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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% | - |
| 2024 | $128M | $-17M | $-49M | $-2M | -62.5% | 25.1% | - |
| 2023 | $102M | $-31M | $-60M | $-28M | -132.9% | 19.8% | - |
| 2022 | $85M | $-27M | $-51M | $-30M | -74.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -48.11 | -57.91 | -46.29 | -23.62 |
| EBITDA | -27 | -31.01 | -16.54 | 3.93 |
| EBIT | -47.15 | -55.92 | -44.87 | -21.66 |
| Pretax Income | -51.44 | -59.71 | -48.52 | -25.53 |
| Tax Provision | -0.04 | 0 | 0.01 | 0.08 |
| Net Income | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income Common Stockholders | -51.40 | -59.71 | -48.53 | -25.61 |
| Total Expenses | 133.27 | 159.92 | 173.92 | 169.46 |
| Interest Expense | 4.29 | 3.79 | 3.66 | 3.87 |
| Research And Development | 33.11 | 39.53 | 42.10 | 46.11 |
| Selling General And Administration | 58.87 | 68.23 | 73.53 | 66.31 |
| Normalized EBITDA | -27.96 | -32.99 | -17.96 | 1.97 |
| Normalized Income | -52.36 | -61.70 | -49.65 | -27.57 |
| Basic EPS | -1.63 | -1.63 | -1.11 | 0 |
| Diluted EPS | -1.63 | -1.63 | -1.11 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0.30 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0.21 | 0 |
| Total Unusual Items | 0.96 | 1.98 | 1.42 | 1.96 |
| Total Unusual Items Excluding Goodwill | 0.96 | 1.98 | 1.42 | 1.96 |
| Net Income From Continuing Operation Net Minority Interest | -51.40 | -59.71 | -48.53 | -25.61 |
| Reconciled Depreciation | 20.15 | 24.91 | 28.33 | 25.59 |
| Reconciled Cost Of Revenue | 41.29 | 52.16 | 58.28 | 57.04 |
| Net Interest Income | -4.29 | -3.79 | -3.66 | -3.87 |
| Net Income From Continuing And Discontinued Operation | -51.40 | -59.71 | -48.53 | -25.61 |
| Total Operating Income As Reported | -48.11 | -57.91 | -46.29 | -23.62 |
| Diluted Average Shares | 31.66 | 36.01 | 43.54 | 0 |
| Basic Average Shares | 31.66 | 36.01 | 43.54 | 0 |
| Diluted NI Availto Com Stockholders | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income Including Noncontrolling Interests | -51.40 | -59.71 | -48.53 | -25.61 |
| Net Income Continuous Operations | -51.40 | -59.71 | -48.53 | -25.61 |
| Other Income Expense | 0.96 | 1.98 | 1.42 | 1.96 |
| Other Non Operating Income Expenses | 0 | 0 | 0 | 0 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Other Special Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0.96 | 1.98 | 1.42 | 1.96 |
| Net Non Operating Interest Income Expense | -4.29 | -3.79 | -3.66 | -3.87 |
| Interest Expense Non Operating | 4.29 | 3.79 | 3.66 | 3.87 |
| Selling And Marketing Expense | 35.40 | 41.27 | 44.44 | 37.40 |
| General And Administrative Expense | 23.47 | 26.96 | 29.09 | 28.91 |
| Other Gand A | 23.47 | 26.96 | 29.09 | 28.91 |
| Operating Revenue | 85.16 | 102.02 | 127.63 | 145.84 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Backblaze, Inc.this co. | BLZE | $251M | - | 2.95 | -30.8% | -48.22 |
| Methode Electronics, Inc. | MEI | $271M | - | 0.40 | -9.0% | 12.89 |
| Conduent Incorporated | CNDT | $265M | - | 0.39 | -24.8% | 18.79 |
| Asure Software, Inc. | ASUR | $264M | - | 1.31 | -6.6% | 17.27 |
| 8x8, Inc. | EGHT | $254M | - | 1.77 |
| -22.3% |
| 14.50 |
| Bakkt, Inc. | BKKT | $240M | - | 1.78 | -95.1% | -1.84 |
| Inseego Corp. | INSG | $240M | - | -56.24 | -20.7% | 43.80 |
| Blaize Holdings, Inc. | BZAI | $234M | - | 5.97 | -530.5% | -2.12 |
| M-tron Industries, Inc. | MPTI | $233M | 24.96 | 3.42 | 13.4% | 18.05 |
| Peer Median | - | 24.96 | 1.54 | -21.5% | 15.88 | |