Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 33,219,000	$ 45,781,000
Inventories, net	9,012,000	10,130,000
Prepaid expenses and other current assets	6,423,000	4,003,000
Total current assets	65,381,000	96,607,000
Property and equipment, net	1,378,000	1,226,000
Deferred income tax assets	1,955,000	2,123,000
Operating lease right-of-use assets	1,307,000	1,516,000
Other assets	731,000	739,000
Assets	70,752,000	102,211,000
Current liabilities
Accrued trade payables	1,571,000	22,838,000
Accrued expenses and other current liabilities	7,252,000	6,700,000
Accrued expenses - related party	0	331,000
Operating lease liabilities - current	596,000	644,000
Total current liabilities	26,539,000	43,389,000
Operating lease liabilities	640,000	804,000
Other earnout shares	8,401,000	8,929,000
Polar warrants	8,344,000	8,813,000
Other liabilities	1,383,000	1,276,000
Total liabilities	45,307,000	63,211,000
Commitments and contingencies
Stockholders’ equity:
Common stock - $0.0001 par value; 600,000,000 and 600,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively, and 122,746,757 and 122,043,966 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	12,000	12,000
Additional paid-in capital	684,116,000	675,143,000
Accumulated other comprehensive income	125,000	0
Accumulated deficit	(658,808,000)	(636,155,000)
Total stockholders’ equity	25,445,000	39,000,000
Total liabilities and stockholders’ equity	70,752,000	102,211,000
Nonrelated party
Current assets:
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively	16,727,000	33,363,000
Current liabilities
Accounts payable	12,583,000	8,339,000
Other earnout shares	6,353,000	6,745,000
Related party
Current assets:
Accounts receivable, net of allowance for credit losses of $2,430 and $523, respectively	0	3,330,000
Current liabilities
Accounts payable	180,000	180,000
Other earnout shares	2,048,000	2,184,000
Working Capital Loan
Current liabilities
Working capital loan and advances from related party	1,500,000	1,500,000
Advances from related party
Current liabilities
Working capital loan and advances from related party	$ 2,857,000	$ 2,857,000

Blaize Holdings, Inc. 10-Q/A