Blaize Holdings, Inc.

Thank you for standing by and welcome to Blaze's second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Verovice Pozinski, Investor Relations. Please go ahead.

Before we begin the prepared remarks, we would like to remind you that earlier today, Blaze issued a press release announcing its second quarter 2025 results. A corporate overview presentation was published and is available on the Investor Relations section of Blaze's website. Today's earnings call and press release reflect management views as of today and will include statements related to our competitive position, anticipated industry trends, our business and strategic priorities, our financial outlook, and our revenue guidance for the third quarter of 2025 and full fiscal year 2025, all of which constitute forward-looking statements under the federal securities laws. Actual results may differ materially from those or implied by these forward-looking statements due to risks and uncertainties associated with our business. For discussion of the material risks and other important factors that could impact our actual results, please refer to the company's SEC filings and today's press release, both of which can be found on our Investor Relations website. 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 Blaze'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's estimates. These estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from Blaze's internal research. These estimates are based on reasonable assumptions and computations made upon reviewing such data and Blaze's experience in 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. During the call, we will discuss 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 reconciliation of non-GAAP financial measures discussed during this call to the most directly comparable GAAP measures, please refer to today's press release.

Good afternoon, everyone, and thank you for joining us today. Blaze's second quarter of 2025 marks a clear inflection point from building technology to putting it to work. Our hybrid AI strategy has now moved from pilot validation to early-stage deployment with contracted programs underway across industries and regions. For the last 12 months, we've been focused on validation. Now we're shifting to execution at scale. Blaze is now deploying its technologies to advance sovereign AI strategies and power public safety networks. We're not only delivering chips, we're also enabling hybrid AI infrastructure that complements GPU systems powered by a programmable, power-efficient Blaze AI platform. In the last few months, we've locked in two major contracts together worth up to $176 million to be fulfilled through 2026. These contracts send a strong signal that our product market fit and our platform approach complement the global demand for hybrid AI. The first is a $120 million contract with Starshine, building hybrid AI systems across Asia. The second is a $56 million purchase order rolling out sovereign-ready smart infrastructure in South Asia, serving as many as 250,000 cameras for smart traffic and public safety. Both rollouts complement existing GPU systems with Starshine deployments starting in the third quarter and South Asia systems continuing to shift through the third and the fourth quarters of this year. These two significant wins are just the start. In addition to these contracts, we have a robust pipeline of over $725 million in active opportunities through 2027. Today's AI deployments are fundamentally heterogeneous, powered by a mix of hardware types across Edge and cloud. That complexity often creates bottlenecks, especially as organizations run multimodal workloads at the Edge. Blaze's hybrid AI approach answers that need. Our purpose-built platform is built to complement GPU systems and to unlock better performance per watt and more responsive influence. While GPUs handle training jobs and complex AI in the cloud, Blaze handles fast, efficient tasks like processing live video, small language models, or sensor data right where it happens. Delivering a compelling total cost of ownership benefit to customers. Customers aren't replacing infrastructure, they're augmenting it. And Blaze helps them do exactly that. To meet the growing demand for hybrid AI, we're introducing the Blaze AI platform, a -and-play software and hardware stack that makes deployment faster and easier. At its heart is a programmable graph streaming processor, the Blaze GSP, designed for low-power inference where data is created. We combine that with full-stack verticalized software, a low-code software development kit, and a growing partner network to make AI applications deployable out of the box. According to Gartner's 2024 AI services forecast, the combined market across defense, smart cities, retail, industrial, and energy is over $112 billion today. And in its 2024 AI server forecast, Gartner notes that inference systems will outnumber training systems by as much as six to one. That is why the Blaze AI platform is positioned to deliver better performance, lower total cost of ownership, and more deployable solutions at scale. That is how we take customer demand and turn it into deployments quickly and at scale. It is what gives us confidence in the quarters ahead. From day one, my co-founders and I set out to create a programmable architecture to power the physical world, not just through the cloud but with localized intelligent systems. Our vision is to be the trusted AI platform that helps people and machines act on real-time intelligence in every critical industry. Our mission is to deliver energy-efficient, scalable AI infrastructure at the edge and in the cloud. That vision and mission are now coming to life. Our platform is already in the field, validated through the Starshine project and the South Asia Rollout, where hybrid AI is moving from signed contract to real deployment. Whether it's smart infrastructure, autonomous zones, or next generation defense, the common thread is clear. Blaze is enabling real-time intelligence wherever it's needed. Momentum is growing as projects move forward and new opportunities open in Asia, the Gulf, and the Americas. The hybrid AI platform today runs on our current generation chip and we're already developing our next generation chip to keep our strong edge AI position while deepening our reach into cloud-native, enterprise, and data center environments. We believe Blaze is becoming a core part of the AI infrastructure stack, complementing GPU systems, enabling multimodal workloads, and optimizing for power, latency, and cost from edge to cloud. This second quarter was a milestone for us. We secured 176 million dollars in contracts, launched the Blaze AI platform, and proved our -to-market strategy across smart cities, defense, and sovereign AI. Hybrid AI is no longer just a roadmap item. It's in the field, helping to advance national infrastructure and delivering real outcomes. The product is ready. Our partners are aligned, and customer momentum is real. With that, I'll turn it over to Harminder to walk through the financial highlights and updated guidance.