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BZAI BZAI Change in fair value of Legacy Blaize convertible notes and warrants

Change in fair value of Legacy Blaize convertible notes and warrants at other companies

Microvast Holdings, Inc. logo
Microvast Holdings, Inc.MVST
-$9.78M+51.1%
Butterfly Network logo
Butterfly NetworkBFLY
-$568K-222%
NioCorp Developments Ltd. logo
NioCorp Developments Ltd.NB
-$10K+98.4%
Circle Internet Group, Inc. logo
Circle Internet Group, Inc.CRCL
-$4.14M-73.6%
PTH
Pelthos Therapeutics Inc.PTHS
$5.2M
Faraday Future Intelligent Electric Inc. Common Stock logo
Faraday Future Intelligent Electric Inc. Common StockFFAI
$1.44M+619%

Other financials

Income statement

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Revenue$2.7M+172%
Gross profit$1.6M+132%
Operating income-$23.4M+38.5%
Net income-$22.7M+84.7%
EPS (diluted)-$0.19+88.2%

Balance sheet

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Cash & equivalents$33.5M-26.0%
Total debt$1.2M-22.4%
Total equity$25.4M+52.3%
Total assets$70.8M-29.4%

Cash flow

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Operating cash flow-$12.6M+20.8%
CapEx$116.0K-82.5%
Free cash flow-$12.7M+23.2%

Valuation

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Market cap$196.37M-29.3%
Enterprise value$164.13M-34.5%
P/S4.9×-68.8×

Profitability

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Gross margin17.6%-52.6pp
Operating margin-221%-107pp
Net margin-202.7%-100pp
FCF margin-175.1%-85.1pp

Returns & leverage

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Return on equity-388.1%
Debt / equity0.0×
Current ratio2.5×0.0×

Where this comes from

Reported directly by BZAI in its filing.

Tagged under the XBRL concept blz:FairValueAdjustmentOfConvertibleNotesAndWarrants.

The official record: BZAI’s 10-K, filed March 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is BZAI's change in fair value of legacy blaize convertible notes and warrants?
BZAI (BZAI) reported change in fair value of legacy blaize convertible notes and warrants of $56.51M in Q4 2025.
How has BZAI's change in fair value of legacy blaize convertible notes and warrants changed year-over-year?
BZAI's change in fair value of legacy blaize convertible notes and warrants increased by 1337.7% year-over-year, from $3.93M to $56.51M.
What does change in fair value of legacy blaize convertible notes and warrants mean?
Represents the periodic change in the market-based valuation of convertible debt instruments and associated warrants. Because these instruments are often marked-to-market, this adjustment removes non-cash volatility from the operating cash flow statement. It provides clarity on the underlying operational performance by stripping out fluctuations driven by financial market conditions.