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On May 16, 2024, Backblaze (Nasdaq: BLZE) announced its new membership in Internet2, a non-profit technology community focused on research and education. The collaboration links Backblaze's Storage Cloud to Internet2's high-speed network through the Internet2 Peer Exchange (I2PX) program. This partnership aims to provide compliant and efficient cloud storage solutions to research and educational institutions dealing with large datasets.
Backblaze will participate in the Internet2 Cloud Scorecard, ensuring its cloud solutions meet security, compliance, and technical standards. Internet2 includes 330 U.S. colleges, universities, and other related organizations. The partnership is designed to address data storage challenges such as ransomware attacks, budget constraints, and compliance issues, offering affordable and efficient data solutions. Backblaze's S3 compatible object storage offers a cost-effective alternative to traditional providers, with significant savings and better egress options.
Backblaze, Inc. (Nasdaq: BLZE) will be presenting at the 19th Annual Needham Technology, Media, & Consumer Conference in New York, NY. The founder and CEO, Gleb Budman, will be presenting on May 15, 2024, at 10:15 a.m. ET. The presentation will be webcasted and available on Backblaze's investor relations website.
Backblaze, Inc. (Nasdaq: BLZE) reported a 28% revenue growth in Q1 2024, with B2 Cloud Storage revenue increasing by 47%. Gross profit increased to $15.8 million, with adjusted EBITDA margin at 6%. The company introduced Event Notifications and announced a partnership with Axle AI. Annual recurring revenue was up 27% to $122.1 million. Financial outlook for Q2 2024 includes revenue between $30.7 to $31.1 million and adjusted EBITDA margin between 6% to 8%. For full-year 2024, revenue is expected to be between $126.0 to $128.0 million.