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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.67M | - | $37.16M | $36.30M | $34.61M | - | $32.59M | $31.29M | $29.97M | - |
| Cost of Revenue | $15.14M | - | $14.09M | $13.26M | $15.36M | - | $14.79M | $14.06M | $14.16M | - |
| Gross Profit | $23.53M | - | $23.07M | $23.04M | $19.26M | - | $17.80M | $17.23M | $15.81M | - |
| R&D | $11.29M | - | $11.23M | $11.88M | $11.86M | - | $10.73M | $9.59M | $9.75M | - |
| SG&A | $7.31M | - | $6.16M | $7.71M | $7.06M | - | $7.54M | $6.46M | $6.55M | - |
| Total Operating Expenses | $28.88M | - | $26.39M | $29.76M | $28.18M | - | $30.00M | $27.04M | $26.32M | - |
| D&A | $6.74M | - | - | - | $7.76M | - | $5.40M | $5.50M | $6.91M | - |
| Operating Income | ($5.35M) | - | ($3.32M) | ($6.72M) | ($8.92M) | - | ($12.20M) | ($9.81M) | ($10.51M) | - |
| Interest Expense | $1.21M | - | $934.0K | $880.0K | $921.0K | - | $868.0K | $901.0K | $921.0K | - |
| Income Tax | $28.0K | - | $0 | $0 | $84.0K | - | $0 | $0 | $6.0K | - |
| Net Income | ($6.15M) | - | ($3.78M) | ($7.10M) | ($9.32M) | - | ($12.75M) | ($10.35M) | ($11.05M) | - |
| EPS - Basic | ($0.10) | - | ($0.07) | ($0.13) | ($0.17) | - | ($0.29) | ($0.25) | ($0.27) | - |
| EPS - Diluted | ($0.10) | - | ($0.07) | ($0.13) | ($0.17) | - | ($0.29) | ($0.25) | ($0.27) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $26.28M | $29.18M | $29.08M | $32.19M | $40.61M | $45.78M | $2.95M | $9.27M | $6.32M | $12.50M |
| Accounts Receivable | $4.26M | $3.48M | $3.36M | $3.24M | $1.77M | $1.83M | $2.76M | $1.81M | $1.62M | $800.0K |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | $1.59M | - | - | - | $1.46M | $1.67M | $1.15M | $1.44M | $2.28M |
| Current Assets | $62.84M | $65.69M | $64.99M | $64.45M | $65.02M | $65.75M | $31.90M | $33.71M | $38.72M | $38.51M |
| Total Assets | $192.67M | $191.83M | $191.53M | $186.04M | $170.16M | $168.56M | $136.24M | $127.78M | $131.89M | $131.69M |
| Current Liabilities | $59.94M | $61.62M | $59.28M | $59.91M | $59.48M | $59.80M | $59.20M | $55.06M | $55.66M | $57.09M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $108.02M | $108.61M | $108.70M | $106.40M | $92.40M | $90.94M | $93.41M | $82.68M | $84.43M | $86.75M |
| Stockholders' Equity | $84.64M | $83.22M | $82.83M | $79.64M | $77.77M | $77.62M | $42.83M | $45.10M | $47.45M | $44.94M |
| Retained Earnings | ($227.74M) | ($221.60M) | ($216.18M) | ($212.41M) | ($205.31M) | ($195.99M) | ($181.61M) | ($168.85M) | ($158.51M) | ($147.45M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.36M | - | - | - | $4.94M | - | - | - | $3.42M | - |
| Investing Cash Flow | $289.0K | - | - | - | ($6.13M) | - | - | - | ($8.78M) | - |
| Financing Cash Flow | ($6.55M) | - | - | - | ($3.98M) | - | - | - | ($264.0K) | - |
| CapEx | $651.0K | - | - | - | $503.0K | - | - | - | $423.0K | - |
| Free Cash Flow | $2.71M | - | - | - | $4.44M | - | - | - | $2.99M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 60.9% | - | 62.1% | 63.5% | 55.6% | - | 54.6% | 55.1% | 52.8% | - |
| Operating margin | -13.8% | - | -8.9% | -18.5% | -25.8% | - | -37.4% | -31.4% | -35.1% | - |
| EBITDA margin | 3.6% | - | - | - | -3.3% | - | -20.9% | -13.8% | -12.0% | - |
| Net margin | -15.9% | - | -10.2% | -19.6% | -26.9% | - | -39.1% | -33.1% | -36.9% | - |
| Free cash flow margin | 7.0% | - | - | - | 12.8% | - | - | - | 10.0% | - |
| FCF / Net income | -0.44 | - | - | - | -0.48 | - | - | - | -0.27 | - |
| R&D / Revenue | 29.2% | - | 30.2% | 32.7% | 34.3% | - | 32.9% | 30.7% | 32.5% | - |
| SG&A / Revenue | 18.9% | - | 16.6% | 21.2% | 20.4% | - | 23.1% | 20.6% | 21.9% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -3.2% | - | -2.0% | -3.8% | -5.5% | - | -9.4% | -8.1% | -8.4% | - |
| Return on equity | -7.3% | - | -4.6% | -8.9% | -12.0% | - | -29.8% | -22.9% | -23.3% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.05 | 1.07 | 1.10 | 1.08 | 1.09 | 1.10 | 0.54 | 0.61 | 0.70 | 0.67 |
| Quick ratio | 1.05 | 1.07 | 1.10 | 1.08 | 1.09 | 1.10 | 0.54 | 0.61 | 0.70 | 0.67 |
| Cash ratio | 0.44 | 0.47 | 0.49 | 0.54 | 0.68 | 0.77 | 0.05 | 0.17 | 0.11 | 0.22 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -4.4x | - | -3.6x | -7.6x | -9.7x | - | -14.1x | -10.9x | -11.4x | - |
| Equity multiplier | 2.28 | 2.31 | 2.31 | 2.34 | 2.19 | 2.17 | 3.18 | 2.83 | 2.78 | 2.93 |
| Liabilities / Assets | 0.56 | 0.57 | 0.57 | 0.57 | 0.54 | 0.54 | 0.69 | 0.65 | 0.64 | 0.66 |
| Efficiency | ||||||||||
| Asset turnover | 0.20 | - | 0.19 | 0.20 | 0.20 | - | 0.24 | 0.24 | 0.23 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 40d | - | 33d | 33d | 19d | - | 31d | 21d | 20d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | 41d | 30d | 37d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 2.4x | - | 6.4x | 3.8x | 3.4x | - | 6.5x | 5.8x | 8.7x | - |
| P / S | 5.3x | - | 14.2x | 8.4x | 7.5x | - | 8.5x | 8.3x | 13.7x | - |
| EV / EBITDA | 128.5x | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 11.7% | - | 14.0% | 16.0% | 15.5% | - | 28.8% | 27.2% | 28.1% | - |
| Revenue CAGR (3y) | 18.2% | - | 19.0% | 20.6% | 21.1% | - | 33.1% | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | 22.2% | - | 29.6% | 33.7% | 21.8% | - | 51.5% | 43.0% | 44.1% | - |
| Operating income growth (YoY) | 40.0% | - | 72.8% | 31.5% | 15.1% | - | 21.6% | 29.5% | 37.4% | - |
| Net income growth (YoY) | 34.1% | - | 70.4% | 31.4% | 15.6% | - | 20.6% | 27.8% | 35.4% | - |
| EPS growth (YoY) | 41.2% | - | 75.9% | 48.0% | 37.0% | - | 34.1% | 39.0% | 46.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -39.0% | - | - | - | 48.3% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 8.8% | 7.2% | 93.4% | 76.6% | 63.9% | 72.7% | -9.6% | -16.8% | -21.7% | -34.6% |
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%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing Backblaze against the 5 most active filers in the same SIC group.