Blaize Cuts 2026 Revenue Outlook Again After Near-Zero Quarter
Preliminary third-quarter revenue is expected at about $0.5 million, and full-year 2026 guidance was lowered to $32.0 million to $36.0 million.
Blaize Holdings, Inc. (BZAI), a programmable AI computing company, said it expects preliminary revenue of approximately $0.5 million for the third quarter ending September 30, 2026, and is revising full-year 2026 revenue guidance to a range of $32.0 million to $36.0 million.
That third-quarter estimate sits far below the $12.0 million the company reported for the second quarter ended June 30, 2026. The new full-year range is also a further cut from the $40.0 million to $43.0 million outlook Blaize issued after that second-quarter report.
The revised guidance is based on binding, non-cancellable purchase orders from NeoTensr and a new purchase order from an existing customer in the process of signing. Product shipments to NeoTensr in the quarter relate to the contract announced in April 2026 for up to $50.0 million. The revision reflects updated expectations regarding shipment timing and management of working capital to meet inventory purchase needs.
The company has sufficient inventory on hand to partially fulfill the orders in the fourth quarter and is working with suppliers to obtain the balance before year-end. Any increased costs that can be passed through to customers, or new customer commitments received in the fourth quarter that can be fulfilled through inventory on hand or software service agreements and recognized in the quarter, would be additive to revenue expectations. Delays in timing or in receiving payments from customers scheduled during the fourth quarter could adversely affect revenue recognition for the year.
The second-quarter print had already broken from the first quarter’s $2.7 million of revenue. Gross margin in that period was 8%, compared with 58% in the first quarter of 2026. Blaize attributed the sequential decline primarily to a revenue mix weighted toward lower-margin third-party server hardware.
After the second quarter, the company had already cut its full-year outlook. Engagements did not convert into orders, and supply-chain cost inflation was driven by materially higher memory pricing. Co-founder and CEO Dinakar Munagala said what changed was the pace at which opportunity converts into orders, alongside materially higher memory pricing. Chief financial officer Harminder Sehmi said the then-revised outlook was weighted toward revenue from the largest customer and based on binding, non-cancellable purchase orders the company believed it could fulfill with inventory commitments already made or planned, excluding opportunities still advancing.
In that same August update, Blaize closed a binding agreement covering 2,000 servers, representing approximately $70.0 million at current memory pricing, with about $20.0 million expected to be recognized in the second half of 2026 and about $50.0 million as contracted backlog expected to be fulfilled in 2027. The total value of the agreement will vary with memory pricing.
The trajectory of the 2026 outlook has compressed sharply. First-quarter results had reaffirmed full-year 2026 revenue guidance at $130 million. That figure gave way to the $40.0 million to $43.0 million range after the second quarter, and now to $32.0 million to $36.0 million.
Commercial activity in the second-quarter commentary included a first purchase order from Europe for several thousand units and increased activity across Asia-Pacific. Blaize was actively pursuing four national-scale Hybrid AI Platform programs and advancing Blaize AI Services.
The preliminary third-quarter estimate remains subject to completion of quarter-end closing procedures, and actual results could differ materially from the preliminary figure. The company described itself as a leader in programmable, energy-efficient AI computing, with a Hybrid AI architecture combining the Blaize GSP with GPU-based infrastructure for inference across edge, cloud, and data center.