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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($39.6M vs $23.8M, roughly 1.7× Blaize Holdings, Inc.). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -41.1%, a 27.2% gap on every dollar of revenue. Blaize Holdings, Inc. produced more free cash flow last quarter ($-16.5M vs $-53.8M).
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.
BZAI vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $39.6M |
| Net Profit | $-3.3M | $-16.3M |
| Gross Margin | 10.8% | 15.4% |
| Operating Margin | -89.8% | -60.7% |
| Net Margin | -13.9% | -41.1% |
| Revenue YoY | 2377500.0% | — |
| Net Profit YoY | 50.7% | — |
| EPS (diluted) | $0.16 | $-0.28 |
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 | — | ||
| Q3 25 | $11.9M | $39.6M | ||
| Q2 25 | — | $45.7M |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | $-16.3M | ||
| Q2 25 | — | $-31.4M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | 15.4% | ||
| Q2 25 | — | 18.0% |
| Q4 25 | -89.8% | — | ||
| Q3 25 | -190.3% | -60.7% | ||
| Q2 25 | — | -52.8% |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | -41.1% | ||
| Q2 25 | — | -68.7% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | $-0.28 | ||
| Q2 25 | — | $-1.23 |
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 | $413.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $590.9M |
| Total Assets | $102.2M | $727.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | — | ||
| Q3 25 | $24.0M | $413.3M | ||
| Q2 25 | — | $468.9M |
| Q4 25 | $39.0M | — | ||
| Q3 25 | $1.3M | $590.9M | ||
| Q2 25 | — | $554.7M |
| Q4 25 | $102.2M | — | ||
| Q3 25 | $60.9M | $727.8M | ||
| Q2 25 | — | $685.3M |
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 | $-15.1M |
| Free Cash FlowOCF − Capex | $-16.5M | $-53.8M |
| FCF MarginFCF / Revenue | -69.6% | -135.8% |
| Capex IntensityCapex / Revenue | 0.3% | 97.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | $-15.1M | ||
| Q2 25 | — | $-30.9M |
| Q4 25 | $-16.5M | — | ||
| Q3 25 | $-24.9M | $-53.8M | ||
| Q2 25 | — | $-88.8M |
| Q4 25 | -69.6% | — | ||
| Q3 25 | -210.2% | -135.8% | ||
| Q2 25 | — | -194.4% |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.2% | 97.8% | ||
| Q2 25 | — | 126.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZAI
Segment breakdown not available.
VOYG
| US Government | $26.9M | 68% |
| Space Solutions | $11.7M | 30% |
| Other | $1.0M | 3% |
