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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Nuvation Bio Inc. (NUVB). Click either name above to swap in a different company.
Nuvation Bio Inc. is the larger business by last-quarter revenue ($41.9M vs $23.8M, roughly 1.8× Blaize Holdings, Inc.). On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 633.1%).
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.
Nuvation Bio Inc. is a clinical-stage biopharmaceutical company focused on researching and developing targeted oncology therapies to address unmet medical needs in difficult-to-treat cancer types. Its core pipeline features novel drug candidates targeting key oncogenic pathways, with primary operations and market presence centered in North America.
BZAI vs NUVB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $41.9M |
| Net Profit | $-3.3M | — |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | -81.3% |
| Net Margin | -13.9% | — |
| Revenue YoY | 2377500.0% | 633.1% |
| Net Profit YoY | 50.7% | — |
| EPS (diluted) | $0.16 | $-0.11 |
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 | $41.9M | ||
| Q3 25 | $11.9M | $13.1M | ||
| Q4 24 | — | $5.7M | ||
| Q1 24 | — | $0 | ||
| Q3 23 | — | $0 | ||
| Q2 23 | — | $0 |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | $-55.8M | ||
| Q4 24 | — | — | ||
| Q1 24 | — | $-14.8M | ||
| Q3 23 | — | $-19.6M | ||
| Q2 23 | — | $-20.6M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | 74.5% | ||
| Q4 24 | — | 26.2% | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | -89.8% | -81.3% | ||
| Q3 25 | -190.3% | -430.1% | ||
| Q4 24 | — | -944.5% | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | -425.2% | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | $0.16 | $-0.11 | ||
| Q3 25 | $-0.25 | $-0.16 | ||
| Q4 24 | — | $0.00 | ||
| Q1 24 | — | $-0.07 | ||
| Q3 23 | — | $-0.09 | ||
| Q2 23 | — | $-0.09 |
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 | $529.2M |
| Total DebtLower is stronger | — | $47.2M |
| Stockholders' EquityBook value | $39.0M | $305.7M |
| Total Assets | $102.2M | $594.8M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $529.2M | ||
| Q3 25 | $24.0M | $549.0M | ||
| Q4 24 | — | $502.7M | ||
| Q1 24 | — | $597.0M | ||
| Q3 23 | — | $619.3M | ||
| Q2 23 | — | $630.9M |
| Q4 25 | — | $47.2M | ||
| Q3 25 | — | $47.1M | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | $39.0M | $305.7M | ||
| Q3 25 | $1.3M | $325.9M | ||
| Q4 24 | — | $463.8M | ||
| Q1 24 | — | $594.0M | ||
| Q3 23 | — | $611.6M | ||
| Q2 23 | — | $624.6M |
| Q4 25 | $102.2M | $594.8M | ||
| Q3 25 | $60.9M | $601.6M | ||
| Q4 24 | — | $540.6M | ||
| Q1 24 | — | $613.1M | ||
| Q3 23 | — | $630.9M | ||
| Q2 23 | — | $641.4M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.14× | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
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 | $-29.7M |
| 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 | $-29.7M | ||
| Q3 25 | $-24.9M | $-52.9M | ||
| Q4 24 | — | $-46.3M | ||
| Q1 24 | — | $-15.7M | ||
| Q3 23 | — | $-16.2M | ||
| Q2 23 | — | $-17.5M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | — | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | — | ||
| Q4 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
