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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and LENSAR, Inc. (LNSR). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $14.3M, roughly 1.7× LENSAR, Inc.). LENSAR, Inc. runs the higher net margin — -10.2% vs -13.9%, a 3.7% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs -3.3%).
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.
LENSAR, Inc. is a medical technology company specializing in the development and commercialization of advanced ophthalmic surgical systems. Its proprietary augmented reality-enabled devices deliver high precision for cataract surgery and refractive lens exchange procedures, distributed to ophthalmology clinics, surgical centers and hospitals across North America, Europe and key Asia-Pacific markets.
BZAI vs LNSR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $14.3M |
| Net Profit | $-3.3M | $-1.5M |
| Gross Margin | 10.8% | 36.6% |
| Operating Margin | -89.8% | -34.3% |
| Net Margin | -13.9% | -10.2% |
| Revenue YoY | 2377500.0% | -3.3% |
| Net Profit YoY | 50.7% | 92.2% |
| EPS (diluted) | $0.16 | $-0.09 |
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 | $14.3M | ||
| Q3 25 | $11.9M | $12.8M | ||
| Q2 25 | — | $12.3M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $14.8M | ||
| Q3 24 | — | $11.8M | ||
| Q2 24 | — | $10.7M | ||
| Q1 24 | — | $8.6M |
| Q4 25 | $-3.3M | $-1.5M | ||
| Q3 25 | $-26.3M | $-3.7M | ||
| Q2 25 | — | $-1.8M | ||
| Q1 25 | — | $-27.3M | ||
| Q4 24 | — | $-18.7M | ||
| Q3 24 | — | $-1.5M | ||
| Q2 24 | — | $-9.0M | ||
| Q1 24 | — | $-2.2M |
| Q4 25 | 10.8% | 36.6% | ||
| Q3 25 | 15.0% | 35.1% | ||
| Q2 25 | — | 43.8% | ||
| Q1 25 | — | 42.7% | ||
| Q4 24 | — | 35.1% | ||
| Q3 24 | — | 38.4% | ||
| Q2 24 | — | 45.5% | ||
| Q1 24 | — | 43.0% |
| Q4 25 | -89.8% | -34.3% | ||
| Q3 25 | -190.3% | -59.4% | ||
| Q2 25 | — | -51.2% | ||
| Q1 25 | — | -47.2% | ||
| Q4 24 | — | -8.7% | ||
| Q3 24 | — | -10.5% | ||
| Q2 24 | — | -49.4% | ||
| Q1 24 | — | -33.0% |
| Q4 25 | -13.9% | -10.2% | ||
| Q3 25 | -221.3% | -29.1% | ||
| Q2 25 | — | -14.4% | ||
| Q1 25 | — | -222.8% | ||
| Q4 24 | — | -126.2% | ||
| Q3 24 | — | -12.7% | ||
| Q2 24 | — | -84.6% | ||
| Q1 24 | — | -25.0% |
| Q4 25 | $0.16 | $-0.09 | ||
| Q3 25 | $-0.25 | $-0.31 | ||
| Q2 25 | — | $-0.15 | ||
| Q1 25 | — | $-2.32 | ||
| Q4 24 | — | $-1.62 | ||
| Q3 24 | — | $-0.13 | ||
| Q2 24 | — | $-0.79 | ||
| Q1 24 | — | $-0.19 |
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 | $18.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $-26.0M |
| Total Assets | $102.2M | $71.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $18.0M | ||
| Q3 25 | $24.0M | $16.9M | ||
| Q2 25 | — | $20.3M | ||
| Q1 25 | — | $25.2M | ||
| Q4 24 | — | $22.5M | ||
| Q3 24 | — | $18.1M | ||
| Q2 24 | — | $14.2M | ||
| Q1 24 | — | $17.9M |
| Q4 25 | $39.0M | $-26.0M | ||
| Q3 25 | $1.3M | $-25.9M | ||
| Q2 25 | — | $-23.1M | ||
| Q1 25 | — | $-22.1M | ||
| Q4 24 | — | $4.9M | ||
| Q3 24 | — | $22.7M | ||
| Q2 24 | — | $23.6M | ||
| Q1 24 | — | $31.8M |
| Q4 25 | $102.2M | $71.4M | ||
| Q3 25 | $60.9M | $70.2M | ||
| Q2 25 | — | $70.4M | ||
| Q1 25 | — | $73.0M | ||
| Q4 24 | — | $66.3M | ||
| Q3 24 | — | $62.0M | ||
| Q2 24 | — | $61.4M | ||
| Q1 24 | — | $66.1M |
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 | $618.0K |
| Free Cash FlowOCF − Capex | $-16.5M | — |
| FCF MarginFCF / Revenue | -69.6% | — |
| Capex IntensityCapex / Revenue | 0.3% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $618.0K | ||
| Q3 25 | $-24.9M | $-3.5M | ||
| Q2 25 | — | $-5.0M | ||
| Q1 25 | — | $-6.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $-3.8M | ||
| Q1 24 | — | $-5.3M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 25 | — | $-5.1M | ||
| Q1 25 | — | $-6.9M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | — | $3.1M | ||
| Q2 24 | — | $-3.9M | ||
| Q1 24 | — | $-5.3M |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q2 25 | — | -41.3% | ||
| Q1 25 | — | -56.6% | ||
| Q4 24 | — | 24.7% | ||
| Q3 24 | — | 26.5% | ||
| Q2 24 | — | -36.4% | ||
| Q1 24 | — | -61.6% |
| Q4 25 | 0.3% | 0.0% | ||
| Q3 25 | 0.2% | 0.0% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | — | 0.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZAI
Segment breakdown not available.
LNSR
| Products | $12.7M | 89% |
| Services | $1.6M | 11% |
