Slide 1: Q4 & FY 2024 Results
Q4 & FY 2024 Results Gleb Budman Marc Suidan CEO and Co-Founder CFO Backblaze February 25, 2025 Backblaze ©2024 Confidential | 1
Slide 2: Important Information About This Presentation
Important Information About This Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, includi
Slide 3: Our Mission
Our Mission We make it astonishingly easy to store, use, and protect data. Backblaze ©2025 | 3
Slide 4: Key Highlights
Key Highlights ● Strong early results from Go-to-Market Transformation ● AI tailwind benefit ○ Hundreds of AI customers on the platform now ○ 3 of the Top 10 customers are AI customers ● 30%+ B2 growth and Adjusted FCF positive by Q4’25 NOTES: “AI customer” determination is based on customer self-ide
Slide 5: Go-to-Market Transformation Underway
Go-to-Market Transformation Underway Initiatives Proof Points ● Upskill the Sales Team ● Closed Record Sales Bookings ● Deepen Partnerships ● Doubled Sales Productivity Y/Y ● Execute Core Sales Plays ● Exceeded Quota for the Qtr and FY ● Won an Over $1 million ACV Customer ● Achieved record B2 Net N
Slide 6: G2 Verified User Reviews
G2 Verified User Reviews Backblaze ©2025 | 6 NOTES: Reflects badges awarded to Backblaze, Inc. based on ratings by business professionals in Winter 2025 Report of G2, a software review site.
Slide 7: Customer Highlights
Customer Highlights New Customer Additions ● Application developer ~$100k ARR ○ Archive data from data warehouse ● Japanese social media company ~$50k ARR ○ Hot archive solution ● Digital music media company ~$50k ARR ○ Content storage for streaming Customer Expansions ● Surveillance, Gaming and AI
Slide 8: $1+ Million ACV Customer Win
$1+ Million ACV Customer Win ● White label ‘Powered By Backblaze’ win ● Existing customer expansion ● Chosen for high-performance & affordability Backblaze ©2024 Confidential | 8 NOTES: “$1+ Million ACV Customer” reflects estimated annual revenue based on annual contract value.
Slide 9: AI Tailwinds Accelerates
AI Tailwinds Accelerates Data Stored by AI Companies ● 3 of our top 10 customers in December 2024 Grew ● ● 65% increase in AI customers Y/Y Serving hundreds of AI customers ~10x Year Over Year NOTES: “AI customer” determination is based on customer self-identification. “3 of the Top 10 customers are
Slide 10: AI Customer Testimony
AI Customer Testimony “We looked at all of the cloud providers you would expect. Backblaze delivered the right combination of price and usability and we didn’t have to change anything on our side to make it work.” AI Customer, CTO and Co-Founder Backblaze ©2025 | 10
Slide 11: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2024 Confidential | 11
Slide 12: Key Financial Highlights
Key Financial Highlights ● B2 30%+ year over year growth by Q4’25 ● $37M raised in oversubscribed secondary offering ● B2 now over 50% of total revenue ● Adjusted FCF positive by Q4’25 NOTES: B2 30%+ growth is based on comparison of estimated B2 revenue in Q4 of 2025 compared to actual B2 revenue in
Slide 13: Strong Q4 2024 Revenue Growth
Strong Q4 2024 Revenue Growth Total Company +18%, B2 Cloud Storage +22% Total Company B2 Cloud Storage $33.8M $17.1M $28.7M $136.7M $14.0M $70.2M 18% Q4’24 ARR Q4’24 ARR 22% Q4’23 Q4’24 Q4’23 Q4’24 Revenue Revenue NOTES: Financial data is shown for the quarters ending December 31, 2023 and 2024, and
Slide 14: Financial and Operational Q4 Highlights
Financial and Operational Q4 Highlights Gross Revenue Y/Y Customer ($M) Growth NRR Retention B2 Cloud Storage $17.1 22% 123% 89% Computer Backup $16.7 13% 109% 90% Total Company $33.8 18% 116% 90% NOTES: All financial information is as of December 31, 2024, with year-over-year revenue comparisons to
Slide 15: Q1'25 and 2025 Outlook Ranges
Q1’25 and 2025 Outlook Ranges Revenue ($M) Adj. EBITDA Margin Q1’25 Q1’25 $ 34.1 to $34.5 13% to 15% FY 2025 FY 2025 $144.0 to $146.0 16% to 18% NOTES: The above financial information guidance for Q1 of 2025 and fiscal year 2025 are forward-looking statements. These forward-looking statements reflect o
Slide 16: The B2 Growth Journey
The B2 Growth Journey 30%+ 25-28% 23-25% 21-23% NOTES: The financial information for 2023 and each quarter of 2024 reflects the total B2 revenue growth compared to the respective prior period a year ago and the approximate percentage of B2 revenue growth on a pro forma basis without the price increase
Slide 17: On The Path to Positive Adj. Free Cash Flow
On The Path to Positive Adj. Free Cash Flow Adj. EBITDA Margin 20%+ Adj. Free Cash Flow Margin 10% 5% IPO Q4 Q4 2021 2024 2025E 202 2022 2023 Q4IPO 2025E 2022 2023 2024 Q4 2021 2025E (4%) (11%) (29%) (16%) (42%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins are shown for the years
Slide 18: Q&A
Q&A Backblaze ©2025 | 18
Slide 19: Thank You!
Thank You! Backblaze ©2025 | 19
Slide 20: Appendix
Appendix Backblaze ©2025 | 20
Slide 21: Definitions
Definitions ● “ARR” means Annual Recurring Revenue and is based on the monthly revenue from all B2 Cloud Storage and Computer Backup arrangements (excluding revenue for Physical Media) for the last month of a period and multiplying it by 12. Our annual recurring revenue for each of Computer Backup an
Slide 22: Definitions
Definitions ● Adjusted EBITDA is defined as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, and o
Slide 23: Reconciliation of Non-GAAP Measures: Gross Margin
Reconciliation of Non-GAAP Measures: Gross Margin Adjusted Gross Profit Q4’24 Q4’23 Gross Profit $18.503 $15.084 Gross Margin 55% 52% Adjustments for Cost of Revenue: Stock Based Compensation 0.398 0.530 Depreciation and Amortization 6.917 6.439 Restructuring Charges 0.460 — Adjusted Gross Profit $26.2
Slide 24: Reconciliation of Non-GAAP Measures: Net Income
Reconciliation of Non-GAAP Measures: Net Income Q4’24 Q4’23 Net Loss $(14.377) $(12.208) Net Loss Margin -43% -42% Adjustments: Total Stock Based Compensation 6.609 6.507 Foreign Exchange (gain) loss -0.127 0.065 Non-recurring Professional Services — 0.129 Restructuring Charges 4.861 — Non-GAAP Net
Slide 25: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q4’24 Q4’23 Net Loss $(14.377) $(12.208) Net Loss Margin -43% -42% Adjustments: Total depreciation & amortization 7.060 6.575 Total stock based compensation 6.609 6.507 Interest expense and investment income 0.605 0.583 Non-recurring professional
Slide 26: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow Q4’24 Q4’23 Net Cash Provided by (Used In) $2.233 $3.248 Operating Activities Capital Expenditures (3.062) (4.101) Principal Payments on Finance Leases and Lease Financing (4.748) (4.632) Obligations Non-recurring Professional Services — 0