Backblaze, Inc. · NASDAQ:BLZE
Backblaze — Citizens JMP Technology Conference 2025
22 slides from Backblaze's conference presentation, Mar 4, 2025
Slide 1: Citizens JMP Tech Conference
Citizens JMP Tech Conference Marc Suidan CFO March 4, 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. NASDAQ: BLZE Backblaze ©2025 | 3
Slide 4: Backblaze by the Numbers
Backblaze by the Numbers $118B $137M ~500k 2028 TAM Q4 Total ARR Q4 Paying Customers Public Cloud Infrastructure-as- ~98% Recurring Revenue 175+ Countries a-Service Storage 123% +22% 14% Q4 Net Revenue Retention Q4 Y/Y ARR Growth Q4 Adj. EBITDA Margin B2 Cloud Storage B2 Cloud Storage More Than Doub
Slide 5: Our Cloud Services
Our Cloud Services B2 Cloud Storage Computer Backup On-demand Storage for Applications, Unlimited Cloud Backup that Scales from Backup, Security, AI and More Individuals to Enterprises • Always-hot, performant and S3-compatible • Back up Macs, PCs, laptops and desktops • Enterprise-ready security an
Slide 6: Data Drives Massive TAM
Data Drives Massive TAM Public Cloud Infrastructure-as-a-Service Storage • Companies are growing data everyday $118B 18% CAGR • Almost nothing is ever deleted (e.g., Legal Hold) 2028 • Everyone needs to store / use / protect data $52B • Adoption of AI and GenAI training 2023 is booming Note: $118B P
Slide 7: Dramatically Easier and More Affordable, Usually ~80% Lower Priced
Dramatically Easier and More Affordable, Usually ~80% Lower Priced Egress Fees Provider Storage Egress ($/TB/Month) ($/GB) $6 Free to 3x stored “We launched S3 as $24+ $0.05+ simple but I’m not convinced it’s $19+ $0.04+ simple anymore” ‒ Amazon CTO, Werner Vogels, $23 $0.08+ April 2021, to The Next
Slide 8: Customers Want Best-of-Breed
Customers Want Best-of-Breed Cloud 1.0 Cloud 2.0 Walled Gardens Specialized Open Clouds Backblaze makes it free and easy to use your data Backblaze ©2025 | 8
Slide 9: Key Q4'24 Earnings Highlights
Key Q4’24 Earnings 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 as of Dec 2024 are AI customers ● B2 30%+ year over year growth by Q4’25 ● Adjusted FCF positive by Q4’25 NOTES: “AI c
Slide 10: Go-to-Market Transformation Underway
Go-to-Market Transformation Underway Initiatives Q4’24 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
Slide 11: 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 12: 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 13: 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 14: Q&A
Q&A Backblaze ©2025 | 14
Slide 15: Thank You!
Thank You! Backblaze ©2025 | 15
Slide 16: Appendix
Appendix Backblaze ©2025 | 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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