, which are included in accrued expenses and other current liabilities and other liabilities:


	Contract Liabilities
(Amounts in thousands)	2025		2024
Balance as of January 1	$	—	$	1,100
Additions to deferred revenue		—		1,728
Deferred revenue recognized		—		(183	)
Balance as of March 31	$	—	$	2,645

The Company defers incremental costs of obtaining a customer contract and amortizes the deferred costs over the period that the related revenue is recognized. The Company had no material incremental costs to obtain customer contracts in any period presented.

The Company has elected to account for shipping and handling fees as fulfillment activities and not separate performance obligations. Accordingly, these fees are reflected in revenue and the related fulfillment costs are accrued as cost of revenue as the related fulfillment costs incurred.

The Company offers a standard assurance-type warranty to customers for hardware sales.

Income Taxes

The Company is subject to income taxes in the U.S. and various foreign jurisdictions. The Company uses the asset-and-liability method for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and tax bases of assets and liabilities and operating loss and tax credit carryforwards and are measured using the enacted tax rates that are expected to be in effect when the differences reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established on a jurisdiction-by-jurisdiction basis when necessary to reduce deferred tax assets to an amount that, in the opinion of management, is more likely than not to be realized.

The Company is subject to tax audits in various jurisdictions. The Company regularly assess the likely outcomes of such audits in order to determine the appropriateness of liabilities for uncertain tax benefits. The Company accounts for uncertain tax positions based on an evaluation as to whether it is more likely than not that a tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the appropriate tax authorities have full knowledge of all relevant information concerning the tax position. The tax benefit recognized is based on the largest amount that is greater than 50% likely of being realized upon ultimate settlement. The Company includes interest expense and penalties related to its uncertain tax positions in the provision for income taxes.

Stock-Based Compensation

The Company recognizes the cost of employee, non-employee consultants and non-employee directors’ services received in exchange for awards of stock options based on the fair value of those awards at the date of grant over the requisite service period. The fair value of stock options granted is determined using the Black-Scholes option-pricing model using various inputs, including Company estimates of expected stock price volatility, term, risk-free rate and future dividends. The Company has elected the simplified method to determine the expected term of the option grants.

The Company also grants RSUs to employees and non-employee consultants, which vest upon the satisfaction of both a service-based condition and a liquidity event condition, as defined. The fair value of RSUs is determined based on the Company’s estimated fair value of common stock at the date of grant. Due to the Merger that occurred during the three months ended March 31, 2025, the Company recorded cumulative stock-based compensation using the accelerated attribution method for those RSUs for which the service condition has been satisfied prior to the Merger, and will record the remaining unrecognized stock-based compensation over the remainder of the requisite service period (see Note 13). The Company did not record any stock-based compensation expense associated with the RSUs during the three months ended March 31, 2024, as a liquidity event had not occurred during that period.

Forfeitures are recognized as they occur.

Fair Value Measurements

The Company determines fair value measurements used in its condensed consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). ASC 820, Fair Value Measurements, requires fair value measurements be classified and disclosed in one of the following pricing categories:

Level 1: This level consists of unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: This level consists of observable inputs other than the quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable or can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the asset or liability.

Level 3: This level consists of unobservable inputs for the asset or liability to the extent that observable inputs are not available, thereby allowing for situations in which there is little or no market data for the asset or liability at the measurement date. This requires the reporting entity to develop its own assumptions that market participants would use in pricing the asset or liability.

The carrying amounts of cash, funds held in escrow, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued loss on purchase commitments, working capital loans, and accrued expenses and other liabilities approximate their fair values due to their short-term maturities.

Foreign Currency

The Company’s reporting and functional currency is the United Stated dollar (“USD”). The local currencies of its foreign subsidiaries are the Indian rupee, British pound, or Philippine peso, however, the functional currency of its foreign subsidiaries is also the USD. Monetary assets and liabilities denominated in currencies other than USD are remeasured into USD at current exchange rates and nonmonetary assets and liabilities are measured at historical exchange rates. Revenues, cost of revenues, and operating expenses are remeasured at the average exchange rates in effect during each reporting period. The resulting transaction gains or losses are recognized in other income (expense), net, in the condensed consolidated statements of operations. During the three months ended March 31, 2025 and 2024, foreign currency transaction gains and losses were immaterial.

Concentration of Credit Risk

The Company’s cash and cash equivalents are primarily on deposit at high-credit quality financial institutions or invested in U.S. Government treasury securities, mutual funds, and money market funds. The Company’s cash accounts in a financial institution may at times exceed the Federal Depository Insurance coverage of $250,000. Investments in money markets are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Company is exposed to credit risk in the event of nonpayment by customers up to the amounts recorded on the consolidated balance sheets. The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' financial conditions.

As of March 31, 2025, one customer accounted for approximately 95% of the Company's accounts receivable. As of December 31, 2024, one customer accounted for approximately 98% of the Company’s accounts receivable.

Historically, a relatively small number of customers have accounted for a significant portion of the Company’s revenue. For the three months ended March 31, 2025, one customer accounted for approximately 95% of the Company’s revenue. For the three months ended March 31, 2024, two customers, both related parties, accounted for approximately 61% and 39% of the Company’s revenue (see Note 15).

Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two class method requires income (loss) available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to shares in undistributed earnings as if all income (loss) for the period had been distributed.

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted average number of common stock and potentially dilutive securities outstanding for the period. For purposes of this calculation, stock options and warrants have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive for all periods presented.

As the Merger has been accounted for as a reverse recapitalization, net loss per share was also retroactively adjusted for periods ended prior to the Merger.

Segment Reporting

The Company operates in one reporting segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assessing performance. The Company’s Chief Executive Officer is the CODM, who reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance.

Recent Accounting Pronouncements

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This ASU clarifies guidance in Topic 820 and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The Company adopted this standard on January 1, 2025. The adoption of this standard did not have an impact on the condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU enhances the transparency and decision usefulness of income tax disclosures. The Company is currently evaluating the impact that the adoption of this ASU will have on the condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This ASU clarifies guidance on the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion or extinguishment. This guidance is effective for Blaize beginning on January 1, 2026, and early adoption is permitted, although the Company does not plan to early adopt. The Company is currently evaluating the impact that the adoption of this ASU will have on the condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the condensed consolidated financial statements. This guidance is effective for Blaize beginning on January 1, 2027, and early adoption is permitted, although the Company does not plan to early adopt. The Company is currently evaluating the impact of the adoption of this standard.

The Company does not believe that any other recently issued, not yet effective, accounting standards would have a material effect on the accompanying condensed consolidated financial statements, if adopted.

Net Loss Per Share - Schedule of computation of basic and dilutive net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net loss	$ (147,761)	$ (16,743)
Weighted-average shares outstanding - basic	91,747,685	13,613,270
Weighted-average shares outstanding - diluted	91,747,685	13,613,270
Net income per share - basic	$ (1.61)	$ (1.23)
Net income per share - diluted	$ (1.61)	$ (1.23)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Company's Assets and Liabilities Measured Fair Value On Recurring Basis

The table below presents the Company's financial assets and liabilities measured at fair value on a recurring basis aggregated by the level in the fair value hierarchy:


	As of March 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
U.S. Government treasury securities	$	30,883	$	—	$	—	$	30,883
U.S. Government money market funds		5,336		—		—		5,336
Mutual funds		5,120		—		—		5,120
Total assets, measured at fair value	$	41,339	$	—	$	—	$	41,339

Liabilities:
Earnout share liabilities	$	—	$	—	$	9,507	$	9,507
Total liabilities, measured at fair value	$	—	$	—	$	9,507	$	9,507


	As of December 31, 2024
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
U.S. Government treasury securities	$	30,580	$	—	$	—	$	30,580
U.S. Government money market funds		9,247		—		—		9,247
Mutual funds		5,067		—		—		5,067
Total assets, measured at fair value	$	44,894	$	—	$	—	$	44,894

Liabilities:
Pay-to-Play convertible notes	$	—	$	—	$	15,942	$	15,942
2023 convertible notes		—		—		132,687		132,687
Warrant liabilities		—		—		14,711		14,711
Total liabilities, measured at fair value	$	—	$	—	$	163,340	$	163,340

Summary of Changes Fair Values of Liabilities

The changes in the fair values of the Level 3 liabilities were as follows:


(Amounts in thousands)	Pay-to-Play Convertible Notes			2023 Convertible Notes			Warrant liabilities			Earnout share liabilities			Total
Balance as of December 31, 2024	$	15,942		$	132,687		$	14,711		$	—		$	163,340
Issuance of earnout share awards		—			—			—			126,025			126,025
Change in estimated fair value		27,232			138,471			60,345			(116,518	)		109,530
Conversion to common stock		(43,174	)		(271,158	)		(75,056	)		—			(389,388	)
Balance as of March 31, 2025	$	—		$	—		$	—		$	9,507		$	9,507


(Amounts in thousands)	Pay-to-Play Convertible Notes			2023 Convertible Notes		Warrant liabilities		Earnout share liabilities		Total
Balance as of December 31, 2023	$	14,641		$	18,064	$	3,730	$	—	$	36,435
Issuance of 2023 convertible notes and related warrants		—			10,591		909		—		11,500
Change in estimated fair value		(92	)		4,743		3,515		—		8,166
Balance as of March 31, 2024	$	14,549		$	33,398	$	8,154	$	—	$	56,101

Merger and Reverse Recapitalization (Tables)

3 Months Ended

Mar. 31, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Number of Shares of Common Stock Outstanding on Merger

The number of shares of common stock outstanding immediately following the consummation of the Merger:



BurTech Class A common stock, outstanding prior to the Merger	10,816,995
Sponsor forfeiture	(2,000,000	)
BurTech Class A common stock subject to redemption, outstanding prior to the Merger	4,104,543
Shareholder Note receivable	750,000
Redemption of BurTech Class A common stock	(937,844	)
BurTech Class A Shares in non-redemption escrow	(2,854,242	)
Class A common stock of BurTech	9,879,452
PIPE shares	1,529,500
BurTech Class B common stock, outstanding prior to the Merger	5
Merger and PIPE financing shares	11,408,957
Legacy Blaize shares	87,314,968
Issuance of common stock to advisors	94,949
Common Stock immediately after the Merger	98,818,874

Net Loss Per Share (Additional Information) (Details)	3 Months Ended
Net Loss Per Share (Additional Information) (Details)	Mar. 31, 2025
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding Exchange Ratio	0.78

Inventories

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories

Inventories consist of the following:


	As of March 31,		As of December 31,
(Amounts in thousands)	2025		2024
Raw materials	$	7,576	$	7,410
Work in progress		761		1,064
Finished goods		46		87
Total inventories	$	8,383	$	8,561

Merger and Reverse Recapitalization - Schedule of Legacy Share Reconciliation (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Business Acquisition [Line Items]
Common stock	98,818,874	48,376,052
Common Stock immediately after the Merger	98,818,874	48,376,052
Legacy Blaize Shares
Business Acquisition [Line Items]
Common stock	17,518,791
Conversion of redeemable convertible preferred stock	44,506,781
Conversion of convertible notes	40,302,382
Net exercise of warrants	9,623,432
Common Stock immediately after the Merger	111,951,386
Legacy Blaize Shares After Conversion
Business Acquisition [Line Items]
Common stock	13,663,527
Conversion of redeemable convertible preferred stock	34,712,525
Conversion of convertible notes	31,433,259
Net exercise of warrants	7,505,657
Common Stock immediately after the Merger	87,314,968

Warrants - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) Days $ / shares shares	Feb. 28, 2025 $ / shares shares	Dec. 31, 2024 USD ($)
Class of Warrant or Right [Line Items]
Warrants outstanding \| $			$ 14,700
Public Warrants \| BURTECH ACQUISITION CORP [Member]
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares issued	28,750,000
Private Warrants \| BURTECH ACQUISITION CORP [Member]
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares issued	898,250
Publicly and Privately Traded Warrants \| BURTECH ACQUISITION CORP [Member]
Class of Warrant or Right [Line Items]
Exercise Price \| $ / shares	$ 11.5
Publicly and Privately Traded Warrants \| BURTECH ACQUISITION CORP [Member] \| Redemption of warrants when the price per common stock equals or exceeds $18.00
Class of Warrant or Right [Line Items]
Minimum threshold written notice period for redemption of public warrants	30 days
Redemption period	30 days
Threshold trading days for redemption of public warrants	20 days
Threshold consecutive trading days for redemption of public warrants \| Days	30
Threshold Number of Business Days Before Sending Notice of Redemption to Warrant Holders \| Days	3
Warrants
Class of Warrant or Right [Line Items]
Threshold period for not to transfer, assign or sell any of their shares or warrants after the completion of the initial business combination	30 days
Common Stock Warrants
Class of Warrant or Right [Line Items]
Number of warrants to purchase shares issued		50,000
Share Price \| $ / shares		$ 11.5
Compensation expense \| $	$ 12

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (147,761)	$ (16,743)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	191	253
Noncash lease expense	150	153
Stock-based compensation	11,040	337
Credit loss expense		421
Deferred income taxes	(10)	(23)
Change in fair value of earnout share liabilities	(116,518)
Change in fair value of convertible notes	165,703	4,651
Change in fair value of warrant liabilities	60,345	3,515
Other	43
Changes in operating assets and liabilities:
Accounts receivable, net	(953)	(2,138)
Accounts receivable - related party		(30)
Inventories	178	(1,767)
Prepaid expenses and other current assets	8,504	33
Other assets	8	170
Accounts payable and accrued liabilities	3,583	5,286
Advances from related party	(114)
Operating lease liabilities	(152)	(140)
Income taxes payable	(95)	100
Accrued loss on purchase commitments	(2)	(1,581)
Accrued compensation	150	322
Other liabilities	(234)	(182)
Net cash used in operating activities	(15,944)	(7,363)
Cash flows from investing activities:
Purchases of property and equipment	(661)	(177)
Net cash used in investing activities	(661)	(177)
Cash flows from financing activities:
Merger and PIPE financing, net of transaction costs	15,874
Payment of deferred offering costs	(4,531)	(128)
Proceeds from convertible notes		11,500
Net cash provided by financing activities	11,343	11,372
Net change in cash, cash equivalents and restricted cash	(5,262)	3,832
Cash, cash equivalents and restricted cash at beginning of period	50,488	3,213
Cash, cash equivalents and restricted cash at end of period	45,226	7,045
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	44,967	7,045
Restricted cash (included within other assets)	259
Total cash, cash equivalents and restricted cash	45,226	7,045
Supplemental cash flow disclosures:
Cash paid for income taxes	129	60
Supplemental non-cash disclosures:
Property and equipment acquired in accounts payable and accrued expenses and other current liabilities	497	123
Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities		154
Issuance of warrants with convertible notes		$ 909
Conversion of convertible notes to common stock	314,334
Net exercise of warrants for common stock	75,056
Issuance of warrants for professional services	167
Issuance of common stock for shareholder note receivable	$ 8,754

Common Stock

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Common Stock

Note 12. Common Stock

Common Stock

As of March 31, 2025 and December 31, 2024, there were 600,000,000 and 136,562,809 shares of common stock authorized, respectively, and 98,818,874 and 48,376,052 shares issued and outstanding, respectively.

Holders of common stock are entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to the priority rights of holders of all series of Preferred Stock outstanding. Holders of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders.

Common stock reserved for issuance is as follow:


	As of March 31,		As of December 31,
	2025		2024
Public warrants		28,750,000		—
Private warrants		898,250		—
Common stock warrants		50,000
Earnout shares		2,854,242		—
Incentive stock options and restricted stock units		29,192,959		31,991,752
Equity awards available for future issuance		23,942		1,736,686
Total common stock reserved for issuance		61,769,393		33,728,438

For periods prior to the Merger, the reported share and per share amounts have been retroactively converted by applying the exchange ratio.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 44,967	$ 50,237
Funds held in escrow	33,350
Accounts receivable, net	1,008	55
Inventories	8,383	8,561
Prepaid expenses and other current assets	5,836	14,837
Total current assets	93,544	73,690
Property and equipment, net	2,054	2,081
Deferred income tax assets	2,167	2,157
Operating lease right-of-use assets	1,623	1,773
Other assets	815	815
Total assets	100,203	80,516
Current liabilities:
Accounts payable	17,115	7,904
Accrued expenses and other current liabilities	11,524	11,996
Accrued loss on purchase commitments	601	603
Accrued compensation	1,763	1,613
Income tax payable	2,537	2,109
Operating lease liabilities, current	542	578
Working capital loan (Note 8)	1,500
Advances from related party (Note 8)	2,857
Warrant liabilities, current		14,711
Convertible notes, current		148,629
Total current liabilities	38,439	188,143
Operating lease liabilities	1,050	1,166
Earnout share liabilities	9,507
Other liabilities	1,436	1,670
Total liabilities	50,432	190,979
Commitments and contingencies (Note 14)
Common stock subject to possible redemption, 2,854,242 and zero outstanding at a redemption value of approximately $33,061 and $0 as of March 31, 2025 and December 31, 2024, respectively	33,061
Stockholders' equity (deficit):
Common stock - $0.0001 par value; 600,000,000 and 136,562,809 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 98,818,874 and 48,376,052 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	10	5
Additional paid-in capital	602,266	318,783
Shareholder note receivable	(8,554)
Accumulated deficit	(577,012)	(429,251)
Total stockholders' equity (deficit)	16,710	(110,463)
Total liabilities, common stock subject to redemption, and stockholders' equity (deficit)	$ 100,203	$ 80,516

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of computation of basic and dilutive net loss per share

The following table sets forth the computation of basic and dilutive net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025			2024
Numerator:
Net loss	$	(147,761	)	$	(16,743	)
Denominator:
Weighted average number of shares outstanding, basic and diluted		91,747,685			13,613,270
Net loss per share, basic and diluted	$	(1.61	)	$	(1.23	)

Schedule of calculation of diluted net loss per share attributable to common shareholders

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would have been anti-dilutive:


	Three Months Ended March 31,
	2025		2024
Stock options		28,042,235		12,819,685
Restricted stock units		1,150,724		3,801,970
Common stock warrants		50,000		—
Public warrants		28,750,000		—
Private warrants		898,250		—
Total potentially dilutive shares		58,891,209		16,621,655

Commitments and Contingencies - Additional Information (Details) - USD ($)				1 Months Ended	3 Months Ended
	Apr. 11, 2025	Apr. 07, 2025	Sep. 09, 2024	Dec. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES
Legal proceedings fee			$ 4,500,000
Estimated liabilities					$ 4,950,000
Maximum merger and reimbursement expenses			$ 500,000
Common stock, par value per share				$ 0.0001	$ 0.0001
Subsequent Event
COMMITMENTS AND CONTINGENCIES
Advisory fee	$ 2,000,000
Accounts Payable
COMMITMENTS AND CONTINGENCIES
Estimated liabilities					$ 3,950,000
Accrued Expenses and Other Current Liabilities
COMMITMENTS AND CONTINGENCIES
Estimated liabilities					1,000,000
Jefferies LLC
COMMITMENTS AND CONTINGENCIES
Legal proceedings fee		$ 4,500,000
Fees paid under the Jefferies Engagement Letter					0
Fees under the Jefferies Engagement Letter.					3,500,000
Fee due to defer up		1,000,000
Reimbursable expenses		$ 500,000
Reimbursement expense pre and post judgment interest and attorney fees and legal costs					500,000
Purchase Commitments
COMMITMENTS AND CONTINGENCIES
Outstanding purchase orders and contractual obligations					300,000
Purchased inventories					100,000	$ 3,300,000
Accrued Losses				$ 600,000	$ 600,000
Advisor Agreement
COMMITMENTS AND CONTINGENCIES
Advisory fee				$ 800,000
Common stock, par value per share				$ 10
Deferred Offering Costs And Accrued Liabilities Associated With Contract				$ 600,000
Number of sharing share held				300,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (147,761)	$ (16,743)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Convertible Notes and Demand Notes - Additional Information (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	5 Months Ended	12 Months Ended
	Nov. 30, 2023	Feb. 28, 2023	Mar. 31, 2025	Nov. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Feb. 01, 2023	Jan. 01, 2023	Dec. 01, 2022
Related Party
Convertible Notes and Demand Notes [Line Items]
Outstanding advances from related party			$ 2,900,000		$ 0
Working Capital Loans Warrant [Member] \| BURTECH ACQUISITION CORP [Member]
Convertible Notes and Demand Notes [Line Items]
Outstanding balance			$ 1,500,000		0
Blaize Note Financing Agreement [Member] \| RT Parties [Member]
Convertible Notes and Demand Notes [Line Items]
Amount of investment by separate third party group of investors to the agreement					125,000,000
Pay-to-Play Convertible Notes [Member] \| Related Party
Convertible Notes and Demand Notes [Line Items]
Amount borrowed								$ 3,300,000	$ 400,000
Pay-to-Play Convertible Notes [Member] \| 2022 Note Purchase and Exchange Agreement [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt		$ 9,300,000
Debt instrument, maturity date			Dec. 09, 2024
Pay to Play warrants [Member] \| Exchange Agreement [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of warrants	$ 100,000
2023 Convertible Note [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt				$ 12,300,000	$ 110,700,000
Exercise price of warrants					$ 11.5
2023 Convertible Note [Member] \| 2023 Note Purchase and Exchange Agreement [Member]
Convertible Notes and Demand Notes [Line Items]
Debt instrument, interest rate during period				10.00%
2023 Convertible Note [Member] \| 2023 Note Purchase and Exchange Agreement [Member] \| Restricted Stock Units (RSUs) [Member]
Convertible Notes and Demand Notes [Line Items]
Grant of restricted stock unit						$ 6,000,000
10% secured convertible notes [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt					$ 110,700,000
Debt instrument, interest rate during period					10.00%
10% secured convertible notes [Member] \| Bur Tech [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt					$ 11,500,000
10% secured convertible notes [Member] \| Outside Individual Third Parties [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt					2,400,000
10% secured convertible notes [Member] \| RT Parties [Member]
Convertible Notes and Demand Notes [Line Items]
Proceeds from issuance of debt					$ 96,800,000
Unsecured Convertible Promissory Note [Member] \| Working Capital Loans Warrant [Member] \| BURTECH ACQUISITION CORP [Member]
Convertible Notes and Demand Notes [Line Items]
Amount borrowed							$ 1,500,000
Price per which the outstanding principal amount can be converted							$ 10

Merger and Reverse Recapitalization - Merger and Reverse Recapitalization (Details)	3 Months Ended
	Mar. 31, 2025 USD ($)
Business Acquisition [Line Items]
Less: Non-redemption escrow	$ (33,061)
Cash - PIPE	15,295
Net cash proceeds from Merger	15,874
Earnout share liabilities	(126,025)
Total Merger and PIPE financing	(126,164)
Bur Tech
Business Acquisition [Line Items]
Cash - BurTech trust and cash, net of redemptions	37,259
Less: transaction costs and advisory paid by BurTech	(3,619)
Non-cash net liabilities assumed from BurTech	$ (16,013)

Inventories (Tables)

3 Months Ended

Mar. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consist of the following:


	As of March 31,		As of December 31,
(Amounts in thousands)	2025		2024
Raw materials	$	7,576	$	7,410
Work in progress		761		1,064
Finished goods		46		87
Total inventories	$	8,383	$	8,561

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Note 10. Leases

The Company’s lease obligations primarily consist of operating leases for its headquarters complex, and domestic and international office facilities, with lease periods expiring between fiscal years 2026 and 2029, some of which include options to extend up to 12 months. The Company does not have any leases that include residual value guarantees.

Payments under the lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. These amounts include variable payments for maintenance services, utilities, and other expenses.

The components of the net lease cost reflected in the Company’s condensed consolidated statements of operations were as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Operating	$	200	$	204
Short-term		5		10
Total lease costs	$	205	$	214

As of March 31, 2025, the Company’s operating leases had a weighted average remaining lease term of 3.1 years and a weighted average discount rate related to the Company’s right-of-use (“ROU”) assets and lease liabilities of 10.0%. As of December 31, 2024, the Company’s operating leases had a weighted average remaining lease term of 3.2 years and a weighted average discount rate related to the Company’s right-of-use assets and lease liabilities of 9.9%.

Supplemental information related to operating leases was as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2025		2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	202	$	192

Future minimum lease payments under the Company’s non-cancelable operating leases are as follows:


(Amounts in thousands)	As of March 31, 2025
2025	$	526
2026		544
2027		431
2028		366
2029		15
Total future lease payments		1,882
Less: Imputed interest		(290	)
Present value of net future minimum lease payments		1,592
Less: Operating lease liabilities, current		(542	)
Total operating lease liabilities, non-current	$	1,050

Income Tax

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAX

Note 7. Income Taxes

The Company is subject to United States federal and state taxes as well as other foreign income taxes.

During the three months ended March 31, 2025 and 2024, the Company recorded a provision for income taxes of $0.2 million, which represented an effective tax rate of (0.1)% and (1.4)%, respectively. The effective income tax rates for both the three months ended March 31, 2025 and 2024 are different from the U.S. federal statutory rate of 21.0% due to the valuation allowance.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue
Total revenue	$ 1,007	$ 549
Costs and expenses
Cost of revenue (exclusive of depreciation and amortization)	327	306
Research and development	13,118	4,094
Selling, general and administrative	13,357	3,988
Depreciation and amortization	191	253
Transaction costs	12,035	45
Total operating expenses	39,028	8,686
Loss from operations	(38,021)	(8,137)
Other expense, net
Loss on foreign exchange transactions	(29)	(49)
Change in fair value of convertible notes	(165,703)	(4,651)
Change in fair value of warrant liabilities	(60,345)	(3,515)
Change in fair value of earnout share liabilities	116,518
Other, net	(19)	(229)
Total other expense, net	(109,578)	(8,444)
Loss before income taxes	(147,599)	(16,581)
Provision for income taxes	162	162
Net loss	$ (147,761)	$ (16,743)
Net loss per share - basic	$ (1.61)	$ (1.23)
Net loss per share - diluted	$ (1.61)	$ (1.23)
Weighted average number of shares outstanding - basic	91,747,685	13,613,270
Weighted average number of shares outstanding - diluted	91,747,685	13,613,270
Hardware revenue
Revenue
Total revenue	$ 1,007	$ 3
Engineering services revenue \| Related Party
Revenue
Total revenue		$ 546

Related Party Transactions and Balances - Additional Information (Details) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 13, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2023	Dec. 01, 2022
Related Party Transaction Line Items
Revenue recognized from sales		$ 0	$ (183,000)
Warrants outstanding				$ 14,700,000
Change in fair value of convertible notes		165,703,000	4,651,000
Change in fair value of warrant liabilities		60,345,000	3,515,000
Related Party
Related Party Transaction Line Items
Revenue recognized from sales		0	500,000
Accounts receivable due		0		0
Related Party \| 2023 Convertible Warrants
Related Party Transaction Line Items
Warrants outstanding				8,000,000
Change in fair value of warrant liabilities		1,200,000
Related Party \| P2P Warrants
Related Party Transaction Line Items
Change in fair value of warrant liabilities		3,300,000	500,000
Related Party \| 2022 P2P Warrants
Related Party Transaction Line Items
Warrants outstanding				0
Change in fair value of warrant liabilities		200,000
Related Party \| 2023 Convertible Note
Related Party Transaction Line Items
Debt instrument amount					$ 5,000,000
Convertible debt				6,900,000
Change in fair value of convertible notes		6,000,000	900,000
Related Party \| P2P Note
Related Party Transaction Line Items
Revenue recognized from sales		0	0
Debt instrument amount						$ 3,300,000	$ 400,000
Convertible debt				4,200,000
Change in fair value of convertible notes		7,200,000
Related Party \| P2P Note \| P2P Warrants
Related Party Transaction Line Items
Warrants outstanding				4,200,000
Related Party \| 2022 P2P Note
Related Party Transaction Line Items
Convertible debt				$ 500,000
Change in fair value of convertible notes		800,000
Related Party \| 2023 Convertible Note NPA
Related Party Transaction Line Items
Additional consideration received between allocation of note and warrants						0
Related Party \| 2022 P2P NPA
Related Party Transaction Line Items
Additional consideration received between allocation of note and warrants						$ 0	$ 0
Maximum \| Related Party \| 2023 Convertible Warrants
Related Party Transaction Line Items
Change in fair value of warrant liabilities			100,000
Maximum \| Related Party \| P2P Note
Related Party Transaction Line Items
Change in fair value of convertible notes			100,000
BurTech LP \| Related Party
Related Party Transaction Line Items
Payment in note not yet received		0
Marketing expenses		$ 200,000	$ 0
BurTech LP \| Maximum \| Related Party
Related Party Transaction Line Items
Number of days obligated to pay related transaction expenses	90 days
Promissory Note \| BurTech LP
Related Party Transaction Line Items
Debt instrument amount	$ 8,800,000
Shares issued for common stock	750,000
Interest rate	7.00%

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 11, 2025	Mar. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Common stock, par value per share		$ 0.0001	$ 0.0001
Subsequent Event
Subsequent Event [Line Items]
Advisory fee	$ 2.0
Common stock paid as fee shares	769,231
Fee share issuable subject to lock up provision description	The Fee Shares subject to the lock-up provision are subject to adjustment if the dollar volume-weighted average price for the Company's common stock (“VWAP”) 20 out of any 30 trading Days is at least $7.00 per share
Fee share issuable subject to lock-up period termination description	Lock-Up Period shall be terminated with respect to fifty percent of the shares to be issued for the fee. Furthermore, if the VWAP of the common stock for 20 out of any 30 Trading Days is at least $10.00 per share, then the Lock-Up Period shall be terminated with respect to the other fifty percent of the Fee Shares, rounded up.

Leases - Schedule of Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2025	$ 526
2026	544
2027	431
2028	366
2029	15
Total future lease payments	1,882
Less: Imputed interest	(290)
Present value of net future minimum lease payments	1,592
Less: Operating lease liabilities, current	(542)	$ (578)
Total operating lease liabilities, non-current	$ 1,050	$ 1,166

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	61,769,393	33,728,438
2025 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for issuance	3,047,669
Purchase price percentage of common stock	85.00%
2025 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted	0
Common stock reserved for issuance	25,397,242
Service-based Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Uunrecognized compensation cost	$ 19.0
Unrecognized compensation cost, weighted average period	2 years 3 months 18 days
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, weighted average period	9 months 18 days
RSUs unrecognized compensation cost	$ 1.0
Common stock shares subject to release of vested restricted stock units	2,464,171
Stock based compensation expense	$ 3.9

Common Stock - Additional Information (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Common shares, shares authorized (in shares)	600,000,000	136,562,809
Common stock, shares issued (in shares)	98,818,874	48,376,052
Common stock, shares outstanding (in shares)	98,818,874	48,376,052

Segment Reporting - Summary of Long-lived and ROU assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Fixed Assets	$ 2,054	$ 2,081
ROU Assets	1,623	1,773
United States
Segment Reporting Information [Line Items]
Fixed Assets	1,043	1,095
ROU Assets	238	277
Asia Pacific
Segment Reporting Information [Line Items]
Fixed Assets	934	913
ROU Assets	1,116	1,175
United Kingdom
Segment Reporting Information [Line Items]
Fixed Assets	77	73
ROU Assets	$ 269	$ 321

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Accounts Receivable, Net

Inventories

Deferred Offering Costs

Impairment of Long-Lived Assets

Embedded Derivative Evaluation

Legacy Blaize Convertible Notes

Legacy Blaize Redeemable Convertible Preferred Stock

Revenue Recognition

Step 1: Identify the contract with the customer.

Step 2: Identify the performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when the company satisfies a performance obligation.


	Contract Liabilities
(Amounts in thousands)	2025		2024
Balance as of January 1	$	—	$	1,100
Additions to deferred revenue		—		1,728
Deferred revenue recognized		—		(183	)
Balance as of March 31	$	—	$	2,645

The Company offers a standard assurance-type warranty to customers for hardware sales.

Income Taxes

Stock-Based Compensation

Forfeitures are recognized as they occur.

Fair Value Measurements

Level 1: This level consists of unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Foreign Currency

Concentration of Credit Risk

Net Loss Per Share

As the Merger has been accounted for as a reverse recapitalization, net loss per share was also retroactively adjusted for periods ended prior to the Merger.

Segment Reporting

Recent Accounting Pronouncements

Related Party Transactions and Balances

3 Months Ended

Mar. 31, 2025

Related Party Transactions and Balances

Note 15. Related Party Transactions and Balances

During the three months ended March 31, 2025, the Company recognized no revenue from sales to minority stockholders. During the three months ended March 31, 2024, the Company recognized revenues of approximately $0.5 million, or approximately 100% of its total revenue, from sales to two minority stockholders.

As of March 31, 2025 and December 31, 2024, there was no accounts receivable due from these customers.

In 2023, we issued a convertible note in the amount of $5.0 million or 41% of the total 2023 Convertible Note proceeds raised in 2023 to a related party investor holding more than a 10% ownership our outstanding stock. This related party investor also has a representative serving on our Board of Directors. In accordance with the terms of the 2023 Convertible Note NPA, the investor also received 2023 Convertible Note Warrants for no additional consideration resulting in the allocation of proceeds between the 2023 Convertible Note and the 2023 Convertible Note Warrants (see Note 9). The 2023 Convertible Note and 2023 Convertible Note Warrants held by this investor were subject to the adjustments in fair value. As of December 31, 2024, the related party 2023 Convertible Note and 2023 Convertible Note Warrants approximated $6.9 million and $8.0 million, respectively. Upon consummation of the Merger, this related party’s 2023 Convertible Note and 2023 Convertible Warrants were converted into shares of common stock (see Note 3). During the three months ended March 31, 2025 and 2024, the changes in fair value for the respective 2023 Convertible Note were $6.0 million and $0.9 million, respectively (see Note 5). During the three months ended March 31, 2025 and 2024, the changes in fair value for the respective 2023 Convertible Note Warrants were $1.2 million and less than $0.1 million, respectively (see Note 5).

In January 2023, one of the minority investors with which we had a prior revenue arrangement, with no revenue in the three months ended March 31, 2025 and 2024, also invested in a P2P Note in the amount of $3.3 million or 35% of the total P2P proceeds raised in 2023 (see Note 8). In accordance with the terms of the 2022 P2P NPA, the minority investor also received P2P Warrants for no additional consideration resulting in the allocation of proceeds between the P2P Note and the P2P Warrants (see Note 9). The P2P Note and P2P Warrants held by the minority investor were subject to the adjustments in fair value. As of December 31, 2024, the related party P2P Note and P2P Warrants approximated $4.2 million. Effective January 13, 2025, this related party’s respective P2P Note and P2P Warrants were converted into common stock in connection with the Merger (see Note 3). During the three months ended March 31, 2025 and 2024, the change in fair value for the respective P2P Note was $7.2 million and less than $0.1 million, respectively (see Note 5). During the three months ended March 31, 2025 and 2024, the change in fair value for the respective P2P Warrants was $3.3 million and $0.5 million, respectively (see Note 5).

In December 2022, one of the minority stockholders with which we had a prior revenue arrangement, representing approximately 0% and approximately 100% of total revenues for the three months ended March 31, 2025 and 2024, and 0% and 98% of accounts receivable as of March 31, 2025 and December 31, 2024, respectively, also invested in a P2P Note in the amount of $0.4 million, or 13% of the total P2P proceeds raised in 2022 (see Note 8). In accordance with the terms of the 2022 P2P NPA, the minority investor also received P2P Warrants for no additional consideration resulting in the allocation of proceeds between the P2P Note and the P2P Warrants (see Note 9). The P2P Note and P2P Warrants held by the minority investor were subject to the adjustments in fair value. As of December 31, 2024, the fair value of the related party P2P Note and P2P Warrants approximated $0.5 million and zero, respectively. Effective January 13, 2025, this related party's respective 2022 P2P Note and P2P Warrants were converted into common stock in connection with the Merger (see Note 3). During the three months ended March 31, 2025, the changes in fair value for this set of P2P Note and P2P Note Warrants was $0.8 million and $0.2 million, respectively (see Note 5). During the three months ended March 31, 2024, the change in fair value for this set of P2P Note and P2P Note Warrants was immaterial (see Note 5).

On January 13, 2025, in connection with the consummation of the Merger, BurTech LP, previously the Sponsor of BurTech, issued a secured promissory note and pledge agreement to BurTech in the principal amount of approximately $8.8 million, bearing an interest rate of 7% with annual compounding, compounded on December 31 each year. Pursuant to this promissory note, BurTech LP agreed to pay certain of the transaction expenses (as defined in the Merger Agreement) of BurTech. As consideration for this promissory note, the Company issued 750,000 shares of common stock to BurTech LP. BurTech LP is obligated to pay the related transaction expenses set forth in the note within ninety days after the date that the shares have been registered for resale under the Securities Act. As of March 31, 2025, payment in the note had not yet been received.

During the three months ended March 31, 2025 and 2024, the Company incurred $0.2 million and zero, respectively, of marketing expenses paid to a company owned by a direct family member of one of our minority stockholders and board of directors.

As of March 31, 2025, the Company has amounts due for a Working Capital Loan and advances from a related party (see Note 8).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 17. Net Loss Per Share

The following table sets forth the computation of basic and dilutive net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2025			2024
Numerator:
Net loss	$	(147,761	)	$	(16,743	)
Denominator:
Weighted average number of shares outstanding, basic and diluted		91,747,685			13,613,270
Net loss per share, basic and diluted	$	(1.61	)	$	(1.23	)

Net loss per share calculations and potentially dilutive security amounts for all periods prior to the closing of the Merger have been retrospectively adjusted to the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization. Historically reported weighted average shares outstanding have been multiplied by the Exchange Ratio of approximately 0.78.


	Three Months Ended March 31,
	2025		2024
Stock options		28,042,235		12,819,685
Restricted stock units		1,150,724		3,801,970
Common stock warrants		50,000		—
Public warrants		28,750,000		—
Private warrants		898,250		—
Total potentially dilutive shares		58,891,209		16,621,655

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 162	$ 162
Effective income tax rate	(0.10%)	(1.40%)
Statutory federal income tax rate (in percent)	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details