BLZE · Backblaze, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $145.84M | $127.63M | $102.02M | $85.16M | $53.78M |
| Cost of Revenue | $57.04M | $58.28M | $52.16M | $41.29M | $25.80M |
| Gross Profit | $88.79M | $69.34M | $49.86M | $43.86M | $27.98M |
| R&D | $46.11M | $42.10M | $39.53M | $33.11M | $13.07M |
| SG&A | $28.91M | $29.09M | $26.96M | $23.47M | $6.72M |
| Total Operating Expenses | $112.42M | $115.63M | $107.76M | $91.98M | $31.71M |
| D&A | $25.59M | $28.33M | $24.91M | $20.15M | $12.95M |
| Operating Income | ($23.62M) | ($46.29M) | ($57.91M) | ($48.11M) | ($3.73M) |
| Interest Expense | $3.87M | $3.66M | $3.79M | $4.29M | $2.89M |
| Income Tax | $84.0K | $6.0K | $0 | ($39.0K) | $5.0K |
| Net Income | ($25.61M) | ($48.53M) | ($59.71M) | ($51.40M) | ($6.62M) |
| EPS - Basic | ($0.46) | ($1.11) | ($1.66) | ($1.62) | ($0.36) |
| EPS - Diluted | ($0.46) | ($1.11) | ($1.66) | ($1.62) | ($0.36) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | $29.18M | $45.78M | $12.50M | $6.69M | $104.84M |
| Accounts Receivable | $3.48M | $1.83M | $800.0K | $856.0K | $309.0K |
| Inventory | - | - | - | - | - |
| Accounts Payable | $1.59M | $1.46M | $2.28M | $3.28M | $2.08M |
| Current Assets | $65.69M | $65.75M | $38.51M | $74.40M | $111.08M |
| Total Assets | $191.83M | $168.56M | $131.69M | $152.46M | $163.58M |
| Current Liabilities | $61.62M | $59.80M | $57.09M | $56.27M | $45.06M |
| Long-term Debt | - | - | - | - | - |
| Total Liabilities | $108.61M | $90.94M | $86.75M | $83.71M | $68.09M |
| Stockholders' Equity | $83.22M | $77.62M | $44.94M | $68.75M | $95.49M |
| Retained Earnings | ($221.60M) | ($195.99M) | ($147.45M) | ($87.74M) | ($8.02M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Operating Cash Flow | $23.54M | $12.51M | ($7.35M) | ($13.78M) | $12.82M |
| Investing Cash Flow | ($25.34M) | ($6.13M) | $21.66M | ($73.85M) | ($4.97M) |
| Financing Cash Flow | ($14.80M) | $22.77M | ($8.84M) | ($6.21M) | ($8.75M) |
| CapEx | $4.69M | $1.71M | $5.51M | $7.35M | $2.13M |
| Free Cash Flow | $18.85M | $10.79M | ($12.86M) | ($21.13M) | $10.69M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Profitability | |||||
| Gross margin | 60.9% | 54.3% | 48.9% | 51.5% | 52.0% |
| Operating margin | -16.2% | -36.3% | -56.8% | -56.5% | -6.9% |
| EBITDA margin | 1.3% | -14.1% | -32.3% | -32.8% | 17.1% |
| Net margin | -17.6% | -38.0% | -58.5% | -60.4% | -12.3% |
| Free cash flow margin | 12.9% | 8.5% | -12.6% | -24.8% | 19.9% |
| FCF / Net income | -0.74 | -0.22 | 0.22 | 0.41 | -1.61 |
| R&D / Revenue | 31.6% | 33.0% | 38.7% | 38.9% | 24.3% |
| SG&A / Revenue | 19.8% | 22.8% | 26.4% | 27.6% | 12.5% |
| Effective tax rate | - | - | - | - | - |
| Return on assets | -13.4% | -28.8% | -45.3% | -33.7% | -4.0% |
| Return on equity | -30.8% | -62.5% | -132.9% | -74.8% | -6.9% |
| Return on invested capital | - | - | - | - | - |
| Liquidity | |||||
| Current ratio | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 |
| Quick ratio | 1.07 | 1.10 | 0.67 | 1.32 | 2.47 |
| Cash ratio | 0.47 | 0.77 | 0.22 | 0.12 | 2.33 |
| Leverage | |||||
| Debt / Equity | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Interest coverage | -6.1x | -12.7x | -15.3x | -11.2x | -1.3x |
| Equity multiplier | 2.31 | 2.17 | 2.93 | 2.22 | 1.71 |
| Liabilities / Assets | 0.57 | 0.54 | 0.66 | 0.55 | 0.42 |
| Efficiency | |||||
| Asset turnover | 0.76 | 0.76 | 0.77 | 0.56 | 0.33 |
| Inventory turnover | - | - | - | - | - |
| Days sales outstanding | 9d | 5d | 3d | 4d | 2d |
| Days inventory outstanding | - | - | - | - | - |
| Days payable outstanding | 10d | 9d | 16d | 29d | 29d |
| Cash conversion cycle | - | - | - | - | - |
| Valuation | |||||
| P / E | - | - | - | - | - |
| P / B | 3.1x | 3.4x | 6.1x | 2.8x | 3.3x |
| P / S | 1.8x | 2.1x | 2.7x | 2.3x | 5.8x |
| EV / EBITDA | 118.3x | - | - | - | 22.7x |
| Growth | |||||
| Revenue growth (YoY) | 14.3% | 25.1% | 19.8% | 58.3% | - |
| Revenue CAGR (3y) | 19.6% | 33.4% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - |
| Gross profit growth (YoY) | 28.0% | 39.1% | 13.7% | 56.7% | - |
| Operating income growth (YoY) | 49.0% | 20.1% | -20.4% | -1189.2% | - |
| Net income growth (YoY) | 47.2% | 18.7% | -16.2% | -676.1% | - |
| EPS growth (YoY) | 58.6% | 33.1% | -2.5% | -350.0% | - |
| EPS CAGR (3y) | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - |
| FCF growth (YoY) | 74.6% | - | 39.1% | - | - |
| FCF CAGR (5y) | - | - | - | - | - |
| Book value growth (YoY) | 7.2% | 72.7% | -34.6% | -28.0% | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$145.84M totalReportable Segment$145.84M · 100.0%
Product / service
$291.67M totalB2 Cloud Storage$79.90M · 27.4%
Consumption Based Arragments$77.19M · 26.5%
Subscription Based Arrangements$68.24M · 23.4%
Computer Backup$65.94M · 22.6%
Point In Time Arrangements$412.0K · 0.1%
Geographic
$145.84M totalUS$104.57M · 71.7%
Non Us$27.15M · 18.6%
GB$7.51M · 5.2%
CA$6.61M · 4.5%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.27
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing Backblaze against the 5 most active filers in the same SIC group.