Press release
Backblaze Announces Third Quarter 2022 Financial Results
48% Revenue Growth in B2 Cloud Storage, 27% Revenue Growth Overall in Q3 2022 SAN MATEO, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq:
About this update from Backblaze, Inc.
[{"type":"text","content":"48% Revenue Growth in B2 Cloud Storage, 27% Revenue Growth Overall in Q3 2022\nSAN MATEO, Calif., Nov. 09, 2022 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading independent storage cloud, today announced results for its third quarter ended September 30, 2022. “As highlighted in our October 24, 2022 preliminary results, we had a strong Q3. We had 48% revenue growth in B2 Cloud Storage, and total company revenue grew 27%,” said Gleb Budman, CEO of Backblaze. “We also made significant progress in our channel program, including the launch of our channel partner portal and signing of several new national resellers. We are pleased to continue to scale in an uneven macro-economic environment.” Third Quarter 2022 Financial Highlights: Revenue of $22.1 million, an increase of 27% year-over-year (YoY). B2 Cloud Storage revenue was $8.8 million, an increase of 48% YoY.Computer Backup revenue was $13.1 million, an increase of 17% YoY. Gross profit of $11.2 million, or 51% of revenue, compared to $8.8 million and 51% of revenue, in Q3 2021.Adjusted gross profit of $16.7 million, or 76% of revenue, compared to $12.8 million and 74% of revenue in Q3 2021.Net loss of $(12.8) million compared to a net loss of $(6.0) million in Q3 2021.Net loss per share of $(0.40) compared to a net loss per share of $(0.32) in Q3 2021.Adjusted EBITDA of $(1.9) million, or (8)% of revenue, compared to $0.8 million and 5% of revenue in Q3 2021.Non-GAAP net loss of $(8.0) million compared to non-GAAP net loss of $(4.2) million in Q3 2021.Non-GAAP net loss per share of $(0.25) compared to a non-GAAP net loss per share of $(0.22) in Q3 2021.Cash, short-term investments and restricted cash, non-current totaled $80.0 million as of September 30, 2022. Third Quarter 2022 Operational Highlights: Annual recurring revenue (ARR) was $88.0 million, an increase of 24% YoY. B2 Cloud Storage ARR was $35.7 million, an increase of 45% YoY.Computer Backup ARR was $52.3 million, an increase of 13% YoY. Net revenue retention (NRR) rate was 114% compared to 110% in Q3 2021. B2 Cloud Storage NRR was 123% compared to 131% in Q3 2021.Computer Backup NRR was 108% compared to 101% in Q3 2021. Gross customer retention rate was 91% in Q3 2022 and Q3 2021. B2 Cloud Storage gross customer retention rate was 90% compared to 89% in Q3 2021.Computer Backup gross customer retention ...