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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $13.3M, roughly 1.8× OCULAR THERAPEUTIX, INC). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -488.0%, a 474.1% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs -22.4%). Blaize Holdings, Inc. produced more free cash flow last quarter ($-16.5M vs $-57.1M).
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.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
BZAI vs OCUL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $13.3M |
| Net Profit | $-3.3M | $-64.7M |
| Gross Margin | 10.8% | 88.0% |
| Operating Margin | -89.8% | -526.5% |
| Net Margin | -13.9% | -488.0% |
| Revenue YoY | 2377500.0% | -22.4% |
| Net Profit YoY | 50.7% | -33.6% |
| EPS (diluted) | $0.16 | $-0.27 |
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 | $13.3M | ||
| Q3 25 | $11.9M | $14.5M | ||
| Q2 25 | — | $13.5M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | — | $15.4M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $14.8M |
| Q4 25 | $-3.3M | $-64.7M | ||
| Q3 25 | $-26.3M | $-69.4M | ||
| Q2 25 | — | $-67.8M | ||
| Q1 25 | — | $-64.1M | ||
| Q4 24 | — | $-48.4M | ||
| Q3 24 | — | $-36.5M | ||
| Q2 24 | — | $-43.8M | ||
| Q1 24 | — | $-64.8M |
| Q4 25 | 10.8% | 88.0% | ||
| Q3 25 | 15.0% | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | — | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | -89.8% | -526.5% | ||
| Q3 25 | -190.3% | -472.3% | ||
| Q2 25 | — | -502.6% | ||
| Q1 25 | — | -597.5% | ||
| Q4 24 | — | -296.1% | ||
| Q3 24 | — | -298.2% | ||
| Q2 24 | — | -265.1% | ||
| Q1 24 | — | -214.0% |
| Q4 25 | -13.9% | -488.0% | ||
| Q3 25 | -221.3% | -477.3% | ||
| Q2 25 | — | -503.9% | ||
| Q1 25 | — | -598.7% | ||
| Q4 24 | — | -283.3% | ||
| Q3 24 | — | -236.6% | ||
| Q2 24 | — | -266.3% | ||
| Q1 24 | — | -438.9% |
| Q4 25 | $0.16 | $-0.27 | ||
| Q3 25 | $-0.25 | $-0.38 | ||
| Q2 25 | — | $-0.39 | ||
| Q1 25 | — | $-0.38 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | — | $-0.22 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | — | $-0.49 |
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 | $737.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $654.3M |
| Total Assets | $102.2M | $808.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $737.1M | ||
| Q3 25 | $24.0M | $344.8M | ||
| Q2 25 | — | $391.1M | ||
| Q1 25 | — | $349.7M | ||
| Q4 24 | — | $392.1M | ||
| Q3 24 | — | $427.2M | ||
| Q2 24 | — | $459.7M | ||
| Q1 24 | — | $482.9M |
| Q4 25 | $39.0M | $654.3M | ||
| Q3 25 | $1.3M | $258.2M | ||
| Q2 25 | — | $305.9M | ||
| Q1 25 | — | $265.9M | ||
| Q4 24 | — | $315.3M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $377.7M | ||
| Q1 24 | — | $408.0M |
| Q4 25 | $102.2M | $808.1M | ||
| Q3 25 | $60.9M | $410.9M | ||
| Q2 25 | — | $451.3M | ||
| Q1 25 | — | $405.9M | ||
| Q4 24 | — | $457.9M | ||
| Q3 24 | — | $490.4M | ||
| Q2 24 | — | $517.1M | ||
| Q1 24 | — | $538.9M |
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 | $-54.2M |
| Free Cash FlowOCF − Capex | $-16.5M | $-57.1M |
| FCF MarginFCF / Revenue | -69.6% | -430.9% |
| Capex IntensityCapex / Revenue | 0.3% | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-54.2M | ||
| Q3 25 | $-24.9M | $-50.7M | ||
| Q2 25 | — | $-55.2M | ||
| Q1 25 | — | $-44.7M | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-24.8M | ||
| Q1 24 | — | $-33.9M |
| Q4 25 | $-16.5M | $-57.1M | ||
| Q3 25 | $-24.9M | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | -69.6% | -430.9% | ||
| Q3 25 | -210.2% | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | 0.3% | 21.4% | ||
| Q3 25 | 0.2% | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
