Revenue and Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographic Location

The following table sets forth the Company’s revenue disaggregated by geographical location, determined by reference to the customer’s shipping location for the years ended December 31, 2025 and 2024:


	For the Year Ended December 31,
(Amounts in thousands, except for percentages)	2025		%	2024		%
China	$	35,155	91.00%	$	—	—	%
United States	3,327		8.61%	1,215		78.19	%
Japan	3		0.01%	332		21.36	%
Other	147		0.38%	7		0.45	%
Total revenue	$	38,632		$	1,554

Schedule of Disaggregation of Revenue

The following table sets forth the Company’s revenue disaggregated based on the method of revenue recognition for the years ended December 31, 2025 and 2024:


	For the Year Ended December 31,
(Amounts in thousands)	2025		2024
Revenue recognized at a point in time	$	38,606	$	361
Revenue recognized over time	26		1,193
Total revenue	$	38,632	$	1,554

Schedule of Revenue by Major Customers

The following table sets forth a summary of the Company’s revenue concentration by customer for the years ended December 31, 2025 and 2024:


	For the Year Ended December 31,
(Amounts in thousands, except for percentages)	2025		%	2024		%
Customer A (1)	$	—	—%	$	1,193	76.77%
Customer B (1)	—		—%	332		21.36%

Customer C	10,444		27.03%	—		—%
Customer D	23,750		61.48%	—		—%
Others (2) (3)	4,438		11.49%	29		1.87%
Total revenue	$	38,632		$	1,554

(1) Customers A and B are related parties to the Company.

(2) Each of the customers within “Others” comprised less than 10% of revenue each.

(3) During the year ended December 31, 2025, “Others” included $3.4 million in revenue from a related party.

Schedule of Provision for Credit Losses

The balances and activity within the Company’s provision for credit losses as of and for the years ended December 31, 2025 and 2024 are set forth as follows:


(Amounts in thousands)
Balance, January 1, 2024	$	—
Additions to provision for credit losses	420
Write-off activity	—
Balance, December 31, 2024	$	420
Additions to provision for credit losses	523
Additions to provision for credit losses - related party	34
Write-off activity	(420)
Balance, December 31, 2025	$	557

Schedule of Accounts Receivable by Major Customer

The following table sets forth the summary of the Company’s concentration of accounts receivable, including accounts receivable due from a related party, by customer, as of the year ended December 31, 2025:


	As of December 31,
(Amounts in thousands, except for percentages)	2025		%
Customer A	$	—	—%
Customer B	—		—%

Customer C (1)	8,844		23.7%
Customer D (1) (2)	23,750		63.8%

Others (3) (4)	4,656		12.5%
Total accounts receivable, including due from related party	$	37,250
Less: provision for credit losses:	(557)
Accounts receivable, net, including due from related party	$	36,693

(1) The geographic concentration of these accounts receivable is from customers located in China.

(2) Subsequent to December 31, 2025, the Company received payments of $15.2 million from this customer.

(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance.

(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.

Blaize Holdings, Inc. 10-K