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
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.
Others in SIC 7372
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP | $3.71T | 27.8x | 17.8% |
| ORCL | ORACLE CORP | $457.36B | 27.2x | 17.3% |
| PLTR | Palantir Technologies Inc. | $418.36B | 276.7x | 56.2% |
| CRWD | CrowdStrike Holdings, Inc. | $218.20B | — | 21.7% |
| CRM | Salesforce, Inc. | $213.35B | 33.2x | 9.6% |
| SHOP | SHOPIFY INC. | $187.92B | 154.4x | 30.1% |
| NOW | ServiceNow, Inc. | $146.06B | 84.6x | 20.9% |
| SNOW | Snowflake Inc. | $118.96B | — | 29.2% |