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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Neuphoria Therapeutics Inc. (NEUP). Click either name above to swap in a different company.

Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $15.0M, roughly 1.6× Neuphoria Therapeutics Inc.). Neuphoria Therapeutics Inc. runs the higher net margin — 75.1% vs -13.9%, a 88.9% gap on every dollar of revenue.

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.

Neuphoria Therapeutics Inc is a clinical-stage biopharmaceutical company focused on researching and developing innovative targeted therapies for unmet medical needs in neurological and psychiatric conditions, including anxiety, treatment-resistant depression, and other central nervous system disorders. Its core R&D efforts prioritize delivering safer, more effective treatment options for patient groups with limited existing care alternatives.

BZAI vs NEUP — Head-to-Head

Bigger by revenue
BZAI
BZAI
1.6× larger
BZAI
$23.8M
$15.0M
NEUP
Higher net margin
NEUP
NEUP
88.9% more per $
NEUP
75.1%
-13.9%
BZAI

Income Statement — Q4 FY2025 vs Q3 FY2025

Metric
BZAI
BZAI
NEUP
NEUP
Revenue
$23.8M
$15.0M
Net Profit
$-3.3M
$11.3M
Gross Margin
10.8%
Operating Margin
-89.8%
79.8%
Net Margin
-13.9%
75.1%
Revenue YoY
2377500.0%
Net Profit YoY
50.7%
EPS (diluted)
$0.16
$6.55

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.

Revenue
BZAI
BZAI
NEUP
NEUP
Q4 25
$23.8M
Q3 25
$11.9M
Q1 25
$15.0M
Net Profit
BZAI
BZAI
NEUP
NEUP
Q4 25
$-3.3M
Q3 25
$-26.3M
Q1 25
$11.3M
Gross Margin
BZAI
BZAI
NEUP
NEUP
Q4 25
10.8%
Q3 25
15.0%
Q1 25
Operating Margin
BZAI
BZAI
NEUP
NEUP
Q4 25
-89.8%
Q3 25
-190.3%
Q1 25
79.8%
Net Margin
BZAI
BZAI
NEUP
NEUP
Q4 25
-13.9%
Q3 25
-221.3%
Q1 25
75.1%
EPS (diluted)
BZAI
BZAI
NEUP
NEUP
Q4 25
$0.16
Q3 25
$-0.25
Q1 25
$6.55

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
BZAI
BZAI
NEUP
NEUP
Cash + ST InvestmentsLiquidity on hand
$45.8M
$17.0M
Total DebtLower is stronger
Stockholders' EquityBook value
$39.0M
$26.0M
Total Assets
$102.2M
$30.7M
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
BZAI
BZAI
NEUP
NEUP
Q4 25
$45.8M
Q3 25
$24.0M
Q1 25
$17.0M
Stockholders' Equity
BZAI
BZAI
NEUP
NEUP
Q4 25
$39.0M
Q3 25
$1.3M
Q1 25
$26.0M
Total Assets
BZAI
BZAI
NEUP
NEUP
Q4 25
$102.2M
Q3 25
$60.9M
Q1 25
$30.7M

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
BZAI
BZAI
NEUP
NEUP
Operating Cash FlowLast quarter
$-16.5M
$11.5M
Free Cash FlowOCF − Capex
$-16.5M
FCF MarginFCF / Revenue
-69.6%
Capex IntensityCapex / Revenue
0.3%
Cash ConversionOCF / Net Profit
1.02×
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
BZAI
BZAI
NEUP
NEUP
Q4 25
$-16.5M
Q3 25
$-24.9M
Q1 25
$11.5M
Free Cash Flow
BZAI
BZAI
NEUP
NEUP
Q4 25
$-16.5M
Q3 25
$-24.9M
Q1 25
FCF Margin
BZAI
BZAI
NEUP
NEUP
Q4 25
-69.6%
Q3 25
-210.2%
Q1 25
Capex Intensity
BZAI
BZAI
NEUP
NEUP
Q4 25
0.3%
Q3 25
0.2%
Q1 25
Cash Conversion
BZAI
BZAI
NEUP
NEUP
Q4 25
Q3 25
Q1 25
1.02×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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