BLZE
Backblaze, Inc.4.5400
-0.0400-0.87%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Neocloud storage gaps, margin pressures detailed
Q&A unpacked neocloud dynamics, revealing most of the 200 providers lack scalable storage—relying on costly flash or unmanageable open source—handing Backblaze an edge with B2 Neo's white-label integration. The $15M+ TCV deal, a new 3-year customer, delays revenue ramp to 2027 amid custom work, while accelerating CapEx dings gross margins a few hundred basis points alongside data center costs. Computer Backup shrinks 5% in 2026, with nascent stabilization programs; NRR may dip near 100% quarterly from lumpy comps but holds ~110% yearly. AI customers expand 3x faster than average. Neoclouds need storage yesterday. Management stayed crisp on risks, eyes on GTM Phase 2 and AI traction.
Key Stats
Market Cap
261.86MP/E (TTM)
-Basic EPS (TTM)
-0.66Dividend Yield
0%Recent Filings
10-K
FY2025 results
Backblaze posted FY2025 revenue of $145.8M, up 14% y/y, with B2 Cloud Storage surging 26% to $79.9M on new customers and existing usage growth, while Computer Backup edged 3% higher to $65.9M despite license declines offset by pricing. Gross margin leaped to 61% from 54%, fueled by lower depreciation after extending infrastructure useful lives. Q4 momentum showed in $154.4M ARR (up 13% y/y, 111% B2 NRR) and $10M buyback launch, yet net loss narrowed to $25.6M from $48.5M amid restructuring. Revolving credit provides $20M liquidity. Service disruptions risk quarterly data access.
8-K
Q4 revenue up 12%, B2 +24%
8-K
Q3 beat, B2 surges 28%
10-Q
Q3 FY2025 results
Backblaze posted Q3 revenue of $37.2M, up 14% y/y from $32.6M, with B2 Cloud Storage surging 28% y/y to $20.7M while Computer Backup held steady. Gross margin leaped to 62% from 55% y/y, fueled by a useful-life extension on infrastructure equipment that slashed depreciation; operating loss narrowed to $3.3M from $12.2M. Cash from operations hit $14.2M YTD (up from $10.3M), though free cash flow not disclosed in the 10-Q. Cash and equivalents stood at $29.1M with $21.2M in marketable securities; $2.5M debt (repaid Oct 2025) under a $20M revolver (7.51% rate). Markets stay brutally competitive.
10-Q
Q2 FY2025 results
Backblaze posted Q2 revenue of $36.3M, up 16% y/y from $31.3M, with B2 Cloud Storage surging 29% to $19.8M on new customer wins and existing usage growth, while Computer Backup edged 4% higher to $16.5M. Gross margin leaped to 63% from 55%, fueled by a $2.4M depreciation cut from extending equipment lives to 6 years—revenue beats costs, finally. Operating loss narrowed to $6.7M from $9.8M as sales/marketing dipped 7%. Cash from operations hit $8.5M YTD (up from $5.6M), $32.2M cash plus $18.4M marketable securities back a fresh $20M revolver (unused, covenants met). Markets stay brutally competitive.
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