Blaize cut its 2026 revenue forecast to $40 million–$43 million, down from $130 million, because of delayed customer deployments, missed order conversions, higher memory costs and uncertainty around a Starshine receivable. Management said it has roughly $70 million in contracted server business, with some revenue expected to shift into 2027. Second-quarter revenue rose to $12 million from $2.7 million in the first quarter, but the company's gross margin fell sharply to about 8% from 58% as sales were dominated by lower-margin third-party server hardware.
Blaize reported a $20.9 million adjusted EBITDA loss and ended the quarter with $36.8 million in cash. The company is suspending further Starshine business until its overdue balance is paid, while continuing planned deliveries with NeoTensor and projecting about $50 million in year-end 2026 backlog. Blaize is also pursuing cost cuts, potential contract-backed financing and higher-margin AI Services revenue to improve its financial position.
Blaize (NASDAQ:BZAI) lowered its full-year 2026 revenue outlook to $40 million to $43 million, from prior guidance of $130 million, citing delayed customer deployments, commercial opportunities that did not convert as expected, higher memory costs and a provision tied to an outstanding Starshine receivable. Chief Executive Officer Dinakar Munagala said the revised forecast does not reflect all of the company's contracted business. Blaize has a signed agreement covering 2,000 servers valued at about $70 million at current memory prices, he said.
A portion is expected to become 2026 revenue, while the remainder is committed business expected to carry into 2027. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be "Several engagements have not converted into orders, including some where pilots were completed successfully," Munagala said. Other opportunities remain in progress but are closing later than Blaize had anticipated, he added. For the second quarter ended June 30, Blaize reported revenue of $12 million, up from $2.7 million in the first quarter.
First-half revenue totaled $14.7 million, compared with $3 million in the year-earlier period. → Nebius' Q2 Beat Shows the AI Bottleneck Is Capacity, Not Demand Chief Financial Officer Harminder Sehmi said the quarter's revenue was driven largely by third-party server hardware, which generated lower margins for the company. Gross profit was $0.9 million, producing an approximately 8% gross margin, compared with 58% in the first quarter. The first-quarter margin had benefited from a higher mix of Blaize software and hardware, while the second quarter consisted almost entirely of third-party server hardware, Sehmi said. → On Holding's Price Stumble May Be an Opening for a Company Built to Run Second-quarter operating expenses were $31.5 million, compared with $23.9 million in the prior quarter.
The increase included a $7.1 million provision for the remaining Starshine receivable, about $1 million of additional investment in the company's next-generation chip program and a $2.8 million one-time non-cash charge related to a related-party settlement. Blaize reported an adjusted EBITDA loss of $20.9 million, compared with a $13.9 million loss in the first quarter. The company ended the quarter with $36.8 million in cash, up $3.6 million sequentially, after receiving $9.4 million in customer payments and $32.8 million in net proceeds from an equity offering.
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