Blaize Holdings Inc (BZAI) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Blaize fourth-quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Blaize 2025 年第四季財報電話會議。目前，所有參與者均處於唯讀模式。請注意，今天的會議正在錄影。（操作說明）

I would now like to hand the conference over to your speaker today, Lana Adair, Investor Relations.

現在我謹將會議交給今天的發言人，投資者關係部的拉娜‧阿黛爾。

Good afternoon, everyone. Thank you for joining Blaize Holdings, Inc.'s fourth-quarter 2025 earnings call. Before we begin the prepared remarks, we would like to remind you that earlier today, Blaize Holdings, Inc. issued a press release announcing its fourth quarter and full year 2020 results. Earnings materials are available on the Investor Relations section of Blaize Holdings, Inc. website.

大家下午好。感謝您參加 Blaize Holdings, Inc. 2025 年第四季財報電話會議。在我們開始正式發言之前，我們想提醒各位，今天早些時候，Blaize Holdings, Inc. 發布了一份新聞稿，宣布了其 2020 年第四季度和全年業績。投資者關係網站上提供了 Blaize Holdings, Inc. 網站的收益資料。

Today's earnings call and press release reflect management's view as of today only and includes statements related to our 2026 financial guidance, revenue, gross margin, competitive position, anticipated industry trends, market opportunities, products, and financing opportunities, all of which constitute forward-looking statements under the federal securities law. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business.

今天的財報電話會議和新聞稿僅反映管理層截至今天的觀點，其中包括與我們 2026 年財務指引、收入、毛利率、競爭地位、預期行業趨勢、市場機會、產品和融資機會相關的聲明，所有這些都構成聯邦證券法下的前瞻性聲明。由於與我們業務相關的風險和不確定性，實際結果可能與這些前瞻性聲明中包含或暗示的結果有重大差異。

For a discussion of material risks and other important factors that could impact our actual results, please refer to the company's Form 10-K for the year ended December 31, 2025, including the risk factors section therein and today's press release both of which can be found on our investor relations website. Any forward-looking statements that we make on the call are based on assumptions as of today and other than as may be required by law. We undertake no obligation to update these statements as a result of new information or future events. Information discussed on this call concerning Blaize Holding Inc.'s industry, competitive position, and the markets in which it operates is based on information from independent industry and research organizations, other third-party sources, and management estimates.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱本公司截至 2025 年 12 月 31 日止年度的 10-K 表格，包括其中的風險因素部分以及今天的新聞稿，這兩份文件均可在我們的投資者關係網站上找到。我們在電話會議上所做的任何前瞻性陳述均基於截至今日的假設，除非法律另有規定。我們不承擔因新資訊或未來事件而更新這些聲明的義務。本次電話會議中討論的有關 Blaize Holding Inc. 的行業、競爭地位及其經營市場的信息，均基於獨立行業和研究機構、其他第三方來源以及管理層估計的信息。

These estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from Blaize Holdings Inc.'s internal research. These estimates are based on reasonable assumptions and computations made upon reviewing such data and experience and knowledge of such industry and markets. By definition, assumptions are subject to uncertainty and risk, which could cause results to differ materially from those expressed in the estimates.

這些估算數據來自獨立產業分析師和其他第三方來源發布的公開信息，以及 Blaize Holdings Inc. 的內部研究數據。這些估算是基於對相關數據、經驗以及對該行業和市場的知識進行審查後做出的合理假設和計算。根據定義，假設存在不確定性和風險，這可能導致結果與估計中表達的結果有重大差異。

During this call, we will discuss certain non-GAAP financial measures. These non-GAAP financial measures should be considered as a supplement to and not a substitute for measures prepared in accordance with GAAP. For a reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measure, please refer to today's press release.

在本次電話會議中，我們將討論一些非GAAP財務指標。這些非GAAP財務指標應被視為依照GAAP編製的指標的補充，而不是替代。有關本次電話會議中討論的非GAAP財務指標與最直接可比較的GAAP指標的調節表，請參閱今天的新聞稿。

Now, I'd like to introduce Dinakar Munagala, the CEO of Blaize Holdings, Inc.

現在，我謹向大家介紹 Blaize Holdings, Inc. 的執行長 Dinakar Munagala。

Good afternoon. Over the course of 2025, we grew our revenue from approximately $1 million in the first quarter to $23.8 million in the fourth quarter. We exceeded the upper end of our revenue guidance, representing approximately 20 times growth over the year. This reflects strong momentum across infrastructure, sovereign AI, and public safety applications.

午安.2025 年全年，我們的營收從第一季的約 100 萬美元成長到第四季的 2,380 萬美元。我們超額完成了營收預期，年增約 20 倍。這反映出基礎設施、自主人工智慧和公共安全應用領域發展勢頭強勁。

Customers today evaluate AI infrastructure on three things: cost per inference, power efficiency, and revenue per rack. At the same time, many enterprise inference workloads do not require the largest models. We are seeing increasing adoption towards smaller task-specific models that deliver strong results with far greater efficiency and faster time into real business outcomes. That is where Blaize is focused.

如今，客戶評估 AI 基礎設施主要從三個面向著手：每次推理的成本、能源效率和每機架的收入。同時，許多企業推理工作負載並不需要最大的模型。我們看到，越來越多的企業開始採用規模更小、任務更具體的模型，這些模型能夠以更高的效率和更快的速度帶來顯著的業務成果。布萊茲關注的就是這一點。

Over the past several months, we strengthened our execution. We brought on a chief revenue officer, Stephen Patak, to scale our commercial efforts globally. In January, we signed an MOU with Nokia's Asia Pacific Division, and we are now advancing that collaboration through an innovation hub in Singapore to build and validate our combined AI platform. We will launch this at GITEX Asia in Singapore, where we'll present to enterprises, governments, cloud providers, and data center operators across Asia Pacific.

過去幾個月，我們加強了執行力。我們聘請了首席營收長 Stephen Patak，以擴大我們在全球的商業影響力。今年一月，我們與諾基亞亞太事業部簽署了諒解備忘錄，目前我們正透過在新加坡設立創新中心推進雙方合作，以建構和驗證我們聯合的人工智慧平台。我們將在新加坡舉行的亞洲國際電信展 (GITEX Asia) 上推出這項技術，屆時我們將向亞太地區的企業、政府機構、雲端服務供應商和資料中心營運商進行展示。

We're already seeing early traction taking shape across the region, spanning cloud infrastructure, sovereign AI, and real-world applications. Many of these opportunities follow multi-phase models. where our systems expand as workloads grow.

我們已經看到，在雲端基礎設施、自主人工智慧和實際應用等領域，這一趨勢正在該地區逐步形成。這些機會大多遵循多階段模型，也就是隨著工作負載的成長，我們的系統也會隨之擴展。

One of the most concrete examples is in India, where we signed an MOU with the government of Telangana supporting its AI cloud innovation hub. This foundational platform spans mining safety, smart cities, and agriculture, where we jointly enable real-time intelligence of worker safety, equipment operations, and environmental conditions.

最具體的例子之一是在印度，我們與特倫甘納邦政府簽署了一份諒解備忘錄，支持其人工智慧雲端創新中心。這個基礎平台涵蓋礦業安全、智慧城市和農業，我們共同實現了對工人安全、設備運作和環境狀況的即時智慧化。

In China, we are also expanding our footprint with regional solution providers focused on AI data center build-out, driving assisted living and smart community solutions in patient safety and remote monitoring with enterprise engagements underway. In Korea, we are working with solution partners like GSIL, specializing in factory safety and industrial monitoring. Across Southeast Asia and Australia, we are working with Nokia and vertical systems integrators to explore AI use cases in urban safety, retail analytics, maritime infrastructure, and airport security.

在中國，我們也在擴大我們的業務版圖，與專注於人工智慧資料中心建設的區域解決方案供應商合作，推動輔助生活和智慧社群解決方案在病患安全和遠端監控方面的應用，並正在進行企業合​​作。在韓國，我們與 GSIL 等解決方案合作夥伴合作，他們專注於工廠安全和工業監控。在東南亞和澳大利亞，我們正與諾基亞和垂直系統整合商合作，探索人工智慧在城市安全、零售分析、海事基礎設施和機場安全方面的應用案例。

In the US, Europe, and Latin America, where expanding engagements across enterprise and data center environments focused on AI infrastructure, public safety, industrial robotics, and autonomous operations. And for the third consecutive year, we will showcase our solutions at ISC West, the largest converged security trade show. The Middle East and North Africa continues to be a strong growth market. Governments and enterprises are investing in security, visibility, and sovereign infrastructure.

在美國、歐洲和拉丁美洲，企業和資料中心環境的拓展合作重點集中在人工智慧基礎設施、公共安全、工業機器人和自主營運等領域。我們將連續第三年在ISC West（最大的融合安全貿易展）上展示我們的解決方案。中東和北非地區仍然是一個強勁的成長市場。各國政府和企業都在投資安全、可視性和主權基礎設施。

In Saudi Arabia, we support energy and urban city use cases. In the UAE, we support civil defense, aerial monitoring, and drone detection. In North Africa, we support large-scale industrial ecosystems. Blaize enables real-time detection and monitoring, supporting infrastructure security across energy, industrial, and transportation environments.

在沙烏地阿拉伯，我們支持能源和城市應用案例。在阿聯酋，我們支援民防、空中監測和無人機偵測。在北非，我們支持大規模工業生態系統。Blaize 可實現即時偵測和監控，為能源、工業和交通運輸環境中的基礎設施安全提供支援。

Our capabilities extend into robotics and autonomous systems. These systems require low latency and efficient inference where hybrid architectures become essential. This shifts AI from centralized data centers to distributed infrastructure. AI infrastructure is no longer limited to hyperscalers. It is now distributed across regional cloud providers, data center operators, and sovereign programs. AI environments today remain highly fragmented.

我們的業務能力涵蓋機器人和自主系統領域。這些系統需要低延遲和高效的推理，因此混合架構至關重要。這使得人工智慧從集中式資料中心轉向分散式基礎設施。人工智慧基礎設施不再局限於超大規模資料中心。目前，它已分佈在區域雲端提供者、資料中心營運商和主權計劃中。當今的人工智慧環境仍然高度分散。

Thousands of vendors deliver narrow AI capabilities focused on vision, documents, identity, or automation. Organizations are left integrating multiple systems before they can deliver real outcomes. The opportunity is to move from fragmented tools to integrated services. These capabilities are consolidating into platforms, and that transition is happening now.

數千家供應商提供專注於視覺、文件、身分或自動化等領域的狹義人工智慧功能。組織機構必須先整合多個系統才能取得真正的成果。機會在於從分散的工具轉向整合服務。這些功能正在整合到各個平台中，而這種轉變現在正在發生。

What ties all of this together is the underlying economics. At scale, this is about cost, efficiency, and utilization. In our analysis, GPU-only infrastructure can scale revenue but remains constrained by high and recurring compute cost. By contrast, the Blaize model is designed to be cash flow efficient from the start, driven by lower silicon cost and power efficiency. A hybrid configuration combining GPUs and Blaize inference acceleration can deliver roughly a 50% lower infrastructure cost, with approximately 60% lower power consumption, or more than 2x improvement in efficiency.

將這一切連結在一起的是背後的經濟因素。從規模上看，這關乎成本、效率和利用率。我們的分析表明，僅使用 GPU 的基礎設施可以擴大收入，但仍受到高昂且經常性的運算成本的限制。相較之下，Blaize 模式從一開始就旨在實現高效的現金流，這得益於更低的矽成本和更高的能源效率。結合 GPU 和 Blaize 推理加速的混合配置可以降低約 50% 的基礎設施成本，降低約 60% 的功耗，或效率提高 2 倍以上。

To support this model, we are progressing toward the initial release of the Blaize AI Services platform in the second quarter. This is not just about cost. It brings fragmented AI capabilities into a unified services layer and enables customers to move faster from infrastructure to real-world outcomes. The platform combines inference silicon, intelligent software, API-based AI services. For AI providers, instead of relying on GPU rental, Blaize enables operators to monetize AI outcomes. Revenue comes from inference transactions, AI events, and application services.

為了支持這項模式，我們正朝著在第二季首次發布 Blaize AI 服務平台的目標邁進。這不僅僅是成本問題。它將分散的 AI 功能整合到統一的服務層中，使客戶能夠更快地從基礎設施過渡到實際成果。該平台結合了推理晶片、智慧軟體和基於API的AI服務。對於 AI 供應商而言，Blaize 使營運商能夠將 AI 成果貨幣化，而無需依賴 GPU 租賃。收入來自推理交易、人工智慧事件和應用服務。

As services scale, revenue grows faster than cost, driving operating leverage and margin expansion. In our analysis, traditional infrastructure models remain cost-constrained over time. The Blaize AI Services model enables more efficient scaling of revenue with improving economics as services grow. This is the difference between scaling compute and scaling a business.

隨著服務規模的擴大，營收成長速度超過成本成長速度，進而推動營運槓桿效應和利潤率擴張。我們的分析表明，隨著時間的推移，傳統的基礎設施模式仍然受到成本限制。Blaize AI 服務模式能夠隨著服務的成長，提高經濟效益，從而更有效地擴大收入規模。這就是擴展運算能力和擴展業務能力之間的區別。

AI infrastructure investment continues to expand globally. This phase of the industry is no longer defined by larger models. It is defined by monetizing inference at scale. Platforms that combine efficient architecture with AI services are defining how AI operates today. Blaize is built for that model. Our focus remains on expanding commercial activities, scaling AI services, and converting pipeline into revenue.

全球人工智慧基礎設施投資持續成長。產業發展的這一階段不再以大型車型為特徵。它的定義是透過大規模推理貨幣化來實現的。將高效架構與人工智慧服務相結合的平台正在重新定義當今人工智慧的運作方式。Blaize 就是為這種模式而設計的。我們將繼續專注於拓展商業活動、擴大人工智慧服務規模以及將潛在客戶轉化為收入。

Thank you. I will now hand this off to our CFO, Harminder Sehmi.

謝謝。現在我將把這項工作交給我們的財務長哈明德·塞赫米。

Thank you, Dinakar, and good afternoon, everyone. I'm pleased to share our fourth quarter and full year 2025 results today. I'd like to begin with a few highlights. This is the fourth consecutive quarter where we exceeded our revenue guidance range since we became a public company in January 2025.

謝謝你，迪納卡爾，大家下午好。我很高興今天與大家分享我們2025年第四季和全年業績。我想先介紹幾個重點。這是自 2025 年 1 月上市以來，我們連續第四個季度超出營收預期範圍。

Revenue of $38.6 million for the full year 2025 outperformed the upper end of our guidance by $600,000. Revenue for the fourth quarter doubled to $23.8 million from the prior quarter. And adjusted EBITDA loss was $50.5 million, an improvement of $4.5 million from the lower end of our guidance range for the year. This includes a $1 million benefit from higher gross margin and $3.5 billion in lower OpEx and deferred technology costs.

2025 年全年營收為 3,860 萬美元，比我們預期的上限高出 60 萬美元。第四季營收較上一季翻了一番，達到 2,380 萬美元。經過調整後的 EBITDA 虧損為 5,050 萬美元，比我們全年預期範圍的下限減少了 450 萬美元。這包括因毛利率提高而獲得的 100 萬美元收益，以及因營運支出和遞延技術成本降低而獲得的 35 億美元收益。

Focusing on revenue and gross margin. In the fourth quarter, we delivered revenue of $23.8 million, exceeding the upper end of our guidance by $700,000. This performance was driven by customer deployments of servers in the Asia-Pacific region, supporting AI solutions into the smart health space. We are seeing continued demand as customers expand into AI data center infrastructure build-outs, which we expect to contribute to future revenue growth.

重點關注營收和毛利率。第四季度，我們的營收達到 2,380 萬美元，比我們預期的上限高出 70 萬美元。這一業績得益於亞太地區客戶部署的伺服器，這些伺服器為智慧醫療領域的 AI 解決方案提供了支援。隨著客戶不斷擴大人工智慧資料中心基礎設施建設，我們看到需求持續成長，我們預計這將有助於未來的收入成長。

Turning to the full year, 2025 marked an important milestone as our first full year of operations as a public company. were pleased with the progress we achieved. Revenue of $38.6 million was up significantly from $1.6 million in the prior year. This reflects our success in laying the foundations to meet the rising demand for AI solutions across high-growth markets. Our growing partnerships with systems integrators and software providers is key to accelerating and streamlining the adoption of AI solutions powered by Blaize hardware and software.

展望全年，2025年是一個重要的里程碑，因為這是我們作為一家上市公司運營的第一個完整年度。我們對所取得的進展感到滿意。營收為 3,860 萬美元，較前一年的 160 萬美元大幅成長。這體現了我們在為滿足高成長市場對人工智慧解決方案日益增長的需求奠定基礎方面取得的成功。我們與系統整合商和軟體供應商之間日益緊密的合作關係，對於加速和簡化採用 Blaize 硬體和軟體支援的 AI 解決方案至關重要。

Let me now address the gross margin trends. Gross margin for the fourth quarter was 11%, and it was 16% for the full year. In prior updates, I have indicated that this approach has been important to our strategic plans as we've been able to more rapidly seed substantial commercial relationships. I expect the quarterly trend to continue for the first half of 2026 as we adapt to the global memory constraints.

現在讓我來談談毛利率趨勢。第四季毛利率為 11%，全年毛利率為 16%。在先前的更新中，我曾指出，這種方法對我們的策略計畫非常重要，因為我們能夠更快地建立實質的商業關係。我預計，隨著我們適應全球記憶體限制，這一季度趨勢將在 2026 年上半年繼續保持。

Blaize hardware and software is expected to form a higher mix in our AI solutions from the second half of 2026. This should result in gross margins of between 30% and 35% in the fourth quarter.

從 2026 年下半年開始，Blaize 的硬體和軟體預計將在我們的 AI 解決方案中佔據更高的比例。這將使第四季的毛利率達到 30% 至 35%。

Turning to our fourth quarter and full year net loss and operating expenses. The GAAP net loss for the full year was $206.9 million compared to a GAAP net loss of $61.2 million in 2024.

接下來來看看我們第四季和全年的淨虧損和營運費用。全年GAAP淨虧損為2.069億美元，而2024年GAAP淨虧損為6,120萬美元。

I'd like to spend a few moments breaking these numbers down to provide clarity on the underlying results. Key line items in our 2025 financials were a non-cash $226 million charge arising from the change in fair value of legacy-Blaized convertible notes and warrants, non-cash $37.5 million in share-based compensation charge, and transaction expenses of $12 million related to going public.

我想花幾分鐘時間詳細分析一下這些數字，以便更清楚地了解背後的原因。我們 2025 年財務報表中的關鍵項目包括：因遺留 Blaized 可轉換票據和認股權證公允價值變動而產生的 2.26 億美元非現金支出；基於股份的薪酬支出 3750 萬美元非現金支出；以及與上市相關的 1200 萬美元交易費用。

These were offset by a $123.2 million credit inclusive of both cash and non-cash components, primarily driven by the change in value of warrants and earner shares among other items. The adjusted EBITDA loss for fiscal 2025 was thus $50.5 million, up from a loss of $42.7 million in the prior year. The key reasons for the year-on-year increase were $3.2 million in building our teams, investment in our technology roadmap of $2.4 million, an increase of $1.5 million in marketing, and $5 million in new expenses related to our preparations to operate as a public company, some of which are not expected to recur in 2026.

這些損失被 1.232 億美元的信貸所抵消，其中包括現金和非現金部分，主要原因是認股權證和收益股份等項目的價值變化。因此，2025 財年調整後的 EBITDA 虧損為 5,050 萬美元，高於上一財年的 4,270 萬美元虧損。年比成長的主要原因是：團隊建設投入了 320 萬美元，技術路線圖投資了 240 萬美元，行銷投入增加了 150 萬美元，以及為成為上市公司而進行的準備工作新增了 500 萬美元支出，其中一些支出預計在 2026 年不會再次發生。

I will now review operating expenses on a sequential basis, fourth versus third quarter 2025. In the fourth quarter of 2025, total operating expenses of $14.5 million excluding $9.5 million in stock-based compensation were largely flat versus the $14.9 million in the third quarter, excluding the stock-based compensation also of $9.5 million.

接下來，我將按季度審查營運費用，即 2025 年第四季與第三季的比較。2025 年第四季度，總營運支出為 1,450 萬美元，不包括 950 萬美元的股票選擇權費用，與第三季的 1,490 萬美元（不包括同樣為 950 萬美元的股票選擇權費用）基本持平。

Research and development expenses, and sales, general, and administrative costs were similarly flat quarter on quarter. We will invest prudently in people, in line with growing revenue opportunities in 2026. Our engineers continue to develop the next generation products, and we expect related external costs to kick in in the second half.

研發費用及銷售、一般及行政費用與上一季基本持平。我們將根據 2026 年不斷成長的收入機會，謹慎地投資於人才。我們的工程師正在繼續開發下一代產品，我們預計相關的外部成本將在下半年開始出現。

Our adjusted EBITDA loss in the fourth quarter of 2025 was $11.1 million unchanged from the third quarter. We ended fiscal 2025 with $46 million in cash and cash equivalents. The available funds under our committed equity facility are $15.6 million.

我們2025年第四季的調整後EBITDA虧損為1,110萬美元，與第三季持平。截至 2025 財年末，我們持有現金及現金等價物 4,600 萬美元。我們承諾的股權融資額度下可用的資金為 1560 萬美元。

Now I'd like to spend a few moments talking about our recently announced shelf before moving ahead to guidance for 2026. As is common with companies that become eligible, and meet the criteria to file a shelf S3 registration statement, we took the opportunity to do so on the first year anniversary of our merger. This shelf allows us to raise up to $250 million through a broad range of securities in the next three years and on an as-needed basis. Our shelf offers broad flexibility to raise capital quickly when market conditions are favorable.

現在我想花幾分鐘時間談談我們最近宣布的貨架計劃，然後再展望 2026 年的業績。與許多符合資格並符合提交簡易 S3 註冊聲明標準的公司一樣，我們抓住機會，在合併一周年之際提交了該聲明。該融資平台允許我們在未來三年內透過發行各種證券籌集高達 2.5 億美元的資金，並可根據需要隨時追加資金。我們的股票期權策略具有很大的靈活性，可以在市場條件有利時快速籌集資金。

We believe the shelf is helpful for strategic positioning. It will provide working capital needs, fund field trials, and enable continued investment in new product development.

我們認為貨架有助於策略定位。它將滿足營運資金需求，為實地試驗提供資金，並使新產品開發能夠持續投資。

Moving to our guidance for the current year. We operate in a dynamic environment that now includes global memory supply constraints and geopolitical tensions. We continue to monitor the supply chain closely and will invest prudently in research and development and go-to-market capability.

接下來是本年度的指導方針。我們所處的營運環境瞬息萬變，如今又面臨全球記憶體供應受限和地緣政治緊張局勢等諸多挑戰。我們將繼續密切關注供應鏈，並謹慎地投資於研發和市場推廣能力。

We see demand across both edge and data center deployments. This creates an opportunity for recurring revenue as we expand our AI services platform. We're continuing our current partnerships as well as adding new customers. We believe new partnerships with recognized names like Nokia should lead to additional strategic opportunities in areas where we have not yet developed traction.

我們看到邊緣部署和資料中心部署都有需求。隨著我們人工智慧服務平台的擴展，這將創造持續收入的機會。我們將繼續與現有合作夥伴保持合作關係，同時也持續增加新客戶。我們相信，與諾基亞等知名企業建立新的合作關係，應該能夠為我們在尚未取得進展的領域帶來更多的策略機會。

With that, our 2026 fiscal guidance is as follows. Revenue of $130 million remains unchanged. I expect the first half to be lighter than the second. Flat gross margins for the first half of 2026, expected to average between 30% and 35% by the fourth quarter. Adjusted EBITDA loss of between $45 million and $50 million.

基於以上信息，我們2026年的財政預期如下。營收維持在1.3億美元不變。我預計上半場會比下半場輕鬆。預計 2026 年上半年毛利率將保持平穩，到第四季平均毛利率將達到 30% 至 35%。調整後 EBITDA 虧損在 4,500 萬美元至 5,000 萬美元之間。

In closing, we delivered strong revenue growth in the second half of 2025 and continued to build momentum across our customer base. We remain focused on disciplined cost management and operational execution.

綜上所述，我們在 2025 年下半年實現了強勁的收入成長，並繼續在我們的客戶群中保持成長勢頭。我們將繼續專注於嚴格的成本管理和高效的營運執行。

Our outlook for 2026 remains consistent with what we have previously shared. With that, I'll turn it back over to the operator for questions.

我們對 2026 年的展望與我們先前分享的展望保持一致。這樣，我就把麥克風交還給操作員，讓他回答問題。

(Operator Instructions) Gil Luria, DA Davidson.

（操作說明）吉爾·盧裡亞，DA戴維森。

Good afternoon. We've talked in your press release and we've talked a lot about the different types of applications that are in front of you. I think in the release, you referred to public safety, retail, smart cities, aerial robotics, and I know there's auto coming down the pipe. How would you prioritize them in terms what you're going to have this year and how those opportunities play out over the next three or four years?

午安.我們在你們的新聞稿中已經談到過，也詳細討論過你們面前的各種類型的申請。我認為在新聞稿中，您提到了公共安全、零售、智慧城市、空中機器人，我知道汽車領域也即將迎來發展。你會如何根據你今年的計劃以及這些機會在未來三四年內的發展來確定它們的優先順序？

So I think the commonality is AI inference. This is where we're seeing momentum and comprising our full stack, the silicon, the systems, you know, servers and our software on top. Specific use cases that we're seeing momentum around a combination of smart health, factory automation, industrial use cases, and we're also part of relationships with drones and such use cases. I don't know if you want to add any further?

所以我認為它們的共同點是人工智慧推理。這就是我們看到發展勢頭的地方，它包含了我們的全端技術，包括晶片、系統、伺服器以及我們在其上的軟體。我們看到一些具體的應用案例正在興起，例如智慧醫療、工廠自動化、工業應用案例等，我們也參與了與無人機等應用案例的合作。我不知道你是否還要補充什麼？

No you've, so -- the pipeline that we've got includes all of those. How we set priorities is really the pace at which the [NEPOCs] or pilots are getting concluded with those customers. As you know, inference solutions requires access to data. So in short, the near-term priority is just converting a pipeline where we've got access to those customers and data and in the medium term, it is how do we expand more business into some of those customers.

不，你已經有了，所以——我們現有的管道包含了所有這些。我們確定優先事項的方式，實際上取決於與客戶完成 [NEPOC] 或試點專案的速度。如您所知，推理解決方案需要存取資料。簡而言之，近期重點是轉換我們能夠接觸到的客戶和數據的管道，而中期重點則是如何向其中一些客戶拓展更多業務。

Thank you. And then the second question is about gross margins. Appreciate the visibility into the end of this year. But longer term and at scale, what do we expect our long-term model to look for in terms of gross margin, on the hardware side and on the software side? And with more of a push to services, do we still expect software and services to be about a quarter of the mix in a longer-term model?That'll help us get the full picture.

謝謝。第二個問題是關於毛利率的。感謝對今年年底情況的清晰了解。但從長遠來看，規模化之後，我們希望我們的長期模式在硬體和軟體方面的毛利率達到什麼水平？隨著對服務的大力投入，我們是否仍預期軟體和服務在長期模式中將占到業務組合的四分之一左右？請幫助我們了解全貌。

So, yes, in the longer term for us is 55%-plus, and that's going to be a blend of hardware and software. I think what we're observing now with the remarks that Dinakar went through on AI services platform, which essentially becomes a combination of hardware and software. So you're not distinguishing between the two. And there is a revenue share type model that we can see coming our way.

所以，是的，從長遠來看，我們的目標是 55% 以上，這將是硬體和軟體的結合。我認為我們現在透過迪納卡爾對人工智慧服務平台的言論所觀察到的情況，本質上是硬體和軟體的結合。所以你並沒有區分這兩者。而且，我們可以看到一種收益分成模式正向我們襲來。

So 55%-plus is a blend. I think software and recurring revenue, if I can put it that way, could become a larger portion of the mix. But too early to say just yet, and we'll continue to make announcements as and when some of those deployments get public.

所以，55%以上屬於混合型。我認為，軟體收入和經常性收入（如果可以這樣說的話）可能會在收入組成中佔據更大的比例。但現在下結論還為時過早，我們會隨著部分部署工作的公開情況陸續發佈公告。

Appreciate it. Thank you very much. Thank you.

謝謝。非常感謝。謝謝。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Yeah, thanks for taking the question. And guys, congratulations hitting the strong revenue on-ramp in the fourth quarter. I wanted to start the line of inquiry following up on the $130 million revenue guide per calendar '26. Can you help us understand the extent to which Starshine and Yotta are driving that versus other things like maybe converting the Nokia MOU into revenue? Or maybe even getting traction on some of the new capabilities that we identified in the press release that you've talked about, the services platform and AI application delivery?

好的，謝謝你回答這個問題。各位，恭喜你們在第四季實現了強勁的營收成長。我想就 2026 年 1.3 億美元的營收預期展開後續調查。您能否幫助我們了解 Starshine 和 Yotta 在多大程度上推動了這一進程，以及與其他因素（例如將諾基亞諒解備忘錄轉化為收入）相比，究竟發揮了多大作用？或者，也許還能在您提到的新聞稿中提到的一些新功能上取得進展，例如服務平台和人工智慧應用程式交付？

So let me start, and then Dinakar, come in. So yes, you know, Yotta and Starshine are partnerships that we developed late last year. They still remain important to us. The pace at which we deliver products to them is largely driven by their end-user needs. There are other partners that we have introduced in the back end of last year.

那麼，我先開始，然後迪納卡爾進來。是的，你知道，Yotta 和 Starshine 是我們去年底建立的合作關係。它們對我們仍然很重要。我們向他們交付產品的速度很大程度取決於他們的最終用戶需求。去年年底我們也引進了其他合作夥伴。

Over the next maybe three to six months, we expect to add maybe one or two more partners. So when I stand back and look at it, the revenue guidance is really supported by some of the engagements we've had and what we expect to close during the year. An important point to make is that the AI services platform and the relationship with partners like Nokia are expected to start to feature towards the end of next year.

在接下來的三到六個月裡，我們預計可能會增加一到兩個合作夥伴。所以，當我冷靜下來仔細審視時，收入預期確實得到了我們已經開展的一些項目以及我們預計在年內完成的項目的支持。需要指出的重要一點是，人工智慧服務平台以及與諾基亞等合作夥伴的關係預計將在明年年底開始顯現。

And really, when we look at the business going forward, it falls into three sort of big buckets. Number one is just system revenue, which is a combination of mainly hardware, but could be plays and third party. And number two is there's an attach rate of Blaize software, which gets monetized. And overall, when you look at the system, particularly when you're applying it to cloud service providers, Tier 2 cloud service providers, it's giving everybody or them an opportunity to start to monetize the infrastructure that they've invested in.

實際上，當我們展望企業未來發展時，它大致可以分為三大類。第一點是系統收入，主要來自硬件，但也可能來自遊戲和第三方。第二點是 Blaize 軟體的附加率，這部分收入是可以變現的。總的來說，當你審視這個系統時，特別是當你將其應用於雲端服務提供者、二級雲端服務提供者時，它為每個人或他們提供了一個機會，讓他們開始將他們投資的基礎設施貨幣化。

Yeah. And just to add, I guess, is that where we work with a couple of key relationships. I think that is actually growing in two dimensions. One is within Anker customers, there is a land and expand. This typically starts with one use case, and once we establish credibility, that leads to additional use cases and additional opportunity there. But also, once we've developed a certain use case, it is relevant to a larger market.

是的。最後補充一點，我想說的是，我們在這方面與幾個關鍵人物建立了聯繫。我認為它實際上是在二維方向上成長。一是安克客戶內部，有土地可以擴張。這通常從一個用例開始，一旦我們建立了信譽，就會帶來更多的用例和更多的機會。而且，一旦我們開發出某種特定的應用場景，它就與更大的市場相關。

So we're witnessing that momentum as well, where a solution that we developed with a certain partner is required in a different geography, different customer, and so on. So we're witnessing that kind of demand as well. The common theme is, of course, a combination of the three components that Harminder mentioned. hardware, software, and API revenue that we expect will kick in with the launch of our AI services platform.

所以我們也看到了這種趨勢，我們與某個合作夥伴共同開發的解決方案需要在不同的地區、不同的客戶使用等等。所以我們也看到了這種需求。當然，共同的主題是哈明德提到的三個組成部分的結合：硬體、軟體和API收入，我們預計這些收入將隨著我們的人工智慧服務平台的推出而開始產生。

Got it. That's very helpful. And then the follow-up is really a two-parter. In past calls and conversations, we've quantified the opportunity pipeline at about $725 million. Can you give us an update on whether that's still the right way to look at the opportunity pipeline or has it changed?

知道了。那很有幫助。後續報道其實分為兩部分。在先前的電話和談話中，我們已經將潛在商機量化為約 7.25 億美元。您能否告知我們，這種看待商機管道的方式是否仍然正確，還是已經改變了？

And then on the adjusted EBITDA guidance for the year, can you clarify to the extent to which MAS set costs are included? Will there be any CHIP-related MAS set costs that we should be incorporating into our OpEx modeling? Thanks, guys.

那麼，關於本年度調整後的 EBITDA 指引，您能否說明一下 MAS 設定的成本在多大程度上包含在內？是否存在與晶片相關的多應用系統 (MAS) 設定成本，我們需要將其納入營運支出模型中？謝謝各位。

Sure, so every pipeline is dynamic, and we've seen meaningful traction in the Asia-Pacific region in particular. We have -- Dinakar talked about Stephen Patak joining us as CRO, so he's working through -- he's got very good visibility of what's going to support 2026 revenue and whether we use pipeline as a public measure. For us, it's really about trying to get the contract signed and converted.

當然，每個管道都是動態的，我們尤其在亞太地區看到了顯著的進展。我們有——迪納卡爾談到史蒂芬·帕塔克將加入我們擔任首席營收官，所以他正在努力——他對哪些因素將支撐 2026 年的收入以及我們是否會將項目儲備作為一項公開指標有非常清晰的認識。對我們來說，最重要的是盡快簽署並完成合約。

Having said all of that, the pipeline is still significant. It's very significant. It does change. The geopolitical tensions have had a bit of an impact on some deployments where we're not quite sure when they will come back in. The Nokia partnership and the AI services platform will add to our pipeline, which isn't in the numbers today. So let me leave that up there. Let me leave that there.

儘管如此，這條輸油管仍然意義重大。這意義重大。情況確實會改變。地緣政治緊張局勢對一些部署產生了一定影響，我們不太確定他們何時才能重新部署。與諾基亞的合作以及人工智慧服務平台將豐富我們的業務管道，而這些目前尚未體現在我們的數據中。我就先說到這裡吧。我就說到這兒吧。

And then the second point was about the adjusted EBITDA. As you know, the core design of our chip is common across the roadmap and the good thing is that our engineers, in-house engineers, whose costs are really in the payroll, they continue to work on adding features and reacting to what's happening in the marketplace.

第二點是關於調整後的 EBITDA。如你所知，我們晶片的核心設計在整個產品路線圖中是通用的，好消息是，我們的工程師，也就是內部工程師（他們的成本實際上包含在工資裡），會繼續努力添加功能並對市場變化做出反應。

The external costs, so when you're talking about mask sets, you know, that's tape out, that'll be in 2027 and beyond, but the The early part of the third-party external costs, I see some of those kicking in towards the second half, and that's generally going to be third-party IP that we buy and some of the professional services that we pay for the third-party physical design companies.

外部成本方面，例如掩模組，你知道，那是流片，那要到 2027 年及以後才能實現，但第三方外部成本的早期部分，我認為其中一些會在下半年開始顯現，這通常指的是我們購買的第三方知識產權以及我們為第三方物理設計公司支付的一些專業服務費用。

Very helpful. Thanks, Harminder.

很有幫助。謝謝你，哈明德。

Richard Shannon, Craig-Hallum Capital Group.

理查德·香農，克雷格-哈勒姆資本集團。

Thanks a lot, guys, for letting me ask a couple questions. Maybe a follow-up on one of the prior questions here, maybe looking at a different angle here on calendar '26. I would love to get a sense of -- relative to this $130 million guide for the year, how much of this is in backlog or some sort of commitments here. I think last call you talked about kind of visibility of $160 million in the two of your biggest customers.

非常感謝各位，讓我問幾個問題。或許可以對先前提出的某個問題進行後續探討，或許可以從另一個角度來看日曆 '26'。我很想了解一下，相對於今年 1.3 億美元的預算目標，其中有多少是積壓訂單或已承諾的項目。我記得上次通話中您提到過，您最大的兩個客戶的收入總額達到了 1.6 億美元。

Obviously, we're on quarter through that, but I'd love to get a sense of what that support looks like, and then maybe to ask more specifically, how do we think about customer concentration or mix this year within that? Thank you.

顯然，我們已經完成了四分之一，但我很想了解一下這種支援的情況，然後更具體地問一下，我們今年是如何看待客戶集中度或組成方面的？謝謝。

So, yes we do have -- we announced those two large contracts. They still remain -- we're still delivering against those, as I mentioned in my prepared remarks, Richard, the pace at which those purchase orders come in are kind of determined by the end user, the customers, what they want to deploy. We have added new customers into our pipeline and they too have a -- so backlog may be a different way to look at it.

是的，我們確實有——我們已經宣布了那兩項大合約。它們仍然存在——我們仍在履行這些義務，正如我在準備好的發言稿中提到的，理查德，這些採購訂單的到來速度在某種程度上取決於最終用戶、客戶以及他們想要部署什麼。我們已將新客戶添加到我們的銷售管道中，他們也有積壓訂單——所以積壓訂單可能是看待這個問題的一種不同方式。

We'd like to think that if you've got a design win and you are A customer has a need for either edge or, as we'll find out over the coming weeks and months, AI services. Customers draw down by issuing purchase orders on us. And so we stay close to them in order to manage our own supply chain and so that we can deliver those. I hope that that helps. a little bit more explaining, understanding why we are comfortable about our $130 million guidance.

我們認為，如果你贏得了一個設計項目，而你的客戶需要的是技術優勢，或者，正如我們將在未來幾週和幾個月中發現的那樣，是人工智慧服務。客戶透過向我們發出採購訂單來提取款項。因此，我們與他們保持密切聯繫，以便管理我們自己的供應鏈，並能夠交付這些產品。希望這能有所幫助。再多解釋一下，大家就能明白為什麼我們對1.3億美元的業績預期感到滿意了。

And then, yeah, you said about customer concentration. I don't know if you want to --?

然後，是的，你提到了客戶集中度的問題。我不知道你是否願意——？

Actually, the customer concentration is, we're actually moving beyond our initial customers, as I mentioned previously. The use case, once it's perfected, it's relevant to more customers, so we're getting that pull. and AI inference is growing very rapidly. I mean, there was a point of time, one training chip, for every one training chip, there were like four or eight.

實際上，正如我之前提到的，我們的客戶群正在超越我們最初的客戶群。一旦應用場景完善，它就能吸引更多客戶，進而獲得市場需求。而且人工智慧推理技術正在快速發展。我的意思是，曾經有一段時間，一個訓練晶片對應著四到八個訓練晶片。

Now we're hitting numbers like 16, right? And this is rapidly changing. So the key message is having a hybridized platform with our AI services that we can deliver into these use cases and within the same customer as well as across, and other customers is seeing quite a bit of momentum.

現在我們已經達到像 16 這樣的數字了，對吧？這種情況正在迅速改變。因此，關鍵訊息是，我們擁有一個混合平台，其中包含我們的人工智慧服務，我們可以將其應用於這些用例，並在同一客戶內部以及跨客戶交付，這正在獲得相當大的發展勢頭。

Okay. I've heard off my follow-up question here is regarding Nokia. A very interesting and powerful press release you had earlier this year about an MOU here. We'd love to understand what are kind of the next steps here, especially announceable steps in this relationship, and when you ultimately look forward to be contributing to backlog and eventually revenues. I think you mentioned one of your replies maybe talking about sometime end of next year, which seemed kind of a long time process. So just wanted to clarify, that's what you meant there? Thank you.

好的。我已收到回复，我的後續問題是關於諾基亞的。今年早些時候，你們發布了一份關於此地諒解備忘錄的新聞稿，內容非常有趣且有力。我們很想了解接下來的步驟是什麼，特別是可以宣布的步驟，以及您最終希望何時能為積壓訂單和最終收入做出貢獻。我想你曾在回覆中提到過，可能要等到明年年底，這似乎是一個相當長的過程。所以我想確認一下，你的意思就是這個嗎？謝謝。

So let me start, and then we can add. So we're actually quite excited with the whole Nokia relationship. This started almost six months ago on a visit to Singapore, where we met with their Asia-Pacific leadership. We showed them our platform, and they got visibly excited, and then they saw how this allows for a collaboration for them to participate in the AI infrastructure build-out.

那我就先開始，然後我們再補充。所以，我們對與諾基亞的合作關係感到非常興奮。這件事始於大約六個月前我們對新加坡的訪問，當時我們會見了他們的亞太區領導層。我們向他們展示了我們的平台，他們顯然很興奮，然後他們看到了這個平台如何讓他們參與人工智慧基礎設施建設的合作。

So the tangible next steps, right, are we are building a joint solution, an AI platform focused on inference needs into their customers, as well as customers that we can bring to the table, you know, their networking stack plus our AI system stack, software stack. And this is the joint solution that we will actually demonstrate and launch at GITEX Asia in maybe less than a couple of weeks. There is going to be a joint go-to-market co-selling into their customers, system integrators, cloud service providers, and enterprises.

因此，接下來切實可行的步驟是，我們正在建立一個聯合解決方案，一個專注於滿足其客戶推理需求的 AI 平台，以及我們可以帶來的客戶，你知道，他們的網路堆疊加上我們的 AI 系統堆疊、軟體堆疊。這就是我們將在幾週後的亞洲國際電信展（GITEX Asia）上實際展示和推出的聯合解決方案。雙方將聯合面向客戶、系統整合商、雲端服務供應商和企業進行市場推廣銷售。

And those are the near-term next steps.

這些就是近期需要採取的下一步。

Yeah, sorry, Richard. I don't know whether I misspoke or maybe you misheard? No, the revenues from AI services platform generally, of which of course, Nokia will be a part as a partner, is towards the end of this year. So, as Dinakar mentioned, we're launching certain aspects of the platform sooner. And as more and more APIs are developed, that just allows us to expand the population that can start to pay for or utilize these services and, of course, pay us for it.

是啊，抱歉了，理查。我不知道我說錯了，還是你聽錯了？不，人工智慧服務平台的整體收入（諾基亞當然會作為合作夥伴參與其中）要到今年年底才能實現。正如迪納卡爾所提到的那樣，我們將提前推出該平台的某些功能。隨著越來越多的 API 被開發出來，這使我們能夠擴大可以付費或使用這些服務的用戶群體，當然，他們也會為此向我們付費。

Okay. Perfect. That timeframe made a lot more sense. I'm glad I asked about that. That is all my questions, guys. Thank you.

好的。完美的。這個時間安排就合理多了。很高興我問了這個問題。這就是我所有的問題了，各位。謝謝。

(Operator Instructions)

（操作說明）

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Hi. This is Chris Myers on for Kevin Cassidy. I think you guys already answered my question. It was going to be about the revenue timing on the Nokia MOU. But I guess, in general, if you could just talk a little bit more about that broader opportunity set and if there's similar infrastructure wins that could come up that are, I guess, along the lines of this deal?

你好。這是克里斯·邁爾斯代替凱文·卡西迪解說。我覺得你們已經回答我的問題了。原本是關於諾基亞諒解備忘錄的收入時間表的問題。但我想，總的來說，如果您能再多談談更廣泛的機遇，以及是否會出現類似的、與這項交易類似的基建項目，那就太好了？

Yeah. We do have similar opportunities that we are working on in other continents. And as they materialize, we'll be sure to update you. There is, of course, Asia; quite a bit of momentum we are witnessing. Africa is another place that we are seeing some initial traction. Of course, US as well. There is massive infrastructure happening, and they do want hybridized AI to serve business outcomes, less to do with what's under the hood, but more about, hey, can you solve my business outcome in a certain CapEx and OpEx spend? These are the kind of questions that our team gets asked.

是的。我們在其他大洲也有類似的機會正在爭取中。一旦這些進展落實，我們一定會及時通知您。當然，還有亞洲；我們正在見證其強勁的發展勢頭。非洲是另一個我們看到初步進展的地方。當然，也包括我們。大規模的基礎設施建設正在進行中，他們確實希望混合人工智慧能夠服務於業務成果，這與底層技術關係不大，更多的是關於，嘿，你能否在一定的資本支出和運營支出範圍內解決我的業務成果？這些都是我們團隊常被問到的問題。

And our solutions are a perfect fit, also because we're seeing that the average model size is dramatically shrinking. These models rival the larger models, and they still achieve the same business outcome. And this is a perfect fit for our graph steaming architecture. In combination with GPUs, we're able to deliver to this outcome. So we're seeing such kind of momentum. This is across the board, right, wherever our sales teams are present.

我們的解決方案非常契合這一需求，因為我們發現平均模型尺寸正在急劇縮小。這些模型可以與大型模型相媲美，並且仍然能夠實現相同的商業成果。這與我們的圖流架構完美契合。結合GPU，我們能夠實現這一目標。所以我們看到了這種發展勢頭。這一點是普遍適用的，無論我們的銷售團隊在哪裡。

Awesome, guys. Thank you so much and congratulations on the great progress. Thank you.

太棒了，夥計們。非常感謝，並祝賀你們取得的巨大進展。謝謝。

Thank you, and I would now like to turn the call back over to Dinakar Munagala for any closing remarks.

謝謝，現在我想把電話轉回給迪納卡爾·穆納加拉，請他作總結發言。

Thank you, operator. Before we close, let me briefly recap. We delivered strong revenue growth and expanded our global footprint, driven by key partnerships, including Nokia and cloud service providers in Asia Pacific, as well as our work with state government initiatives in India. We're preparing to launch our Blaize AI Services platform in Q2 positioning us to capture the next phase of AI monetization while improving our revenue mix and margin profile.

謝謝接線生。在結束之前，讓我先簡單回顧一下。在與諾基亞和亞太地區雲端服務供應商等關鍵合作夥伴以及我們在印度與各州政府合作的推動下，我們實現了強勁的收入成長並擴大了全球業務版圖。我們正準備在第二季推出 Blaize AI 服務平台，這將使我們能夠抓住人工智慧貨幣化的下一個階段，同時改善我們的收入結構和利潤率。

At the same time, we're seeing a clear shift towards smaller task-specific models that deliver strong performance with far greater efficiency. This aligns directly with our graph streaming processor architecture and strengthens our position as AI infrastructure build-out continues to scale.

同時，我們看到一種明顯的趨勢，即向規模更小、針對特定任務的模型轉變，這些模型能夠以更高的效率提供強大的性能。這與我們的圖流處理器架構直接契合，並隨著人工智慧基礎設施建設的不斷擴展，鞏固了我們的地位。

I also wanted to acknowledge the situation in the Middle East. Our priority remains the safety of our employees, partners, and customers in the region, and we are committed to maintaining continuity and stability in our operations. Thank you to our analysts, investors, as well as our customers and partners for your continued support. We look forward to updating you the next quarter.

我還想談談中東局勢。我們始終將本地區員工、合作夥伴和客戶的安全放在首位，並致力於維持營運的連續性和穩定性。感謝各位分析師、投資人、客戶和合作夥伴一直以來的支持。我們期待在下個季度向您報告最新情況。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。