Press release
Backblaze Announces Strong First Quarter 2025 Financial Results
23% Revenue Growth in B2 Cloud Storage, 15% Revenue Growth Overall in Q1 2025 SAN MATEO, Calif.--(BUSINESS WIRE)-- Backblaze, Inc. (Nasdaq: BLZE), the cloud
About this update from Backblaze, Inc.
[{"type":"text","content":"\n23% Revenue Growth in B2 Cloud Storage, 15% Revenue Growth Overall in Q1 2025\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 first quarter ended March 31, 2025.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250507174214/en/\n“Backblaze continued its upward trajectory, and I am proud to report that in Q1, we grew 15% year over year. And we signed our largest contractual commitment consisting of a multi-million dollar contract over a multi-year period. We delivered increased B2 revenue growth of 23%; powerful proof for how effective our GTM strategy has been,” said Gleb Budman, CEO of Backblaze.\n\n“We also launched B2 Cloud Storage Overdrive, a high-performance cloud storage solution optimized to meet AI customer demands. Combined with key new partnerships, we are deepening our commitment to the AI space and paving the way for future growth,” Mr. Budman added. “Looking ahead, the company’s performance and progress offers a compelling reason to anticipate a further upward trajectory for the company over the course of 2025.”\n\nFirst Quarter 2025 Financial Highlights:\n\n\nRevenue of $34.6 million, an increase of 15% year-over-year (YoY).\n\n\nB2 Cloud Storage revenue was $18.0 million, an increase of 23% YoY.\n\n\nComputer Backup revenue was $16.6 million, an increase of 8% YoY.\n\n\n\n\nGross profit of $19.3 million, or 56% of revenue, compared to $15.8 million, or 53% of revenue, in Q1 2024.\n\n\nAdjusted gross profit of $27.3 million, or 79% of revenue, compared to $23.0 million or 77% of revenue in Q1 2024.\n\n\nNet loss was $9.3 million compared to a net loss of $11.1 million in Q1 2024.\n\n\nNet loss per share was $0.17 compared to a net loss per share of $0.27 in Q1 2024.\n\n\nAdjusted EBITDA was $6.4 million, or 18% of revenue, compared to $1.9 million or 6% of revenue in Q1 2024.\n\n\nNon-GAAP net loss of $1.8 million compared to non-GAAP net loss of $5.5 million in Q1 2024.\n\n\nNon-GAAP net loss per share of $0.03 compared to a non-GAAP net loss per share of $0.14 in Q1 2024.\n\n\nCash flow from operations during the three months ended March 31, 2025 was $4.9 million, compared to $3.4 million during the thr...