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Backblaze Inc
Backblaze, Inc. operates as a cloud provider for businesses and consumers to store, use, and protect their data. The company is headquartered in San Mateo, California and currently employs 270 full-time employees. The company went IPO on 2021-11-11. The firm provides businesses and consumers cloud services to store, use, and protect their data. The company provides these cloud services through a purpose-built, Web-scale software infrastructure built on commodity hardware. The company allows customers to focus on their core business operations. The company builds a community of millions of readers and brand advocates. Referrals from its community of brand advocates, combined with its self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed it to attract customers. These customers use the Backblaze Storage Cloud platform across countries to grow and protect their business data on its approximately two exabytes, or two trillion megabytes, of data storage under management. Its cloud services offered on its Storage Cloud includes Backblaze B2 Cloud Storage and Backblaze Computer Backup.
Backblaze, Inc. operates as a cloud provider for businesses and consumers to store, use, and protect their data. The company is headquartered in San Mateo, California and currently employs 270 full-time employees. The company went IPO on 2021-11-11. The firm provides businesses and consumers cloud services to store, use, and protect their data. The company provides these cloud services through a purpose-built, Web-scale software infrastructure built on commodity hardware. The company allows customers to focus on their core business operations. The company builds a community of millions of readers and brand advocates. Referrals from its community of brand advocates, combined with its self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed it to attract customers. These customers use the Backblaze Storage Cloud platform across countries to grow and protect their business data on its approximately two exabytes, or two trillion megabytes, of data storage under management. Its cloud services offered on its Storage Cloud includes Backblaze B2 Cloud Storage and Backblaze Computer Backup.
Revenue Beat: Q3 revenue was $37.2 million, above the high end of guidance and up 14% year-over-year.
Profitability Progress: Adjusted EBITDA margin hit 23%, nearly double last year and ahead of outlook. Net loss improved by 70%.
B2 Growth: B2 Cloud Storage grew 28% year-over-year but is expected to grow 25–28% in Q4, below the initial 30% target.
AI Customer Momentum: About a quarter of new business is from AI companies, with several large six- and seven-figure deals closed.
Outlook & Guidance: Q4 revenue is expected between $37.3 million and $37.9 million, with B2 growth in the mid-20% range. On track for adjusted free cash flow positivity in Q4.
Go-to-Market Transformation: Launching Phase 2 of sales and marketing changes to accelerate deal flow and efficiency, funded by internal restructuring.
Operating Efficiency: Operating expenses and costs as a percent of revenue declined significantly versus last year.
