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Backblaze, Inc.

Backblaze, Inc.

NASDAQ•BLZE
CEO: Mr. Gleb Budman
Sector: Technology
Industry: Software - Infrastructure
Listing Date: 2021-11-11
Backblaze, Inc., a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States, Canada, and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. This service is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases, such as public, hybrid, and multi-cloud data storage; application development and DevOps; content delivery and edge computing; security and ransomware protection; media management; backup, archive, and tape replacement; repository for analytics, artificial intelligence and machine learning; and Internet of Things. In addition, the company offers Backblaze Computer Backup that automatically backs up data from laptops and desktops for businesses and individuals, which provides a subscription-based Software-as-a-Service and serves use cases, including computer backup, ransomware protection, theft and loss protection, and remote access. It serves the public cloud IaaS storage and Data-Protection-as-a-Service markets. The company was incorporated in 2007 and is headquartered in San Mateo, California.
Contact Information
201 Baldwin Ave., San Mateo, CA, 94401, United States
650-352-3738
www.backblaze.com
Market Cap
$527.43M
P/E (TTM)
-11.9
79.7
Dividend Yield
--
52W High
$10.86
52W Low
$3.94
52W Range
78%
1.2
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Weak • 1.2 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2024

Financial Dashboard

Q2 2025 Data

Revenue

$36.30M+16.02%
4-Quarter Trend

EPS

-$0.13-48.00%
4-Quarter Trend

FCF

$700.00K-151.85%
4-Quarter Trend

2025 Q2 Earnings Highlights

Key Highlights

Adjusted EBITDA Margin Doubles Adjusted EBITDA 6.6M USD, up 141% from 2.7M USD; Adjusted EBITDA Margin 18%, doubling 9% margin.
Gross Margin Significantly Improves Gross margin 63%, up 8 percentage points from 55% in Q2 2024, driven by infrastructure useful life extension.
B2 Cloud Storage Revenue Jumps Total revenue 36.3M USD, up 16%; B2 Cloud Storage revenue 19.8M USD, accelerating 29% growth.
Annual Recurring Revenue Rises Total Annual Recurring Revenue 145.9M USD, increasing 16% from 126.3M USD, indicating strong platform adoption.

Risk Factors

Net Revenue Retention Rate Drops Total Net Revenue Retention Rate 109%, down from 114%; B2 NRR 112%, down from 126%, due to price increase impact.
Intense Cloud Storage Competition Markets highly competitive with low barriers to entry; larger competitors like AWS, Google, Azure pose significant risk.
Supply Chain Disruption Risk Heavy reliance on limited third-party vendors for hard drives and data center infrastructure exposes business to disruptions.
Continued Net Losses Expected Net loss (7.1M USD) in Q2 2025; accumulated deficit 212.4M USD; profitability not expected in foreseeable future.

Outlook

Accelerating Up-Market Transformation Continued investment in R&D and infrastructure to support up-market expansion, AI workloads, and new product launches.
$10M Share Repurchase Approved Board approved $10.0M USD share repurchase through August 2026 to reduce stock-based compensation dilution impact.
Capital Expenditures Expected Increase Expect capital expenditures to increase in coming quarters to support new B2 Overdrive offering and up-market strategy.
Expanding International Operations Plan to invest in international operations, expanding into key geographies, evidenced by new Canada data center region.

Peer Comparison

Revenue (TTM)

Bakkt Holdings, Inc.BKKT
$3.78B
+111.8%
Endava plcDAVA
$1.00B
+4.3%
Consensus Cloud Solutions, Inc.CCSI
$349.60M
-1.2%

Gross Margin (Latest Quarter)

Bakkt Holdings, Inc.BKKT
95.3%
+91.7 pp
Consensus Cloud Solutions, Inc.CCSI
79.9%
-0.5 pp
Domo, Inc.DOMO
74.8%
+0.5 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CINT$613.41M29.911.0%28.3%
CCSI$564.00M7.1-130.6%1.7%
BLZE$527.43M-11.9-62.7%33.1%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
+3.7%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $36.30M+16.0%
    |
    EPS: $-0.13-48.0%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 7, 2025|
    Revenue: $34.61M+15.5%
    |
    EPS: $-0.17-37.0%
    Miss
  • Form 10-K/A - FY 2024

    Period End: Dec 31, 2024|Filed: May 7, 2025|
    Revenue: $127.63M+25.1%
    |
    EPS: $-1.11+33.1%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 11, 2025|Refer to amended data
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 7, 2024|
    Revenue: $32.59M+28.8%
    |
    EPS: $-0.29-34.1%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $31.29M+27.2%
    |
    EPS: $-0.25-39.0%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $29.97M+28.1%
    |
    EPS: $-0.27-50.0%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 1, 2024|
    Revenue: $102.02M+19.8%
    |
    EPS: $-1.66-1.8%
    Miss