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BLZE

Backblaze, Inc.

BLZE

Backblaze, Inc. • NASDAQ
$4.74 ▲ 2.16% (+0.10)
Market Cap $273.40 M
52w High $10.86
52w Low $3.94
Dividend Yield 0%
P/E -7.18
Volume 673.34K
Outstanding Shares 57.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.162M ▲ $26.392M ▼ $-3.778M ▲ -10.166% ▲ $-0.07 ▲ $3.2M ▲
Q2-2025 $36.298M ▲ $29.758M ▲ $-7.097M ▲ -19.552% ▲ $-0.13 ▲ $-743K ▼
Q1-2025 $34.613M ▲ $28.176M ▼ $-9.324M ▲ -26.938% ▲ $-0.17 ▲ $-623K ▲
Q4-2024 $33.786M ▲ $32.275M ▲ $-14.377M ▼ -42.553% ▼ $-0.3 ▼ $-6.349M ▼
Q3-2024 $32.589M $29.998M $-12.753M -39.133% $-0.29 $-4.617M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $50.272M ▼ $191.53M ▲ $108.701M ▲ $82.829M ▲
Q2-2025 $50.541M ▼ $186.045M ▲ $106.403M ▲ $79.642M ▲
Q1-2025 $53.232M ▼ $170.164M ▲ $92.396M ▲ $77.768M ▲
Q4-2024 $54.915M ▲ $168.558M ▲ $90.936M ▼ $77.622M ▲
Q3-2024 $20.881M $136.244M $93.413M $42.831M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.778M ▲ $5.695M ▲ $-7.531M ▲ $-1.274M ▲ $-3.11M ▲ $2.553M ▲
Q2-2025 $-7.097M ▲ $3.545M ▼ $-8.557M ▼ $-3.407M ▲ $-8.419M ▼ $700K ▼
Q1-2025 $-9.324M ▲ $4.943M ▲ $-6.132M ▼ $-3.981M ▼ $-5.17M ▼ $4.44M ▲
Q4-2024 $-14.377M ▼ $2.233M ▼ $5.751M ▲ $30.16M ▲ $42.826M ▲ $1.407M ▲
Q3-2024 $-12.753M $4.629M $-6.94M $-4.012M $-6.323M $1.031M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
ConsumptionBased Arragments
ConsumptionBased Arragments
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Physical Media
Physical Media
 $0 ▲$0 ▲$0 ▲$0 ▲
SubscriptionBased Arrangements
SubscriptionBased Arrangements
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Backblaze has grown its revenue steadily over the past several years, showing that demand for its cloud storage and backup services is rising. Gross profit has also improved, meaning the core business is scaling reasonably well. However, the company still runs at a clear loss, with operating and net income consistently negative. Losses widened as the company invested for growth, then began to narrow more recently, suggesting better cost control and more efficient growth, but profitability is not yet in sight. Earnings per share remain meaningfully negative, which reflects ongoing dilution of value per share as the company funds its expansion.

Balance Sheet

Balance Sheet The balance sheet shows a small but growing business that has strengthened its financial footing over time. Total assets have increased, and shareholders’ equity has moved from negative to clearly positive, indicating that the balance sheet is now healthier than in the early years. Cash levels dipped to low points during the investment-heavy phase and were later rebuilt, likely through financing activities. Debt is present but not excessive relative to the size of the business, though the company still depends on outside capital and does not yet have the cushion or diversification of a much larger cloud provider.

Cash Flow

Cash Flow Cash generation has gradually improved. After a period of cash burn from operations, the business recently shifted to slightly positive operating and free cash flow, a constructive sign that the core model can support itself on a cash basis. Capital spending has been steady but not extreme, which is notable for an infrastructure-heavy company and suggests disciplined investment in data centers and hardware. That said, the margin of safety is still thin: there is not yet a large, durable cash buffer, so sustained growth or any future downturn in demand could quickly swing cash flow back into negative territory.

Competitive Edge

Competitive Edge Backblaze competes in a tough arena against hyperscale players like Amazon, Google, and Microsoft, yet it has carved out a specialized niche. Its edge is based on being cheaper, simpler, and more transparent than the big clouds, with straightforward pricing and fewer hidden fees. The company’s focus on storage and backup—rather than a full menu of cloud services—lets it optimize deeply in that niche and appeal to cost-sensitive and mid-market customers. However, its much smaller scale, limited geographic footprint, and dependence on differentiating against far larger rivals are ongoing competitive risks. Winning often comes down to whether customers value simplicity and price enough to shift away from the dominant platforms.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. Backblaze designs its own storage hardware and software, uses advanced data protection schemes, and has open-sourced key components, which supports both cost efficiency and community trust. Its S3-compatible APIs lower switching costs for customers coming from larger clouds, while newer features like scalable access keys, anomaly detection, and ransomware protections keep the platform current on security and enterprise requirements. The company is also pushing into higher-performance storage for AI and data-heavy workloads and promoting an “open cloud” approach via partnerships. The flip side is that sustained R&D and infrastructure innovation are costly, so management must balance technical ambition with the financial constraints of a smaller, still-unprofitable firm.

Summary

Backblaze is a focused cloud storage specialist that has steadily grown revenue and improved its unit economics but remains unprofitable overall. The balance sheet has transitioned from fragile to reasonably solid for a company of its size, and cash flow has recently turned modestly positive, though with little room for error. Its main strengths are cost leadership, simplicity, and a reputation for transparency, supported by in-house hardware, open standards, and a strong engineering culture. Key risks are its subscale position versus hyperscalers, the capital intensity of expanding data center infrastructure, and the need to keep investing heavily in innovation while still working toward sustainable profitability. The long-term story hinges on whether Backblaze can continue converting its technical and pricing advantages into durable, cash-generative growth in a market dominated by far larger players.

NEWS

November 18, 2025 · 9:00 AM UTC

Backblaze B2 Cloud Storage Partners with Shareio's Creator Monetization Platform

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November 12, 2025 · 9:01 AM UTC

Backblaze Publishes First Performance Stats Report: Transparent Cloud Storage Benchmarking

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November 11, 2025 · 9:01 AM UTC

Backblaze Q3 2025 Drive Stats: Rethinking Failure, Celebrating High-Capacity Drive Strength

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November 10, 2025 · 9:01 AM UTC

Backblaze Publishes Q3 2025 Network Stats: The Magnitude of AI Workflows

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November 6, 2025 · 7:00 AM UTC

Backblaze Announces Third Quarter 2025 Financial Results

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