Press release
Backblaze Announces Second Quarter 2023 Financial Results
39% Revenue Growth in B2 Cloud Storage, 19% Revenue Growth Overall in Q2 2023 SAN MATEO, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"39% Revenue Growth in B2 Cloud Storage, 19% Revenue Growth Overall in Q2 2023\nSAN MATEO, Calif., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading specialized storage cloud, today announced results for its second quarter ended June 30, 2023. “In Q2 we were pleased to continue moving up-market, growing the number of customers generating over $50,000 in annual recurring revenue by 54% year-over-year and increasing engagement with other larger potential customers. We also signed our biggest computer backup deal ever with a leading global social media company,” said Gleb Budman, CEO of Backblaze. “We are excited to assist more businesses in moving out of the walled gardens of traditional cloud providers to an open cloud where customers are empowered to store and use data as they choose.” Second Quarter 2023 Financial Highlights: Revenue of $24.6 million, an increase of 19% year-over-year (YoY). B2 Cloud Storage revenue was $10.8 million, an increase of 39% YoY.Computer Backup revenue was $13.8 million, an increase of 7% YoY. Gross profit of $12.1 million, or 49% of revenue, compared to $11.1 million and 54% of revenue, in Q2 2022.Adjusted gross profit of $18.4 million, or 75% of revenue, compared to $15.9 million and 77% of revenue in Q2 2022.Net loss of $14.3 million compared to a net loss of $11.6 million in Q2 2022.Net loss per share of $0.41 compared to a net loss per share of $0.37 in Q2 2022.Adjusted EBITDA of $(1.8) million, or (7%) of revenue, compared to $(1.9) million and (9%) of revenue in Q2 2022.Non-GAAP net loss of $8.3 million compared to non-GAAP net loss of $7.2 million in Q2 2022.Non-GAAP net loss per share of $0.24 compared to a non-GAAP net loss per share of $0.23 in Q2 2022.Cash, short-term investments and restricted cash, non-current totaled $44.7 million as of June 30, 2023. Second Quarter 2023 Operational Highlights: Annual recurring revenue (ARR) was $97.3 million, an increase of 18% YoY. B2 Cloud Storage ARR was $43.5 million, an increase of 39% YoY.Computer Backup ARR was $53.8 million, an increase of 5% YoY. Net revenue retention (NRR) rate was 110% compared to 114% in Q2 2022. B2 Cloud Storage NRR was 121% compared to 127% in Q2 2022.Computer Backup NRR was 103% compared to 107% in Q2 2022. Gross customer retention rate was 91% in Q2 2023 and Q2 2022. B2 Cloud Storage gross c...