Press release
Backblaze Announces Fourth Quarter and Full Year 2022 Financial Results
44% Revenue Growth in B2 Cloud Storage; 23% Revenue Growth Overall in Q4 2022 SAN MATEO, Calif., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"44% Revenue Growth in B2 Cloud Storage; 23% Revenue Growth Overall in Q4 2022\nSAN MATEO, Calif., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), a leading specialized storage cloud platform, today announced results for its fourth quarter and year ended December 31, 2022. “We were pleased to finish 2022 with strong Q4 overall revenue growth of 23% driven by an increasing proportion of our B2 Cloud Storage service, which grew 44% in Q4,” said Gleb Budman, CEO of Backblaze. “We are excited as we begin 2023 as we see the opportunity to help more small and large businesses reduce the cost of their cloud infrastructure,” continued Mr. Budman. “Given the uncertain macroeconomic environment, businesses have even more reason to seek cost savings with best-of-breed cloud services—and Backblaze provides them a solution with B2 Cloud Storage, which is one-fifth the price of traditional cloud storage providers such as Amazon S3. Further, Backblaze B2 is very easy to use, saving users up to 90% of the time it takes to manage traditional cloud services.” “Turning to our own financial picture, as we continue to grow revenue, we're moderating expense growth and are targeting to approach adjusted EBITDA breakeven in Q4 of this year,” continued Mr. Budman. Fourth Quarter 2022 Financial Highlights: Revenue of $22.9 million, an increase of 23% year-over-year (YoY). B2 Cloud Storage revenue was $9.5 million, an increase of 44% YoY.Backblaze Computer Backup revenue was $13.3 million, an increase of 11% YoY. Gross profit of $11.7 million or 51% of revenue, compared to $9.8 million or 53% of revenue in Q4 2021.Adjusted gross profit of $17.3 million or 75% of revenue, compared to $14.1 million or 75% of revenue in Q4 2021.Net loss was $14.8 million compared to a net loss of $9.6 million in Q4 2021.Net loss per share was $0.45 compared to a net loss per share of $0.38 in Q4 2021.Adjusted EBITDA was $(2.5) million or (11)% of revenue, compared to $(1.3) million or (7)% of revenue in Q4 2021.Non-GAAP net loss of $9.0 million compared to non-GAAP net loss of $6.5 million in 2021.Non-GAAP net loss per share of $0.27 compared to a non-GAAP net loss per share of $0.26 in 2021.Cash, short-term investments and restricted cash, non-current totaled $69.7 million as of December 31, 2022. Full-Year 2022 Financial Highlights: Revenue of $85.2 millio...