Press release
Backblaze Announces Fourth Quarter and Full Year 2023 Financial Results
47% Revenue Growth in B2 Cloud Storage, 25% Revenue Growth Overall in Q4 2023 SAN MATEO, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"47% Revenue Growth in B2 Cloud Storage, 25% Revenue Growth Overall in Q4 2023\nSAN MATEO, Calif., Feb. 15, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), a leading specialized storage cloud platform, today announced results for its fourth quarter and year ended December 31, 2023. “Backblaze capped off a strong finish to the year with our B2 Cloud Storage revenue growing 47% in Q4 and delivered adjusted EBITDA profitability for the first time as a public company,” said Gleb Budman, CEO of Backblaze. “We exited 2023 with accelerated revenue growth and dramatically improved profitability and cash usage metrics. I’m excited for the coming year as Backblaze continues to move up in the mid-market and help customers who are poorly served by legacy solutions to break free with our differentiated cloud services.” Fourth Quarter 2023 Financial Highlights: Revenue of $28.7 million, an increase of 25% year-over-year (YoY). B2 Cloud Storage revenue was $14.0 million, an increase of 47% YoY.Computer Backup revenue was $14.7 million, an increase of 10% YoY. Gross profit of $15.2 million, or 53% of revenue, compared to $11.7 million or 51% of revenue, in Q4 2022.Adjusted gross profit of $22.1 million, or 77% of revenue, compared to $17.3 million or 75% of revenue in Q4 2022.Net loss was $11.4 million compared to a net loss of $14.5 million in Q4 2022.Net loss per share was $0.30 compared to a net loss per share of $0.44 in Q4 2022.Adjusted EBITDA was $1.6 million, or 6% of revenue, compared to $(2.5) million or (11)% of revenue in Q4 2022.Non-GAAP net loss of $5.6 million compared to non-GAAP net loss of $9.0 million in 2022.Non-GAAP net loss per share of $0.15 compared to a non-GAAP net loss per share of $0.27 in 2022.Cash, short-term investments and restricted cash, non-current totaled $33.4 million as of December 31, 2023. Full-Year 2023 Financial Highlights: Revenue of $102.0 million, an increase of 20% YoY. B2 Cloud Storage revenue was $46.4 million, an increase of 40% YoY.Computer Backup revenue was $55.6 million, an increase of 7% YoY. Gross profit of $50.0 million, or 49% of revenue, compared to $43.9 million or 52% of revenue, in 2022.Adjusted gross profit of $76.2 million, or 75% of revenue, compared to $64.6 million or 76% of revenue in 2022.Net loss was $58.9 million compared to $51.4 million in 2022.Net loss per share was...