Blaize Holdings, Inc. files 10-K

Blaize Holdings, Inc. reported a net loss of $206.9 million for the year ended December 31, 2025, a significant increase from the prior year's loss of $61.2 million, driven by higher operating expenses and transaction costs. The company has substantial revenue concentration with two customers in China accounting for 88.5% of its 2025 revenue. Management has identified substantial doubt about the company's ability to continue as a going concern due to its history of operating losses and negative cash flows from operations.