Press release
Backblaze Announces First Quarter 2023 Financial Results
42% Revenue Growth in B2 Cloud Storage, 20% Revenue Growth Overall in Q1 2023 SAN MATEO, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"42% Revenue Growth in B2 Cloud Storage, 20% Revenue Growth Overall in Q1 2023\nSAN MATEO, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading specialized storage cloud, today announced results for its first quarter ended March 31, 2023. “We were pleased to deliver 42% year-on-year revenue growth for B2 Cloud Storage in Q1— well above that of our competitors like Amazon Web Services (AWS). Additionally, our Q1 results support our goal to approach Adjusted EBITDA breakeven in Q4 of 2023,” said Gleb Budman, CEO of Backblaze. “We’re delighted that more businesses are using Backblaze to significantly reduce their data storage spend by shifting away from high-cost cloud providers.” First Quarter 2023 Financial Highlights: Revenue of $23.4 million, an increase of 20% year-over-year (YoY). B2 Cloud Storage revenue was $10.0 million, an increase of 42% YoY.Computer Backup revenue was $13.4 million, an increase of 8% YoY. Gross profit of $11.0 million, or 47% of revenue, compared to $9.8 million and 50% of revenue, in Q1 2022.Adjusted gross profit of $17.0 million, or 72% of revenue, compared to $14.8 million and 76% of revenue in Q1 2022.Net loss of $17.1 million compared to a net loss of $12.5 million in Q1 2022.Net loss per share of $0.50 compared to a net loss per share of $0.41 in Q1 2022.Cash, short-term investments and restricted cash, non-current totaled $56.9 million as of March 31, 2023.Adjusted EBITDA of $(2.9) million, or (12)% of revenue, compared to $(3.0) million and (15)% of revenue in Q1 2022.Non-GAAP net loss of $9.0 million compared to non-GAAP net loss of $8.7 million in Q1 2022.Non-GAAP net loss per share of $0.26 compared to a non-GAAP net loss per share of $0.28 in Q1 2022. First Quarter 2023 Operational Highlights: Annual recurring revenue (ARR) was $95.9 million, an increase of 21% YoY. B2 Cloud Storage ARR was $41.7 million, an increase of 47% YoY.Computer Backup ARR was $54.2 million, an increase of 7% YoY. Net revenue retention (NRR) rate was 111% compared to 113% in Q1 2022. B2 Cloud Storage NRR was 120% compared to 131% in Q1 2022.Computer Backup NRR was 106% compared to 105% in Q1 2022. Gross customer retention rate was 91% in Q1 2023 and Q1 2022. B2 Cloud Storage gross customer retention rate was 90% in Q1 2023 and Q1 2022.Computer Backup gross customer retention rate was 90...