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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and ZEVRA THERAPEUTICS, INC. (ZVRA). Click either name above to swap in a different company.
ZEVRA THERAPEUTICS, INC. is the larger business by last-quarter revenue ($34.1M vs $23.8M, roughly 1.4× Blaize Holdings, Inc.). On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 183.4%). ZEVRA THERAPEUTICS, INC. produced more free cash flow last quarter ($5.5M vs $-16.5M).
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.
Zevra Therapeutics Inc. is a clinical-stage biopharmaceutical company dedicated to developing novel therapies for patients with rare under-treated orphan diseases, with a primary focus on central nervous system and metabolic rare disorder segments. Its main target markets are North America and the European Union.
BZAI vs ZVRA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $34.1M |
| Net Profit | $-3.3M | — |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | 27.3% |
| Net Margin | -13.9% | — |
| Revenue YoY | 2377500.0% | 183.4% |
| Net Profit YoY | 50.7% | — |
| EPS (diluted) | $0.16 | — |
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 | $34.1M | ||
| Q3 25 | $11.9M | $26.1M | ||
| Q2 25 | — | $25.9M | ||
| Q1 25 | — | $20.4M | ||
| Q4 24 | — | $12.0M | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $4.4M | ||
| Q1 24 | — | $3.4M |
| Q4 25 | $-3.3M | — | ||
| Q3 25 | $-26.3M | $-544.0K | ||
| Q2 25 | — | $74.7M | ||
| Q1 25 | — | $-3.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-33.2M | ||
| Q2 24 | — | $-19.9M | ||
| Q1 24 | — | $-16.6M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | 27.3% | ||
| Q3 25 | -190.3% | 15.9% | ||
| Q2 25 | — | -274.5% | ||
| Q1 25 | — | -26.3% | ||
| Q4 24 | — | -128.0% | ||
| Q3 24 | — | -739.0% | ||
| Q2 24 | — | -534.8% | ||
| Q1 24 | — | -598.1% |
| Q4 25 | -13.9% | — | ||
| Q3 25 | -221.3% | -2.1% | ||
| Q2 25 | — | 288.7% | ||
| Q1 25 | — | -15.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -899.2% | ||
| Q2 24 | — | -447.9% | ||
| Q1 24 | — | -485.3% |
| Q4 25 | $0.16 | — | ||
| Q3 25 | $-0.25 | $-0.01 | ||
| Q2 25 | — | $1.21 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.69 | ||
| Q2 24 | — | $-0.48 | ||
| Q1 24 | — | — |
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 | $62.4M |
| Total DebtLower is stronger | — | $61.9M |
| Stockholders' EquityBook value | $39.0M | $154.7M |
| Total Assets | $102.2M | $284.7M |
| Debt / EquityLower = less leverage | — | 0.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $62.4M | ||
| Q3 25 | $24.0M | $54.4M | ||
| Q2 25 | — | $47.7M | ||
| Q1 25 | — | $37.3M | ||
| Q4 24 | — | $33.8M | ||
| Q3 24 | — | $54.0M | ||
| Q2 24 | — | $39.3M | ||
| Q1 24 | — | $42.8M |
| Q4 25 | — | $61.9M | ||
| Q3 25 | — | $61.3M | ||
| Q2 25 | — | $60.7M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $59.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $39.0M | $154.7M | ||
| Q3 25 | $1.3M | $133.2M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $41.0M | ||
| Q4 24 | — | $39.7M | ||
| Q3 24 | — | $69.8M | ||
| Q2 24 | — | $32.5M | ||
| Q1 24 | — | $48.8M |
| Q4 25 | $102.2M | $284.7M | ||
| Q3 25 | $60.9M | $270.1M | ||
| Q2 25 | — | $256.3M | ||
| Q1 25 | — | $172.7M | ||
| Q4 24 | — | $178.1M | ||
| Q3 24 | — | $191.6M | ||
| Q2 24 | — | $144.4M | ||
| Q1 24 | — | $151.3M |
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.52× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.50× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $5.5M |
| Free Cash FlowOCF − Capex | $-16.5M | $5.5M |
| FCF MarginFCF / Revenue | -69.6% | 16.1% |
| Capex IntensityCapex / Revenue | 0.3% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $5.5M | ||
| Q3 25 | $-24.9M | $4.7M | ||
| Q2 25 | — | $-3.6M | ||
| Q1 25 | — | $-8.2M | ||
| Q4 24 | — | $-16.3M | ||
| Q3 24 | — | $-18.1M | ||
| Q2 24 | — | $-19.1M | ||
| Q1 24 | — | $-16.2M |
| Q4 25 | $-16.5M | $5.5M | ||
| Q3 25 | $-24.9M | $4.2M | ||
| Q2 25 | — | $-3.8M | ||
| Q1 25 | — | $-8.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -69.6% | 16.1% | ||
| Q3 25 | -210.2% | 15.9% | ||
| Q2 25 | — | -14.7% | ||
| Q1 25 | — | -40.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.2% | 2.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BZAI
Segment breakdown not available.
ZVRA
| MIPLYFFA | $26.4M | 77% |
| Arimoclomol Purchase Agreement | $5.7M | 17% |
| Other | $2.0M | 6% |
