Financial Performance - Net revenue for fiscal year 2024 decreased to $1.6 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 $61.2 million, a 30% decrease from the net loss of $87.6 million in the prior year, with financing charges and fair value adjustments of $14.5 million included[5]. - Adjusted EBITDA loss for fiscal year 2024 was $43.3 million, compared to $30.3 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 $3,856,000 in 2023[24]. - Net loss for 2024 was $61,195,000, compared to a net loss of $87,589,000 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 $38,528,000 in 2023[24]. - The company incurred total costs and expenses of $49,189,000 in 2024, an increase of 15.5% from $42,384,000 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, significantly up from $3,213,000 at the end of 2023[26]. - Total current assets increased to $73,690,000 in 2024, compared to $13,049,000 in 2023, marking a growth of 465.5%[22]. - Cash flows used in operating activities were $53,532,000 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 $0.9 million, while fiscal year 2025 revenue guidance ranges from $19 million to $50 million[7]. - Adjusted EBITDA loss for fiscal year 2025 is projected to be between $70 million and $75 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 $25,094,000 in 2024, up 38.5% from $18,115,000 in 2023[24]. - Total liabilities rose to $190,979,000 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].
BurTech Acquisition (BRKH) - 2024 Q4 - Annual Results