BZAIMEDIUM SIGNALOPERATIONAL10-K

BZAI completed its business combination transition with substantially higher R&D investment and updated forward-looking statement disclosures replacing merger-related language.

The company has moved past its SPAC merger completion phase and is now operating as a standalone public entity with significantly expanded research and development spending. The removal of merger-specific disclosures and addition of standard forward-looking statement language indicates a shift to normal public company operations focused on growth investments.

Comparing 2026-03-24 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

BZAI's financial profile shows a company investing heavily in innovation, with R&D expenses growing substantially from $25.1M to $42.5M as the organization scales its development efforts. Inventory levels increased modestly by 18.3% to $10.1M, suggesting steady operational expansion. The overall picture signals a post-merger company making meaningful investments in its core technology development capabilities.

FINANCIAL STATEMENT CHANGES
R&D Expense
P&L
+69.5%
$25.1M→$42.5M

R&D investment increased 69.5% — signals commitment to future product development, though near-term margin impact.

Inventory
Balance Sheet
+18.3%
$8.6M→$10.1M

Inventory built 18.3% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-03-24
PRIOR — 2025-04-15
ADDED
As of March 20, 2026, the registrant had 122,744,509 shares of common stock, $0.0001 par value per share, outstanding.
(the Company, we, our, or us ) contains forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended (the Securities Act ), and Section 21E of the U.S.
In some cases, you can identify forward-looking statements by the following words: may, will, could, would, should, expect, intend, plan, anticipate, believe, estimate, predict, project, potential, continue, ongoing, target, seek or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words.
Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties.
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REMOVED
As o f March 31, 2025, the registrant had 101,683,916 shares of common stock, $0.0001 par value per share, outstanding.
As contemplated by the Merger Agreement, on January 13, 2025, Merger Sub merged with and into Legacy Blaize, with Legacy Blaize being the surviving company and a wholly owned subsidiary of BurTech (the "Merger", together with the other transactions contemplated by the Merger Agreement, the Business Combination ).
In connection with the closing of the Business Combination (the Closing ), we changed our name from BurTech Acquisition Corporation to Blaize Holdings, Inc.
As of the open of trading on January 14, 2025, our common stock and public warrants began trading on The Nasdaq Stock Market LLC ( Nasdaq ) as BZAI and BZAIW, respectively.
Substantially concurrently with the filing of this Annual Report, we will be filing an Amendment to our Current Report on Form 8-K originally filed on January 17, 2025, which will include the audited financial statements of Legacy Blaize for the year ended December 31, 2024, as well as related Management s Discussion and Analysis of Financial Condition and Results of Operations and unaudited pro forma condensed combined financial information of BurTech and Legacy Blaize as of and for the year ended December 31, 2024.
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