0001871638-26-000035 | 10-Q/A | XBRL Viewer

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Related Party Transactions and Balances - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		3 Months Ended
	Jan. 13, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 12, 2025	Jun. 30, 2025
Related Party Transaction [Line Items]
Total revenue		$ 2,738	$ 1,007
Other earnout shares		8,401		$ 8,929
Working Capital Loan
Related Party Transaction [Line Items]
Short-term debt		1,500		1,500
Advances from related party
Related Party Transaction [Line Items]
Short-term debt		2,857		2,857
Related party
Related Party Transaction [Line Items]
Purchase order by affiliate						$ 56,500
Affiliate referral percentage						10.00%
Total revenue		2,600
Sales commissions		300
Other earnout shares		2,048		2,184
Accounts payable		180		180
Collateral shares for shareholder note receivable (in shares)					2
Shareholder notes receivable		8,600		8,600
Non-redemption period	180 days
Compensation for shareholder non-redemption (in dollars per share)	$ 1.50
Related party \| Referral Agreement
Related Party Transaction [Line Items]
Accounts payable		$ 200		$ 200

Revenue and Accounts Receivable

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue and Accounts Receivable

Note 3. Revenue and Accounts Receivable

Revenue

The following table sets forth the Company’s revenue disaggregated by geographical location, determined by reference to the customer’s shipping location for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Amounts in thousands, except for percentages)	2026		%	2025		%
United States	$	2,597	94.9%	$	—	—%
China	—		—%	960		95.3%
Other	141		5.1%	47		4.7%
Total revenue	$	2,738		$	1,007

The following table sets forth the Company’s revenue disaggregated based on the method of revenue recognition for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Revenue recognized at a point in time	$	2,727	$	1,007
Revenue recognized over time	11		—
Total revenue	$	2,738	$	1,007

Customer concentrations in revenue

The following table sets forth a summary of the Company’s revenue concentration by customer for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Amounts in thousands, except for percentages)	2026		%	2025		%


Customer A (1)	$	2,597	94.9%	$	—	—%


Customer B	—		—%	960		95.3%
Others (2)	141		5.1%	47		4.7%
Total revenue	$	2,738		$	1,007

(1) Customer A is a related party.

(2) Each of the customers within “Others” comprised less than 10% of revenue each.

Constrained revenue and variable consideration

During each of the three months ended March 31, 2026 and 2025, the Company had no revenue that was subject to constraint or variable consideration.

Other revenue-related matters

There were no contract assets (unbilled receivables) and no material contract liabilities (deferred revenue) as of March 31, 2026 and December 31, 2025. The Company did not have any outstanding or unsatisfied performance obligations as of March 31, 2026 and December 31, 2025. The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of March 31, 2026 and December 31, 2025.

Accounts Receivable, net

Normal credit terms for the Company’s accounts receivable are generally up to net 30 days, although credit terms for a customer sale that occurred in the fourth quarter of 2025 included credit terms up to 90 days. As of March 31, 2026, the Company’s accounts receivable were 47% current, 0% over 60 days past due, and 53% over 90 days past due under the credit terms of the applicable customer receivable.

The Company had no accounts receivable due from related parties as of March 31, 2026.

The balances and activity within the Company’s provision for credit losses as of and for the three months ended March 31, 2026 and as of and for the year ended December 31, 2025 are set forth as follows:


(Amounts in thousands)
Balance, January 1, 2025	$	420
Additions to provision for credit losses	523
Additions to provision for credit losses - related party	34
Write-off activity	(420)
Balance, December 31, 2025	557
Reversal of provision due to collection of full balance	(34)
Additions to provision for credit losses	1,907
Balance, March 31, 2026	$	2,430

Customer concentration of accounts receivable

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of March 31, 2026 (1):


(Amounts in thousands, except for percentages)	$		%
Customer C (2)	$	8,844	46.2%
Customer D (2)	9,021		47.1%
Others (3)	1,292		6.7%
Total accounts receivable	19,157
Less: provision for credit losses:	(2,430)
Accounts receivable, net	$	16,727

(1) There were no accounts receivable due from related parties as of March 31, 2026.

(2) The geographic concentration of these accounts receivable is in China.

(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of December 31, 2025:


(Amounts in thousands, except for percentages)	$		%
Customer C (1)	$	8,844	23.7	%
Customer D (1) (2)	23,750		63.8	%

Others (3) (4)	4,656		12.5	%
Total accounts receivable, including due from related party	$	37,250
Less: provision for credit losses:	(557)
Accounts receivable, net, including due from related party	$	36,693

(1) The geographic concentration of these accounts receivable is from customers located in China.

(2) Subsequent to December 31, 2025, and as of May 14, 2026, the Company had received payments of $16.9 million from this customer.

(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.

- 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

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+ Details

Liquidity and Going Concern	3 Months Ended
Liquidity and Going Concern	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	Note 2. Liquidity and Going Concern Liquidity As of March 31, 2026, the Company had cash and cash equivalents on hand of $33.2 million and accounts receivable less allowance for credit losses of $16.7 million, while accounts payable, accrued expenses and other current liabilities (excluding amounts due to related parties), and accrued trade payables totaled $21.4 million. 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 the Company be unable to continue as a going concern. Historically, the Company has funded its operations by using cash generated from financing activities and at the same time, has incurred negative cash flows from operations. Cash provided by financing activities was not significant for the period ended March 31, 2026 and was unrelated to any capital raising activities. Cash provided by financing activities was $11.3 million for the three months ended March 31, 2025, and was generated by capital raising activities. Cash used in operations for the three months ended March 31, 2026 and 2025 was $12.6 million and $15.9 million, respectively. The Company has historically incurred recurring operating losses, including a loss from operations of $23.4 million and $38.0 million for the three months ended March 31, 2026 and 2025, respectively. 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, cash collections of its accounts receivable, and the timing and extent of spending to support further sales and marketing and research and development efforts. In order to continue its operations, the Company, as currently structured, will need to raise additional financing, if such financing is available at all. As a result of the above, in connection with its assessment of going concern considerations in accordance with FASB Accounting Standards Codification (“ASC”) 205-40-50 — “Going Concern — Disclosure,” 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 have been issued.

Related Party Transactions and Balances - Transactions with Other Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Total cash paid to other related parties	$ 34	$ 241
Marketing services
Related Party Transaction [Line Items]
Total cash paid to other related parties	0	205
Cash compensation received by related party employee
Related Party Transaction [Line Items]
Total cash paid to other related parties	34	36
Related party
Related Party Transaction [Line Items]
Selling, general and administrative	$ 34	$ 241

- 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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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

Note 8. Segment Reporting

The Company operates as a single operating and reportable segment. “Operating segments” are defined as components of the Company that engage in business activities with distinct financial information that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer, who regularly reviews financial information presented on a consolidated basis for the purpose of making decisions and assessing financial performance, as the Company’s products and services have similar economic characteristics.

The financial information received by the CODM focuses primarily on total available cash and cash equivalents, total revenue, significant expenses, net loss, and earnings before interest, tax, depreciation and amortization (“EBITDA”), and EBITDA as further adjusted for certain non-cash items and other adjustments that the CODM does not consider in their

evaluation of ongoing operating performance from period to period (“Adjusted EBITDA”), to make decisions regarding the Company’s strategy, including the allocation of resources, as well as the Company’s assessment of operating performance.

As the Company operates as a single operating segment, the measures of total available cash and cash equivalents, total revenue and net loss, as reviewed by the CODM, are set forth on the condensed consolidated financial statements, as well as in certain notes to the condensed consolidated financial statements. See Note 4 — “Fair Value Measurements and Derivative Instruments” for details regarding the Company’s cash equivalents. See Note 3 — “Revenue and Accounts Receivable” for details regarding the Company’s total revenue disaggregated by customer geographical location and the major customer concentrations of the Company’s total revenue and accounts receivable balances.

Similarly, as the Company operates in a single segment, the condensed consolidated statements of operations provide one view of the Company’s significant expenses. Additional to the condensed consolidated statements of operations, the CODM regularly reviews the significant expense categories in the calculation of net loss, set forth as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Revenue	$	2,738	$	1,007
Cost of revenue	(1,162)		(327)
Employee costs	(17,495)		(19,081)
Technology costs	(1,396)		(2,417)
Depreciation	(186)		(191)
Interest income, net	179		399
Fair value changes and financing charges	1,027		(109,530)
Other items (1)	(6,358)		(17,621)
Net loss	$	(22,653)	$	(147,761)

(1) “Other items” includes marketing expenses, professional fees, facilities costs, foreign exchange gains and losses, credit loss estimates, income taxes, and other overhead expenses.

The following table sets forth the Company’s reconciliation of net loss to EBITDA and Adjusted EBITDA:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Net loss	$	(22,653)	$	(147,761)
Depreciation	186		191
Provision for income taxes	99		162
Interest income, net	(179)		(399)
EBITDA	(22,547)		(147,807)
Stock-based compensation	8,948		11,040
Fair value changes and financing charges	(1,027)		109,530
Transaction costs	—		12,043
Non-cash inventory cost realignment adjustments	106		(625)
Other adjustments (1)	594		439
Adjusted EBITDA	$	(13,926)	$	(15,380)

(1) “Other adjustments” includes, but is not limited to, other non-cash expenses, including foreign exchange gains and losses, and income and expenses that are not expected to be ongoing, including litigation expenses, financing advisory fees, and fines and penalties (or the recoveries and reversals of such). The Company believes that these items are not reflective of its ongoing operating performance and excluding these items provides a more meaningful comparison of its results of operations over comparative periods.

- 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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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Related Party Disclosures (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

Transactions with other related parties for advisory and marketing services, and a related party employed by the Company are set forth in the table below:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Cash paid to other related parties:

Marketing services (1)	$	—	$	205
Cash compensation received by related party employee (2)	34		36
Total cash paid to other related parties	$	34	$	241


Included in “selling, general and administrative - related party” on the Company’s condensed consolidated statements of operations (2)	$	34	$	241

(1) Marketing expenses were incurred with a company owned by a direct family member of a minority stockholder and member of the Company’s Board of Directors.

(2) A relative of one of the Company’s named executive officers is employed by the Company. Compensation received is presented in “included in selling, general and administrative - related party” for the three months ended March 31, 2026.

Revenue and Accounts Receivable - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue subject to constraint or variable consideration	$ 0	$ 0
Contract assets (unbilled receivables)	0	0
Outstanding or unsatisfied performance obligation	0	$ 0
Nonrelated party
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 16,727,000		$ 33,363,000
Nonrelated party \| Current
Disaggregation of Revenue [Line Items]
Percent of receivables past due	47.00%
Nonrelated party \| Over 60 days past due
Disaggregation of Revenue [Line Items]
Percent of receivables past due	0.00%
Nonrelated party \| Over 90 days past due
Disaggregation of Revenue [Line Items]
Percent of receivables past due	53.00%
Related party
Disaggregation of Revenue [Line Items]
Accounts receivable	$ 0		$ 3,330,000

Net Loss Per Share of Common Stock - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	97,777,494	79,538,878
Warrants issued to an advisor
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	50,000	50,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	28,697,076	28,042,235
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,359,499	1,150,724
Earnout shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	17,600,000	17,600,000
Polar warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	9,375,000	0
BZAI warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	29,648,250	29,648,250
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	3,047,669	3,047,669

Fair Value Measurements and Derivative Instruments - Valuation Assumptions (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Stock price \| Monte Carlo Simulation \| Earnout shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other earnout shares	1.82	1.95
Dividend yield \| Monte Carlo Simulation \| Earnout shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other earnout shares	0	0
Volatility \| Monte Carlo Simulation \| Earnout shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other earnout shares	0.8620	0.8160
Risk-free rate \| Monte Carlo Simulation \| Earnout shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other earnout shares	0.0382	0.0361
Term \| Monte Carlo Simulation \| Earnout shares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term	3 years 9 months 14 days	4 years 14 days
Polar warrants \| Stock price \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Polar warrants	1.82	1.95
Polar warrants \| Exercise price \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Polar warrants	5.00	5.00
Polar warrants \| Dividend yield \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Polar warrants	0	0
Polar warrants \| Volatility \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Polar warrants	0.8650	0.8130
Polar warrants \| Risk-free rate \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Polar warrants	0.0386	0.0368
Polar warrants \| Term \| Black-Scholes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Term	4 years 7 months 13 days	4 years 10 months 13 days

Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	May 05, 2026	Jan. 13, 2025	May 14, 2026	Mar. 31, 2026	Mar. 31, 2025	May 04, 2026	Dec. 31, 2025
Reverse Recapitalization [Line Items]
Common stock, shares authorized (in shares)				600,000,000			600,000,000
Common stock, par value (in dollars per share)				$ 0.0001			$ 0.0001
Earnout shares (in shares)		15,000,000
Stock-based compensation				$ 8,948	$ 11,040
Earnout shares
Reverse Recapitalization [Line Items]
Unrecognized compensation cost				62,800
Subsequent event \| Underwriting Agreement
Reverse Recapitalization [Line Items]
Shares issued and sold (in shares)	18,918,918
Subsequent event \| Over-allotment option
Reverse Recapitalization [Line Items]
Shares issued and sold (in shares)	2,837,837		2,837,837
Sale Of Stock, Underwriting Option, Duration			30 days
Earnout shares
Reverse Recapitalization [Line Items]
Stock-based compensation				$ 3,900	$ 3,500
Burkham
Reverse Recapitalization [Line Items]
Earnout shares (in shares)		2,600,000
Polar warrants \| Subsequent event
Reverse Recapitalization [Line Items]
Exercise price (in dollars per share)	$ 3.00					$ 5.00

Financial Statement Details - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Purchase of finished goods inventory for sale	$ 0	$ 0

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 5,966		$ 6,414
Work in progress	1,718		1,685
Finished goods - manufactured	1,328		2,031
Total manufactured inventories	$ 9,012	$ 10,130	$ 10,130

Fair Value Measurements and Derivative Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements and Derivative Instruments

Note 4. Fair Value Measurements and Derivative Instruments

The Company uses a fair value hierarchy established by GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., the Company’s own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value.

In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured.

As of March 31, 2026, the Company’s valuation policy and processes had not changed from those described in its consolidated financial statements for the year ended December 31, 2025 included in the Annual Report on Form 10-K. Included in Note 5 — “Fair Value Measurements and Derivative Instruments” to the Consolidated Financial Statements for the year ended December 31, 2025 in the Annual Report on Form 10-K is a detailed description of the Company’s financial instruments measured at fair value and their significant inputs, as well as the classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy.

Carrying amounts that approximate fair value

The carrying amounts of cash, accounts receivable (including from related parties), prepaid expenses and other current assets, deferred tax assets, operating lease right-of-use assets, other assets, accounts payable, accrued trade payables, accrued expenses and other current liabilities (including to related parties), working capital loan - related party, and advances from related party all approximate their fair values due to their short-term maturities.

Description of the Company’s financial instruments measured at fair value

The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	4,168	$	—	$	—	$	4,168
Total assets, measured at fair value	$	4,168	$	—	$	—	$	4,168

Liabilities:
Polar warrants	$	—	$	—	$	8,344	$	8,344
Other earnout shares (1)	—		—		8,401		8,401
Total liabilities, measured at fair value	$	—	$	—	$	16,745	$	16,745

(1) Includes $2.0 million in earnout shares - related party.


	As of December 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,103	$	—	$	—	$	19,103

Total assets, measured at fair value	$	19,103	$	—	$	—	$	19,103

Liabilities:
Polar warrants	$	—	$	—	$	8,813	$	8,813
Other earnout shares (1)	—		—		8,929		8,929
Total liabilities, measured at fair value	$	—	$	—	$	17,742	$	17,742

(1) Includes $2.2 million in earnout shares - related party.

There were no transfers between Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended March 31, 2026 or the three months ended March 31, 2025.

The following table presents additional information for the prior year and three months ended March 31, 2026 about the Company’s Level 3 liabilities measured at fair value on a recurring basis:


(Amounts in thousands)
Balance as of January 1, 2025	$	163,340
Change in fair value - Legacy Blaize convertible notes	165,703
Change in fair value - Legacy Blaize warrants	60,345
Conversion of Legacy Blaize convertible notes and exercise of Legacy Blaize warrants	(389,387)
Fair value on date of issuance - other earnout shares	126,042
Change in fair value - other earnout shares	(117,113)
Fair value on date of issuance - Polar warrants	12,937
Change in fair value - Polar warrants	(4,125)
Balance as of December 31, 2025	$	17,742
Reclassification of equity-based shares to liabilities (1)	30
Change in fair value - other earnout shares	(558)
Change in fair value - Polar warrants	(469)
Balance as of March 31, 2026	$	16,745

(1) Due to employee forfeitures during the quarter.

The following table sets forth information regarding the Company’s significant Level 3 inputs as of March 31, 2026 and December 31, 2025:


Instrument valued using Level 3 methods			As of March 31,			As of December 31,
	Valuation Method	Input	2026			2025
Polar warrants	Black-Scholes	Stock price	$	1.82		$	1.95
		Exercise price	$	5.00		$	5.00
		Dividend yield	—			—
		Volatility	86.50		%	81.30		%
		Risk-free rate	3.86		%	3.68		%
		Term	4.62 years			4.87 years

Other earnout shares	Monte Carlo Simulation	Stock price	$	1.82		$	1.95
		Dividend yield (continuous)	—			—
		Volatility (interpolated)	86.20		%	81.60		%
		Risk-free rate (continuous)	3.82		%	3.61		%
		Term	3.79 years			4.04 years

Derivative Instruments

The Company does not use derivatives to manage financial risks or as an economic hedge. The essential characteristics inherent in a derivative instrument are that the instrument is issued for no or nominal consideration, and also include the aspects of an underlying security, a notional amount, and a mechanism for net settlement. None of the Company’s derivative instruments are classified as hedging instruments, and all are marked to fair value at each quarterly period.

After the Merger and during the three months ended March 31, 2026, the Company’s derivatives were comprised of:

•The Other Earnout Shares, representing a freestanding structured forward contract;

•The Polar warrants, representing a freestanding liability-classified derivative instrument; and

•The Committed Equity Facility, which upon execution on July 14, 2025, was considered a freestanding purchased put right, which put right was subsequently considered nominal and marked to zero during 2025. Each draw on the Committed Equity Facility is considered an embedded forward contract. No draws on the Committed Equity Facility were outstanding as of March 31, 2026 or December 31, 2025.

Revenue and Accounts Receivable - Accounts Receivable by Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	12 Months Ended
	Mar. 31, 2026	May 14, 2026	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 19,157		$ 37,250
Less: provision for credit losses:	(2,430)		(557)	$ (420)
Accounts receivable, net	16,727		36,693
Customer C
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	8,844		8,844
Customer D
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	9,021		23,750
Customer D \| Subsequent event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments received from customer		$ 16,900
Others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 1,292		4,656
Others \| Related party
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable			$ 3,400
Accounts receivable \| Customer C \| Customer concentration risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration (as a percent)	46.20%		23.70%
Accounts receivable \| Customer D \| Customer concentration risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration (as a percent)	47.10%		63.80%
Accounts receivable \| Others \| Customer concentration risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration (as a percent)	6.70%		12.50%

Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares - Change in Shares From Merger Through End of Year (Details)	3 Months Ended
	Mar. 31, 2026 shares
Reverse Recapitalization [Roll Forward]
Beginning balance (in shares)	122,043,966
Exercise of stock options (in shares)	49,202
Ending balance (in shares)	122,746,757
RSUs
Reverse Recapitalization [Roll Forward]
Release of restricted stock units (in shares)	653,589
Class A Common Stock
Reverse Recapitalization [Roll Forward]
Beginning balance (in shares)	122,043,966
Ending balance (in shares)	122,746,757

Segment Reporting - Reconciliation of Net Loss to EBITDA and Adjusted EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Net loss	$ (22,653)	$ (147,761)
Depreciation	186	191
Provision for income taxes	99	162
Interest income, net	(179)	(399)
EBITDA	(22,547)	(147,807)
Stock-based compensation	8,948	11,040
Fair value changes and financing charges	(1,027)	109,530
Transaction costs	0	12,043
Non-cash inventory cost realignment adjustments	106	(625)
Other adjustments	594	439
Adjusted EBITDA	$ (13,926)	$ (15,380)

Revenue and Accounts Receivable - Revenue by Major Customer (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,738	$ 1,007
Customer A
Disaggregation of Revenue [Line Items]
Total revenue	2,597	0
Customer B
Disaggregation of Revenue [Line Items]
Total revenue	0	960
Others
Disaggregation of Revenue [Line Items]
Total revenue	$ 141	$ 47
Customer concentration risk \| Revenue benchmark \| Customer A
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	94.90%	0.00%
Customer concentration risk \| Revenue benchmark \| Customer B
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	0.00%	95.30%
Customer concentration risk \| Revenue benchmark \| Others
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	5.10%	4.70%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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

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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.

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+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Expenses and Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

Additional to the condensed consolidated statements of operations, the CODM regularly reviews the significant expense categories in the calculation of net loss, set forth as follows:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Revenue	$	2,738	$	1,007
Cost of revenue	(1,162)		(327)
Employee costs	(17,495)		(19,081)
Technology costs	(1,396)		(2,417)
Depreciation	(186)		(191)
Interest income, net	179		399
Fair value changes and financing charges	1,027		(109,530)
Other items (1)	(6,358)		(17,621)
Net loss	$	(22,653)	$	(147,761)

(1) “Other items” includes marketing expenses, professional fees, facilities costs, foreign exchange gains and losses, credit loss estimates, income taxes, and other overhead expenses.

The following table sets forth the Company’s reconciliation of net loss to EBITDA and Adjusted EBITDA:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Net loss	$	(22,653)	$	(147,761)
Depreciation	186		191
Provision for income taxes	99		162
Interest income, net	(179)		(399)
EBITDA	(22,547)		(147,807)
Stock-based compensation	8,948		11,040
Fair value changes and financing charges	(1,027)		109,530
Transaction costs	—		12,043
Non-cash inventory cost realignment adjustments	106		(625)
Other adjustments (1)	594		439
Adjusted EBITDA	$	(13,926)	$	(15,380)

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Accrued expenses:
Accrued compensation	$ 2,547		$ 2,787
Accrued professional fees	1,467		1,654
Accrued technology fees	878		208
Other accrued expenses	368		968
Accrued purchase commitments	223		135
Other current liabilities
Other current liabilities	882		49
Accrued loss on purchase commitments	580		580
Income tax payable	307		319
Total accrued expenses and other current liabilities	$ 7,252	$ 6,700	$ 6,700

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events The Company has evaluated subsequent events through the date of issuance of these condensed consolidated financial statements. On May 5, 2026, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Northland Securities, Inc., as representative of the several underwriters named therein (the “Underwriters”), relating to the May 6, 2026 issuance and sale (the “Offering”) of 18,918,918 shares (the “Base Shares”) of the Company’s common stock to the public at a price of $1.85 per share. Pursuant to the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 2,837,837 additional shares of common stock (the “Option Shares” and, together with the Base Shares, the “Shares”) at the public offering price. The net proceeds to the Company from the Offering for the Base Shares were approximately $32.8 million after deducting underwriting discounts and offering expenses paid by the Company. If the Option Shares are fully exercised, the Company would receive aggregate gross proceeds of approximately $40.25 million, before deducting underwriting discounts and other offering expenses. On May 5, 2026, the Company entered into Amendment No. 1 to Common Stock Purchase Warrants with the holders of the Polar warrants, amending the outstanding Polar warrants to adjust the exercise price from $5.00 per share to $3.00 per share.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 14, 2026
Document Information [Line Items]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41139
Entity Registrant Name	Blaize Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2708752
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		142,299,461
Entity Central Index Key	0001871638
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	BZAI
Security Exchange Name	NASDAQ
Warrant
Document Information [Line Items]
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
Trading Symbol	BZAIW
Security Exchange Name	NASDAQ
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series A Junior Participating Preferred Stock, par value $0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Subsequent Events (Details) - Subsequent event - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended
	May 05, 2026	May 14, 2026	May 04, 2026
Polar warrants
Subsequent Event [Line Items]
Exercise price (in dollars per share)	$ 3.00		$ 5.00
Underwriting Agreement
Subsequent Event [Line Items]
Shares issued and sold (in shares)	18,918,918
Price per share (in dollars per share)	$ 1.85
Gross proceeds from sale of stock	$ 32,800
Over-allotment option
Subsequent Event [Line Items]
Shares issued and sold (in shares)	2,837,837	2,837,837
Additional stock purchase period	30 days
Aggregate proceeds including over-allotment option \| Forecast
Subsequent Event [Line Items]
Gross proceeds from sale of stock	$ 40,250

Revenue and Accounts Receivable (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographic Location


	Three Months Ended March 31,
(Amounts in thousands, except for percentages)	2026		%	2025		%
United States	$	2,597	94.9%	$	—	—%
China	—		—%	960		95.3%
Other	141		5.1%	47		4.7%
Total revenue	$	2,738		$	1,007

Schedule of Disaggregation of Revenue

The following table sets forth the Company’s revenue disaggregated based on the method of revenue recognition for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Revenue recognized at a point in time	$	2,727	$	1,007
Revenue recognized over time	11		—
Total revenue	$	2,738	$	1,007

Schedule of Revenue by Major Customers

The following table sets forth a summary of the Company’s revenue concentration by customer for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(Amounts in thousands, except for percentages)	2026		%	2025		%


Customer A (1)	$	2,597	94.9%	$	—	—%


Customer B	—		—%	960		95.3%
Others (2)	141		5.1%	47		4.7%
Total revenue	$	2,738		$	1,007

(1) Customer A is a related party.

(2) Each of the customers within “Others” comprised less than 10% of revenue each.

Schedule of Provision for Credit Losses


(Amounts in thousands)
Balance, January 1, 2025	$	420
Additions to provision for credit losses	523
Additions to provision for credit losses - related party	34
Write-off activity	(420)
Balance, December 31, 2025	557
Reversal of provision due to collection of full balance	(34)
Additions to provision for credit losses	1,907
Balance, March 31, 2026	$	2,430

Schedule of Accounts Receivable by Major Customer

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of March 31, 2026 (1):


(Amounts in thousands, except for percentages)	$		%
Customer C (2)	$	8,844	46.2%
Customer D (2)	9,021		47.1%
Others (3)	1,292		6.7%
Total accounts receivable	19,157
Less: provision for credit losses:	(2,430)
Accounts receivable, net	$	16,727

(1) There were no accounts receivable due from related parties as of March 31, 2026.

(2) The geographic concentration of these accounts receivable is in China.

(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of December 31, 2025:


(Amounts in thousands, except for percentages)	$		%
Customer C (1)	$	8,844	23.7	%
Customer D (1) (2)	23,750		63.8	%

Others (3) (4)	4,656		12.5	%
Total accounts receivable, including due from related party	$	37,250
Less: provision for credit losses:	(557)
Accounts receivable, net, including due from related party	$	36,693

(1) The geographic concentration of these accounts receivable is from customers located in China.

(2) Subsequent to December 31, 2025, and as of May 14, 2026, the Company had received payments of $16.9 million from this customer.

(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.

Net Loss Per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Dilutive Net Loss Per Share

The table below sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2026		2025
Numerator
Net loss	$	(22,653)	$	(147,761)
Denominator:
Weighted-average shares outstanding, basic and diluted	122,382,195		91,747,685
Net loss per share, basic and diluted	$	(0.19)	$	(1.61)

Schedule of Antidilutive Securities Excluded from the of Computation of Diluted Net Loss Per Share

The table below sets forth a listing of potentially dilutive securities that were excluded from the calculation of diluted net loss per share attributable to common shareholders because the impact of including them would have been anti-dilutive or out-of-the-money:


	As of March 31,
	2026	2025
Stock options	28,697,076	28,042,235
RSUs	9,359,499	1,150,724
Earnout shares	17,600,000	17,600,000
Warrants issued to an advisor	50,000	50,000
Polar warrants (1)	9,375,000	—
BZAI warrants	29,648,250	29,648,250
ESPP (2)	3,047,669	3,047,669
Total	97,777,494	79,538,878

(1) The Polar warrants were issued in November 2025.

(2) The ESPP has not yet commenced.

Net Loss Per Share of Common Stock - Basic and Dilutive Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net loss, basic	$ (22,653)	$ (147,761)
Net loss, diluted	$ (22,653)	$ (147,761)
Denominator:
Weighted average shares outstanding, basic (in shares)	122,382,195	91,747,685
Weighted average shares outstanding, diluted (in shares)	122,382,195	91,747,685
Net loss per share - basic (in dollars per share)	$ (0.19)	$ (1.61)
Net loss per share - diluted (in dollars per share)	$ (0.19)	$ (1.61)

- Definition

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

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- 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.

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-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Segment Reporting - Significant Expense Categories in Calculation of Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Revenue	$ 2,738	$ 1,007
Cost of revenue	(1,162)	(327)
Employee costs	(17,495)	(19,081)
Technology Costs	(1,396)	(2,417)
Depreciation	(186)	(191)
Interest income, net	179	399
Fair value changes and financing charges	1,027	(109,530)
Other items	(6,358)	(17,621)
Net loss	$ (22,653)	$ (147,761)

Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities at Fair Value

The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	4,168	$	—	$	—	$	4,168
Total assets, measured at fair value	$	4,168	$	—	$	—	$	4,168

Liabilities:
Polar warrants	$	—	$	—	$	8,344	$	8,344
Other earnout shares (1)	—		—		8,401		8,401
Total liabilities, measured at fair value	$	—	$	—	$	16,745	$	16,745

(1) Includes $2.0 million in earnout shares - related party.


	As of December 31, 2025
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	19,103	$	—	$	—	$	19,103

Total assets, measured at fair value	$	19,103	$	—	$	—	$	19,103

Liabilities:
Polar warrants	$	—	$	—	$	8,813	$	8,813
Other earnout shares (1)	—		—		8,929		8,929
Total liabilities, measured at fair value	$	—	$	—	$	17,742	$	17,742

(1) Includes $2.2 million in earnout shares - related party.

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table presents additional information for the prior year and three months ended March 31, 2026 about the Company’s Level 3 liabilities measured at fair value on a recurring basis:


(Amounts in thousands)
Balance as of January 1, 2025	$	163,340
Change in fair value - Legacy Blaize convertible notes	165,703
Change in fair value - Legacy Blaize warrants	60,345
Conversion of Legacy Blaize convertible notes and exercise of Legacy Blaize warrants	(389,387)
Fair value on date of issuance - other earnout shares	126,042
Change in fair value - other earnout shares	(117,113)
Fair value on date of issuance - Polar warrants	12,937
Change in fair value - Polar warrants	(4,125)
Balance as of December 31, 2025	$	17,742
Reclassification of equity-based shares to liabilities (1)	30
Change in fair value - other earnout shares	(558)
Change in fair value - Polar warrants	(469)
Balance as of March 31, 2026	$	16,745

(1) Due to employee forfeitures during the quarter.

Schedule of Valuation Assumptions

The following table sets forth information regarding the Company’s significant Level 3 inputs as of March 31, 2026 and December 31, 2025:


Instrument valued using Level 3 methods			As of March 31,			As of December 31,
	Valuation Method	Input	2026			2025
Polar warrants	Black-Scholes	Stock price	$	1.82		$	1.95
		Exercise price	$	5.00		$	5.00
		Dividend yield	—			—
		Volatility	86.50		%	81.30		%
		Risk-free rate	3.86		%	3.68		%
		Term	4.62 years			4.87 years

Other earnout shares	Monte Carlo Simulation	Stock price	$	1.82		$	1.95
		Dividend yield (continuous)	—			—
		Volatility (interpolated)	86.20		%	81.60		%
		Risk-free rate (continuous)	3.82		%	3.61		%
		Term	3.79 years			4.04 years

Revenue and Accounts Receivable - Provision for Credit Loss Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 557	$ 420
Additions to provision for credit losses	1,907
Write-off activity		(420)
Reversal of provision due to collection of full balance	(34)
Ending balance	$ 2,430	557
Nonrelated party
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Additions to provision for credit losses		523
Related party
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Additions to provision for credit losses		$ 34

Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares

3 Months Ended

Mar. 31, 2026

Share Repurchase Program [Abstract]

Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares

Note 6. Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares

Common stock

The Company has authorized 600 million shares of common stock with a par value of $0.0001 per share. The Company has only one class of common stock authorized and issued. Holders of the Company’s common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders and there are no cumulative voting rights. The Company’s common stock has no preemptive, redemption, conversion, or subscription rights. The Company has not previously paid cash dividends on its common stock. Any future dividend payments are subject to the discretion of the Company’s board of directors (the “Board” or “Board of Directors”).

The following table sets forth the changes in shares of the Company’s common stock from December 31, 2025 through March 31, 2026:








Common stock outstanding as of December 31, 2025						122,043,966
Release of restricted stock units						653,589
Exercise of stock options						49,202
Common stock outstanding as of March 31, 2026						122,746,757

Subsequent to March 31, 2026, the Company issued 18,918,918 shares of common stock in an underwritten stock offering and granted a 30-day option pursuant to which the Company may issue up to 2,837,837 additional shares of common stock. See Note 10 — “Subsequent Events”.

Currently Outstanding Warrants to Purchase Common Stock

During the period ended March 31, 2026, there were no changes to the Company’s outstanding warrants or any of the terms of its outstanding warrants as described in its Annual Report on Form 10-K. Subsequent to March 31, 2026, the Company amended the outstanding Polar warrants to adjust the exercise price from $5.00 per share to $3.00 per share. See Note 10 — “Subsequent Events”.

Earnout Shares

In connection with the Merger, Legacy Blaize shareholders and employee equity award holders (including holders of stock options and RSUs) are entitled to receive up to 15,000,000 shares of common stock and Burkhan has the right to receive up to 2,600,000 shares of common stock (collectively, the “Earnout Shares”).

Earnout Shares issued to eligible Legacy Blaize employee equity award holders (“Employee Earnout Shares”) are considered a compensatory award and are accounted for under ASC 718 — “Share-Based Compensation” (“ASC 718”). Further, these Employee Earnout Shares have been determined to be equity classified and accordingly, are not remeasured unless an employee departs from the Company, which is considered a modification of an equity-based award.

Earnout Shares issued to Burkhan and Legacy Blaize shareholders that are not within the scope of ASC 718 (the “Other Earnout Shares”), were evaluated by management under ASC 480 — “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815. The Company determined that the Other Earnout Shares are a derivative liability and remeasures the Other Earnout Shares at each reporting date, with changes in the fair value recorded in the condensed consolidated statements of operations.

Legacy Blaize shareholders, Legacy Blaize employee equity award holders, and Burkhan are entitled to Earnout Shares in four tranches upon the occurrence of four separate events (each a “Triggering Event” and collectively, the “Triggering Events”), if they occur between the Merger date and January 13, 2030. The Triggering Event thresholds are described in the Company’s Annual Report on Form 10-K.

Employee Earnout Shares

During the three months ended March 31, 2026 and 2025, the Company recorded $3.9 million and $3.5 million, respectively, in stock-based compensation expense related to the Employee Earnout Shares. As of March 31, 2026, there was $62.8 million of total unrecognized compensation cost related to the Employee Earnout Shares.

Other Earnout Shares

The fair value of the derivative liability associated with the Other Earnout Shares is described in Note 4 — “Fair Value Measurements and Derivative Instruments”.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 33,219,000	$ 45,781,000
Inventories, net	9,012,000	10,130,000
Prepaid expenses and other current assets	6,423,000	4,003,000
Total current assets	65,381,000	96,607,000
Property and equipment, net	1,378,000	1,226,000
Deferred income tax assets	1,955,000	2,123,000
Operating lease right-of-use assets	1,307,000	1,516,000
Other assets	731,000	739,000
Assets	70,752,000	102,211,000
Current liabilities
Accrued trade payables	1,571,000	22,838,000
Accrued expenses and other current liabilities	7,252,000	6,700,000
Accrued expenses - related party	0	331,000
Operating lease liabilities - current	596,000	644,000
Total current liabilities	26,539,000	43,389,000
Operating lease liabilities	640,000	804,000
Other earnout shares	8,401,000	8,929,000
Polar warrants	8,344,000	8,813,000
Other liabilities	1,383,000	1,276,000
Total liabilities	45,307,000	63,211,000
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.0001 par value; 600,000,000 and 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively, and 122,746,757 and 122,043,966 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	12,000	12,000
Additional paid-in capital	684,116,000	675,143,000
Accumulated other comprehensive income	125,000	0
Accumulated deficit	(658,808,000)	(636,155,000)
Total stockholders’ equity	25,445,000	39,000,000
Total liabilities and stockholders’ equity	70,752,000	102,211,000
Nonrelated party
Current assets:
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively	16,727,000	33,363,000
Current liabilities
Accounts payable	12,583,000	8,339,000
Other earnout shares	6,353,000	6,745,000
Related party
Current assets:
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively	0	3,330,000
Current liabilities
Accounts payable	180,000	180,000
Other earnout shares	2,048,000	2,184,000
Working Capital Loan
Current liabilities
Working capital loan and advances from related party	1,500,000	1,500,000
Advances from related party
Current liabilities
Working capital loan and advances from related party	$ 2,857,000	$ 2,857,000

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Total revenue	$ 2,738	$ 1,007
Cost of revenue	1,162	327
Gross Profit	1,576	680
Operating expenses
Research and development	9,675	13,118
Depreciation	186	191
Transaction costs	0	12,043
Total operating expenses	24,964	38,701
Loss from operations	(23,388)	(38,021)
Other income (expense), net
Change in fair value of Legacy Blaize convertible notes and warrants	0	(226,048)
Change in fair value of other earnout shares	558	116,518
Change in fair value of Polar warrants	469	0
Other, net	(193)	(48)
Total other income (expense), net	834	(109,578)
Loss before income taxes	(22,554)	(147,599)
Provision for income taxes	99	162
Net loss	(22,653)	(147,761)
Change in foreign currency translation adjustments, net	125	0
Other comprehensive income	125	0
Comprehensive loss	$ (22,528)	$ (147,761)
Net loss per share - basic (in dollars per share)	$ (0.19)	$ (1.61)
Net loss per share - diluted (in dollars per share)	$ (0.19)	$ (1.61)
Weighted average shares outstanding, basic (in shares)	122,382,195	91,747,685
Weighted average shares outstanding, diluted (in shares)	122,382,195	91,747,685
Nonrelated party
Operating expenses
Selling, general and administrative	$ 15,069	$ 13,108
Nonrelated party \| Hardware revenue
Total revenue	142	1,007
Related party
Total revenue	2,600
Operating expenses
Selling, general and administrative	34	241
Related party \| Hardware revenue
Total revenue	2,167	0
Related party \| Software revenue
Total revenue	418	0
Related party \| Strategic consulting services
Total revenue	$ 11	$ 0

Related Party Transactions and Balances

3 Months Ended

Mar. 31, 2026

Related Party Transactions and Balances

Note 9. Related Party Transactions and Balances

Transactions with the Sponsor and its affiliates

Sales Partner Referral Agreement

On June 30, 2025, the Company entered into a Sales Partner Referral Agreement (the “Referral Agreement”) with Burkhan LLC (the “Sales Partner”), an affiliate of BurTech LP, LLC (the “Sponsor”). The Referral Agreement has an initial approved customer of BurTech Systems Tech LLC (“BST”), an affiliate of the Sales Partner. Under the agreement, BST will purchase, subject to the issuance of purchase orders, up to $56.5 million of the Company’s products on behalf of a certain unaffiliated end user. The Sales Partner will receive a commission from the Company of up to 10%, depending on the Company’s gross margins under the purchase order. The sales commission is payable in cash, or, partially, at the Company’s discretion, in shares of the Company’s common stock. The commission is payable to BST once the Company receives cash from these sales.

During the three months ended March 31, 2026, the Company recognized $2.6 million in revenue from the Referral Agreement, inclusive of sales commissions of $0.3 million, which was reported as a reduction of revenue, and paid fully in cash.

Other earnout shares - related party

A portion of the “other earnout shares” were issued to an affiliate of the Sponsor at the time of the Merger. See Note 6 — “Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares”. The fair value of these other earnout shares as of March 31, 2026 and December 31, 2025 was $2.0 million and $2.2 million, respectively, as set forth on the Company’s condensed consolidated balance sheets as of each period.

Working capital loan - related party

Immediately prior to the consummation of the Merger, the Company issued an unsecured promissory note to the Sponsor, pursuant to which it borrowed $1.5 million for general corporate purposes. On the date of the Merger, this loan was recorded on the Company’s condensed consolidated balance sheets, and was outstanding as of March 31, 2026 and December 31, 2025. Repayment has been demanded by the Sponsor.

Advances from related party

Immediately prior to the consummation of the Merger, the Sponsor provided the Company with certain working capital advances, which are non-interest bearing and payable on demand, in the amount of $2.9 million. These amounts are reflected on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 as “advances from related party”. Repayment has been demanded by the Sponsor.

Accounts payable - related party

The Company owed management fees in the amount of $0.2 million to the Sponsor as of March 31, 2026 and December 31, 2025. These amounts are reflected on the condensed consolidated balance sheets as “accounts payable - related party”.

Shareholder note receivable

Immediately prior to the consummation of the Merger, the Sponsor issued a secured promissory note and pledge agreement (the “shareholder note receivable”) to the Company which will decrease when the Sponsor pays for transaction costs that the Company assumed from the Sponsor during the Merger. The shareholder note receivable is secured by collateral of 2,000,000 shares of the Company’s common stock owned by the Sponsor. As of March 31, 2026 and December 31, 2025, the outstanding principal of the shareholder note receivable was $8.6 million, the amount of which has been deducted from additional paid-in capital on the Company’s condensed consolidated balance sheets as of that date.

Non-Redemption Agreements

On December 31, 2024 and through January 13, 2025, the Company, its Sponsor, and Legacy Blaize entered into non-redemption agreements with several unaffiliated stockholders (each, an “Investor”) who agreed not to redeem (or, alternately, to validly rescind any redemption requests on) their shares of common stock (“Non-Redeemed Shares”) through up to 180 days after the Closing Date. These Non-Redeemed Shares were exchanged for shares of the Company’s common stock and were held in a separate escrow account. In exchange for the foregoing commitments not to redeem the Non-Redeemed Shares, the Sponsor agreed to guarantee that each Investor receive a return of $1.50 per Non-Redeemed Share held in a related cash escrow account, subject to certain conditions. The Sponsor, and not the Company, was contractually obligated for the $1.50 per share premium related to these non-redemption agreements. Accordingly, the Company did not recognize a non-redemption liability for the Sponsor’s commitment.

Transactions with other related parties

Transactions with other related parties for advisory and marketing services, and a related party employed by the Company are set forth in the table below:


	Three Months Ended March 31,
(Amounts in thousands)	2026		2025
Cash paid to other related parties:

Marketing services (1)	$	—	$	205
Cash compensation received by related party employee (2)	34		36
Total cash paid to other related parties	$	34	$	241


Included in “selling, general and administrative - related party” on the Company’s condensed consolidated statements of operations (2)	$	34	$	241

(1) Marketing expenses were incurred with a company owned by a direct family member of a minority stockholder and member of the Company’s Board of Directors.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Net Loss Per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share of Common Stock

Note 7. Net Loss Per Share of Common Stock

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.

The Company uses the treasury stock method to determine the dilutive effect of potentially dilutive securities, and the if-converted method to determine the dilutive effect of any potentially dilutive convertible securities, as the Company’s only participating securities are shares of the Company’s common stock, and any dividends declared on the common stock would be forfeitable if not vested. There were no potentially dilutive securities included in the Company’s diluted net loss per share calculation for the three months ended March 31, 2026 and 2025, as the effect of any potentially dilutive security would have been anti-dilutive due to the net losses in those periods.

The table below sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
(Amounts in thousands, except share and per share amounts)	2026		2025
Numerator
Net loss	$	(22,653)	$	(147,761)
Denominator:
Weighted-average shares outstanding, basic and diluted	122,382,195		91,747,685
Net loss per share, basic and diluted	$	(0.19)	$	(1.61)


	As of March 31,
	2026	2025
Stock options	28,697,076	28,042,235
RSUs	9,359,499	1,150,724
Earnout shares	17,600,000	17,600,000
Warrants issued to an advisor	50,000	50,000
Polar warrants (1)	9,375,000	—
BZAI warrants	29,648,250	29,648,250
ESPP (2)	3,047,669	3,047,669
Total	97,777,494	79,538,878

(1) The Polar warrants were issued in November 2025.

(2) The ESPP has not yet commenced.

Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares (Tables)

3 Months Ended

Mar. 31, 2026

Share Repurchase Program [Abstract]

Schedule Of Reverse Recapitalization

The following table sets forth the changes in shares of the Company’s common stock from December 31, 2025 through March 31, 2026:








Common stock outstanding as of December 31, 2025						122,043,966
Release of restricted stock units						653,589
Exercise of stock options						49,202
Common stock outstanding as of March 31, 2026						122,746,757

Financial Statement Details - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid software licenses and maintenance	$ 963		$ 959
Prepaid insurance premiums	1,285		223
Prepaid compensation	781		413
Other prepaid expenses	11		37
Vendor deposits	2,831		1,608
Tax assets	456		433
Other current assets	96		330
Total prepaid expenses and other current assets	$ 6,423	$ 4,003	$ 4,003

Fair Value Measurements and Derivative Instruments - Level 3 Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 17,742	$ 163,340
Conversion of Legacy Blaize convertible notes and exercise of Legacy Blaize warrants		(389,387)
Fair value on date of issuance - other earnout shares and Polar warrants		126,042
Reclassification of equity-based shares to liabilities	30
Ending balance	16,745	17,742
Earnout shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	(558)	$ (117,113)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Gain (Loss) on Derivative Instruments, Net, Pretax
Legacy Blaize Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value		$ 165,703
Legacy Blaize warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value		60,345
Polar warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ (469)	(4,125)
Fair value on date of issuance - other earnout shares and Polar warrants		$ 12,937

Financial Statement Details

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Note 5. Financial Statement Details

Inventories, net

The ending balances of “inventories, net” are set forth on the table below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Raw materials	$	5,966	$	6,414
Work in progress	1,718		1,685
Finished goods - manufactured	1,328		2,031
Total manufactured inventories	$	9,012	$	10,130

As the Company is a contract manufacturer, all of its inventories are manufactured by a third party.

There were no purchases of finished goods for resale during the three months ended March 31, 2026 or 2025.

Prepaid expenses and other current assets

The details of “prepaid expenses and other current assets” are set forth in the table, below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Prepaid expenses:
Prepaid insurance premiums	$	1,285	$	223
Prepaid software licenses and maintenance	963		959
Prepaid compensation	781		413
Other prepaid expenses	11		37
Other current assets:
Vendor deposits	2,831		1,608
Tax assets (1)	456		433
Other current assets	96		330
Total prepaid expenses and other current assets	$	6,423	$	4,003

(1) “Tax assets” includes corporate income taxes receivable, sale taxes receivable and withholding taxes related to employee compensation.

Accrued Expenses and Other Current Liabilities

A detail of accrued expenses and other current liabilities is set forth in the table, below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Accrued expenses:
Accrued compensation	$	2,547	$	2,787
Accrued professional fees	1,467		1,654
Accrued technology fees	878		208
Other accrued expenses	368		968
Accrued purchase commitments	223		135
Other current liabilities
Other current liabilities (1)	882		49
Accrued loss on purchase commitments	580		580
Income tax payable	307		319
Total accrued expenses and other current liabilities	$	7,252	$	6,700

(1) As of March 31, 2026, the balance of “other current liabilities” as presented above was substantially comprised of a short-term loan for directors and officers’ insurance.

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Note 1. Organization and Description of Business Organization and Description of Business Blaize Holdings, Inc. (together with its subsidiaries, “Blaize,” or the “Company”) is headquartered in El Dorado Hills, California. The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. The Company provides purpose-built, transformative artificial intelligence (“AI”)-enabled edge computing solutions comprised of both its proprietary hardware and software, and complementary third-party hardware solutions, as further described below. In addition to its internally developed products, the Company also delivers third-party hardware solutions that complement and enhance its core offerings. These third-party hardware solutions typically are substantially comprised of servers, which are selected to ensure optimal compatibility and performance with the Company’s products and AI-enabled platforms. The Company’s portfolio includes highly efficient programmable AI processors in a broad range of form factors, deployable across several verticals, including smart city, defense, retail and enterprise markets. The Company’s accelerated AI computing platforms enable applications such as computer vision, advanced video analytics, and AI inference, and the Company’s software tools allow non-expert practitioners to deploy existing and novel AI applications on the Company’s hardware without the need for customers to learn or use source code. Merger and Reverse Recapitalization and Accounting for the Merger The Merger and reverse recapitalization, the accounting for the transaction, and the defined terms used herein are described in Note 1 — “Organization and Description of Business” of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report on Form 10-K”) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”), Regulation S-X. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates based on assumptions about current and, for some estimates, future economic and market conditions, which affect reported amounts and related disclosures in the Company’s condensed consolidated financial statements. Although current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from management’s expectations, which could materially affect the Company’s results of operations and financial position. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in Note 3 — “Summary of Significant Accounting Policies” of the Notes to the Consolidated Financial Statements included in the Annual Report on Form 10-K. The Company did not adopt any new accounting standards during the three months ended March 31, 2026. Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). Previously identified ASUs that are also currently applicable or material to the Company’s future consolidated financial statements are discussed in Note 3 of the Company’s consolidated financial statements included in the Annual Report on Form 10-K.

Condensed Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Conversion of Legacy Blaize convertible notes	Net exercise of Legacy Blaize warrants	Common Stock Subject to Possible Redemption	Common Stock	Common Stock Conversion of Legacy Blaize convertible notes	Common Stock Net exercise of Legacy Blaize warrants	Additional Paid-in Capital	Additional Paid-in Capital Conversion of Legacy Blaize convertible notes	Additional Paid-in Capital Net exercise of Legacy Blaize warrants	Accumulated Other Comprehensive Income	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2024				0
Beginning balance at Dec. 31, 2024				$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Merger and PIPE financing (in shares)				2,854,242
Merger and PIPE financing				$ 33,061
Ending balance at Mar. 31, 2025				$ 33,061
Ending balance (in shares) at Mar. 31, 2025				2,854,242
Beginning balance (in shares) at Dec. 31, 2024					48,376,052
Beginning balance at Dec. 31, 2024	$ (110,463)				$ 5			$ 318,783			$ 0	$ (429,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Legacy Blaize convertible notes and Net exercise of Legacy Blaize warrants (in shares)						31,433,259	7,505,657
Conversion of Legacy Blaize convertible notes and Net exercise of Legacy Blaize warrants		$ 314,334	$ 75,057			$ 3	$ 1		$ 314,331	$ 75,056
Merger and PIPE financing (in shares)					11,408,957
Merger and PIPE financing	(126,164)				$ 1			(126,165)
Payment on shareholder note receivable	200							200
Issuance of common stock to advisors (in shares)					94,949
Issuance of common stock to advisors	300							300
Issuance of common stock warrants to advisor	167							167
Stock-based compensation	11,040							11,040
Other comprehensive income	0
Net loss	(147,761)											(147,761)
Ending balance (in shares) at Mar. 31, 2025					98,818,874
Ending balance at Mar. 31, 2025	$ 16,710				$ 10			593,712			0	(577,012)
Beginning balance (in shares) at Dec. 31, 2025	122,043,966				122,043,966
Beginning balance at Dec. 31, 2025	$ 39,000				$ 12			675,143			0	(636,155)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	49,202				49,202
Exercise of stock options	$ 25							25
Releases of restricted stock units (in shares)					653,589
Stock-based compensation	8,948							8,948
Other comprehensive income	125										125
Net loss	$ (22,653)											(22,653)
Ending balance (in shares) at Mar. 31, 2026	122,746,757				122,746,757
Ending balance at Mar. 31, 2026	$ 25,445				$ 12			$ 684,116			$ 125	$ (658,808)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	122,746,757	122,043,966
Common stock, shares outstanding (in shares)	122,746,757	122,043,966
Nonrelated party
Allowance for credit losses	$ 2,430	$ 523
Related party
Allowance for credit losses	$ 0	$ 34

Revenue and Accounts Receivable - Revenue by Method of Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,738	$ 1,007
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2,727	1,007
Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	$ 11	$ 0

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
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Liquidity and Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Going Concern [Line Items]
Cash and cash equivalents	$ 33,219	$ 44,967	$ 45,781
Accounts receivable, net	16,727		$ 36,693
Cash provided by (used in) financing activities	58	11,343
Net cash used in operating activities	(12,630)	(15,944)
Loss from operations	(23,388)	$ (38,021)
Nonrelated party
Going Concern [Line Items]
Accounts receivable, net	16,700
Accounts payable and accrued liabilities, current	$ 21,400

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Organization, Consolidation and Presentation of Financial Statements (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Blaize Holdings, Inc. (together with its subsidiaries, “Blaize,” or the “Company”) is headquartered in El Dorado Hills, California. The condensed consolidated financial statements of the Company include the accounts of the Company and its wholly owned subsidiaries. The Company provides purpose-built, transformative artificial intelligence (“AI”)-enabled edge computing solutions comprised of both its proprietary hardware and software, and complementary third-party hardware solutions, as further described below. In addition to its internally developed products, the Company also delivers third-party hardware solutions that complement and enhance its core offerings. These third-party hardware solutions typically are substantially comprised of servers, which are selected to ensure optimal compatibility and performance with the Company’s products and AI-enabled platforms. The Company’s portfolio includes highly efficient programmable AI processors in a broad range of form factors, deployable across several verticals, including smart city, defense, retail and enterprise markets. The Company’s accelerated AI computing platforms enable applications such as computer vision, advanced video analytics, and AI inference, and the Company’s software tools allow non-expert practitioners to deploy existing and novel AI applications on the Company’s hardware without the need for customers to learn or use source code. Interim Financial Statements The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Securities and Exchange Commission (“SEC”), Regulation S-X. In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation of results of operations and financial position, have been included. The results for the interim periods presented are not necessarily indicative of the results expected for any future period. The following information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates based on assumptions about current and, for some estimates, future economic and market conditions, which affect reported amounts and related disclosures in the Company’s condensed consolidated financial statements. Although current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from management’s expectations, which could materially affect the Company’s results of operations and financial position.
Recently Adopted Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). Previously identified ASUs that are also currently applicable or material to the Company’s future consolidated financial statements are discussed in Note 3 of the Company’s consolidated financial statements included in the Annual Report on Form 10-K.
Fair Value Measurements	The Company uses a fair value hierarchy established by GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., the Company’s own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured. As of March 31, 2026, the Company’s valuation policy and processes had not changed from those described in its consolidated financial statements for the year ended December 31, 2025 included in the Annual Report on Form 10-K. Included in Note 5 — “Fair Value Measurements and Derivative Instruments” to the Consolidated Financial Statements for the year ended December 31, 2025 in the Annual Report on Form 10-K is a detailed description of the Company’s financial instruments measured at fair value and their significant inputs, as well as the classification of such instruments pursuant to the Level 1, Level 2, and Level 3 valuation hierarchy. Carrying amounts that approximate fair value The carrying amounts of cash, accounts receivable (including from related parties), prepaid expenses and other current assets, deferred tax assets, operating lease right-of-use assets, other assets, accounts payable, accrued trade payables, accrued expenses and other current liabilities (including to related parties), working capital loan - related party, and advances from related party all approximate their fair values due to their short-term maturities.
Derivative Instruments	Derivative Instruments The Company does not use derivatives to manage financial risks or as an economic hedge. The essential characteristics inherent in a derivative instrument are that the instrument is issued for no or nominal consideration, and also include the aspects of an underlying security, a notional amount, and a mechanism for net settlement. None of the Company’s derivative instruments are classified as hedging instruments, and all are marked to fair value at each quarterly period. After the Merger and during the three months ended March 31, 2026, the Company’s derivatives were comprised of: •The Other Earnout Shares, representing a freestanding structured forward contract; •The Polar warrants, representing a freestanding liability-classified derivative instrument; and •The Committed Equity Facility, which upon execution on July 14, 2025, was considered a freestanding purchased put right, which put right was subsequently considered nominal and marked to zero during 2025. Each draw on the Committed Equity Facility is considered an embedded forward contract. No draws on the Committed Equity Facility were outstanding as of March 31, 2026 or December 31, 2025.
Net Loss per Share of Common Stock	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. The Company uses the treasury stock method to determine the dilutive effect of potentially dilutive securities, and the if-converted method to determine the dilutive effect of any potentially dilutive convertible securities, as the Company’s only participating securities are shares of the Company’s common stock, and any dividends declared on the common stock would be forfeitable if not vested. There were no potentially dilutive securities included in the Company’s diluted net loss per share calculation for the three months ended March 31, 2026 and 2025, as the effect of any potentially dilutive security would have been anti-dilutive due to the net losses in those periods.
Segment Reporting	The Company operates as a single operating and reportable segment. “Operating segments” are defined as components of the Company that engage in business activities with distinct financial information that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. The Company’s CODM is its chief executive officer, who regularly reviews financial information presented on a consolidated basis for the purpose of making decisions and assessing financial performance, as the Company’s products and services have similar economic characteristics. The financial information received by the CODM focuses primarily on total available cash and cash equivalents, total revenue, significant expenses, net loss, and earnings before interest, tax, depreciation and amortization (“EBITDA”), and EBITDA as further adjusted for certain non-cash items and other adjustments that the CODM does not consider in their evaluation of ongoing operating performance from period to period (“Adjusted EBITDA”), to make decisions regarding the Company’s strategy, including the allocation of resources, as well as the Company’s assessment of operating performance. As the Company operates as a single operating segment, the measures of total available cash and cash equivalents, total revenue and net loss, as reviewed by the CODM, are set forth on the condensed consolidated financial statements, as well as in certain notes to the condensed consolidated financial statements. See Note 4 — “Fair Value Measurements and Derivative Instruments” for details regarding the Company’s cash equivalents. See Note 3 — “Revenue and Accounts Receivable” for details regarding the Company’s total revenue disaggregated by customer geographical location and the major customer concentrations of the Company’s total revenue and accounts receivable balances. Similarly, as the Company operates in a single segment, the condensed consolidated statements of operations provide one view of the Company’s significant expenses.

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Revenue and Accounts Receivable - Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,738	$ 1,007
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,597	$ 0
United States \| Geographic concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	94.90%	0.00%
China
Disaggregation of Revenue [Line Items]
Total revenue	$ 0	$ 960
China \| Geographic concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	0.00%	95.30%
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 141	$ 47
Other \| Geographic concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration (as a percent)	5.10%	4.70%

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net cash used in operating activities	$ (12,630)	$ (15,944)
Cash flows from investing activities:
Purchases of property and equipment	(116)	(661)
Net cash used in investing activities	(116)	(661)
Cash flows from financing activities:
Merger and PIPE financing, net of transaction costs	0	15,874
Payment of deferred offering costs	0	(4,531)
Proceeds from exercise of stock options	58	0
Cash provided by (used in) financing activities	58	11,343
Effect of exchange rate changes on cash, cash equivalents and restricted cash	121	0
Net change in cash, cash equivalents and restricted cash	(12,567)	(5,262)
Cash, cash equivalents and restricted cash at beginning of period	46,050	50,488
Cash, cash equivalents and restricted cash at end of period	33,483	45,226
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	33,219	44,967
Restricted cash (included within other assets)	264	259
Total cash, cash equivalents and restricted cash	33,483	45,226
Supplemental non-cash disclosures:
Property and equipment acquired in accounts payable and accrued expenses	222	497
Conversion of Legacy Blaize convertible notes to common stock	0	314,334
Net exercise of Legacy Blaize warrants for common stock	0	75,056
Issuance of warrants for professional services	0	167
Issuance of common stock for shareholder note receivable	$ 0	$ 8,754

Fair Value Measurements and Derivative Instruments - Financial Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Total assets, measured at fair value	$ 4,168	$ 19,103
Liabilities:
Other earnout shares	8,401	8,929
Total liabilities, measured at fair value	16,745	17,742
Money market funds
Assets:
Money market funds	4,168	19,103
Related party
Liabilities:
Other earnout shares	2,048	2,184
Polar warrants
Liabilities:
Polar warrants	8,344	8,813
Level 1
Assets:
Total assets, measured at fair value	4,168	19,103
Liabilities:
Other earnout shares	0	0
Total liabilities, measured at fair value	0	0
Level 1 \| Money market funds
Assets:
Money market funds	4,168	19,103
Level 1 \| Polar warrants
Liabilities:
Polar warrants	0	0
Level 2
Assets:
Total assets, measured at fair value	0	0
Liabilities:
Other earnout shares	0	0
Total liabilities, measured at fair value	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 2 \| Polar warrants
Liabilities:
Polar warrants	0	0
Level 3
Assets:
Total assets, measured at fair value	0	0
Liabilities:
Other earnout shares	8,401	8,929
Total liabilities, measured at fair value	16,745	17,742
Level 3 \| Money market funds
Assets:
Money market funds	0	0
Level 3 \| Polar warrants
Liabilities:
Polar warrants	$ 8,344	$ 8,813

Financial Statement Details (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories, Net

The ending balances of “inventories, net” are set forth on the table below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Raw materials	$	5,966	$	6,414
Work in progress	1,718		1,685
Finished goods - manufactured	1,328		2,031
Total manufactured inventories	$	9,012	$	10,130

Schedule of Prepaid Expenses and Other Current Assets

The details of “prepaid expenses and other current assets” are set forth in the table, below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Prepaid expenses:
Prepaid insurance premiums	$	1,285	$	223
Prepaid software licenses and maintenance	963		959
Prepaid compensation	781		413
Other prepaid expenses	11		37
Other current assets:
Vendor deposits	2,831		1,608
Tax assets (1)	456		433
Other current assets	96		330
Total prepaid expenses and other current assets	$	6,423	$	4,003

(1) “Tax assets” includes corporate income taxes receivable, sale taxes receivable and withholding taxes related to employee compensation.

Schedule of Accrued Expenses and Other Current Liabilities

A detail of accrued expenses and other current liabilities is set forth in the table, below:


	As of:
(Amounts in thousands)	March 31, 2026		December 31, 2025
Accrued expenses:
Accrued compensation	$	2,547	$	2,787
Accrued professional fees	1,467		1,654
Accrued technology fees	878		208
Other accrued expenses	368		968
Accrued purchase commitments	223		135
Other current liabilities
Other current liabilities (1)	882		49
Accrued loss on purchase commitments	580		580
Income tax payable	307		319
Total accrued expenses and other current liabilities	$	7,252	$	6,700

(1) As of March 31, 2026, the balance of “other current liabilities” as presented above was substantially comprised of a short-term loan for directors and officers’ insurance.