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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and SurgePays, Inc. (SURG). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $16.2M, roughly 1.5× SurgePays, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -85.6%, a 71.8% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 68.7%).
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.
SurgePays, Inc. is a U.S.-headquartered fintech and telecommunications company focused on serving underbanked and low-income communities across the country. It offers prepaid wireless plans, reloadable debit cards, digital banking solutions, and daily consumer products through a nationwide network of independent local retail partners such as convenience stores.
BZAI vs SURG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $16.2M |
| Net Profit | $-3.3M | $-13.9M |
| Gross Margin | 10.8% | -14.8% |
| Operating Margin | -89.8% | -79.1% |
| Net Margin | -13.9% | -85.6% |
| Revenue YoY | 2377500.0% | 68.7% |
| Net Profit YoY | 50.7% | 30.0% |
| EPS (diluted) | $0.16 | $-0.68 |
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 | $16.2M | ||
| Q3 25 | $11.9M | $18.7M | ||
| Q2 25 | — | $11.5M | ||
| Q1 25 | — | $10.6M | ||
| Q4 24 | — | $9.6M | ||
| Q3 24 | — | $4.8M | ||
| Q2 24 | — | $15.1M | ||
| Q1 24 | — | $31.4M |
| Q4 25 | $-3.3M | $-13.9M | ||
| Q3 25 | $-26.3M | $-7.5M | ||
| Q2 25 | — | $-7.1M | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $-19.8M | ||
| Q3 24 | — | $-14.3M | ||
| Q2 24 | — | $-12.9M | ||
| Q1 24 | — | $1.2M |
| Q4 25 | 10.8% | -14.8% | ||
| Q3 25 | 15.0% | -13.9% | ||
| Q2 25 | — | -23.0% | ||
| Q1 25 | — | -27.8% | ||
| Q4 24 | — | -117.0% | ||
| Q3 24 | — | -164.2% | ||
| Q2 24 | — | -22.8% | ||
| Q1 24 | — | 26.0% |
| Q4 25 | -89.8% | -79.1% | ||
| Q3 25 | -190.3% | -37.2% | ||
| Q2 25 | — | -59.1% | ||
| Q1 25 | — | -71.7% | ||
| Q4 24 | — | -209.0% | ||
| Q3 24 | — | -299.4% | ||
| Q2 24 | — | -72.1% | ||
| Q1 24 | — | 5.6% |
| Q4 25 | -13.9% | -85.6% | ||
| Q3 25 | -221.3% | -40.1% | ||
| Q2 25 | — | -61.5% | ||
| Q1 25 | — | -72.2% | ||
| Q4 24 | — | -206.5% | ||
| Q3 24 | — | -299.3% | ||
| Q2 24 | — | -85.3% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | $0.16 | $-0.68 | ||
| Q3 25 | $-0.25 | $-0.38 | ||
| Q2 25 | — | $-0.36 | ||
| Q1 25 | — | $-0.38 | ||
| Q4 24 | — | $-1.07 | ||
| Q3 24 | — | $-0.73 | ||
| Q2 24 | — | $-0.66 | ||
| Q1 24 | — | $0.07 |
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 | $1.7M |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $39.0M | $-15.3M |
| Total Assets | $102.2M | $8.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $1.7M | ||
| Q3 25 | $24.0M | $2.5M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $11.8M | ||
| Q3 24 | — | $23.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $13.3M | ||
| Q3 25 | — | $12.0M | ||
| Q2 25 | — | $9.6M | ||
| Q1 25 | — | $3.6M | ||
| Q4 24 | — | $4.0M | ||
| Q3 24 | — | $4.4M | ||
| Q2 24 | — | $4.8M | ||
| Q1 24 | — | $5.2M |
| Q4 25 | $39.0M | $-15.3M | ||
| Q3 25 | $1.3M | $-6.4M | ||
| Q2 25 | — | $116.1K | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $15.3M | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $46.2M | ||
| Q1 24 | — | $56.0M |
| Q4 25 | $102.2M | $8.5M | ||
| Q3 25 | $60.9M | $14.5M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $15.7M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $41.5M | ||
| Q2 24 | — | $56.4M | ||
| Q1 24 | — | $69.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 82.67× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.09× |
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 | $-3.6M |
| 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 | $-3.6M | ||
| Q3 25 | $-24.9M | $-4.6M | ||
| Q2 25 | — | $-6.1M | ||
| Q1 25 | — | $-7.0M | ||
| Q4 24 | — | $-7.9M | ||
| Q3 24 | — | $-13.3M | ||
| Q2 24 | — | $-4.1M | ||
| Q1 24 | — | $4.0M |
| 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 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
