Blaize Holdings, Inc.

Good day and thank you for standing by. Welcome to the Blaze Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. I would now like to hand the conference over to your speaker today. Lana Adair, Investor Relations.

Good afternoon, everyone. Thank you for joining Blaze Holdings, Inc.' 's fourth quarter 2025 earnings call. Before we begin the prepared remarks, we would like to remind you that earlier today, Blaze Holdings, Inc. issued a press release announcing its fourth quarter in full results. Earnings materials are available on the Investor Relations section of Blaze Holdings, Inc.' 's website. Today's earnings call and press release reflect management's view as of today only and include statements related to our 2026 financial guidance, revenue, gross margin, competitive position, anticipated industry trends, market opportunities, products, and financing opportunities, all of which constitute forward-looking statements under the federal securities law. 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 Form 10-K for the year ended December 31, 2025, including the risk factors section therein and today's press release, both of which can be found on our investor relations website. Any forward-looking statements that we make on the 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 Holding Inc.' '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 Holdings Inc's internal research. These estimates are based on reasonable assumptions and computations made upon reviewing such data and Blaze Holdings' experience 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 measure, please refer to today's press release. Now I'd like to introduce Dhinakar Munugala, the CEO of Blaze Holdings, Inc.

Good afternoon. Over the course of 2025, we grew our revenue from approximately $1 million in the first quarter to $23.8 million in the fourth quarter. We exceeded the upper end of our revenue guidance, representing approximately 20 times growth over the year. This reflects strong momentum across infrastructure, sovereign AI, and public safety applications. Customers today evaluate AI infrastructure on three things. cost per inference, power efficiency, and revenue per rack. At the same time, many enterprise inference workloads do not require the largest models. We are seeing increasing adoption towards smaller task-specific models that deliver strong results with far greater efficiency and faster time into real business outcomes. That is where Blaze is focused. Over the past several months, we strengthened our execution. We brought on a chief revenue officer, Stephen Patak, to scale our commercial efforts globally. In January, we signed an MOU with Nokia's Asia Pacific Division, and we are now advancing that collaboration through an innovation hub in Singapore to build and validate our combined AI platform. We will launch this at Gitex Asia in Singapore, where we'll present to enterprises, governments, cloud providers, and data center operators across Asia Pacific. We're already seeing early traction taking shape across the region spanning cloud infrastructure, sovereign AI, and real-world applications. Many of these opportunities follow multi-phase models. where our systems expand as workloads grow. One of the most concrete examples is in India, where we signed an MOU with the government of Telangana supporting its AI cloud innovation hub. This foundational platform spans mining safety, smart cities, and agriculture. where we jointly enable real-time intelligence of worker safety, equipment operations, and environmental conditions. In China, we are also expanding our footprint with regional solution providers focused on AI data center build-out, driving assisted living and smart community solutions in patient safety and remote monitoring with enterprise engagements underway. In Korea, we are working with solution partners like GSIL, specializing in factory safety and industrial monitoring. Across Southeast Asia and Australia, we are working with Nokia and Vertical Systems Integrators to explore AI use cases in urban safety, retail analytics, maritime infrastructure, and airport security. In the US, Europe, and Latin America, We're expanding engagements across enterprise and data center environments focused on AI infrastructure, public safety, industrial robotics, and autonomous operations. And for the third consecutive year, we will showcase our solutions at ISC West, the largest converged security trade show. The Middle East and North Africa continues to be a strong growth market. Governments and enterprises are investing in security, visibility, and sovereign infrastructure. In Saudi Arabia, we support energy and urban city use cases. In the UAE, we support civil defense, aerial monitoring, and drone detection. In North Africa, we support large-scale industrial ecosystems. Blaze enables real-time detection and monitoring, supporting infrastructure security across energy, industrial, and transportation environments. Our capabilities extend into robotics and autonomous systems. These systems require low latency and efficient inference where hybrid architectures become essential. This shifts AI from centralized data centers to distributed infrastructure. AI infrastructure is no longer limited to hyperscalers. It is now distributed across regional cloud providers, data center operators, and sovereign programs. AI environments today remain highly fragmented. Thousands of vendors deliver narrow AI capabilities focused on vision, documents, identity, or automation. Organizations are left integrating multiple systems before they can deliver real outcomes. The opportunity is to move from fragmented tools to integrated services. These capabilities are consolidating into platforms, and that transition is happening now. What ties all of this together is the underlying economics. At scale, this is about cost, efficiency, and utilization. In our analysis, GPU-only infrastructure can scale revenue, but remains constrained by high and recurring compute cost. By contrast, the Blaze model is designed to be cash flow efficient from the start, driven by lower silicon cost and power efficiency. A hybrid configuration combining GPUs and Blaze inference acceleration can deliver roughly a 50% lower infrastructure cost with approximately 60% lower power consumption or more than 2x improvement in efficiency. To support this model, we are progressing toward the initial release of the Blaze AI Services platform in the second quarter. This is not just about cost, it brings fragmented AI capabilities into a unified services layer and enables customers to move faster from infrastructure to real-world outcomes. The platform combines infant silicon, intelligent software, API-based AI services. For AI providers, instead of relying on GPU rental, Blaze enables operators to monetize AI outcomes. Revenue comes from inference transactions, AI events, and application services. As services scale, revenue grows faster than cost, driving operating leverage and margin expansion. In our analysis, traditional infrastructure models remain cost-constrained over time. The Blaze AI Services model enables more efficient scaling of revenue with improving economics as services grow. This is the difference between scaling compute and scaling a business. AI infrastructure investment continues to expand globally. This phase of the industry is no longer defined by larger models. It is defined by monetizing inference at scale. Platforms that combine efficient architecture with AI services are defining how AI operates today. Blaze is built for that model. Our focus remains on expanding commercial activities, scaling AI services, and converting pipeline into revenue. Thank you. I will now hand this off to our CFO, Harminder Semih.