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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and FTC Solar, Inc. (FTCI). Click either name above to swap in a different company.
FTC Solar, Inc. is the larger business by last-quarter revenue ($32.9M vs $23.8M, roughly 1.4× Blaize Holdings, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -110.7%, a 96.9% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 148.9%). FTC Solar, Inc. produced more free cash flow last quarter ($-8.4M 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.
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
BZAI vs FTCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $32.9M |
| Net Profit | $-3.3M | $-36.4M |
| Gross Margin | 10.8% | 14.9% |
| Operating Margin | -89.8% | -17.2% |
| Net Margin | -13.9% | -110.7% |
| Revenue YoY | 2377500.0% | 148.9% |
| Net Profit YoY | 50.7% | -197.4% |
| EPS (diluted) | $0.16 | $-2.31 |
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 | $32.9M | ||
| Q3 25 | $11.9M | $26.0M | ||
| Q2 25 | — | $20.0M | ||
| Q1 25 | — | $20.8M | ||
| Q4 24 | — | $13.2M | ||
| Q3 24 | — | $10.1M | ||
| Q2 24 | — | $11.4M | ||
| Q1 24 | — | $12.6M |
| Q4 25 | $-3.3M | $-36.4M | ||
| Q3 25 | $-26.3M | $-23.9M | ||
| Q2 25 | — | $-15.4M | ||
| Q1 25 | — | $-3.8M | ||
| Q4 24 | — | $-12.2M | ||
| Q3 24 | — | $-15.4M | ||
| Q2 24 | — | $-12.2M | ||
| Q1 24 | — | $-8.8M |
| Q4 25 | 10.8% | 14.9% | ||
| Q3 25 | 15.0% | 6.1% | ||
| Q2 25 | — | -19.6% | ||
| Q1 25 | — | -16.6% | ||
| Q4 24 | — | -29.1% | ||
| Q3 24 | — | -42.5% | ||
| Q2 24 | — | -20.5% | ||
| Q1 24 | — | -16.7% |
| Q4 25 | -89.8% | -17.2% | ||
| Q3 25 | -190.3% | -29.6% | ||
| Q2 25 | — | -57.5% | ||
| Q1 25 | — | -50.8% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | — | -147.8% | ||
| Q2 24 | — | -104.3% | ||
| Q1 24 | — | -99.3% |
| Q4 25 | -13.9% | -110.7% | ||
| Q3 25 | -221.3% | -92.0% | ||
| Q2 25 | — | -77.2% | ||
| Q1 25 | — | -18.4% | ||
| Q4 24 | — | -92.7% | ||
| Q3 24 | — | -151.5% | ||
| Q2 24 | — | -107.1% | ||
| Q1 24 | — | -69.7% |
| Q4 25 | $0.16 | $-2.31 | ||
| Q3 25 | $-0.25 | $-1.61 | ||
| Q2 25 | — | $-1.18 | ||
| Q1 25 | — | $-0.58 | ||
| Q4 24 | — | $-0.95 | ||
| Q3 24 | — | $-1.21 | ||
| Q2 24 | — | $-0.97 | ||
| Q1 24 | — | $-0.70 |
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 | $21.1M |
| Total DebtLower is stronger | — | $9.9M |
| Stockholders' EquityBook value | $39.0M | $-43.0M |
| Total Assets | $102.2M | $111.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $21.1M | ||
| Q3 25 | $24.0M | $24.4M | ||
| Q2 25 | — | $3.5M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | — | $11.2M | ||
| Q3 24 | — | $8.3M | ||
| Q2 24 | — | $10.8M | ||
| Q1 24 | — | $14.0M |
| Q4 25 | — | $9.9M | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | — | $10.9M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $9.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $39.0M | $-43.0M | ||
| Q3 25 | $1.3M | $-13.7M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $15.5M | ||
| Q4 24 | — | $19.0M | ||
| Q3 24 | — | $30.4M | ||
| Q2 24 | — | $44.2M | ||
| Q1 24 | — | $55.2M |
| Q4 25 | $102.2M | $111.8M | ||
| Q3 25 | $60.9M | $111.5M | ||
| Q2 25 | — | $83.0M | ||
| Q1 25 | — | $84.1M | ||
| Q4 24 | — | $89.9M | ||
| Q3 24 | — | $91.7M | ||
| Q2 24 | — | $100.3M | ||
| Q1 24 | — | $115.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.20× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.50× | ||
| 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 | $-8.0M |
| Free Cash FlowOCF − Capex | $-16.5M | $-8.4M |
| FCF MarginFCF / Revenue | -69.6% | -25.7% |
| Capex IntensityCapex / Revenue | 0.3% | 1.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-8.0M | ||
| Q3 25 | $-24.9M | $-14.6M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-8.5M | ||
| Q4 24 | — | $-16.7M | ||
| Q3 24 | — | $-2.4M | ||
| Q2 24 | — | $-3.8M | ||
| Q1 24 | — | $-11.9M |
| Q4 25 | $-16.5M | $-8.4M | ||
| Q3 25 | $-24.9M | $-15.1M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-8.6M | ||
| Q4 24 | — | $-17.0M | ||
| Q3 24 | — | $-2.6M | ||
| Q2 24 | — | $-4.5M | ||
| Q1 24 | — | $-12.3M |
| Q4 25 | -69.6% | -25.7% | ||
| Q3 25 | -210.2% | -57.9% | ||
| Q2 25 | — | -12.4% | ||
| Q1 25 | — | -41.2% | ||
| Q4 24 | — | -128.6% | ||
| Q3 24 | — | -25.6% | ||
| Q2 24 | — | -39.2% | ||
| Q1 24 | — | -97.6% |
| Q4 25 | 0.3% | 1.3% | ||
| Q3 25 | 0.2% | 1.7% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 6.1% | ||
| Q1 24 | — | 3.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZAI
Segment breakdown not available.
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
