Press release
Backblaze Announces Second Quarter 2022 Financial Results
45% Revenue Growth in B2 Cloud Storage, 28% Revenue Growth Overall in Q2 2022 SAN MATEO, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"45% Revenue Growth in B2 Cloud Storage, 28% Revenue Growth Overall in Q2 2022\nSAN MATEO, Calif., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), a leading storage cloud platform, today announced results for its second quarter ended June 30, 2022. “Our 28% revenue growth in Q2 not only outpaced what we achieved last year in the same period, it also highlights the strength of our recurring revenue model and that data grows through varying economic conditions,” said Gleb Budman, CEO. “In addition, in Q2, the amount of data added by B2 Cloud Storage customers was greater than for any other quarter in company history, we added a customer with our largest purchase order ever, and in July we hired an experienced Chief Marketing Officer, Kevin Gavin, to help continue driving our growth.” Second Quarter 2022 Financial Highlights: Revenue of $20.7 million, an increase of 28% year-over-year (YoY). B2 Cloud Storage revenue was $7.7 million, an increase of 45% YoY.Computer Backup revenue was $12.8 million, an increase of 20% YoY. Gross profit of $11.1 million, or 54% of revenue, compared to $8.2 million and 51% of revenue, in Q2 2021.Adjusted gross profit of $15.9 million, or 77% of revenue, compared to $12.2 million and 75% of revenue in Q2 2021.Net loss of $(11.6) million compared to a net loss of $(2.4) million in Q2 2021.Net loss per share of $(0.37) compared to a net loss per share of $(0.13) in Q2 2021.Adjusted EBITDA of $(1.9) million, or (9)% of revenue, compared to $1.5 million and 9% of revenue in Q2 2021.Non-GAAP net loss of $(7.2) million compared to non-GAAP net loss of $(3.5) million in Q2 2021.Non-GAAP net loss per share of $(0.23) compared to a non-GAAP net loss per share of $(0.19) in Q2 2021.Cash and investments totaled $88.1 million as of June 30, 2022. Second Quarter 2022 Operational Highlights: Annual recurring revenue (ARR) was $82.7 million, an increase of 28% YoY. B2 Cloud Storage ARR was $31.3 million, an increase of 44% YoY.Computer Backup ARR was $51.4 million, an increase of 20% YoY. Net revenue retention (NRR) rate was 113% compared to 110% in Q2 2021. B2 Cloud Storage NRR was 126% compared to 132% in Q2 2021.Computer Backup NRR was 107% compared to 102% in Q2 2021. Gross customer retention rate was 91% in Q2 2022 and Q2 2021. B2 Cloud Storage gross customer retention rate was 90% compared to 8...