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Backblaze, Inc., a cloud storage platform, provides businesses and consumers cloud services to store, use, and protect data in the United States, the United Kingdom, Canada, and internationally. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides B2 Cloud Storage, which enables customers to store data, developers to build applications, and partners to expand their use cases. In addition, the company offers cloud storage solutions for a range of 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; and Internet of Things. Further, it provides computer backup that automatically backs up data from laptops and desktops for businesses and individuals, which offers a subscription-based software-as-a-service and serves use cases, including MAC and PC backup; ransomware protection; theft and loss recovery; data archiving; organization and managed service provider level management; and remote access. The company serves individuals, developers, MSPS, small and medium-sized businesses, and large enterprises across industries, including media, AI innovators, creative agencies, academic institutions, government agencies, research institutes, and gaming companies. Backblaze, Inc. was incorporated in 2007 and is headquartered in San Francisco, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $146M | $4M | $-26M | $11M | -30.8% | 14.3% | -47.2% |
| 2024 | $128M | $-17M | $-49M | $-2M | -62.5% | 25.1% | -18.7% |
| 2023 | $102M | $-31M | $-60M | $-28M | -132.9% | 19.8% | 16.2% |
| 2022 | $85M | $-27M | $-51M | $-30M | -74.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 85.16 | 102.02 | 127.63 | 145.84 |
| Operating Revenue | - | 85.16 | 102.02 | 127.63 | 145.84 |
| Cost Of Revenue | - | 41.29 | 52.16 | 58.28 | 57.04 |
| Gross Profit | - | 43.86 | 49.86 | 69.34 | 88.79 |
| Operating Expense | - | 91.98 | 107.76 | 115.63 | 112.42 |
| Research And Development | - | 33.11 | 39.53 | 42.10 | 46.11 |
| Selling General And Administration | - | 58.87 | 68.24 | 73.53 | 66.31 |
| Total Expenses | - | 133.27 | 159.92 | 173.92 | 169.46 |
| Operating Income | - | -48.11 | -57.90 | -46.29 | -23.62 |
| Total Operating Income As Reported | - | -48.11 | -57.90 | -46.29 | -23.62 |
| EBITDA | - | -27 | -31.01 | -16.54 | 3.93 |
| Normalized EBITDA | - | -27.96 | -32.99 | -17.96 | 1.97 |
| EBIT | - | -47.15 | -55.92 | -44.87 | -21.66 |
| Interest Expense | - | 4.29 | 3.79 | 3.66 | 3.87 |
| Net Interest Income | - | -4.29 | -3.79 | -3.66 | -3.87 |
| Other Non Operating Income Expenses | -1.44 | - | - | - | - |
| Other Income Expense | - | 0.96 | 1.98 | 1.42 | 1.96 |
| Interest Expense Non Operating | - | 4.29 | 3.79 | 3.66 | 3.87 |
| Net Non Operating Interest Income Expense | - | -4.29 | -3.79 | -3.66 | -3.87 |
| Pretax Income | - | -51.44 | -59.71 | -48.52 | -25.53 |
| Tax Provision | - | -0.04 | 0 | 0.01 | 0.08 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0.30 | 0 |
| Net Income Continuous Operations | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income From Continuing And Discontinued Operation | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income From Continuing Operation Net Minority Interest | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income Common Stockholders | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income Including Noncontrolling Interests | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Normalized Income | - | -52.36 | -61.70 | -49.65 | -27.57 |
| Diluted NI Availto Com Stockholders | - | -51.40 | -59.71 | -48.53 | -25.61 |
| Basic Average Shares | - | 31.66 | 36.01 | 43.54 | 56.21 |
| Diluted Average Shares | - | 31.66 | 36.01 | 43.54 | 56.21 |
| Reconciled Depreciation | - | 20.15 | 24.91 | 28.33 | 25.59 |
| Reconciled Cost Of Revenue | - | 41.29 | 52.16 | 58.28 | 57.04 |
| Total Unusual Items | - | 0.96 | 1.98 | 1.42 | 1.96 |
| Total Unusual Items Excluding Goodwill | - | 0.96 | 1.98 | 1.42 | 1.96 |
| Special Income Charges | 2.30 | 0 | - | - | - |
| Other Special Charges | -2.30 | - | - | - | - |
| Gain On Sale Of Security | - | 0.96 | 1.98 | 1.42 | 1.96 |
| General And Administrative Expense | - | 23.47 | 26.96 | 29.09 | 28.91 |
| Other Gand A | - | 23.47 | 26.96 | 29.09 | 28.91 |
| Selling And Marketing Expense | - | 35.40 | 41.27 | 44.44 | 37.40 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Backblaze, Inc.this co. | BLZE | $503M | -19.64 | 6.04 | -30.8% | 136.25 |
| OneSpan Inc. | OSPN | $546M | 7.49 | 2.01 | 26.8% | 8.00 |
| Ribbon Communications Inc. | RBBN | $541M | 13.64 | 1.20 | 8.8% | 13.99 |
| NVE Corporation | NVEC | $528M | 34.71 | 9.06 | 26.1% | 31.06 |
| Rapid7, Inc. | RPD | $521M | 22.27 | 3.36 |
| - |
| - |
| - |
| - |
| - |
| 15.1% |
| 11.79 |
| Priority Technology Holdings, Inc. | PRTH | $499M | 8.96 | -4.97 | -55.5% | 7.30 |
| Aeluma, Inc. | ALMU | $498M | -164.82 | 27.83 | -16.9% | -261.84 |
| Ooma, Inc. | OOMA | $475M | 73.54 | 5.11 | 7.0% | 28.42 |
| International Money Express, Inc. | IMXI | $456M | 13.95 | 2.83 | 20.3% | 6.62 |
| Peer Median | - | 13.79 | 3.10 | 12.0% | 9.90 | |