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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and NEKTAR THERAPEUTICS (NKTR). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $21.8M, roughly 1.1× NEKTAR THERAPEUTICS). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -165.4%, a 151.6% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs -25.3%). Blaize Holdings, Inc. produced more free cash flow last quarter ($-16.5M vs $-65.0M).
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.
NEKTAR THERAPEUTICSNKTREarnings & Financial Report
Nektar Therapeutics is an American biopharmaceutical company. The company was founded in 1990 and is based in San Francisco, California. The company develops new drug candidates by applying its proprietary PEGylation and advanced polymer conjugate technologies to modify chemical structure of substances, which improves drug characteristics like retention and solubility. It is a technology supplier to a number of pharmaceutical companies including Affymax, Amgen, Merck, Pfizer and UCB Pharma, e...
BZAI vs NKTR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $21.8M |
| Net Profit | $-3.3M | $-36.1M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | -126.9% |
| Net Margin | -13.9% | -165.4% |
| Revenue YoY | 2377500.0% | -25.3% |
| Net Profit YoY | 50.7% | -596.9% |
| EPS (diluted) | $0.16 | $-4.67 |
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 | $21.8M | ||
| Q3 25 | $11.9M | $11.8M | ||
| Q2 25 | — | $11.2M | ||
| Q1 25 | — | $10.5M | ||
| Q4 24 | — | $29.2M | ||
| Q3 24 | — | $24.1M | ||
| Q2 24 | — | $23.5M | ||
| Q1 24 | — | $21.6M |
| Q4 25 | $-3.3M | $-36.1M | ||
| Q3 25 | $-26.3M | $-35.5M | ||
| Q2 25 | — | $-41.6M | ||
| Q1 25 | — | $-50.9M | ||
| Q4 24 | — | $7.3M | ||
| Q3 24 | — | $-37.1M | ||
| Q2 24 | — | $-52.4M | ||
| Q1 24 | — | $-36.8M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.7% | ||
| Q3 24 | — | 81.6% | ||
| Q2 24 | — | 58.5% | ||
| Q1 24 | — | 60.6% |
| Q4 25 | -89.8% | -126.9% | ||
| Q3 25 | -190.3% | -268.6% | ||
| Q2 25 | — | -324.2% | ||
| Q1 25 | — | -425.8% | ||
| Q4 24 | — | 49.2% | ||
| Q3 24 | — | -142.4% | ||
| Q2 24 | — | -211.9% | ||
| Q1 24 | — | -163.7% |
| Q4 25 | -13.9% | -165.4% | ||
| Q3 25 | -221.3% | -301.3% | ||
| Q2 25 | — | -372.2% | ||
| Q1 25 | — | -486.4% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | -153.6% | ||
| Q2 24 | — | -222.9% | ||
| Q1 24 | — | -170.1% |
| Q4 25 | $0.16 | $-4.67 | ||
| Q3 25 | $-0.25 | $-1.87 | ||
| Q2 25 | — | $-2.95 | ||
| Q1 25 | — | $-0.24 | ||
| Q4 24 | — | $-2.07 | ||
| Q3 24 | — | $-2.66 | ||
| Q2 24 | — | $-3.76 | ||
| 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 | $15.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $89.8M |
| Total Assets | $102.2M | $280.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $15.1M | ||
| Q3 25 | $24.0M | $41.0M | ||
| Q2 25 | — | $43.0M | ||
| Q1 25 | — | $38.9M | ||
| Q4 24 | — | $44.3M | ||
| Q3 24 | — | $30.1M | ||
| Q2 24 | — | $27.9M | ||
| Q1 24 | — | $48.6M |
| Q4 25 | $39.0M | $89.8M | ||
| Q3 25 | $1.3M | $85.1M | ||
| Q2 25 | — | $-24.2M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $60.7M | ||
| Q3 24 | — | $48.9M | ||
| Q2 24 | — | $79.7M | ||
| Q1 24 | — | $126.7M |
| Q4 25 | $102.2M | $280.4M | ||
| Q3 25 | $60.9M | $301.3M | ||
| Q2 25 | — | $207.5M | ||
| Q1 25 | — | $256.2M | ||
| Q4 24 | — | $303.9M | ||
| Q3 24 | — | $308.0M | ||
| Q2 24 | — | $343.3M | ||
| Q1 24 | — | $396.0M |
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 | $-65.0M |
| Free Cash FlowOCF − Capex | $-16.5M | $-65.0M |
| FCF MarginFCF / Revenue | -69.6% | -298.0% |
| Capex IntensityCapex / Revenue | 0.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-208.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-65.0M | ||
| Q3 25 | $-24.9M | $-48.8M | ||
| Q2 25 | — | $-45.7M | ||
| Q1 25 | — | $-49.1M | ||
| Q4 24 | — | $-46.2M | ||
| Q3 24 | — | $-43.9M | ||
| Q2 24 | — | $-37.7M | ||
| Q1 24 | — | $-47.9M |
| Q4 25 | $-16.5M | $-65.0M | ||
| Q3 25 | $-24.9M | $-48.9M | ||
| Q2 25 | — | $-45.8M | ||
| Q1 25 | — | $-49.1M | ||
| Q4 24 | — | $-46.6M | ||
| Q3 24 | — | $-44.6M | ||
| Q2 24 | — | $-37.9M | ||
| Q1 24 | — | $-48.0M |
| Q4 25 | -69.6% | -298.0% | ||
| Q3 25 | -210.2% | -414.5% | ||
| Q2 25 | — | -409.6% | ||
| Q1 25 | — | -469.0% | ||
| Q4 24 | — | -159.9% | ||
| Q3 24 | — | -184.9% | ||
| Q2 24 | — | -161.3% | ||
| Q1 24 | — | -222.0% |
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.2% | 1.0% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.36× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
