blz-20260331

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number 001-41139

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Blaize Holdings, Inc.

(Exact name of registrant as specified in its charter)

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Delaware			86-2708752
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
4659 Golden Foothill Parkway, Suite 206 El Dorado Hills, CA			95762
(Address of Principal Executive Offices)			(Zip Code)

(916) 347-0050

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.0001 per share

BZAI

The Nasdaq Stock Market

Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share

BZAIW

The Nasdaq Stock Market

Series A Junior Participating Preferred Stock,
par value $0.0001 per share

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☒

As of May 14, 2026, there were 142,299,461 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

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TABLE OF CONTENTS


			Page

Cautionary Note Regarding Forward-Looking Statements			ii
Important Information Regarding Our Disclosure to Investors			iii

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements (U naudited)			1
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations and Comprehensive Loss			2
Condensed Consolidated Statements of Changes in Stockholders’ Equity			3
Condensed Consolidated Statements of Cash Flows			4
Notes to Condensed Consolidated Financial Statements			5
Note 1 — Organization and Description of Business			5
Note 2 — Liquidity and Going Concern			6
Note 3 — Revenue and Accounts Receivable			6
Note 4 — Fair Value Measure ments and Derivative Instruments			9
Note 5 — Financial Statement Details			11
Note 6 — Common Stock, Currently Outstanding Warrants to Purchase Common Stock, and Earnout Shares			12
Note 7 — Net Loss P er Share o f Common Stock			14
Note 8 — Segment Reporting			14
Note 9 — Related Party Transactions and Balances			16
Note 10 — Subsequent Events			17
Item 2. Management ’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			26
Item 4. Controls and Procedures			26

PART II - OTHER INFORMATION			27
Item 1. Legal Proceedings			27
Item 1A. Risk Factors			27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 3. Defaults upon Senior Securities			29
Item 4. Mine Safety Disclosures			29
Item 5. Other Information			29
Item 6. Exhibits			30
SIGNATURES			31

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q of Blaize Holdings, Inc. (the “Company,” “we,” “our,” or “us”) contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Quarterly Report on Form 10-Q, including but not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; risks related to the Business Combination, as defined in the Glossary of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “Annual Report on Form 10-K” or “Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”) on March 24, 2026, including that the expected benefits of the Business Combination are not obtained, whether due to competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, among other things, and that the Business Combination disrupts current plans and operations of the Company; the ability to meet the applicable stock exchange listing standards from time to time; changes in applicable law or regulations; changes in global and U.S. economic conditions, including impacts from geopolitical conflicts, recession, inflation, changes in trade policies (including tariffs and other trade measures) of the United States and other countries, interest rate fluctuations, and financial market conditions; prolonged or recurring U.S. federal government shutdowns; the outcome of any legal proceedings that may be instituted against the Company or may involve the Company; the effects of competition on the Company’s future business; the ability of the combined company to issue equity or equity-linked securities or obtain debt financing on favorable terms or at all; the enforceability of our intellectual property rights, including our copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others; risks related to human capital; risks related to cybersecurity and data privacy; the outcome of any government and regulatory proceedings, investigations and inquiries; and those factors discussed in Part I, Item 1A. “Risk Factors” the Form 10-K, as amended by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2026, Part II, Item 1A. “Risk Factors” herein, and other documents filed by us from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Readers are cautioned not to put undue reliance on forward-looking statements. The Company does not give any assurance that it will achieve its expectations.

IMPORTANT INFORMATION REGARDING OUR DISCLOSURE TO INVESTORS

We may use our website (www.blaize.com) to communicate with our investors and disclose company information. The information disclosed through our website may be considered material. Investors should monitor our website in addition to press releases, SEC filings and public conference calls and webcasts. The contents of our website referenced herein are not incorporated by reference into this Quarterly Report on Form 10-Q.

iii

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BLAIZE HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Amounts in thousands, except shares and per share amounts, or unless otherwise noted)


	As of:
	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	33,219	$	45,781
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively	16,727		33,363
Accounts receivable - related party, net of allowance for credit losses of $— and $34, respectively	—		3,330
Inventories, net	9,012		10,130
Prepaid expenses and other current assets	6,423		4,003

Total current assets	65,381		96,607
Property and equipment, net	1,378		1,226
Deferred income tax assets	1,955		2,123
Operating lease right-of-use assets	1,307		1,516
Other assets	731		739
Total assets	$	70,752	$	102,211
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	12,583	$	8,339
Accounts payable - related party	180		180
Accrued trade payables	1,571		22,838
Accrued expenses and other current liabilities	7,252		6,700
Accrued expenses - related party	—		331
Operating lease liabilities - current	596		644
Working capital loan - related party	1,500		1,500
Advances from related party	2,857		2,857

Total current liabilities	26,539		43,389
Operating lease liabilities	640		804
Other earnout shares	6,353		6,745
Other earnout shares - related party	2,048		2,184
Polar warrants	8,344		8,813
Other liabilities	1,383		1,276
Total liabilities	45,307		63,211
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		12
Additional paid-in capital	684,116		675,143
Accumulated other comprehensive income	125		—
Accumulated deficit	(658,808)		(636,155)
Total stockholders’ equity	25,445		39,000
Total liabilities and stockholders’ equity	$	70,752	$	102,211

See accompanying notes to condensed consolidated financial statements

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BLAIZE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Amounts in thousands, except shares and per share amounts)


	Three Months Ended March 31,
	2026		2025
Revenue
Products:
Hardware revenue - related party	$	2,167	$	—
Hardware revenue	142		1,007
Software revenue - related party	418		—

Services:
Strategic consulting services revenue - related party	11		—
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
Selling, general and administrative	15,069		13,108
Selling, general and administrative - related party	34		241
Depreciation	186		191
Transaction costs	—		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	—		(226,048)
Change in fair value of other earnout shares	558		116,518
Change in fair value of Polar warrants	469		—


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		—
Other comprehensive income	125		—
Comprehensive loss	$	(22,528)	$	(147,761)

Net loss per share - basic and diluted	$	(0.19)	$	(1.61)
Weighted average shares outstanding - basic and diluted	122,382,195		91,747,685

See accompanying notes to condensed consolidated financial statements

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BLAIZE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

(Amounts in thousands, except shares)


	Common Stock Subject to Possible Redemption			Stockholders’ Equity
				Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balance as of January 1, 2026	—	$	—	122,043,966	$	12	$	675,143	$	—	$	(636,155)	$	39,000
Exercise of stock options	—	—		49,202	—		25		—		—		25
Release of restricted stock units	—	—		653,589	—		—		—		—		—
Stock-based compensation	—	—		—	—		8,948		—		—		8,948
Other comprehensive income	—	—		—	—		—		125		—		125
Net loss	—	—		—	—		—		—		(22,653)		(22,653)
Balance as of March 31, 2026	—	$	—	122,746,757	$	12	$	684,116	$	125	$	(658,808)	$	25,445


	Common Stock Subject to Possible Redemption			Stockholders’ (Deficit) Equity
				Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ (Deficit) Equity
	Shares	Amount		Shares	Amount
Balance as of January 1, 2025	—	$	—	48,376,052	$	5	$	318,783	$	—	$	(429,251)	$	(110,463)
Conversion of Legacy Blaize convertible notes	—	—		31,433,259	3		314,331		—		—		314,334
Net exercise of Legacy Blaize warrants	—	—		7,505,657	1		75,056		—		—		75,057
Merger and PIPE financing	2,854,242	33,061		11,408,957	1		(126,165)		—		—		(126,164)
Payment on shareholder note receivable	—	—		—	—		200		—		—		200
Issuance of common stock to advisors	—	—		94,949	—		300		—		—		300
Issuance of common stock warrants to advisor	—	—		—	—		167		—		—		167
Stock-based compensation	—	—		—	—		11,040		—		—		11,040
Net loss	—	—		—	—				—		(147,761)		(147,761)
Balance as of March 31, 2025	2,854,242	$	33,061	98,818,874	$	10	$	593,712	$	—	$	(577,012)	$	16,710

See accompanying notes to condensed consolidated financial statements

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BLAIZE HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Amounts in thousands)


	Three Months Ended March 31,
	2026		2025



























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	—		15,874


Payment of deferred offering costs	—		(4,531)



Proceeds from exercise of stock options	58		—

Net cash provided by financing activities	58		11,343
Effect of exchange rate changes on cash, cash equivalents and restricted cash	121		—
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	—		314,334
Net exercise of Legacy Blaize warrants for common stock	—		75,056
Issuance of warrants for professional services	—		167
Issuance of common stock for shareholder note receivable	—		8,754

See accompanying notes to condensed consolidated financial statements

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BLAIZE HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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

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BLAIZE HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont.)

(Unaudited)

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.

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.

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

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BLAIZE HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont.)

(Unaudited)

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.

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BLAIZE HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont.)

(Unaudited)

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.

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BLAIZE HOLDINGS, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont.)

(Unaudited)

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

SEC Form 10-Q filed by Blaize Holdings Inc.