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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
ImmunityBio, Inc. is the larger business by last-quarter revenue ($38.3M vs $23.8M, roughly 1.6× Blaize Holdings, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -161.8%, a 147.9% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 407.0%). Blaize Holdings, Inc. produced more free cash flow last quarter ($-16.5M vs $-71.3M).
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.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
BZAI vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $38.3M |
| Net Profit | $-3.3M | $-61.9M |
| Gross Margin | 10.8% | 99.0% |
| Operating Margin | -89.8% | -169.0% |
| Net Margin | -13.9% | -161.8% |
| Revenue YoY | 2377500.0% | 407.0% |
| Net Profit YoY | 50.7% | -4.7% |
| EPS (diluted) | $0.16 | $-0.06 |
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 | $38.3M | ||
| Q3 25 | $11.9M | $32.1M | ||
| Q2 25 | — | $26.4M | ||
| Q1 25 | — | $16.5M | ||
| Q4 24 | — | $7.6M | ||
| Q3 24 | — | $6.1M |
| Q4 25 | $-3.3M | $-61.9M | ||
| Q3 25 | $-26.3M | $-67.3M | ||
| Q2 25 | — | $-92.6M | ||
| Q1 25 | — | $-129.6M | ||
| Q4 24 | — | $-59.2M | ||
| Q3 24 | — | $-85.7M |
| Q4 25 | 10.8% | 99.0% | ||
| Q3 25 | 15.0% | 99.4% | ||
| Q2 25 | — | 99.5% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | -89.8% | -169.0% | ||
| Q3 25 | -190.3% | -173.5% | ||
| Q2 25 | — | -269.8% | ||
| Q1 25 | — | -390.1% | ||
| Q4 24 | — | -919.0% | ||
| Q3 24 | — | -1314.3% |
| Q4 25 | -13.9% | -161.8% | ||
| Q3 25 | -221.3% | -209.8% | ||
| Q2 25 | — | -350.3% | ||
| Q1 25 | — | -784.9% | ||
| Q4 24 | — | -783.4% | ||
| Q3 24 | — | -1404.0% |
| Q4 25 | $0.16 | $-0.06 | ||
| Q3 25 | $-0.25 | $-0.07 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $-0.08 | ||
| Q3 24 | — | $-0.14 |
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 | $242.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $-500.5M |
| Total Assets | $102.2M | $501.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $242.8M | ||
| Q3 25 | $24.0M | $257.8M | ||
| Q2 25 | — | $153.7M | ||
| Q1 25 | — | $61.6M | ||
| Q4 24 | — | $149.8M | ||
| Q3 24 | — | $130.4M |
| Q4 25 | $39.0M | $-500.5M | ||
| Q3 25 | $1.3M | $-524.3M | ||
| Q2 25 | — | $-570.7M | ||
| Q1 25 | — | $-591.4M | ||
| Q4 24 | — | $-489.1M | ||
| Q3 24 | — | $-745.1M |
| Q4 25 | $102.2M | $501.9M | ||
| Q3 25 | $60.9M | $519.0M | ||
| Q2 25 | — | $402.1M | ||
| Q1 25 | — | $303.8M | ||
| Q4 24 | — | $382.9M | ||
| Q3 24 | — | $364.6M |
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 | $-70.4M |
| Free Cash FlowOCF − Capex | $-16.5M | $-71.3M |
| FCF MarginFCF / Revenue | -69.6% | -186.2% |
| Capex IntensityCapex / Revenue | 0.3% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-70.4M | ||
| Q3 25 | $-24.9M | $-68.9M | ||
| Q2 25 | — | $-79.7M | ||
| Q1 25 | — | $-85.9M | ||
| Q4 24 | — | $-85.1M | ||
| Q3 24 | — | $-98.8M |
| Q4 25 | $-16.5M | $-71.3M | ||
| Q3 25 | $-24.9M | $-69.6M | ||
| Q2 25 | — | $-80.8M | ||
| Q1 25 | — | $-87.0M | ||
| Q4 24 | — | $-87.3M | ||
| Q3 24 | — | $-101.6M |
| Q4 25 | -69.6% | -186.2% | ||
| Q3 25 | -210.2% | -217.2% | ||
| Q2 25 | — | -305.9% | ||
| Q1 25 | — | -526.9% | ||
| Q4 24 | — | -1155.4% | ||
| Q3 24 | — | -1663.2% |
| Q4 25 | 0.3% | 2.4% | ||
| Q3 25 | 0.2% | 2.3% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 28.0% | ||
| Q3 24 | — | 45.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
