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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
NaaS Technology Inc. is the larger business by last-quarter revenue ($25.9M vs $23.8M, roughly 1.1× Blaize Holdings, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -193.3%, a 179.4% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 121.2%).
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.
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
BZAI vs NAAS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $25.9M |
| Net Profit | $-3.3M | $-50.0M |
| Gross Margin | 10.8% | 29.2% |
| Operating Margin | -89.8% | -144.2% |
| Net Margin | -13.9% | -193.3% |
| Revenue YoY | 2377500.0% | 121.2% |
| Net Profit YoY | 50.7% | 18.4% |
| EPS (diluted) | $0.16 | $-0.02 |
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 | — | ||
| Q2 24 | — | $25.9M |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | — | ||
| Q2 24 | — | $-50.0M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 24 | — | 29.2% |
| Q4 25 | -89.8% | — | ||
| Q3 25 | -190.3% | — | ||
| Q2 24 | — | -144.2% |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | — | ||
| Q2 24 | — | -193.3% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | — | ||
| Q2 24 | — | $-0.02 |
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 | $24.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $-33.4M |
| Total Assets | $102.2M | $180.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | — | ||
| Q3 25 | $24.0M | — | ||
| Q2 24 | — | $24.7M |
| Q4 25 | $39.0M | — | ||
| Q3 25 | $1.3M | — | ||
| Q2 24 | — | $-33.4M |
| Q4 25 | $102.2M | — | ||
| Q3 25 | $60.9M | — | ||
| Q2 24 | — | $180.2M |
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 | $-25.7M |
| Free Cash FlowOCF − Capex | $-16.5M | — |
| FCF MarginFCF / Revenue | -69.6% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 24 | — | $-25.7M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 24 | — | — |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q2 24 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
