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Institutional distribution: ownership decreased -0.69% quarter-over-quarter.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Top 23 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-08-05 · 44d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $38.6M 100.0% | $1.6M 100.0% | — | — |
| Cost of Revenue | $32.4M 84.0% | $579K 37.3% | — | — |
| Gross Profit | $6.2M 16.0% | $975K 62.7% | — | — |
| Research & Development | $42.5M 110.1% | $25.1M 1614.8% | — | — |
| Total Operating Expenses | $110.0M 284.8% | $48.6M 3128.1% | — | — |
| Operating Income | -$103.8M -268.8% | -$47.6M -3065.3% | -$3.4M | -$1.5M |
| Interest & Investment Income | — | $2.5M 158.6% | $5.8M | $4.0M |
| Other Income (Expense), net | -$102.8M -266.2% | -$14.5M -933.8% | $5.8M | $4.0M |
| Pretax Income | -$206.7M -535.0% | -$62.1M -3999.2% | $2.4M | $2.5M |
| Income Tax Expense | $217K 0.6% | -$952K -61.3% | $1.0M | $792K |
| Net Income | -$206.9M -535.6% | -$61.2M -3937.9% | $1.3M | $1.7M |
| Per Share | ||||
| EPS (Basic) | $-1.98 | $-3.50 | — | — |
| EPS (Diluted) | $-1.98 | $-3.50 | — | — |
| Weighted Avg Shares (Basic) | 104.3M | 17.5M | — | — |
| Weighted Avg Shares (Diluted) | 104.3M | 17.5M | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$75M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -531%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-08-05
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Cost of Revenue | — | — | 37.3 | 84.0 |
| Gross Profit | — | — | 62.7 | 16.0 |
| R&D | — | — | 1614.8 | 110.1 |
| Operating Income | — | — | -3065.3 | -268.8 |
| Income Tax | — | — | -61.3 | 0.6 |
| Net Income | — | — | -3937.9 | -535.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BZAIW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.