Blaize Holdings, Inc.

Hello, and welcome to the Blaze Third Quarter 2025 Earnings Conference Call. At this time, all participants are in 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 11 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your question, please press star 11. is being recorded. It is now my pleasure to introduce Veronese Palzynski, Investor Relations.

Before we begin the prepared remarks, we would like to remind you that earlier today, Blaze issued a press release announcing its third quarter 2025 results. Earnings materials are available on the Investor Relations section of Blaze's website. Today's earnings call and press release reflect management's views as of today only. 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 fourth quarter of 2025 and full year 2025, all of which constitute forward-looking statements under the federal securities laws. 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 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 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 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.

Good afternoon, everyone, and thank you for joining us today. Q3 was a breakout quarter for Blaze, defined by strong execution, commercial traction, and expanded global visibility. We delivered a solid quarter with revenue of $11.9 million, up 499% from Q2. We further expect the Q4 revenue to double from here. To support this acceleration following the close of Q3, we secured a $30 million investment from Polar Asset Management Partners to scale commercialization and the next generation chip development as we scale into 2026. Together, these results mark a step forward from validation to scale, demonstrating growing customer adoption and investor confidence in Blaze's strategy and solutions. We strengthened our ecosystem through two new key partnerships. First, we announced a collaboration with Technology Control Company, or TCC, Second, we formalized a partnership with Reach Digital, the digital transformation arm of Reach Group, a subsidiary of international holding company or IHC, one of the largest investment holding with market capitalization of $240 billion. Blaze's presence on the global stage continues to expand. We participated in the world's most influential innovation forums, the Milken Institute Asia Summit 2025, the JITEX Global 2025 in the Middle East, and the Web Summit 2025 in Europe, each reinforcing Blaze's growing role in shaping the future of efficient and deployable AI. Together, these achievements reflect a company executing with discipline and scale and demonstrate validation of the Blaze hybrid AI platform through active deployments across key industries and geographies. They also validate the next chapter in AI's evolution, a new paradigm we call practical AI. This marks a turning point for the industry, from large models to practical outcomes, and from dependence on the cloud to sovereign AI infrastructure that organizations can now own and control. We call this next phase practical AI, AI that is useful, deployable, and sustainable at scale. First, practical AI is business-driven and outcome-focused. It solves problems that improve safety, productivity, and efficiency, helping customers optimize costs and create value across sectors such as smart infrastructure, defense, and industrial automation. Enterprises are prioritizing energy-efficient, cost-calible inference while governments are investing in sovereign AI infrastructure that they can own and operate end-to-end. Second, it is hybrid by design. It combines heterogeneous compute, our graph streaming processor, alongside GPUs and CPUs, giving customers flexibility to choose the right fit hardware for each deployment, balancing performance, cost, and efficiency from cloud to edge. Third, it is efficient. Practical AI delivers a clear total cost of ownership advantage, achieving better performance per watt while reducing energy consumption and maintaining responsiveness. Efficiency defines the economics of AI at scale, enabling sustainable and sovereign deployments that work in the real world. Together, these principles, business driven, hybrid and efficient, define what practical AI means to our customers and partners. Let me highlight a few programs that illustrate our progress. First, Starshine Hybrid AI Infrastructure, a $120 million collaboration with initial shipments in Q3 2025 and continuing through 2026. The partnership will focus on building AI infrastructure for smart city development, industrial automation, and public services across Asia. Second, TCC, the Saudi Arabia Sovereign AI Infrastructure, announced in September. This partnership positions Blaze as a technology enabler of Saudi Arabia's Vision 2030. TCC is working with us to build hybrid AI infrastructure. Together, we are developing energy-efficient AI systems to accelerate adoption across the kingdom's public safety and infrastructure sectors. Third, Jota Smart Infrastructure, Our AI-powered public safety rollout across India continues to advance. We are fulfilling Yorta's purchase order and expect initial deliveries completed this year. Fourth, new partnership with Reach Group, announced recently at JITEX Global 2025, strengthens Blaze's position in the Middle East through collaboration on practical AI solutions and regional infrastructure initiatives. Beyond these programs, we continue to expand our engagement worldwide through workshops with data center providers, sovereign operators, and system integrators, while advancing proof of concept work in next-generation smart radar, facial recognition, and vision AI. Together, these initiatives strengthen Blaze's position as a practical, sovereign-ready AI platform partner, helping governments and enterprises deploy AI securely, efficiently, and at scale. On the technology front, Q3 was about execution. We continued the commercial rollout of the Blaze AI platform, integrating hardware, software, and orchestration into one unified stack that simplifies deployment and accelerates time to value. The platform's orchestration layer gives customers' flexibility for model packaging, deployment, and optimization across diverse environments. In hybrid AI infrastructure, Blazor's GSPs and GPUs work together, complementing each other to boost inference, performance, and power efficiency. At rack scale, this combined architecture delivers up to 2.4 times higher performance per rack and up to three times better power efficiency, enabling greater performance per watt and lower total cost in real-world deployments. At Gitex Global 2025, we showcase these capabilities in live demonstrations from city safety analytics and incident detection to autonomous mobility, including ruggedized systems that operate reliably in environments up to 70 degrees Celsius. We are also continuing development of our next generation chip, working closely with ecosystem partners to extend our leadership in low-power programmable AI. Next, we have strengthened our capital position. Earlier this week, we announced a $30 million private placement investment from Polar Asset Management Partners, reinforcing confidence in Blaze's long-term strategy and market opportunities. This new funding provides flexibility to advance commercialization to fulfill customer programs and accelerate next generation platform. It positions us to accelerate the future of silicon development, expand ecosystem partnerships, and continue executing with financial discipline. Looking ahead, we expect continued growth momentum in Q4 and into 2026. Our priorities are clear, KL deployments expand revenue through integrated AI solutions, and advance development of our next-generation GSP architecture. In 2026, our focus turns to global expansion of practical AI, delivering solutions that are efficient, scalable, and sovereign capable. We will deepen partnerships to drive adoption across key sectors such as urban AI, infrastructure build-out, defense, and retail. Our strategy centers on hybrid AI deployments that combine the strengths of Blaze's GSPs and GPUs across heterogeneous environments, enabling secure, energy efficient and programmable AI infrastructure. Blaze is helping leading this shift towards real world, sustainable and sovereign AI that bridges innovation with impact and turns technology into tangible progress for industries and societies. We reported revenue of $11.9 million for the third quarter, reflecting strong execution and continued growth. With that, I'll turn it over to Harminder to walk through the financial highlights and our outlook for the remainder of the year.