BLZE (Backblaze, Inc.) Stock Financials & Earnings

BLZEBackblaze, Inc.

Mkt Cap$220M

Revenue (TTM)$146M

Net Income (TTM)-$26M

EPS (TTM)-$0.46

Free Cash Flow (TTM)$17M

Gross Margin60.9%

Op. Margin-16.2%

Net Margin-17.6%

FCF Margin11.9%

P/S Ratio (TTM)1.5x

P/E Ratio (TTM)—

YoY Rev Growth+14.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$23M	$11M	-$17M
Q2 23	$25M	$12M	-$14M
Q3 23	$25M	$12M	-$16M
Q4 23	$29M	$15M	-$12M
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
Q4 25	$38M	$23M	-$5M

Valuation

Operating Cash Flow

Capital Expenditures

CapEx

OpEx vs Revenue Growth (YoY)

Stock-Based Compensation

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$11M	$7M	$11M
Q2 23	$10M	$6M	$10M
Q3 23	$10M	$7M	$11M
Q4 23	$9M	$7M	$10M
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
Q4 25	$11M	$8M	$9M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	20.0%	-44.7%	-24.7
Q2 23	18.9%	-26.9%	-8.1
Q3 23	14.7%	-34.2%	-19.4
Q4 23	25.3%	-16.2%	9.2
Q1 24	28.1%	-10.7%	17.4
Q2 24	27.2%	-7.7%	19.5
Q3 24	28.8%	-14.2%	14.6
Q4 24	17.6%	-18.8%	-1.2
Q1 25	15.5%	-1.8%	13.7
Q2 25	16.0%	-2.0%	14.0
Q3 25	14.0%	8.6%	22.6
Q4 25	11.8%	5.3%	17.1

Revenue Segments

Quarter	Consumption-Based Arragments	Physical Media	Subscription-Based Arrangements
Q1 23	$10M	$150K	$13M
Q2 23	$11M	$136K	$14M
Q3 23	$11M	$132K	$14M
Q4 23	$14M	$151K	$15M
Q1 24	$14M	$123K	$16M
Q2 24	$15M	$136K	$16M
Q3 24	$16M	$129K	$17M
Q1 25	$17M	$92K	$17M
Q2 25	$19M	$109K	$17M
Q3 25	$20M	$114K	$17M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
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

Revenue Per Employee

Revenue / Employee