Slide 1: Q2 2025 Results
Q2 2025 Results Gleb Budman CEO and Co-Founder Backblaze Marc Suidan CFO August 7, 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
● AI opportunity fueling growth Key ● Accelerated B2 growth to 29% ● Launched high performance offering Highlights and cyber-security products in Q3 NOTES: Financial data is based on unaudited financial data. 29% growth of B2 Cloud Storage is based on comparison of B2 revenue in Q2 of 2025 compared t
Slide 5: Delivering Significant Customer Value
Delivering Significant Customer Value NOTES: Results based on an independent third-party economic validation report titled "Economic Validation: Analyzing the Economic Benefits of Backblaze B2 Cloud Storage" conducted by Informa TechTarget's Enterprise Strategy Group that was commissioned by Backblaze
Slide 6: Launched a Suite of Cyber Security Features
Launched a Suite of Cyber Security Features Anomaly Alerts Enterprise Web Console Bucket Access Logs ● Data exfiltration & ● Role-based ● Granular data usage ransomware protection access controls and access visibility ● AI driven solution ● Zero Trust principles ● Detailed data operation tracking Bac
Slide 7: Go-to-Market Transformation
Go-to-Market Transformation Initiatives Proof Points Upskill the Sales Team ● B2 growth accelerated to 29% Deepen Partnerships ● 4th qtr in a row highlighting 7 figure wins ● 150 $50k+ ARR customers, up 30% y/y Execute Core Sales Plays NOTES: Financial data is based on unaudited financial data. 29% gr
Slide 8: B2 Overdrive Customer Win
B2 Overdrive Customer Win “Backblaze B2 Overdrive delivered the speed and flexibility we needed—with unlimited egress and real Generative AI Video Company human support. The ● Six-figure deal performance and cost savings ● Hyperscaler displacement were clear.” ● Exceeded performance expectations - Hea
Slide 9: AI Momentum Driving Growth
AI Momentum Driving Growth ● 3 of Top 10 Customers are AI companies ● 40x growth in data stored by AI customers y/y ● 70% increase in AI customer count y/y NOTES: Financial data is based on unaudited financial information. “AI customer” determination is based on customer account emails with an ‘.ai’
Slide 10: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2025 | 10
Slide 11: Key Financial Highlights
● Double Beat Key ○ B2 revenue up 29% y/y Financial ○ Adjusted EBITDA doubled over LY ● Secured new $20M line of credit Highlights ● Approved cash neutral stock buyback program NOTES: Financial data is based on unaudited financial information. Double beat reflects results for revenue, including B2 rev
Slide 12: Financial Transformation Over the Past Year
Financial Transformation Over the Past Year I. II. III. Solidify Sustainable Accelerate Balance Sheet Profitability Growth 🗹 Current Ratio > 1 🗹 Transition to Adj. FCF 🗹 Two consecutive Delivered 🗹 Secondary Offering from Adj. EBITDA quarters of accelerated 🗹 Zero-Based Budgeting B2 Revenue…
Slide 13: Path to 30%+ B2 growth
Path to 30%+ B2 growth 28-30% 30%+ 29% 22% 23% NOTES: See next slide for definitions of above referenced categories of revenue drivers. Backblaze ©2025 | 13
Slide 14: Revenue Drivers Defined
Revenue Drivers Defined New Direct Sales: Direct Sales led new logo acquisition New Self-serve: PLG led new logo acquisition Direct Cross-sell/Upsell: Direct Sales led upsell of existing customers Net Organic Growth: Organic data growth less data contraction Backblaze ©2025 | 14
Slide 15: Beating B2 Growth Targets
Beating B2 Growth Targets Q1’25 Q2’25 Q3’25E Q4’25E 28-30% Outlook 21-23% 23-25% 30%+ (25-28% Prev.) Actuals 23% 29% NOTES: The above financial information is based on unaudited financial data and the Company’s outlook for future periods. It reflects the revenue growth of B2 Cloud Storage for the refer
Slide 16: Financial and Operational Q2 Highlights
Financial and Operational Q2 Highlights Gross Revenue Y/Y Customer ($M) Growth NRR Retention B2 Cloud Storage $19.8 29% 112% 89% Computer Backup $16.5 4% 106% 90% Total Company $36.3 16% 109% 90% NOTES: All financial information is as of June 30, 2025, with year-over-year revenue comparisons to the s
Slide 17: On The Path to Positive Adj. Free Cash Flow
On The Path to Positive Adj. Free Cash Flow Adj. EBITDA Margin 18% 20%+ Adj. Free Cash Flow Margin 10% 5% IPO 1H Q4 2021 2024 2025 2025E 2022 2023 IPO 2022 2023 2024 1H Q4 2021 2025 2025E (4%) (16%) (8%) (11%) (29%) (42%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins are shown for
Slide 18: Stock Buyback Program
Stock Buyback Program Reduce equity dilution trajectory Summary of Terms Cash neutral ● Up to $10 million approved ● Funded with proceeds from stock options exercised and Employee Stock Purchase Plan ● 12 month window NOTES: On August 7, 2025, the Company announced a stock buyback program of up to $
Slide 19: Q3'25 and Full Year Guidance
Q3’25 and Full Year Guidance Revenue ($M) Adj. EBITDA Margin Q3’25 Q3’25 $ 36.7 to $37.1 17% to 19% FY 2025 - Raised FY 2025 $145 to $147 17% to 19% (prev $144 to $146) NOTES: The above financial information guidance for Q2 of 2025 and fiscal year 2025 are forward-looking statements. For the revenue o
Slide 20: Q&A
Q&A Backblaze ©2025 | 20
Slide 21: Thank You!
Thank You! Backblaze ©2025 | 21
Slide 22: Appendix
Appendix Backblaze ©2025 | 22
Slide 23: 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 24: 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 25: Reconciliation of Non-GAAP Measures: Adjusted Gross Margin
Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q2’25 Q2’24 Gross Profit $23.041 $17.229 Gross Margin 63% 55% Adjustments for Cost of Revenue: Stock Based Compensation 0.432 0.354 Depreciation and Amortization 5.384 6.879 Restructuring Charges (0.013) — Adjusted Gross
Slide 26: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q2’25 Q2’24 Net Loss $(7.097) $(10.348) Net Loss Margin -20% -33% Adjustments: Total Stock Based Compensation 7.304 5.528 Foreign Exchange loss (gain) 0.477 (0.001) Litigation settlement costs 0.138 — Restructuring Charges (0.066) — Non
Slide 27: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q2’25 Q2’24 Net Loss $(7.097) $(10.348) Net Loss Margin -20% -33% Adjustments: Total depreciation & amortization 5.474 7.025 Total stock based compensation 7.304 5.528 Interest expense and investment income 0.380 0.539 Litigation settlement costs
Slide 28: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow Q2’25 Q2’24 Net Cash Provided by (Used In) $3.545 $2.227 Operating Activities Capital Expenditures (2.845) (3.776) Principal Payments on Finance Leases and Lease Financing (4.734) (4.909) Obligations Litigation settlement costs 0.012 — Cas