Backblaze, Inc. BLZE
We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence ("AI") era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost. Our mission is to make customers succeed by solving their toughest data storage challenges. We aim to achieve this mission through our purpose-built, web-scale software infrastructure, which is essential to the global data center and compute infrastructure buildout.
We provide cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We believe that by offering a cloud storage solution optimized for price-to-performance at scale, engineered for efficiency, and priced predictably, we substantially reduce the cost, complexity and frustration of storing, using, and protecting data, and we empower customers to focus on their core business operations. Customers use us to support their AI workflows, help ensure the cyber-resilience of their organizations, streamline their media workflows, and enable a variety of other data-focused application and information technology ("IT") needs. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2025, and our direct sales activities have historically supported us in acquiring larger customers, including leading neocloud platforms via our Powered by Backblaze program. As we move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these. Our customers use our Backblaze Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of approximately 5 billion gigabytes of data storage under management.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Other
- United Kingdom
- Canada
| Region | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | $104.6M | $94.3M | $73.3M |
| Other | $27.1M | $20.8M | $18.3M |
| United Kingdom | $7.5M | $6.7M | $5.5M |
| Canada | $6.6M | $5.8M | $5.0M |
As the company reported it, from the “Revenues - Schedule of Revenue by Geographic Area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $145.8M | $127.6M | $102.0M | $85.2M | $67.5M | $53.8M | — |
| Cost of revenue | $57.0M | $58.3M | $52.2M | $41.3M | $33.1M | $25.8M | — |
| Gross profit | $88.8M | $69.3M | $49.9M | $43.9M | $34.3M | $28.0M | — |
| R&D | $46.1M | $42.1M | $39.5M | $33.1M | $20.5M | $13.1M | — |
| SG&A | $28.9M | $29.1M | $27.0M | $23.5M | $12.9M | $6.7M | — |
| Total operating expenses | $112.4M | $115.6M | $107.8M | $92.0M | $53.1M | $31.7M | — |
| Operating income | -$23.6M | -$46.3M | -$57.9M | -$48.1M | -$18.8M | -$3.7M | — |
| Interest expense | $3.9M | $3.7M | $3.8M | $4.3M | $3.7M | $2.9M | — |
| Pre-tax income | -$25.5M | -$48.5M | -$59.7M | -$51.4M | -$21.6M | -$6.6M | — |
| Income tax | $84.0K | $6.0K | $0 | $39.0K | $96.0K | $5.0K | — |
| Net income | -$25.6M | -$48.5M | -$59.7M | -$51.4M | -$21.7M | -$6.6M | — |
| EPS, basic | -0.46 | -1.11 | -1.66 | -1.62 | -1.07 | -0.36 | — |
| EPS, diluted | -0.46 | -1.11 | -1.66 | -1.62 | -1.07 | -0.36 | — |
| Shares, diluted (wtd. avg.) | 56.2M | 43.5M | 36.0M | 31.7M | 20.3M | 18.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $29.2M | $45.8M | $12.5M | $11.2M | $105.0M | $6.1M | $7.0M |
| Short-term investments | $22.2M | $9.1M | $16.8M | $58.7M | $0 | — | — |
| Receivables | $3.5M | $1.8M | $800.0K | $856.0K | $309.0K | $209.0K | — |
| Total current assets | $65.7M | $65.7M | $38.5M | $74.4M | $111.1M | $9.2M | — |
| Property, plant and equipment | — | — | — | — | $43.1M | $38.7M | — |
| Total assets | $191.8M | $168.6M | $131.7M | $152.5M | $163.6M | $54.5M | — |
| Accounts payable | $1.6M | $1.5M | $2.0M | $3.3M | $2.1M | $1.7M | — |
| Short-term debt | — | — | — | — | $0 | $628.0K | — |
| Total current liabilities | $61.6M | $59.8M | $57.1M | $56.3M | $45.1M | $36.4M | — |
| Total liabilities | $108.6M | $90.9M | $86.7M | $83.7M | $68.1M | $58.5M | — |
| Retained earnings | -$221.6M | -$196.0M | -$147.5M | -$87.7M | -$36.3M | -$14.6M | -$8.0M |
| Total equity | $83.2M | $77.6M | $44.9M | $68.7M | $95.5M | -$6.8M | -$2.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $23.5M | $12.5M | -$7.3M | -$13.8M | $3.5M | $12.8M | — |
| Depreciation and amortisation | $25.6M | $28.3M | $24.9M | $20.2M | $16.3M | $13.0M | — |
| Stock-based compensation | $26.4M | $28.6M | $25.2M | $17.0M | $5.6M | $1.9M | — |
| Capital expenditure | $4.7M | $1.7M | $5.5M | $7.3M | $7.6M | $2.1M | — |
| Investing cash flow | -$25.3M | -$6.1M | $21.7M | -$73.9M | -$11.2M | -$5.0M | — |
| Financing cash flow | -$14.8M | $22.8M | -$8.8M | -$6.2M | $106.6M | -$8.7M | — |
| Buybacks | $2.0M | $0 | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-016395.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $53.8M | $67.5M | $85.2M | $102.0M | $127.6M | $145.8M |
| Gross profit | — | $28.0M | $34.3M | $43.9M | $49.9M | $69.3M | $88.8M |
| Net income | — | -$6.6M | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Unregistered share sale Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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