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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Net Lease Office Properties (NLOP). Click either name above to swap in a different company.
Net Lease Office Properties is the larger business by last-quarter revenue ($30.7M vs $23.8M, roughly 1.3× Blaize Holdings, Inc.). Net Lease Office Properties runs the higher net margin — -0.2% vs -13.9%, a 13.7% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 10.9%).
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.
Net Lease Office Properties is a real estate investment entity focused on acquiring, owning, and operating high-quality single-tenant net lease office assets, primarily located across the United States. It delivers stable, long-term income streams to investors through its curated portfolio of commercial real estate holdings.
BZAI vs NLOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $30.7M |
| Net Profit | $-3.3M | $-53.0K |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | -0.2% |
| Net Margin | -13.9% | -0.2% |
| Revenue YoY | 2377500.0% | 10.9% |
| Net Profit YoY | 50.7% | 99.9% |
| EPS (diluted) | $0.16 | $-0.01 |
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 | $30.7M | ||
| Q3 25 | $11.9M | $29.8M | ||
| Q2 25 | — | $29.2M | ||
| Q1 25 | — | $29.2M | ||
| Q4 24 | — | $27.7M | ||
| Q3 24 | — | $31.5M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $-3.3M | $-53.0K | ||
| Q3 25 | $-26.3M | $-64.2M | ||
| Q2 25 | — | $-81.5M | ||
| Q1 25 | — | $492.0K | ||
| Q4 24 | — | $-35.8M | ||
| Q3 24 | — | $-40.3M | ||
| Q2 24 | — | $12.5M | ||
| Q1 24 | — | $-27.8M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | -0.2% | ||
| Q3 25 | -190.3% | -215.2% | ||
| Q2 25 | — | -279.1% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | -140.7% | ||
| Q3 24 | — | -126.4% | ||
| Q2 24 | — | 32.3% | ||
| Q1 24 | — | -62.7% |
| Q4 25 | -13.9% | -0.2% | ||
| Q3 25 | -221.3% | -215.4% | ||
| Q2 25 | — | -279.5% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | -129.0% | ||
| Q3 24 | — | -128.0% | ||
| Q2 24 | — | 31.9% | ||
| Q1 24 | — | -63.3% |
| Q4 25 | $0.16 | $-0.01 | ||
| Q3 25 | $-0.25 | $-4.33 | ||
| Q2 25 | — | $-5.50 | ||
| Q1 25 | — | $0.03 | ||
| Q4 24 | — | $-2.41 | ||
| Q3 24 | — | $-2.73 | ||
| Q2 24 | — | $0.84 | ||
| Q1 24 | — | $-1.88 |
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 | $119.6M |
| Total DebtLower is stronger | — | $21.9M |
| Stockholders' EquityBook value | $39.0M | $293.9M |
| Total Assets | $102.2M | $453.4M |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $119.6M | ||
| Q3 25 | $24.0M | $38.7M | ||
| Q2 25 | — | $54.1M | ||
| Q1 25 | — | $28.2M | ||
| Q4 24 | — | $25.1M | ||
| Q3 24 | — | $36.1M | ||
| Q2 24 | — | $36.1M | ||
| Q1 24 | — | $39.8M |
| Q4 25 | — | $21.9M | ||
| Q3 25 | — | $47.1M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $148.5M | ||
| Q4 24 | — | $169.2M | ||
| Q3 24 | — | $239.4M | ||
| Q2 24 | — | $327.4M | ||
| Q1 24 | — | $515.2M |
| Q4 25 | $39.0M | $293.9M | ||
| Q3 25 | $1.3M | $430.3M | ||
| Q2 25 | — | $500.0M | ||
| Q1 25 | — | $582.1M | ||
| Q4 24 | — | $581.2M | ||
| Q3 24 | — | $621.9M | ||
| Q2 24 | — | $660.3M | ||
| Q1 24 | — | $647.2M |
| Q4 25 | $102.2M | $453.4M | ||
| Q3 25 | $60.9M | $522.6M | ||
| Q2 25 | — | $668.7M | ||
| Q1 25 | — | $784.1M | ||
| Q4 24 | — | $805.1M | ||
| Q3 24 | — | $919.9M | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.50× | ||
| Q1 24 | — | 0.80× |
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 | $64.1M |
| 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 | $64.1M | ||
| Q3 25 | $-24.9M | $16.3M | ||
| Q2 25 | — | $11.7M | ||
| Q1 25 | — | $14.1M | ||
| Q4 24 | — | $71.9M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $14.7M | ||
| Q1 24 | — | $26.4M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.70× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
