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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $14.8M, roughly 1.6× EVERSPIN TECHNOLOGIES INC.). EVERSPIN TECHNOLOGIES INC. runs the higher net margin — 8.1% vs -13.9%, a 21.9% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 11.8%). EVERSPIN TECHNOLOGIES INC. produced more free cash flow last quarter ($-975.0K 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.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
BZAI vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $14.8M |
| Net Profit | $-3.3M | $1.2M |
| Gross Margin | 10.8% | 50.8% |
| Operating Margin | -89.8% | -7.2% |
| Net Margin | -13.9% | 8.1% |
| Revenue YoY | 2377500.0% | 11.8% |
| Net Profit YoY | 50.7% | -1.5% |
| EPS (diluted) | $0.16 | $0.05 |
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 | $14.8M | ||
| Q3 25 | $11.9M | $14.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $13.1M | ||
| Q4 24 | — | $13.2M | ||
| Q3 24 | — | $12.1M | ||
| Q2 24 | — | $10.6M | ||
| Q1 24 | — | $14.4M |
| Q4 25 | $-3.3M | $1.2M | ||
| Q3 25 | $-26.3M | $54.0K | ||
| Q2 25 | — | $-670.0K | ||
| Q1 25 | — | $-1.2M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | — | $2.3M | ||
| Q2 24 | — | $-2.5M | ||
| Q1 24 | — | $-202.0K |
| Q4 25 | 10.8% | 50.8% | ||
| Q3 25 | 15.0% | 51.3% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.2% | ||
| Q2 24 | — | 49.0% | ||
| Q1 24 | — | 56.5% |
| Q4 25 | -89.8% | -7.2% | ||
| Q3 25 | -190.3% | -11.0% | ||
| Q2 25 | — | -14.9% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | — | -17.5% | ||
| Q2 24 | — | -26.5% | ||
| Q1 24 | — | -4.2% |
| Q4 25 | -13.9% | 8.1% | ||
| Q3 25 | -221.3% | 0.4% | ||
| Q2 25 | — | -5.1% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | 9.2% | ||
| Q3 24 | — | 18.8% | ||
| Q2 24 | — | -23.5% | ||
| Q1 24 | — | -1.4% |
| Q4 25 | $0.16 | $0.05 | ||
| Q3 25 | $-0.25 | $0.00 | ||
| Q2 25 | — | $-0.03 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | — | $0.07 | ||
| Q3 24 | — | $0.10 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | — | $-0.01 |
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 | $44.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $68.9M |
| Total Assets | $102.2M | $84.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $44.5M | ||
| Q3 25 | $24.0M | $45.3M | ||
| Q2 25 | — | $45.0M | ||
| Q1 25 | — | $42.2M | ||
| Q4 24 | — | $42.1M | ||
| Q3 24 | — | $39.6M | ||
| Q2 24 | — | $36.8M | ||
| Q1 24 | — | $34.8M |
| Q4 25 | $39.0M | $68.9M | ||
| Q3 25 | $1.3M | $65.8M | ||
| Q2 25 | — | $64.1M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $62.6M | ||
| Q3 24 | — | $59.3M | ||
| Q2 24 | — | $55.4M | ||
| Q1 24 | — | $55.8M |
| Q4 25 | $102.2M | $84.6M | ||
| Q3 25 | $60.9M | $80.3M | ||
| Q2 25 | — | $78.9M | ||
| Q1 25 | — | $80.2M | ||
| Q4 24 | — | $77.8M | ||
| Q3 24 | — | $72.6M | ||
| Q2 24 | — | $64.6M | ||
| Q1 24 | — | $66.2M |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $-16.5M | $-975.0K |
| FCF MarginFCF / Revenue | -69.6% | -6.6% |
| Capex IntensityCapex / Revenue | 0.3% | 24.3% |
| Cash ConversionOCF / Net Profit | — | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $2.6M | ||
| Q3 25 | $-24.9M | $881.0K | ||
| Q2 25 | — | $5.0M | ||
| Q1 25 | — | $1.4M | ||
| Q4 24 | — | $3.8M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $1.7M | ||
| Q1 24 | — | $-1.3M |
| Q4 25 | $-16.5M | $-975.0K | ||
| Q3 25 | $-24.9M | $543.0K | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $527.0K | ||
| Q4 24 | — | $2.1M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $1.7M | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | -69.6% | -6.6% | ||
| Q3 25 | -210.2% | 3.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | -17.3% |
| Q4 25 | 0.3% | 24.3% | ||
| Q3 25 | 0.2% | 2.4% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 8.4% |
| Q4 25 | — | 2.19× | ||
| Q3 25 | — | 16.31× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | — | 1.25× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZAI
Segment breakdown not available.
MRAM
| Transferred At Point In Time | $13.7M | 92% |
| Transferred Over Time | $1.1M | 8% |
