Johnson Fistel Investigates New Blaize Holdings Disclosures Following 68% Revenue Guidance Cut

SAN DIEGO--(BUSINESS WIRE)--Johnson Fistel, PLLP is investigating whether Blaize Holdings, Inc. (NASDAQ: BZAI) or certain of its executive officers violated federal securities laws in connection with the company’s revenue guidance and disclosures concerning customer agreements, purchase orders, accounts receivable, and pipeline metrics.

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New Blaize Disclosures Being Investigated

On August 13, 2026, Blaize reduced its full-year revenue guidance from $130 million to $40–$43 million, approximately 68% at the midpoint. The CFO said several commercial opportunities “did not materialize as we expected” and that the company had planned on “a regular cadence of purchase orders from customers already under contract.” Management also cited customer delays and higher memory costs and said it had “raised the bar” for opportunities included in guidance.

Blaize’s Form 10-Q disclosed that Starshine issued only one $10.4 million purchase order, of which $8.8 million remained unpaid. The receivable was transferred to Blaize’s wholly owned Chinese subsidiary, and a third-party collections agent was pursuing payment. Blaize warned that there was substantial risk the collection effort might be unsuccessful and fully reserved the receivable. Management said it would not engage further with Starshine unless it paid its outstanding balance, and Blaize stated that it did not expect additional purchase orders.

Regarding NeoTensr, Blaize disclosed that a previous $23.8 million receivable was paid in full, and management stated that second-quarter revenue “was driven by our momentum with NeoTensr.” However, its April 2026 agreement for up to $50 million remained subject to NeoTensr’s issuance of purchase orders. As of August 13, NeoTensr had issued one $13.7 million purchase order. The agreement was amended on August 7 to establish a firm contract with a minimum purchase commitment, also known as a take-or-pay arrangement.

Blaize also said it no longer considered its previously reported pipeline metrics to be key business metrics after determining that they were “not as closely connected with future revenue as previously expected.” The company stated that it did not expect to present those metrics in future filings.

Following the August 13 disclosures, Blaize shares traded below $0.64 on August 14, more than 65% below the May public offering price of $1.85. Johnson Fistel is investigating whether investors received materially accurate and complete information concerning Blaize’s revenue outlook, customer relationships, purchase orders, accounts receivable, and commercial pipeline.

Investors who suffered losses are encouraged to contact the firm.

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Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in litigation involving securities fraud, breaches of fiduciary duty, and other violations of state and federal law.

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