BLZE

MKT CAP:$251M

Backblaze, Inc.

Market Cap

$251M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$4.21-$0.53 (-11.18%)

Apr 24, 2026

Company Details

Backblaze, Inc., a storage cloud platform, provides businesses and consumers cloud services to store, use, and protect data in the United States and internationally. The company offers cloud services through a web-scale software infrastruct...

CEO

Gleb Budman

IPO Date

Nov 11, 2021

Website

www.backblaze.com

Key Metrics TTM

Revenue

$142M

+19.1% YoY

Net Income

-$35M

EPS (Diluted)

-$0.67

Free Cash Flow

$9M

Revenue / Share

$2.49

Gross Margin

59.1%

Operating Margin

-23.1%

Net Margin

-24.4%

FCF Margin

6.4%

P/S

1.8x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 10, 2026

$146M+14.3%EPS -$0.46

Q3 2025

Nov 6, 2025

$37M+14.0%EPS -$0.07

Q2 2025

Aug 7, 2025

$36M+16.0%EPS -$0.13

Q1 2025

May 7, 2025

$35M+15.5%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$17M	$9M	-$5M
Q4 21	$19M	$10M	-$8M
Q1 22	$19M	$10M	-$12M
Q2 22	$21M	$11M	-$11M
Q3 22	$22M	$11M	-$12M
Q4 22	$23M	$12M	-$14M
Q1 23	$23M	$11M	-$17M
Q2 23	$25M	$12M	-$14M
Q3 23	$25M	$12M	-$16M
Q1 24	$30M	$16M	-$11M
Q2 24	$31M	$17M	-$10M
Q3 24	$33M	$18M	-$12M
Q4 24	$34M	$19M	-$14M
Q1 25	$35M	$19M	-$9M
Q2 25	$36M	$23M	-$7M
Q3 25	$37M	$23M	-$3M

Valuation

Quarter	P/S	P/E
Q3 21	4.0x	—
Q4 21	3.7x	—
Q1 22	3.5x	—
Q2 22	3.3x	—
Q3 22	3.1x	—
Q4 22	3.0x	—
Q1 23	2.8x	—
Q2 23	2.7x	—
Q3 23	2.6x	—
Q1 24	2.4x	—
Q2 24	2.3x	—
Q3 24	2.1x	—
Q4 24	2.0x	—
Q1 25	1.9x	—
Q2 25	1.8x	—
Q3 25	1.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	$3M	-$102.0K
Q4 21	-$2M	-$4M
Q1 22	-$900.0K	-$3M
Q2 22	-$7M	-$8M
Q3 22	-$2M	-$8M
Q4 22	-$3M	-$9M
Q1 23	-$5M	-$12M
Q2 23	-$5M	-$11M
Q3 23	-$170.0K	-$4M
Q1 24	$3M	-$345.0K
Q2 24	$2M	-$2M
Q3 24	$5M	$1M
Q4 24	$2M	$1M
Q1 25	$5M	$4M
Q2 25	$4M	$700.0K
Q3 25	$6M	$3M

Capital Expenditures

Quarter	CapEx
Q3 21	$3M
Q4 21	$1M
Q1 22	$2M
Q2 22	$985.0K
Q3 22	$5M
Q4 22	$6M
Q1 23	$6M
Q2 23	$5M
Q3 23	$4M
Q1 24	$4M
Q2 24	$4M
Q3 24	$4M
Q4 24	$826.0K
Q1 25	$503.0K
Q2 25	$3M
Q3 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+25.4%	+47.8%
Q4 21	+28.2%	+53.9%
Q1 22	+27.3%	+72.0%
Q2 22	+28.1%	+58.5%
Q3 22	+27.3%	+55.1%
Q4 22	+22.6%	+38.8%
Q1 23	+20.0%	+28.9%
Q2 23	+18.9%	+22.2%
Q3 23	+14.7%	+19.8%
Q1 24	+30.7%	+11.0%
Q2 24	+33.7%	+2.2%
Q3 24	+32.5%	+16.3%
Q4 24	+33.5%	+16.4%
Q1 25	+15.5%	+7.5%
Q2 25	+16.0%	+4.7%
Q3 25	+14.0%	-9.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$1M	8.4%
Q4 21	$2M	10.8%
Q1 22	$4M	19.7%
Q2 22	$0	0.0%
Q3 22	$5M	21.9%
Q4 22	$4M	17.6%
Q1 23	$6M	24.9%
Q2 23	$5M	19.9%
Q3 23	$8M	31.5%
Q1 24	$6M	18.4%
Q2 24	$6M	17.7%
Q3 24	$8M	25.9%
Q4 24	$9M	27.0%
Q1 25	$7M	21.3%
Q2 25	$7M	20.1%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$5M	$3M	$5M
Q4 21	$6M	$5M	$7M
Q1 22	$8M	$6M	$8M
Q2 22	$8M	$5M	$8M
Q3 22	$8M	$5M	$10M
Q4 22	$9M	$7M	$9M
Q1 23	$11M	$7M	$11M
Q2 23	$10M	$6M	$10M
Q3 23	$10M	$7M	$11M
Q1 24	$10M	$7M	$10M
Q2 24	$10M	$6M	$11M
Q3 24	$11M	$8M	$12M
Q4 24	$12M	$9M	$12M
Q1 25	$12M	$7M	$9M
Q2 25	$12M	$8M	$10M
Q3 25	$11M	$6M	$9M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	25.4%	-5.6%	19.8
Q4 21	28.2%	-23.4%	4.8
Q1 22	27.3%	-34.6%	-7.4
Q2 22	28.1%	-27.1%	1.0
Q3 22	27.3%	-29.6%	-2.3
Q4 22	22.6%	-32.8%	-10.2
Q1 23	20.0%	-44.7%	-24.7
Q2 23	18.9%	-26.9%	-8.1
Q3 23	14.7%	-34.2%	-19.4
Q1 24	30.7%	-10.7%	20.0
Q2 24	33.7%	-7.7%	26.0
Q3 24	32.5%	-14.2%	18.4
Q4 24	33.5%	-18.8%	14.8
Q1 25	15.5%	-1.8%	13.7
Q2 25	16.0%	-2.0%	14.0
Q3 25	14.0%	8.6%	22.6

Rule of 40

Revenue Segments

Quarter	Consumption-Based Arragments	Physical Media	Subscription-Based Arrangements
Q3 21	$6M	$180.0K	$11M
Q4 21	$7M	$193.0K	$12M
Q1 22	$7M	$194.0K	$12M
Q2 22	$8M	$153.0K	$13M
Q3 22	$9M	$161.0K	$13M
Q4 22	$9M	$175.0K	$13M
Q1 23	$10M	$150.0K	$13M
Q2 23	$11M	$136.0K	$14M
Q3 23	$11M	$132.0K	$14M
Q1 24	$14M	$123.0K	$16M
Q2 24	$15M	$136.0K	$16M
Q3 24	$16M	$129.0K	$17M
Q1 25	$17M	$92.0K	$17M
Q2 25	$19M	$109.0K	$17M
Q3 25	$20M	$114.0K	$17M

Revenue by Geography

Quarter	Non-US	United States
Q3 21	$5M	$12M
Q4 21	$5M	$13M
Q1 22	$6M	$14M
Q2 22	$6M	$15M
Q3 22	$6M	$16M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$19M	$80M	$99M
Q2 22	$7M	$81M	$88M
Q3 22	$25M	$53M	$77M
Q4 22	$7M	$59M	$65M
Q1 23	$4M	$46M	$50M
Q2 23	$6M	$31M	$37M
Q3 23	$9M	$21M	$30M
Q4 23	$13M	$17M	$29M
Q1 24	$6M	$22M	$28M
Q2 24	$9M	$14M	$24M
Q3 24	$3M	$18M	$21M
Q4 24	$46M	$9M	$55M
Q1 25	$41M	$13M	$53M
Q2 25	$32M	$18M	$51M
Q3 25	$29M	$21M	$50M
Q4 25	$29M	$22M	$51M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	29M	+32.8%	+32.8%
Q4 21	25M	-14.6%	+13.4%
Q1 22	31M	+22.1%	+38.5%
Q2 22	31M	+2.1%	+41.4%
Q3 22	32M	+2.6%	+9.3%
Q4 22	33M	+2.8%	+31.6%
Q1 23	34M	+3.1%	+11.1%
Q2 23	35M	+3.6%	+12.7%
Q3 23	37M	+4.3%	+14.6%
Q1 24	40M	+9.7%	+22.3%
Q2 24	42M	+4.8%	+24.3%
Q3 24	44M	+3.2%	+23.8%
Q4 24	44M	+0.1%	+18.8%
Q1 25	54M	+24.2%	+34.4%
Q2 25	56M	+2.9%	+32.0%
Q3 25	57M	+2.4%	+30.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	$69.2K	270
Q1 22	$72.2K	270
Q2 22	$76.6K	270
Q3 22	$81.7K	270
Q4 22	$58.3K	393
Q1 23	$59.5K	393
Q2 23	$62.6K	393
Q3 23	$64.4K	393
Q1 24	$78.7K	381
Q2 24	$82.1K	381
Q3 24	$85.5K	381
Q4 24	$97.6K	346
Q1 25	$100.0K	346
Q2 25	$104.9K	346
Q3 25	$107.4K	346

Revenue / Employee