Press release
Backblaze Announces Fourth Quarter and Full Year 2024 Financial Results
22% Revenue Growth in B2 Cloud Storage, 18% Revenue Growth Overall in Q4 2024 Q4 Adjusted EBITDA Margin More than Doubled Year Over Year to 14% SAN MATEO,
About this update from Backblaze, Inc.
[{"type":"text","content":"\n22% Revenue Growth in B2 Cloud Storage, 18% Revenue Growth Overall in Q4 2024\n\n\nQ4 Adjusted EBITDA Margin More than Doubled Year Over Year to 14%\n\n\n SAN MATEO, Calif.--(BUSINESS WIRE)--\nBackblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator delivering a modern alternative to traditional cloud providers, today announced results for its fourth quarter and year ended December 31, 2024.\n\n\n“Record Q4 sales bookings capped a strong year, validating early traction in our Go-To-Market transformation,\" said Gleb Budman, CEO of Backblaze. \"Not only did we increase sales productivity and won an over $1 million ACV customer in the quarter, we also saw AI starting to meaningfully contribute to the business, with 3 AI companies now in our top 10 customers in December 2024.\"\n\n\nFourth Quarter 2024 Financial Highlights:\n\n\n\nRevenue of $33.8 million, an increase of 18% year-over-year (YoY).\n\n\nB2 Cloud Storage revenue was $17.1 million, an increase of 22% YoY.\n\n\n\nComputer Backup revenue was $16.7 million, an increase of 13%YoY.\n\n\n\n\n\n\nGross profit of $18.5 million, or 55% of revenue, compared to $15.1 million or 52% of revenue, in Q4 2023.\n\n\n\nAdjusted gross profit of $26.3 million, or 78% of revenue, compared to $22.1 million or 77% of revenue in Q4 2023.\n\n\n\nNet loss was $14.4 million compared to a net loss of $12.2 million in Q4 2023.\n\n\n\nNet loss per share was $0.30 for compared to a net loss per share of $0.32 in Q4 2023.\n\n\n\nAdjusted EBITDA was $4.6 million, or 14% of revenue, compared to $1.7 million or 6% of revenue in Q4 2023.\n\n\n\nNon-GAAP net loss of $3.0 million compared to non-GAAP net loss of $5.5 million in 2023.\n\n\n\nNon-GAAP net loss per share of $0.06 compared to a non-GAAP net loss per share of $0.14 in 2023.\n\n\n\nCash and short-term investments totaled $54.9 million as of December 31, 2024.\n\n\n\nFull-Year 2024 Financial Highlights:\n\n\n\nRevenue of $127.6 million, an increase of 25% year-over-year (YoY).\n\n\nB2 Cloud Storage revenue was $63.3 million, an increase of 36% YoY.\n\n\n\nComputer Backup revenue was $64.3 million, an increase of 16% YoY.\n\n\n\n\n\n\nGross profit of $69.3 million, or 54% of revenue, compared to $49.9 million or 49% of revenue, in 2023.\n\n\n\nAdjusted gross profit of $99.2 million, or 78% of revenue, compared to $76.2 million or 75% of reven...