Slide 1: Q3 2025 Results
Q3 2025 Results Gleb Budman CEO and Co-Founder Backblaze Marc Suidan CFO November 6, 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
● Data infrastructure for AI economy Key ● Large deals & improved financials ● GtM Transformation Phase 2 Highlights Backblaze ©2025 | 4
Slide 5: AI = Models x Compute x Data
AI = Models x Compute x Data Data is where AI companies win Backblaze enables that ● Enables using any compute platform ● Avoids high egress costs ● Performance to move massive datasets ● Trusted by hundreds of AI companies NOTES: “AI customer” refers to customers whose account email domain ends in
Slide 6: Industry Recognition
Industry Recognition ● B2 Overdrive c ○ “Best in Enterprise Tech Innovation” ● B2 Object Lock ○ “Cloud Computing Security Excellence Award” Backblaze ©2025 | 6
Slide 7: Large Customer Win Highlights
Large Customer Win Highlights Customer 1 Customer 2 Customer 3 B2 Overdrive Customer Expansion Powered By – Whitelabel ● Vision-language AI startup ● AI-powered surveillance ● Media App Developer ● Six-figure win ● Seven-figure TCV win ● Six-figure win ● Speed w/o complexity ● Streamlined workflows ● Av
Slide 8: Go-to-Market Transformation
Go-to-Market Transformation Phase 2 Initiatives Actions Drive Self-serve momentum ● Streamline data heavy AI-use case adoption ● Deepen developer relationships Increase Direct Sales efficiency ● Upgrade GtM systems ● Engage experienced GTM advisors Backblaze ©2025 | 8
Slide 9: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2025 | 9
Slide 10: Key Financial Highlights
● Double beat on Revenue & Adj. Key EBITDA Margin Financial ● Operating leverage in action ○ Non-GAAP Net Income more Highlights than doubled Q/Q ○ 20%+ Adj EBITDA margin delivered a quarter early NOTES: Financial data is based on unaudited financial information. The “double beat” refers to results f
Slide 11: B2 Growth Journey
B2 Growth Journey 29% 28% 25-28% 22% 23% NOTES: See next slide for definitions of above referenced categories of revenue drivers. Backblaze ©2025 | 11
Slide 12: Revenue Drivers Defined
Revenue Drivers Defined New Direct Sales: Direct Sales led new logo acquisition New Self-serve: PLG led new logo acquisition Direct Cross-sell/Upsell: Direct Sales led upsell of existing customers Net Organic Growth: Organic data growth less data contraction NOTES: PLG means Product Lead Growth. Back
Slide 13: B2 Growth Targets
B2 Growth Targets Q1’25 Q2’25 Q3’25 Q4’25E Outlook 21-23% 23-25% 28-30% 25-28% Actuals 23% 29% 28% NOTES: The above financial information is based on unaudited financial data and the Company’s outlook for future periods. The actual results for Q1’25, Q2’25 and Q3’25 and estimated results for Q4’25 refl
Slide 14: Financial and Operational Q3 Highlights
Financial and Operational Q3 Highlights Trailing Gross Revenue Y/Y 4-Qtr In-Quarter Customer ($M) Growth NRR NRR Retention B2 Cloud Storage $20.7 28% 110% 116% 89% Computer Backup $16.5 Flat 101% 96% 90% Total Company $37.2 14% 106% 107% 91% NOTES: All financial information is for the quarter ended S
Slide 15: On The Path to Positive Adj. Free Cash Flow
On The Path to Positive Adj. Free Cash Flow Adj. EBITDA Margin 20% 20-22% Adj. Free Cash Flow Margin 10% 5% IPO Q1-Q3 Q4 2021 2024 2025 2025E 2022 2023 IPO 2022 2023 2024 Q1-Q3 Q4 2021 2025 2025E (4%) (16%) (9%) (11%) (29%) (42%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins are s
Slide 16: Q4'25 and Full Year Guidance
Q4’25 and Full Year Guidance Revenue ($M) Adj. EBITDA Margin Q4’25 Q4’25 $ 37.3 to $37.9 20% to 22% FY 2025 FY 2025 $145.4 to $146.0 18% to 20% NOTES: The above financial information guidance for Q4 of 2025 and fiscal year 2025 are forward-looking statements. The revenue outlook for FY 2025 also reflec
Slide 17: Our Financial Profile is Evolving Fast
Our Financial Profile is Evolving Fast Q4’24 Q1’25 Q2’25 Q3’25 Q4’25E B2 Y/Y 22% 23% 29% 28% 25-28% Growth Total Company Adj. Free -13% -6% -11% -9% 0% Cash Flow Margin Rule of 40 9% 17% 18% 19% 25-28% Score Rule of 40 Score = B2 Growth y/y Revenue Growth + Total Company Adj FCF Margin NOTES: The abo
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 for the last month of a period and multiplying it by 12. Our annual recurring revenue for each of Computer Backup and B2 Cloud Storage is calculated in the
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: Adjusted Gross Margin
Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q3’25 Q3’24 Gross Profit $23.071 $17.800 Gross Margin 62% 55% Adjustments for Cost of Revenue: Stock Based Compensation 0.318 0.478 Depreciation & Amortization 5.970 7.191 Adjusted Gross Profit $29.359 $25.469 Adjusted Gro
Slide 24: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q3’25 Q3’24 Net Loss $(3.778) $(12.753) Net Loss Margin -10% -39% Adjustments: Stock Based Compensation 5.445 8.438 Foreign Exchange (Gain) Loss (0.189) 0.178 Litigation Settlement Costs 0.150 — Impairment of Long-Lived Assets 0.258 — N
Slide 25: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q3’25 Q3’24 Net Loss $(3.778) $(12.753) Net Loss Margin -10% -39% Adjustments: Depreciation & Amortization 6.044 7.331 Stock Based Compensation 5.445 8.438 Interest Expense & Investment Income, Net 0.457 0.555 Litigation Settlement Costs 0.150 — F
Slide 26: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow Nine Months Ended September 30 2025 2024 Net Cash Provided by (Used In) $14.231 $10.272 Operating Activities Capital Expenditures (10.319) (11.120) Principal Payments on Finance (13.898) (14.755) Leases and Lease Financing Obligations Liti