vs
Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and LENZ Therapeutics, Inc. (LENZ). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $12.5M, roughly 1.9× LENZ Therapeutics, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -133.6%, a 119.7% gap on every dollar of revenue. LENZ Therapeutics, Inc. produced more free cash flow last quarter ($-9.0M 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.
LENZ Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing novel ophthalmic therapies. Its lead product candidates address presbyopia, the age-related loss of near vision, catering to global patient groups with unmet medical needs in the eye care sector.
BZAI vs LENZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $12.5M |
| Net Profit | $-3.3M | $-16.7M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | -151.1% |
| Net Margin | -13.9% | -133.6% |
| Revenue YoY | 2377500.0% | — |
| Net Profit YoY | 50.7% | -63.5% |
| EPS (diluted) | $0.16 | $-0.59 |
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 | — | ||
| Q3 25 | $11.9M | $12.5M | ||
| Q2 25 | — | $5.0M | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $0 |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | $-16.7M | ||
| Q2 25 | — | $-14.9M | ||
| Q3 24 | — | $-10.2M | ||
| Q2 24 | — | $-10.3M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | -89.8% | — | ||
| Q3 25 | -190.3% | -151.1% | ||
| Q2 25 | — | -337.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | -133.6% | ||
| Q2 25 | — | -298.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | $-0.59 | ||
| Q2 25 | — | $-0.53 | ||
| Q3 24 | — | $-0.38 | ||
| Q2 24 | — | $-0.40 |
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 | $25.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $193.9M |
| Total Assets | $102.2M | $210.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | — | ||
| Q3 25 | $24.0M | $25.4M | ||
| Q2 25 | — | $37.6M | ||
| Q3 24 | — | $41.0M | ||
| Q2 24 | — | $84.0M |
| Q4 25 | $39.0M | — | ||
| Q3 25 | $1.3M | $193.9M | ||
| Q2 25 | — | $206.4M | ||
| Q3 24 | — | $215.3M | ||
| Q2 24 | — | $192.9M |
| Q4 25 | $102.2M | — | ||
| Q3 25 | $60.9M | $210.7M | ||
| Q2 25 | — | $217.3M | ||
| Q3 24 | — | $224.0M | ||
| Q2 24 | — | $202.6M |
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 | $-8.6M |
| Free Cash FlowOCF − Capex | $-16.5M | $-9.0M |
| FCF MarginFCF / Revenue | -69.6% | -72.2% |
| Capex IntensityCapex / Revenue | 0.3% | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-47.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | $-8.6M | ||
| Q2 25 | — | $-11.5M | ||
| Q3 24 | — | $-10.6M | ||
| Q2 24 | — | $-15.8M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | $-9.0M | ||
| Q2 25 | — | $-11.7M | ||
| Q3 24 | — | $-10.8M | ||
| Q2 24 | — | $-15.9M |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | -72.2% | ||
| Q2 25 | — | -235.0% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | 3.5% | ||
| Q2 25 | — | 4.8% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
