Blaize Holdings Inc (BZAI) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Blaize first-quarter 2026 earnings conference call. (Operator Instructions)

各位好，感謝您撥冗等候。歡迎參加 Blaize 2026 會計年度第一季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lana Adair, Investor Relations. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給今天的講者——投資人關係部的 Lana Adair。請開始。

Before we begin the prepared remarks, we would like to remind you that earlier today, Blaize Holdings, Inc. issued a press release announcing its first quarter 2026 results. Earnings materials are available on the Investor Relations section of Blaize Holdings, Inc.'s website. Today's earnings call and press release reflect management's views as of today only and include 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 laws.

在開始預先準備的發言之前，我們提醒各位，Blaize Holdings, Inc. 今日稍早已發布新聞稿，公布其 2026 會計年度第一季業績。財報相關資料可於 Blaize Holdings, Inc. 官網的投資人關係（Investor Relations）專區取得。今天的財報電話會議與新聞稿僅反映管理層截至今日的觀點，並包含與我們 2026 年財務指引、營收、毛利率、競爭地位、預期產業趨勢、市場機會、產品與融資機會相關之陳述；上述皆構成聯邦證券法所定義的前瞻性陳述。

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. 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 and Amendment number one to Form 10-K for the year ended December 31, 2025, and our Form 10-Q for the period ending March 31, 2026, including the Risk Factors section therein and today's press release, both of which can be found on our Investor Relations website.

由於與我們業務相關的風險與不確定性，實際結果可能與這些前瞻性陳述所載或所暗示者存在重大差異。關於可能影響我們實際結果之重大風險及其他重要因素的討論，請參閱公司截至 2025 年 12 月 31 日止年度的 Form 10-K 及 Form 10-K 第一號修正案，以及截至 2026 年 3 月 31 日止期間的 Form 10-Q（包括其中的風險因素章節）與今日新聞稿；上述文件皆可於我們的投資人關係網站查閱。

Any forward-looking statements that we make on this 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 Holdings, Inc. 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's estimates.

我們在本次電話會議中所作的任何前瞻性陳述，均基於截至今日的假設；除法律可能要求者外，我們不承擔因新資訊或未來事件而更新這些陳述之任何義務。本次電話會議中所討論、關於 Blaize Holdings, Inc. 所處產業、競爭地位及其營運市場之資訊，係基於獨立產業與研究機構、其他第三方來源以及管理層估計。

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 Blaize Holdings, Inc.'s experience in and knowledge of such industry and markets.

這些估計係源自獨立產業分析師及其他第三方來源所發布之公開資訊，以及 Blaize Holdings, Inc. 內部研究數據。這些估計係在審閱上述數據並結合 Blaize Holdings, Inc. 在相關產業與市場的經驗與知識後，基於合理假設與計算而得出。

By definition, assumptions are subject to uncertainty and risks, which could cause results to differ materially from those expressed in the estimates. 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 measures, please refer to today's press release.

依其定義，假設具有不確定性與風險，可能導致結果與估計中所表達者存在重大差異。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標應視為對依 GAAP 編製之衡量指標的補充，而非替代。關於本次電話會議所討論之非 GAAP 財務衡量指標與最直接可比之 GAAP 衡量指標的調節表，請參閱今日新聞稿。

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

現在我想把電話會議交給 Blaize Holdings, Inc. 執行長 Dinakar Munagala。

Thank you, Lana, and good afternoon, everyone. We came off a breakout growth year in 2025, and we expect 2026 to continue that trend. Q1 strengthened our commercial foundation through several new contracts and partnerships. First, we expanded our NeoTensr contract, bringing the total potential value to $70 million.

謝謝你，Lana，各位下午好。我們在 2025 年經歷了突破性的成長年度，並預期 2026 年將延續此一趨勢。第一季透過多項新合約與合作夥伴關係，強化了我們的商業基礎。首先，我們擴大了與 NeoTensr 的合約，使總潛在價值提升至 7,000 萬美元。

We signed a strategic partnership agreement with Winmate, a publicly traded leader in ruggedized computing with the intent to close approximately $15 million in business in the first year. We deepened our joint engagement with Nokia across Asia Pacific. Together, we stood up a joint AI innovation lab advancing hybrid AI rack scale development.

我們與 Winmate 簽署策略合作協議；Winmate 為一家上市公司，亦是強固型運算領域的領導者，目標是在第一年促成約 1,500 萬美元的業務。我們也加深了與 Nokia 在亞太地區的共同合作。我們共同成立 AI 聯合創新實驗室，推進混合式 AI 機櫃級（rack-scale）開發。

The engagement also includes a strategic partnership with Datacomm, one of Southeast Asia's leading cloud service providers. Finally, we announced Blaize AI Services and will bring our first application service to market. Q1 revenue came in at approximately $2.7 million. This reflects a global memory shortage that limited server availability from one of our trusted suppliers and delayed orders.

此項合作亦包含與 Datacomm 的策略夥伴關係；Datacomm 為東南亞領先的雲端服務供應商之一。最後，我們宣布推出 Blaize AI Services，並將把我們的第一項應用服務推向市場。第一季營收約為 270 萬美元。這反映出全球記憶體短缺，限制了我們某家可信賴供應商的伺服器供貨，並導致訂單延後。

Customer demand remained intact throughout the quarter. We expect to secure the inventory needed to deliver over $11 million to a single customer in the second quarter of this year and we are reaffirming our full year 2026 revenue guidance of $130 million. At GITEX AI 2026, in April, one of the largest AI showcases in Asia, we announced Blaize AI Services, which we expect to turn AI infrastructure into production-ready APIs that cloud service providers, data center operators and system integrators can deploy, monetize and resell.

整個季度期間，客戶需求仍維持不變。我們預期在今年第二季取得所需庫存，以向單一客戶交付超過 1,100 萬美元的產品；同時，我們重申 2026 全年營收指引為 1.3 億美元。在 4 月於 GITEX AI 2026（亞洲最大 AI 展示活動之一）上，我們宣布 Blaize AI Services；我們預期可將 AI 基礎設施轉化為可投入生產的 API，供雲端服務供應商、資料中心營運商與系統整合商部署、變現並轉售。

Today, we are going to announce the next step in execution, the upcoming launch of our face recognition AI service, the first in a series of application-level services running on the Blaize Hybrid AI platform. Why this matters? AI services will complement our hardware sales with recurring application layer revenue per query. It's higher margin, it's stickier, and it scales with our partners' growth, not just with their CapEx cycle.

今天，我們將宣布下一步的執行計畫：即將推出我們的人臉辨識 AI 服務，這將是運行於 Blaize 混合式 AI 平台上的一系列應用層服務中的第一項。為何這很重要？AI 服務將以每次查詢的經常性應用層收入，補強我們的硬體銷售。其毛利率更高、黏著度更強，且可隨合作夥伴的成長而擴張，而不僅僅取決於其資本支出（CapEx）週期。

Face recognition is the first proof point, additional high-demand services, including intelligent document processing will follow. We have signed a contract with NeoTensr that is expected to generate up to $50 million in revenue in the first year. This builds on more than $20 million in revenue that we recognized in Q4 of 2025, bringing the total potential value to approximately $70 million.

人臉辨識是第一個驗證點；後續還將推出其他高需求服務，包括智慧文件處理。我們已與 NeoTensr 簽署合約，預期第一年可帶來最高達 5,000 萬美元的營收。此合約建立在我們於 2025 年第四季已認列超過 2,000 萬美元營收的基礎上，使總潛在價值達到約 7,000 萬美元。

The development uses a co-branded AI server built on Blaize Quad card. Each server handles 200-plus simultaneous camera streams with advanced AI analytics while running LLM and VLM inference on the same infrastructure. This is what our hybrid AI architecture was built for, real-time perception at the sensor layer, advanced reasoning on the same rack, no round trip to a distant cloud.

該開發採用以 Blaize Quad 卡為基礎打造的聯名 AI 伺服器。每台伺服器可同時處理 200 路以上的攝影機串流，並進行先進的 AI 分析，同時在同一套基礎設施上執行 LLM 與 VLM 推論。這正是我們混合式 AI 架構的設計初衷：在感測器層進行即時感知，在同一機櫃上進行進階推理，無需往返遙遠的雲端。

The rollout is expected to span multiple cities across Asia Pacific in multiple phases. Each phase is expected to drive higher-margin revenue as the AI services layer takes hold. Earlier this month, we entered into a strategic agreement with Winmate. Together, we will integrate Blaize AI into ruggedized systems, drones, handhelds, vehicle-mounted units and embedded devices for mission-critical operations, border security, maritime, essential infrastructure and field health care.

此部署預期將分多個階段，涵蓋亞太地區多座城市。隨著 AI 服務層逐步落地，每個階段預期都將帶動更高毛利的營收。本月稍早，我們與 Winmate 達成策略協議。我們將共同把 Blaize AI 整合至強固型系統、無人機、手持裝置、車載單元與嵌入式裝置，用於任務關鍵作業、邊境安全、海事、關鍵基礎設施與外勤醫療照護。

Beyond the contracts I just described, we are advancing a series of rack-scale hybrid AI engagements anchored by our joint partnership with Nokia. This work reaches cloud service providers and infrastructure partners. These opportunities are multisite, multiphase with hundreds to thousands of edge nodes per program. They span smart city, sovereign data center and large-scale ruggedized field use cases.

除了我剛才描述的合約之外，我們也在推進一系列機櫃級混合式 AI 專案，並以我們與 Nokia 的聯合合作夥伴關係為核心。此項工作將觸及雲端服務供應商與基礎設施合作夥伴。這些機會涵蓋多站點、多階段，每個專案包含數百至數千個邊緣節點。其應用場景涵蓋智慧城市、主權資料中心以及大規模強固型外勤使用案例。

The architecture is hybrid GSP plus GPU at rack-scale, orchestrated by Blaize AI Services stack. The pattern is consistent. Customers want sovereign control of their data. They want efficiency. They want application-level AI services they can resell. Hybrid AI delivers all three. Stepping back, the AI infrastructure conversation is shifting fast. A year ago, the industry was focused on one thing, massive centralized GPU clusters for training.

該架構是在機櫃規模（rack-scale）層級的混合式 GSP 加 GPU，並由 Blaize AI Services 技術堆疊進行協調編排。這一模式是一致的。客戶希望對其資料擁有主權式的控制。他們希望提升效率。他們希望擁有可在應用層轉售的 AI 服務。混合式 AI 同時滿足這三點。退一步看，AI 基礎設施的討論正在快速轉變。一年前，產業聚焦於一件事：用於訓練的大型集中式 GPU 叢集。

Today, the conversation moved decisively towards sovereign language model, inference at the edge, in-country at unit economics that actually work at scale. That shift is what Blaize was built for. Three pillars: number one, sovereign AI infrastructure. Governments and large enterprises across Asia, Middle East and Europe demand compute that stays within their borders under their control. Hybrid rack-scale enables this without hyperscaler economics.

今天，討論已明確轉向主權語言模型、邊緣端推論，以及在國內以真正能在規模化下成立的單位經濟（unit economics）來運行。這種轉變正是 Blaize 所打造的方向。三大支柱：第一，主權 AI 基礎設施。亞洲、中東與歐洲的政府與大型企業要求運算必須留在其邊境內並由其掌控。混合式機櫃規模可在不依賴超大規模雲端業者（hyperscaler）經濟模式的情況下實現這一點。

Number two, smaller LLM-based AI services. Most enterprise AI workloads do not need a frontier model. They need a tightly tuned domain-specific model on infrastructure they can afford. Our hybrid architecture runs vision and language workloads on the same rack, opening the service revenue our partners can monetize for query.

第二，更小型、以 LLM 為基礎的 AI 服務。多數企業 AI 工作負載不需要最前沿模型（frontier model）。他們需要的是在可負擔的基礎設施上，針對特定領域緊密調校的專用模型。我們的混合式架構可在同一個機櫃上運行視覺與語言工作負載，開啟合作夥伴可按查詢（per query）變現的服務營收。

Number three, programmable energy-efficient compute. This is where the Blaize GSP advantage compounds. Performance per watt, deterministic latency, a software stack that serves vision, LLM and VLM workloads on the same hardware. Hybrid rack-scale is the unit of deployment for the next phase of AI. We are building toward it, and our partners are buying in.

第三，可程式化且節能高效的運算。這正是 Blaize GSP 優勢持續累積放大的地方。每瓦效能（performance per watt）、可預測的確定性延遲（deterministic latency），以及可在同一硬體上支援視覺、LLM 與 VLM 工作負載的軟體堆疊。混合式機櫃規模是下一階段 AI 的部署單位。我們正朝此建構，而我們的合作夥伴也正在投入採用。

On May 6, we closed a $35 million equity offering, supported by a group of large institutional investors. This capital strengthens our balance sheet. The proceeds will support our commercial deal commitments, continued AI services development, rack-scale hybrid platform advancement and next-generation platform development.

5 月 6 日，我們完成了 3,500 萬美元的股權發行，由一群大型機構投資人支持。這筆資金強化了我們的資產負債表。募集資金將用於支持我們的商業交易承諾、持續的 AI 服務開發、機櫃規模混合式平台的推進，以及下一代平台的研發。

Blaize is a company executing against one of the most significant opportunities in AI history. Rack-scale hybrid AI, sovereign infrastructure, the strategic path for recurring AI services revenue and partnerships that put Blaize at the center of the AI inference build-out. Contracts are expanding, partnerships are deepening across an increasingly diverse base of AI use cases. And finally, engagements are advancing in the field.

Blaize 正在把握 AI 歷史上最重大的機會之一並加以執行。機櫃規模混合式 AI、主權基礎設施、可帶來經常性 AI 服務營收的策略路徑，以及讓 Blaize 站上 AI 推論建置浪潮核心的合作夥伴關係。合約規模正在擴大，合作關係也在日益多元的 AI 使用情境基礎上持續深化。最後，現場端的合作洽談也在推進。

So with that, I'll turn it over to our CFO, Harminder Sehmi.

那麼，接下來我把時間交給我們的財務長 Harminder Sehmi。

Thank you, Dinakar, and good afternoon, everyone. I'm pleased to share our first quarter 2026 results today. First quarter revenue was $2.7 million, up 170% (sic -- 172%) year-on-year and in line with the pre-release issued on April 14. As we flagged at that time, this was impacted by an industry-wide shortage of high-bandwidth memory or HBM, the specialized memory chip that is necessary for AI servers primarily used for training or running large language models.

謝謝你，Dinakar，各位下午好。我很高興今天與各位分享我們 2026 會計年度第一季的業績。第一季營收為 270 萬美元，年增 170%（原文如此——172%），並與 4 月 14 日發布的預先公告一致。如同我們當時所提示，業績受到全產業高頻寬記憶體（HBM）短缺的影響；HBM 是 AI 伺服器所需的專用記憶體晶片，主要用於訓練或運行大型語言模型。

That shortage delayed an order to one customer, NeoTensr, that we now expect to fulfill in the second quarter at a value of more than $11 million. This is about a timing issue. Customer demand remains strong and over 70% of the revenue billed to NeoTensr in Q4 of last year has been collected to date. Beyond NeoTensr, revenue in the quarter included delivery of software licenses and servers to our primarily U.S.-based customer drawn from inventory on hand.

該短缺使我們對一位客戶 NeoTensr 的一筆訂單延後交付；我們目前預期將於第二季完成履約，金額超過 1,100 萬美元。這主要是時點問題。客戶需求仍然強勁，且截至目前，去年第四季向 NeoTensr 開立帳單的營收中，已有超過 70% 完成收款。除 NeoTensr 之外，本季營收亦包含向以美國為主的客戶交付軟體授權與伺服器，來源為現有庫存。

As noted on earlier calls, our road map for hybrid servers mitigates against these challenges. Our partner-branded servers powered by Blaize cards deliver competitive AI inference performance without requiring HBM. We expect those servers to begin shipping in the second half of this year, and we have already placed forward orders for Blaize chips and cards.

如同先前電話會議所提，我們的混合式伺服器產品路線圖可緩解這些挑戰。由合作夥伴品牌推出、搭載 Blaize 卡的伺服器，無需 HBM 也能提供具競爭力的 AI 推論效能。我們預期這些伺服器將於今年下半年開始出貨，且我們已提前下單採購 Blaize 晶片與卡。

We're exploring ways in which to strategically procure certain memory cards now to meet our projected demand into 2027. We believe this approach helps derisk our projected revenue growth as the data center opportunities begin to crystallize.

我們正在探索策略性採購部分記憶體卡的方式，以滿足我們至 2027 年的預估需求。我們相信此作法有助於在資料中心機會逐步明朗之際，降低我們預估營收成長的風險。

In parallel, we are developing a comprehensive rack-scale service solution to address data center inference workloads. We will continue to deliver enhancements to the application features on our AI services platform throughout the year. Given the timing of large orders and the early stage of data center expansion, we expect revenue to be back half weighted this year with visibility increasing as opportunities convert.

同時，我們正在開發一套完整的機櫃規模服務解決方案，以因應資料中心推論工作負載。我們將在全年持續為 AI 服務平台的應用功能提供強化更新。考量大型訂單的時點以及資料中心擴張仍處早期階段，我們預期今年營收將偏向下半年，且隨著機會轉化，能見度將提高。

Gross margin was 58% this quarter, up from 11% in the fourth quarter of 2025. Two factors drove the expansion. First, the mix shifted towards our higher-margin software and Blaize-powered hardware. Second, the HBM-intensive NeoTensr order shifted into the second quarter.

本季毛利率為 58%，高於 2025 年第四季的 11%。毛利率擴張主要由兩項因素驅動。第一，產品組合轉向毛利較高的軟體與由 Blaize 驅動的硬體。第二，HBM 需求較高的 NeoTensr 訂單遞延至第二季。

As previously indicated, blended gross margins are expected to be compressed by the higher portion of third-party hardware in our revenue mix in the next two quarters. As we begin the transition to deliver more inference servers and recognize recurring software revenues, blended gross margins in the fourth quarter of 2026 should exceed 30%.

如先前所述，未來兩季由於營收組合中第三方硬體占比較高，整體（混合）毛利率預期將受到壓縮。隨著我們開始轉型交付更多推論伺服器並認列經常性軟體收入，2026 年第四季的整體毛利率應可超過 30%。

We anticipate further expansion in gross margin in 2027 as our partnership with Nokia opens additional data center opportunities globally. Net loss for the first quarter was $22.7 million compared to the net loss of $147.8 million for the same period a year ago. Q1 of 2025 included significant noncash items and onetime merger transaction accounting adjustments. Consistent with previous calls, I'd like to spend a few moments breaking these numbers down to provide clarity about the underlying results, including singling out quarter-on-quarter trends where helpful.

隨著我們與 Nokia 的合作在全球開啟更多資料中心機會，我們預期 2027 年毛利率將進一步擴張。第一季淨損為 2,270 萬美元，去年同期淨損為 1 億 4,780 萬美元。2025 年第一季包含重大非現金項目以及一次性的併購交易會計調整。延續先前電話會議的做法，我想花幾分鐘拆解這些數字，以釐清基本面結果，並在有幫助之處指出季對季趨勢。

Total operating expense, including stock-based compensation of $8.9 million was $25 million in this quarter. This was a decrease of $14.7 million year-over-year. Q1 of 2025 included $11 million of stock-based compensation and $12 million in transaction expenses related to the business combination.

本季總營業費用為 2,500 萬美元，其中包含 890 萬美元的股份基礎給付（stock-based compensation）。這較去年同期減少 1,470 萬美元。2025 年第一季包含 1,100 萬美元的股份基礎給付，以及與業務合併相關的 1,200 萬美元交易費用。

The cleaner story is in our operating discipline. Research and development costs of $5.8 million in the first quarter, excluding stock-based compensation, were marginally lower than the prior quarter cost of $5.9 million. Selling, general and administrative expenses, again, excluding stock-based compensation were $10 million in the first quarter of 2026, up $1.6 million sequentially.

更清楚的重點在於我們的營運紀律。第一季研發費用為 580 萬美元（不含股份基礎給付），較前一季的 590 萬美元略低。銷售、一般及行政費用同樣不含股份基礎給付，2026 年第一季為 1,000 萬美元，較前一季增加 160 萬美元。

Adjusted EBITDA loss for the first quarter this year was $13.9 million, $1.5 million better than the loss in the first quarter of 2025 and $1.9 million higher than the fourth quarter of last year. We ended the first quarter with a cash balance of $33.3 million on March 31, 2026. On May 6, we announced our $35 million equity raise that extends our runway to the middle of 2027 and adds a new base of shareholders.

今年第一季調整後 EBITDA 虧損為 1,390 萬美元，較 2025 年第一季虧損改善 150 萬美元，但較去年第四季高出 190 萬美元。截至 2026 年 3 月 31 日，我們第一季期末現金餘額為 3,330 萬美元。5 月 6 日，我們宣布完成 3,500 萬美元的股權募資，將我們的資金可支撐期延長至 2027 年年中，並新增一批股東基礎。

This round drew strong participation from high-quality institutional investors with deep expertise in data center infrastructure investments. This growth capital will enable us to deliver against demand to accelerate customer rollouts, lean into the data center opportunity and invest in our product road map.

本輪融資吸引了具備深厚資料中心基礎設施投資專業的高品質機構投資人踴躍參與。這筆成長資本將使我們能夠滿足需求、加速客戶導入部署、把握資料中心機會，並投資於我們的產品路線圖。

We maintain close relationships with our key vendors and continually seek to secure favorable payment terms, which is particularly important during this period of supply chain constraints. As our data center opportunities gain momentum, we also intend to explore appropriate project financing partnerships to support deployments at scale.

我們與主要供應商維持緊密關係，並持續爭取有利的付款條件，這在供應鏈受限的這段期間尤其重要。隨著我們的資料中心機會持續升溫，我們也打算探索合適的專案融資合作夥伴關係，以支援大規模部署。

Finally, our revenue outlook for full year 2026 remains unchanged with the second half meaningfully stronger than the first. Our adjusted EBITDA loss guidance also remains unchanged at between $45 million and $50 million for the year.

最後，我們對 2026 全年營收的展望維持不變，下半年將明顯強於上半年。我們對全年調整後 EBITDA 虧損的指引也維持不變，介於 4,500 萬至 5,000 萬美元之間。

In closing, our recent equity raise was well subscribed and drew strong participation from marquee investors with exposure to the data center infrastructure ecosystem. Our AI services platform and rack-scale hybrid AI developments are resonating strongly as the market shifts towards inference and real business outcomes from AI. And finally, we have great and growing partnerships in place to support revenue growth.

總結來說，我們近期的股權募資獲得超額認購，並吸引了多家在資料中心基礎設施生態系具備布局的知名投資人積極參與。隨著市場轉向推論（inference）以及 AI 帶來的實際商業成果，我們的 AI 服務平台與機櫃級（rack-scale）混合式 AI 方案正獲得強烈共鳴。最後，我們已建立良好且持續擴大的合作夥伴關係，以支援營收成長。

With that, I'll turn it back over to the operator.

接下來，我把時間交回給主持人。

(Operator Instructions)

（主持人指示）

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Yes, thanks for taking my question. And congratulations on maintaining the $130 million for the year. When we look at that $130 million, how would you expect it to be spread across geographically for you?

是的，謝謝讓我提問。也恭喜你們維持全年 1.3 億美元的目標。當我們看這 1.3 億美元時，你們預期在地理區域上會如何分布？

So it's -- the NeoTensr contract, of course, is expected to contribute a significant portion of the $130 million. There are other opportunities in Asia Pac through the Nokia partnership. Datacomm is the one that we announced. That should start to feature towards the end of Q4. And we have other edge opportunities in Europe that are also expected to be part of that $130 million number. So it's spread around Europe, Asia Pac. Dinakar, I don't know if you want to add.

所以——當然，NeoTensr 合約預期會貢獻這 1.3 億美元中的相當大一部分。透過與 Nokia 的合作夥伴關係，在亞太地區也有其他機會。Datacomm 是我們已經宣布的那一項。它應該會在第四季末開始反映出來。此外，我們在歐洲也有其他邊緣端（edge）機會，預期也會納入這 1.3 億美元的數字之中。因此分布在歐洲、亞太等地。Dinakar，你要不要補充一下。

Yes, the pipeline is quite strong in North America as well. And we are beginning to discuss some commercialization via orders that in the U.S. as well as in Africa as well. As they materialize, we'll, of course, be sure to announce them.

是的，北美的案源（pipeline）也相當強勁。我們也開始在美國以及非洲討論透過訂單進行部分商業化。一旦這些機會具體落地，我們當然會對外公告。

Okay. Maybe could you also talk about the effect that maybe the war in Iran might have on some of your opportunities there for security?

好的。也許你們能談談伊朗戰爭可能對你們在當地一些安全相關機會的影響？

We have actually received significant inbounds for our drone detection system use case that we've demonstrated. This is all about perimeter security kind of use cases. And yes, there's an increased momentum in terms of opportunities coming our way. Of course, as these materialize into POs and revenue, we will keep announcing them.

我們其實已經收到大量針對我們所展示之無人機偵測系統應用情境的主動洽詢。這主要是周界安全（perimeter security）類的應用。是的，就機會湧入而言，動能確實在提升。當然，當這些機會轉化為採購訂單（PO）與營收時，我們會持續對外公告。

Okay. And just one more question on the supply chain. So I think in your pre-announcement, you had said that you're expecting product to be shipped in the April quarter first. Did that happen? And is it only the memory that's the long lead times? Or are you having trouble with other products also?

好的。另外還有一個關於供應鏈的問題。我記得你們在預先公告時提到，預期產品會在 4 月那一季先出貨。這有發生嗎？而且只有記憶體的交期特別長嗎？還是其他產品也有遇到困難？

So these are the HBM-intensive memory sort of servers and NeoTensr is one of the early customers for the business we do there. So it's actually obtaining the server itself. One of the reasons that we explained in Q1, we could have secured supply, but we would have actually had to pay premiums that we weren't prepared to at the time.

所以這些是高度依賴 HBM 的記憶體類伺服器，而 NeoTensr 是我們在那塊業務上的早期客戶之一。因此實際上是要取得伺服器本體。我們在第一季解釋過的原因之一是：我們本來可以確保供應，但當時必須支付我們不願意承擔的溢價。

As we move forward into Q3, Q4 and our hybrid servers become available and particularly the one we're really excited about is the one with NeoTensr, the white labeled one, which has our Quad PCIe card in it, then some of those supply chain problems should diminish somewhat. But I think the macro sort of environment is still something that we all need to keep an eye on.

隨著我們進入第三季、第四季，混合式伺服器將開始供貨；我們特別期待的是與 NeoTensr 合作的那一款白牌（white labeled）產品，內含我們的 Quad PCIe 卡，如此一來部分供應鏈問題應該會有所緩解。但我認為整體宏觀環境仍是我們都需要持續關注的因素。

You'll go back in the queue.

你會回到排隊序列中。

Richard Shannon, Craig-Hallum Capital Group.

Richard Shannon，Craig-Hallum Capital Group。

I'll ask a very quick tactical question here regarding the outlook here for the second quarter. Harminder, I think you mentioned you're targeting $11 million for one particular customer. Is that the estimate or starting point you would like us to think about? Or could it be somewhat or meaningfully higher than that?

我這裡問一個非常快速、偏戰術性的問題，關於第二季的展望。Harminder，我想你提到你們針對某一位特定客戶的目標是 1,100 萬美元。這是你們希望我們視為估算值或起點嗎？還是可能會略高或顯著高於這個數字？

It will be somewhat higher, but again, it depends on just getting -- maybe in our one-to-ones, Richard, we can talk a little bit more openly about that. But for now, we have good visibility on getting the NeoTensr delivered in addition to one or two others that we have in mind.

會略高一些，但同樣地，這取決於——就是交付進度。也許在我們一對一的交流中，Richard，我們可以更坦率地多談一些。但就目前而言，我們對 NeoTensr 的交付有很好的能見度，此外還有一兩個我們也在規劃中的客戶。

Okay. Perfect. Second question, I guess, for probably both of you, but I want to ask about the Blaize AI services. You're talking about the first application being face recognition rolling out here. I'd love to get kind of a few different questions about this. First of all, over what time period do you expect this to be rolled out and ultimately bring first revenue recognition for you?

好的。非常好。第二個問題，我想可能要問你們兩位：我想請教 Blaize 的 AI 服務。你們提到第一個應用會是臉部辨識的推出。我想從幾個角度問一下。首先，你們預期在多長的時間內完成部署，並最終開始為你們帶來第一筆可認列的營收？

Are there any particular end markets where you expect to be first adopted? And then the last part is, how do we think about kind of the revenue contribution over the life cycle of your equipment relative to that equipment sale? Is there a percentage we should be thinking about? Just any way to kind of provide a mental model for that, that would be great.

是否有任何特定終端市場會最先採用？最後一部分是：相較於設備銷售本身，我們應該如何看待在你們設備生命週期內，這些服務對營收的貢獻？是否有一個我們可以參考的比例？任何能幫助建立思考框架的方式都很好。

Sure. I can take the first part and then Harminder can jump in. AI services, certainly, it is exciting to our cloud service provider partners as well as data centers because it allows them to monetize their infrastructure that they've invested in and that's driving all the momentum.

當然。我先回答第一部分，然後 Harminder 可以補充。AI 服務對我們的雲端服務供應商合作夥伴以及資料中心而言確實令人振奮，因為它讓他們能將已投入的基礎設施變現，而這正是推動所有動能的原因。

So initial application, of course, we have video-based applications that we are working on, which we're actually working with anchor partners as well as the facial recognition. And the initial target is around use cases around smart kitchens, around immigration, those class of use cases where face rec is pretty widely used.

至於初始應用，當然我們正在推進以影片為基礎的應用，我們正與核心合作夥伴（anchor partners）共同開發，同時也包含臉部辨識。初期目標大約聚焦在智慧廚房、移民／出入境等應用情境，這類場景臉部辨識的使用相當普遍。

Initial anchor customers are in the Asia region. Also things like citizen safety, elderly care, et cetera, there's some software that we've developed that is actually being well received. In addition to this, document processing is something that we will be next launching, and that's announcing -- it's already under development, and we will be releasing it to early access cloud service providers once it's complete.

初期的核心客戶在亞洲地區。另外像是公民安全、長者照護等，我們也開發了一些軟體，目前反應相當不錯。除此之外，文件處理將是我們下一個要推出的項目；這部分已在開發中，完成後我們會釋出給雲端服務供應商進行早期試用（early access）。

And this is actually quite helpful because from an economic standpoint, the cloud infrastructure that they invest will be monetized, the recovery, return on investment is much faster because they'll be able to monetize it through these services. I'll let Harminder --

而這其實相當有幫助，因為從經濟角度來看，他們投資的雲端基礎設施將會被貨幣化；投資回收、投資報酬率回收會快得多，因為他們能透過這些服務將其變現。我把時間交給 Harminder。--

Yes. Your other question was the time period. We expect from Q4 onwards to start to deliver some of the CapEx. So if you stand back, the AI services comprises of Blaize-powered servers, hybrid servers. So there's a certain amount of CapEx involved, which we recognize straight away.

是的。你另一個問題是時間區間。我們預期從第四季開始會交付部分資本支出（CapEx）。所以如果你退一步看，AI 服務包含由 Blaize 驅動的伺服器、混合式伺服器。因此會涉及一定程度的 CapEx，而我們會立即認列。

And then there is a recurring revenue element associated with monetizing the APIs. And that, of course, there will be some sort of a contract in place, but the revenue recognition will be monthly as usage takes place.

接著還有一個與 API 變現相關的經常性收入要素。當然，這會有某種形式的合約，但收入認列將會隨著使用發生而按月進行。

But Q4 is when we start to see some of that featuring in our revenue mix. I actually expect to see AI services as a whole becoming a significant feature of 2027 revenue mix and more of it being some of this recurring revenue because we have the opportunity to basically trade off some of the upfront margin that we would make on the CapEx sale in place of higher margin of ongoing software revenues.

但第四季是我們開始在收入組合中看到其中一部分開始顯現的時點。我其實預期 AI 服務整體會在 2027 年的收入組合中成為一個重要項目，而且其中更多會是這類經常性收入，因為我們有機會用較高毛利的持續性軟體收入，來換取（trade off）原本在 CapEx 銷售上可取得的一部分前期毛利。

And just to add that although we spoke about these two or three areas, there's quite a strong and compelling road map behind this that we are announcing and showing our early access partners, and it's resonating well with them. This is actually helping us significantly in terms of translating the conversations into actionable, how they place orders and become long-term partners with us.

另外補充一下，雖然我們談到這兩三個領域，但背後其實有一個相當強而有力、很具說服力的產品路線圖；我們正在對外宣布，並向早期存取合作夥伴展示，而他們的反應也很正面。這也在很大程度上幫助我們把對話轉化為可執行的行動，例如他們如何下單，以及如何成為我們的長期合作夥伴。

Okay. Great. My last question, I'll jump on the line here is just a follow-up on Nokia. Obviously, a great partner to have here with worldwide reach. It seems like your first big partnership with Datacomm seems to be the kind of the champion of Indonesia here. How do we expect to see or how should we look for success in other places in Southeast Asia through Nokia? How are those developing? What should we expect to see from that during 2026?

好的。很棒。我最後一個問題，我這邊插隊追問一下 Nokia 的部分。顯然，能有這樣一個具全球觸及能力的合作夥伴非常好。看起來你們在 Datacomm 的第一個大型合作夥伴關係，某種程度上是印尼這邊的主力推手（champion）。那我們預期會如何看到、或我們應該如何衡量透過 Nokia 在東南亞其他地區的成功？那些進展如何？在 2026 年我們應該期待看到什麼？

So we started off about six, seven months ago with Nokia. And the initial action was to develop a joint pod, rack-scale offering that comprise both Nokia and Blaize hardware as well as AI services software. And we've demonstrated this at GITEX Asia. That was well received. And there's a pretty strong pipeline of customers behind that cloud service providers, infrastructure players, system integrators that we've been working with.

所以我們大約在六、七個月前開始與 Nokia 合作。最初的行動是共同開發一個聯合 pod、機櫃級（rack-scale）的方案，包含 Nokia 與 Blaize 的硬體，以及 AI 服務軟體。我們已在 GITEX Asia 展示過。反應很好。而且背後有相當強的客戶管線，包括雲端服務供應商、基礎設施業者、以及我們一直在合作的系統整合商。

And the first conversion is Datacomm, and there are others behind it. So as these contracts start materializing, we'll start announcing them. I don't know if you want to add any more.

第一個轉換（conversion）就是 Datacomm，後面還有其他案子。所以當這些合約開始落地時，我們就會開始對外公告。我不知道你是否還想補充。

And just the only thing I'd add is the other thing we're really excited about is the rack-scale hybrid server work that's happening right now because as you recall, a couple of quarters ago, we introduced the whole concept of AI services platform. And what we're now starting to see is that concept resonating really well with cloud service providers.

我唯一想補充的是，我們也對目前正在進行的機櫃級混合式伺服器工作感到非常興奮；因為如你所記得，幾個季度前我們提出了 AI 服務平台的整體概念。而我們現在開始看到，這個概念在雲端服務供應商之間引起了非常好的共鳴。

Something that Dinakar has mentioned been mentioning for a while is the faster we can help these Tier 2 players to reduce their ROI through a combination of Blaize hardware and other partner solutions, then the faster we will see the adoption of real-world outcomes from AI being utilized by customers.

Dinakar 提到、也持續提到的一點是：我們越快能透過 Blaize 硬體與其他合作夥伴解決方案的組合，幫助這些 Tier 2 業者降低其投資報酬率（ROI）回收時間，那我們就越快會看到客戶採用 AI 所帶來的真實世界成果。

Okay, great. Thanks for all that, guys. I will jump on the line.

好的，很棒。謝謝各位的說明。我回到隊列。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Thanks for taking the question. I wanted to pick up where you left off talking about AI services and just clarify, inside of the expectation for $130 million in revenues this year, what have you incorporated for AI services?

謝謝讓我提問。我想接續你們剛才談到 AI 服務的部分，並釐清一下：在今年預期 1.3 億美元營收的假設中，你們納入了多少 AI 服務？

If I take a combination of the hardware and some of the software, probably about 15% to 20%.

如果把硬體和部分軟體合在一起，大概約 15% 到 20%。

Got it. And then another lens into the $130 million, we've got more HBM-dependent configurations and HBM free configurations. If we look at the $130 million on the systems side of the business away from services, how does the expectation split between what's dependent upon HBM and what would be HBM free?

了解。再從另一個角度看 1.3 億美元：我們有較依賴 HBM 的配置，以及不需要 HBM 的配置。如果我們只看系統端業務（不含服務）的這 1.3 億美元，預期在依賴 HBM 與不需要 HBM 之間的拆分會是如何？

So if you'd asked me this question maybe three, four months ago, I would have said a large portion of the NeoTensr early contract that we've got would be more HBM intensive. What's actually forcing a faster adoption of -- towards our hybrid solutions is the fact that these servers are now becoming uneconomic for some of the smaller players.

如果你在三、四個月前問我這個問題，我會說我們拿到的 NeoTensr 早期合約中有很大一部分會更偏 HBM 密集。但實際上，促使市場更快轉向我們混合式解決方案的原因，是這些伺服器對某些較小型的業者而言現在變得不具經濟性。

So out of the $130 million, maybe 20% or so would be the HBM sort of intensive stuff. But I'd see -- I'd expect to see a migration. Our servers start to come on stream in the second half of this year and at scale. And the faster we can get that done, the faster we can make sure that our own supply chain is unencumbered, then that transition will happen that much faster.

所以在 1.3 億美元之中，大概 20% 左右會是那種 HBM 較密集的部分。但我會看到——我預期會出現一個遷移。我們的伺服器會在今年下半年開始上線，並且以規模化供應。而我們越快把這件事做成、越快確保我們自己的供應鏈不受掣肘，那個轉換就會發生得越快。

Yes. Just to add that quite a bit of momentum around our -- the fact that we were able to demonstrate a real end business case return on investment using DDR technology. I think that's actually resonating well with customers. So majority of the $130 million is based on DDR, LPDDR kind of memories.

是的。再補充一下，我們目前有相當大的動能，來自於——我們能用 DDR 技術展示一個真實的終端商業案例投資報酬率。我認為這點確實很能引起客戶共鳴。所以 1.3 億美元中的大多數，是以 DDR、LPDDR 這類記憶體為基礎。

(Operator Instructions)

（接線員指示）

Scott Searle, ROTH.

Scott Searle，ROTH。

Hey, good afternoon. Thanks for taking the questions. Hey, guys, maybe just a couple of follow-ups on Blaize AI services. I wanted to clarify in terms of the ramping recurring model, is that revenue share? Or is that going to be purely capacity driven?

嗨，午安。謝謝讓我提問。各位，可能再追問 Blaize AI 服務的幾點。我想釐清一下，關於逐步放量的經常性模式，那是收入分成（revenue share）嗎？還是會完全由容量（capacity）驅動？

And then also to follow up on a couple of the earlier questions, I think you said, Harminder, about 15% to 20% would be tied to that either in CapEx or otherwise in calendar '26. Is all of that to occur in the fourth quarter? And then what's the early thought process then in 2027? You said it would be significant. Just wondering if you could frame it for us. And then I had a couple of follow-ups.

另外也延續前面幾個問題，我想你說過，Harminder，大約 15% 到 20% 會與此相關，不論是 CapEx 或其他，發生在 2026 年曆年。那這些是否都會在第四季發生？那對 2027 年的初步想法是什麼？你說會很顯著。想請你幫我們框架一下。然後我還有幾個追問。

Okay, sure. So the recurring revenue is partially revenue share, but we also have developed a very rich library of AI models, which we're already monetizing with some of the sales that we've made so far. So it's going to be a combination of the particular deals that we strike with the partners that we've got in cloud service providers, the cloud service provider partners that we get through rev share, through licensing of some of those libraries that we've developed. And then in -- yes, the 15% to 20%, I expect largely in Q4. It's just a question of when those servers of ours become available at scale.

好的，當然。所以經常性收入部分是收入分成的一部分，但我們也建立了一個非常豐富的 AI 模型庫，而我們已經在目前為止的一些銷售中將其變現。因此會是多種方式的組合：取決於我們與雲端服務供應商夥伴所達成的具體交易條款——我們會透過收入分成、以及對我們所開發的部分模型庫進行授權來取得收入。至於——是的，那 15% 到 20% 我預期主要會在第四季。這只是取決於我們的伺服器何時能以規模化供應。

Got you. And in the past, you guys have talked about a total qualified opportunity pipeline. I'm wondering if you could give us some indication in the ballpark of where that might be. And Dinakar, there were a couple of comments that I found interesting. I think you referenced the United States. some opportunities. I wonder if you could talk about the application in the end market.

了解。而且過去你們曾談到一個「合格機會」的總管線。我想請問你們能否給我們一個大致的區間，說明那可能落在哪裡。另外，Dinakar，你有幾點評論我覺得很有意思。我想你提到了美國的一些機會。想請你談談在終端市場的應用。

And I think specifically, you said within Europe, more edge AI applications, and you've mentioned drones a couple of times. I'm wondering how small and scalable do the solutions go? Are you going out to the drones themselves in ruggedized applications? Or is it an other infrastructure that ends up being drone detection?

我想更具體地說，你提到在歐洲有更多邊緣 AI 的應用，而且你也提到無人機好幾次。我想請問解決方案可以做到多小、可擴展到什麼程度？你們會把它部署到無人機本體上、用於耐候/強固型（ruggedized）應用嗎？還是會是其他基礎設施，最後用來做無人機偵測？

So the combination of both. If you see, we do have this small (inaudible) factor, form factor that can go into a drone. So we do have a pipeline based on that. We also have the connectivity layer to a command and control center and where our servers reside. And there, you could do actions like drone detection, any kind of early drone security warning, which is actually quite an interesting use case amidst what's happening globally.

兩者的組合。如果你看，我們確實有這種小型（聽不清）尺寸/外形規格（form factor），可以裝進無人機。所以我們也有基於此的管線。我們也有連接到指揮與控制中心的連線層，而我們的伺服器就部署在那裡。在那裡，你可以做像是無人機偵測、任何形式的早期無人機安全預警等動作；在全球局勢發展之下，這其實是相當有趣的使用案例。

So I'd say it's a combination of both. To the earlier question about U.S., the range of opportunities are from energy-efficient data center. That's one of the initial and driving thing because our servers are inherently lower in power. And therefore, the OpEx for the end cloud service provider and the cloud and the data center operator is much lower. At the same time, using our AI services, they can monetize the infrastructure. So that's driving the U.S. business. And I don't know if you want to.

所以我會說是兩者兼具。回到先前關於美國的問題，機會範圍從節能型資料中心開始。這是其中一個最初且主要的驅動因素，因為我們的伺服器天生就更省電。因此，對終端雲端服務供應商以及雲端與資料中心營運商而言，營運支出（OpEx）會低很多。同時，透過我們的 AI 服務，他們也能將基礎設施變現。這就是推動美國業務的因素。我不知道你是否想要……

Yes. So you asked about the pipeline. So look, pipeline is constantly evolving. For us, it's a sizable number. We -- and we're prioritizing the near-term opportunities and particularly those that leverage our -- the hybrid AI services advantages. What we are transitioning to focus on, and I'll talk -- start to talk a lot more about this on the next call is about our contracts and POs, about our bookings, about backlog and revenue. I think these are much more meaningful metrics that enable folks like yourselves and investors to get a sense of where the revenue growth is -- how the revenue growth is developing.

是。你問到管線。你看，管線是持續在演變的。對我們來說，這是一個相當可觀的數字。我們——我們正在優先處理近期機會，特別是那些能發揮我們——混合式 AI 服務優勢的機會。我們正在轉型、聚焦的方向——我也會在下一次電話會議開始更常談到——是我們的合約與採購單（PO）、我們的接單（bookings）、在手訂單（backlog）與營收。我認為這些是更有意義的指標，能讓像各位以及投資人更清楚掌握營收成長——以及營收成長的發展情況。

Very helpful. And lastly, if I could, I'll throw out one more. Just the competitive landscape, it's rapidly shifting. It's rapidly evolving out there in terms of edge AI and data center hybridization. I'm wondering who you're seeing on the short list and who you're really competing against besides the large obvious guys?

非常有幫助。最後，如果可以的話，我再丟一個問題。競爭態勢正在快速變動。在邊緣 AI 與資料中心混合化方面，外部環境正在迅速演進。我想請問你們在短名單上看到的是哪些對手？除了那些顯而易見的大型業者之外，你們主要是在跟誰競爭？

So we're actually complementing quite a bit of GPU-based designs. So people look at us as a healthy way to reduce both CapEx and OpEx. So that's one. The second piece is often the discussions are around, hey, I have these enterprises, right? They really care about the use case that they're trying to solve within a certain CapEx and OpEx budget.

其實我們在很大程度上是在補足以 GPU 為基礎的設計。所以大家把我們視為一種健康的方式，能同時降低資本支出（CapEx）與營運支出（OpEx）。這是第一點。第二個部分，討論常常會圍繞著：嘿，我有這些企業客戶，對吧？他們非常在意要在一定的 CapEx 與 OpEx 預算內，解決他們想解決的使用案例。

So really, those are the frameworks that we get in. And then having a programmable solution and the right software and AI services helps us piece together along with our system integrator partners, solutions for the business. So it's less to do with who's a head-on competitor, but more about how we deliver to a certain business value, and that's what is resonating and leading to wins.

所以我們真正切入的就是這些框架。接著，具備可程式化的解決方案，以及正確的軟體與 AI 服務，能幫助我們與系統整合商夥伴一起，為企業拼接出解決方案。因此，重點比較不在於誰是正面交鋒的競爭對手，而在於我們如何交付特定的商業價值；這正是引起共鳴並帶來勝出的原因。

I'm showing no further questions at this time. I would now like to turn it back to Dinakar Munagala for closing remarks.

目前顯示沒有其他問題。現在我想把時間交回給 Dinakar Munagala 做結語。

Thank you for your questions. And let me share a few thoughts before we close. The inference market is now and Blaize is positioned at the center of it. 2025 was a breakout 20x growth year and the contracts and partners that we discussed today are extending the trajectory into 2026. NeoTensr drives our Asia Pacific edge data center expansion with $70 million in total value. Nokia anchors our rack-scale engagements and AI services engagements across cloud service providers and infrastructure partners globally with Datacomm extending our reach across Southeast Asia.

謝謝各位的提問。在結束前，我分享幾點想法。推論（inference）市場已經到來，而 Blaize 正位於其核心。2025 年是突破性的一年，成長 20 倍；而我們今天討論的合約與合作夥伴，正把這條成長軌跡延伸到 2026 年。NeoTensr 以總價值 7,000 萬美元，推動我們在亞太地區的邊緣資料中心擴張。Nokia 以機架級（rack-scale）合作與 AI 服務合作為核心，橫跨全球雲端服務供應商與基礎設施夥伴；Datacomm 則擴大我們在東南亞的觸及範圍。

Winmate brings Blaize into ruggedized platforms for mission-critical operations and embedded edge infrastructure. Customers are validating our hybrid AI rack-scale platform and our AI services layer as the right way to address the inference economy. The momentum is real, and we're excited and we expect to continue this trajectory in the coming quarters. Thank you for your time and continued support.

Winmate 讓 Blaize 進入用於關鍵任務（mission-critical）作業的強固型平台與嵌入式邊緣基礎設施。客戶正在驗證我們的混合式 AI 機架級平台與 AI 服務層，是應對推論經濟（inference economy）的正確方式。這股動能是真實的，我們感到振奮，並預期在接下來幾季持續延續這條軌跡。感謝各位撥冗與持續支持。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。