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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Eton Pharmaceuticals, Inc. (ETON). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $21.3M, roughly 1.1× Eton Pharmaceuticals, Inc.). Eton Pharmaceuticals, Inc. runs the higher net margin — 7.0% vs -13.9%, a 20.8% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 82.7%). Eton Pharmaceuticals, Inc. produced more free cash flow last quarter ($-11.6M vs $-16.5M).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
Eton Pharmaceuticals, Inc. is a specialty pharmaceutical firm focused on developing and commercializing innovative therapies for rare diseases, pediatric care and hospital care segments. It mainly operates in the U.S. market, partnering with medical stakeholders to deliver accessible high-quality treatments to underserved patients.
BZAI vs ETON — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $21.3M |
| Net Profit | $-3.3M | $1.5M |
| Gross Margin | 10.8% | 61.6% |
| Operating Margin | -89.8% | 11.6% |
| Net Margin | -13.9% | 7.0% |
| Revenue YoY | 2377500.0% | 82.7% |
| Net Profit YoY | 50.7% | 348.0% |
| EPS (diluted) | $0.16 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $23.8M | $21.3M | ||
| Q3 25 | $11.9M | $22.5M | ||
| Q2 25 | — | $18.9M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $10.3M | ||
| Q2 24 | — | $9.1M | ||
| Q1 24 | — | $8.0M |
| Q4 25 | $-3.3M | $1.5M | ||
| Q3 25 | $-26.3M | $-1.9M | ||
| Q2 25 | — | $-2.6M | ||
| Q1 25 | — | $-1.6M | ||
| Q4 24 | — | $-598.0K | ||
| Q3 24 | — | $627.0K | ||
| Q2 24 | — | $-3.0M | ||
| Q1 24 | — | $-811.0K |
| Q4 25 | 10.8% | 61.6% | ||
| Q3 25 | 15.0% | 35.0% | ||
| Q2 25 | — | 63.0% | ||
| Q1 25 | — | 57.1% | ||
| Q4 24 | — | 55.6% | ||
| Q3 24 | — | 61.0% | ||
| Q2 24 | — | 62.0% | ||
| Q1 24 | — | 62.9% |
| Q4 25 | -89.8% | 11.6% | ||
| Q3 25 | -190.3% | -6.1% | ||
| Q2 25 | — | -7.8% | ||
| Q1 25 | — | -2.7% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 4.9% | ||
| Q2 24 | — | -32.3% | ||
| Q1 24 | — | -10.0% |
| Q4 25 | -13.9% | 7.0% | ||
| Q3 25 | -221.3% | -8.6% | ||
| Q2 25 | — | -13.7% | ||
| Q1 25 | — | -9.1% | ||
| Q4 24 | — | -5.1% | ||
| Q3 24 | — | 6.1% | ||
| Q2 24 | — | -33.5% | ||
| Q1 24 | — | -10.2% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | $-0.07 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.02 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | — | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.8M | $25.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $26.2M |
| Total Assets | $102.2M | $92.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $25.9M | ||
| Q3 25 | $24.0M | $37.1M | ||
| Q2 25 | — | $25.4M | ||
| Q1 25 | — | $17.4M | ||
| Q4 24 | — | $14.9M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $17.7M | ||
| Q1 24 | — | $16.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $30.0M | ||
| Q4 24 | — | $29.8M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $39.0M | $26.2M | ||
| Q3 25 | $1.3M | $23.1M | ||
| Q2 25 | — | $24.0M | ||
| Q1 25 | — | $24.4M | ||
| Q4 24 | — | $24.4M | ||
| Q3 24 | — | $16.0M | ||
| Q2 24 | — | $13.5M | ||
| Q1 24 | — | $15.5M |
| Q4 25 | $102.2M | $92.1M | ||
| Q3 25 | $60.9M | $104.5M | ||
| Q2 25 | — | $101.7M | ||
| Q1 25 | — | $84.0M | ||
| Q4 24 | — | $76.1M | ||
| Q3 24 | — | $35.8M | ||
| Q2 24 | — | $31.8M | ||
| Q1 24 | — | $30.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | — | 1.22× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.5M | $-11.6M |
| Free Cash FlowOCF − Capex | $-16.5M | $-11.6M |
| FCF MarginFCF / Revenue | -69.6% | -54.5% |
| Capex IntensityCapex / Revenue | 0.3% | 0.2% |
| Cash ConversionOCF / Net Profit | — | -7.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-11.6M | ||
| Q3 25 | $-24.9M | $12.0M | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | — | $-765.0K | ||
| Q3 24 | — | $3.0M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | $-16.5M | $-11.6M | ||
| Q3 25 | $-24.9M | $11.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-777.0K | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | -69.6% | -54.5% | ||
| Q3 25 | -210.2% | 52.3% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -31.2% |
| Q4 25 | 0.3% | 0.2% | ||
| Q3 25 | 0.2% | 1.3% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | -7.79× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.71× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
