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BurTech Acquisition (BRKH) - 2024 Q4 - Annual Results
BRKHBurTech Acquisition (BRKH)2025-03-27 21:28

Financial Performance - Net revenue for fiscal year 2024 decreased to 1.6millionfrom1.6 million from 3.9 million in the prior year, primarily due to the completion of Phase I of a multi-year program with a major European automotive OEM[5]. - Net loss for fiscal year 2024 was 61.2million,a3061.2 million, a 30% decrease from the net loss of 87.6 million in the prior year, with financing charges and fair value adjustments of 14.5millionincluded[5].−AdjustedEBITDAlossforfiscalyear2024was14.5 million included[5]. - Adjusted EBITDA loss for fiscal year 2024 was 43.3 million, compared to 30.3millionforfiscalyear2023[5].−TotalrevenuefortheyearendedDecember31,2024,was30.3 million for fiscal year 2023[5]. - Total revenue for the year ended December 31, 2024, was 1,554,000, a decrease of 59.7% compared to 3,856,000in2023[24].−Netlossfor2024was3,856,000 in 2023[24]. - Net loss for 2024 was 61,195,000, compared to a net loss of 87,589,000in2023,representinga30.287,589,000 in 2023, representing a 30.2% improvement[24]. - The company reported a loss from operations of 47,635,000 in 2024, compared to a loss of 38,528,000in2023[24].−Thecompanyincurredtotalcostsandexpensesof38,528,000 in 2023[24]. - The company incurred total costs and expenses of 49,189,000 in 2024, an increase of 15.5% from 42,384,000in2023[24].CashandAssets−AsofDecember31,2024,Blaize′scashandcashequivalentswere42,384,000 in 2023[24]. Cash and Assets - As of December 31, 2024, Blaize's cash and cash equivalents were 50.2 million[5]. - Cash and cash equivalents at the end of 2024 were 50,237,000,significantlyupfrom50,237,000, significantly up from 3,213,000 at the end of 2023[26]. - Total current assets increased to 73,690,000in2024,comparedto73,690,000 in 2024, compared to 13,049,000 in 2023, marking a growth of 465.5%[22]. - Cash flows used in operating activities were 53,532,000in2024,comparedto53,532,000 in 2024, compared to 27,955,000 in 2023, indicating a higher cash burn rate[26]. Future Guidance - For Q1 2025, total revenue is guided at 0.9million,whilefiscalyear2025revenueguidancerangesfrom0.9 million, while fiscal year 2025 revenue guidance ranges from 19 million to 50million[7].−AdjustedEBITDAlossforfiscalyear2025isprojectedtobebetween50 million[7]. - Adjusted EBITDA loss for fiscal year 2025 is projected to be between 70 million and 75million[7].PartnershipsandMarketInterest−BlaizehasestablishedpartnershipswithKAIST,alwaysAI,VSBLTY,andTurboFederaltoenhanceAIedgecomputingapplicationsandsecurecontractswiththeU.S.DepartmentofDefense[9].−ThecompanyisexperiencingstrongmarketinterestinAIattheedge,particularlyinsectorssuchasSmartCities,defense,andautomotive[6].CorporateDevelopments−Blaize′sbusinesscombinationwithBurTechAcquisitionCorp.wascompletedinJanuary2025,positioningthecompanyforexpandedcustomerengagement[3].−Blaizehasraisedover75 million[7]. Partnerships and Market Interest - Blaize has established partnerships with KAIST, alwaysAI, VSBLTY, and Turbo Federal to enhance AI edge computing applications and secure contracts with the U.S. Department of Defense[9]. - The company is experiencing strong market interest in AI at the edge, particularly in sectors such as Smart Cities, defense, and automotive[6]. Corporate Developments - Blaize's business combination with BurTech Acquisition Corp. was completed in January 2025, positioning the company for expanded customer engagement[3]. - Blaize has raised over 330 million from strategic and financial investors, enhancing its financial stability and growth potential[10]. Expenses and Liabilities - Research and development expenses increased to 25,094,000in2024,up38.525,094,000 in 2024, up 38.5% from 18,115,000 in 2023[24]. - Total liabilities rose to 190,979,000in2024,upfrom190,979,000 in 2024, up from 71,852,000 in 2023, an increase of 165.5%[22]. - The weighted-average shares used in computing net loss per share increased to 17,476,105 in 2024 from 4,213,244 in 2023[24].