Backblaze, Inc. Financials

BLZE

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Backblaze, Inc. has an operating margin of -36.3%, meaning the company retains $-36 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -56.8% the prior year.

Growth

100

Backblaze, Inc.'s revenue surged 25.1% year-over-year to $127.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Backblaze, Inc. carries a low D/E ratio of 1.17, meaning only $1.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Backblaze, Inc.'s current ratio of 1.10 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.

Cash Flow

Backblaze, Inc. has a free cash flow margin of 8.5%, earning a moderate score of 42/100. The company generates positive cash flow after capital investments, but with room for improvement.

Piotroski F-Score Neutral

5/9

Backblaze, Inc. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.26x

For every $1 of reported earnings, Backblaze, Inc. generates $-0.26 in operating cash flow ($12.5M OCF vs -$48.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-12.7x

Backblaze, Inc. earns $-12.7 in operating income for every $1 of interest expense (-$46.3M vs $3.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Backblaze, Inc. (BLZE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$127.6M

YoY+25.1%

Backblaze, Inc. generated $127.6M in revenue in fiscal year 2024. This represents an increase of 25.1% from the prior year.

EBITDA

-$18.0M

YoY+45.6%

Backblaze, Inc.'s EBITDA was -$18.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 45.6% from the prior year.

Free Cash Flow

$10.8M

YoY+183.9%

Backblaze, Inc. generated $10.8M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 183.9% from the prior year.

Net Income

-$48.5M

YoY+18.7%

Backblaze, Inc. reported -$48.5M in net income in fiscal year 2024. This represents an increase of 18.7% from the prior year.

EPS (Diluted)

$-1.11

YoY+33.1%

Backblaze, Inc. earned $-1.11 per diluted share (EPS) in fiscal year 2024. This represents an increase of 33.1% from the prior year.

Cash & Debt

$45.8M

YoY+266.1%

Backblaze, Inc. held $45.8M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

54.3%

YoY+5.5pp

Backblaze, Inc.'s gross margin was 54.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.5 percentage points from the prior year.

Operating Margin

-36.3%

YoY+20.5pp

Backblaze, Inc.'s operating margin was -36.3% in fiscal year 2024, reflecting core business profitability. This is up 20.5 percentage points from the prior year.

Net Margin

-38.0%

YoY+20.5pp

Backblaze, Inc.'s net profit margin was -38.0% in fiscal year 2024, showing the share of revenue converted to profit. This is up 20.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$42.1M

YoY+6.5%

Backblaze, Inc. invested $42.1M in research and development in fiscal year 2024. This represents an increase of 6.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1.7M

YoY-69.0%

Backblaze, Inc. invested $1.7M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 69.0% from the prior year.

BLZE Income Statement

Metric	FY24	FY23	FY22	FY21	FY20
Revenue	$127.6M+25.1%	$102.0M+19.8%	$85.2M+26.2%	$67.5M+25.5%	$53.8M
Cost of Revenue	$58.3M+11.7%	$52.2M+26.3%	$41.3M+24.6%	$33.1M+28.4%	$25.8M
Gross Profit	$69.3M+39.1%	$49.9M+13.7%	$43.9M+27.7%	$34.3M+22.7%	$28.0M
R&D Expenses	$42.1M+6.5%	$39.5M+19.4%	$33.1M+61.2%	$20.5M+57.1%	$13.1M
SG&A Expenses	$29.1M+7.9%	$27.0M+14.9%	$23.5M+81.9%	$12.9M+91.9%	$6.7M
Operating Income	-$46.3M+20.1%	-$57.9M-20.4%	-$48.1M-156.0%	-$18.8M-403.6%	-$3.7M
Interest Expense	$3.7M-3.5%	$3.8M-11.6%	$4.3M+16.6%	$3.7M+27.4%	$2.9M
Income Tax	$6K	$0+100.0%	-$39K-140.6%	$96K+1820.0%	$5K
Net Income	-$48.5M+18.7%	-$59.7M-16.2%	-$51.4M-136.8%	-$21.7M-227.7%	-$6.6M
EPS (Diluted)	$-1.11+33.1%	$-1.66-2.5%	$-1.62-51.4%	$-1.07-197.2%	$-0.36

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$37.2M+2.4%	$36.3M+4.9%	$34.6M+2.4%	$33.8M+8.0%	$31.3M+4.4%	$30.0M+4.3%	$28.7M+13.6%	$25.3M
Cost of Revenue	$14.1M+6.3%	$13.3M-13.7%	$15.4M+0.5%	$15.3M+8.7%	$14.1M-0.7%	$14.2M+3.7%	$13.7M+0.8%	$13.5M
Gross Profit	$23.1M+0.1%	$23.0M+19.7%	$19.3M+4.1%	$18.5M+7.4%	$17.2M+9.0%	$15.8M+4.8%	$15.1M+28.3%	$11.8M
R&D Expenses	$11.2M-5.4%	$11.9M+0.2%	$11.9M-1.4%	$12.0M+25.4%	$9.6M-1.6%	$9.7M+3.4%	$9.4M-2.2%	$9.6M
SG&A Expenses	$6.2M-20.1%	$7.7M+9.2%	$7.1M-17.4%	$8.5M+32.3%	$6.5M-1.4%	$6.6M-8.7%	$7.2M+3.4%	$6.9M
Operating Income	-$3.3M+50.6%	-$6.7M+24.7%	-$8.9M+35.2%	-$13.8M-40.4%	-$9.8M+6.7%	-$10.5M+9.6%	-$11.6M+25.3%	-$15.6M
Interest Expense	$934K+6.1%	$880K+3.2%	$853K-11.9%	$968K+7.4%	$901K-2.2%	$921K-7.1%	$991K+5.9%	$936K
Income Tax	$0	$0-100.0%	$84K	$0	$0-100.0%	$6K	$0	$0
Net Income	-$3.8M+46.8%	-$7.1M+23.9%	-$9.3M+35.1%	-$14.4M-38.9%	-$10.3M+6.4%	-$11.1M+9.5%	-$12.2M+24.0%	-$16.1M
EPS (Diluted)	$-0.07+46.2%	$-0.13+23.5%	$-0.17+43.3%	$-0.30-20.0%	$-0.25+7.4%	$-0.27+12.9%	$-0.31+29.5%	$-0.44

BLZE Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20
Total Assets	$168.6M+28.0%	$131.7M-13.6%	$152.5M-6.8%	$163.6M+200.3%	$54.5M
Current Assets	$65.7M+70.7%	$38.5M-48.2%	$74.4M-33.0%	$111.1M+1103.2%	$9.2M
Cash & Equivalents	$45.8M+266.1%	$12.5M+86.9%	$6.7M-93.6%	$104.8M+1625.5%	$6.1M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.8M+128.9%	$800K-6.5%	$856K+177.0%	$309K+47.8%	$209K
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$90.9M+4.8%	$86.7M+3.6%	$83.7M+22.9%	$68.1M+16.4%	$58.5M
Current Liabilities	$59.8M+4.8%	$57.1M+1.4%	$56.3M+24.9%	$45.1M+23.9%	$36.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$77.6M+72.7%	$44.9M-34.6%	$68.7M-28.0%	$95.5M+1496.0%	-$6.8M
Retained Earnings	-$196.0M-32.9%	-$147.5M-68.1%	-$87.7M-141.4%	-$36.3M-148.3%	-$14.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$191.5M+2.9%	$186.0M+9.3%	$170.2M+1.0%	$168.6M+31.9%	$127.8M-3.1%	$131.9M+0.2%	$131.7M-2.3%	$134.7M
Current Assets	$65.0M+0.8%	$64.5M-0.9%	$65.0M-1.1%	$65.7M+95.0%	$33.7M-12.9%	$38.7M+0.5%	$38.5M-14.2%	$44.9M
Cash & Equivalents	$29.1M-9.7%	$32.2M-20.7%	$40.6M-11.3%	$45.8M+393.6%	$9.3M+46.7%	$6.3M-49.5%	$12.5M+38.7%	$9.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.4M+3.8%	$3.2M+83.1%	$1.8M-3.3%	$1.8M+0.9%	$1.8M+11.9%	$1.6M+102.6%	$800K-59.8%	$2.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$108.7M+2.2%	$106.4M+15.2%	$92.4M+1.6%	$90.9M+10.0%	$82.7M-2.1%	$84.4M-2.7%	$86.7M-0.7%	$87.4M
Current Liabilities	$59.3M-1.1%	$59.9M+0.7%	$59.5M-0.5%	$59.8M+8.6%	$55.1M-1.1%	$55.7M-2.5%	$57.1M-6.4%	$61.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$82.8M+4.0%	$79.6M+2.4%	$77.8M+0.2%	$77.6M+72.1%	$45.1M-5.0%	$47.5M+5.6%	$44.9M-5.1%	$47.4M
Retained Earnings	-$216.2M-1.8%	-$212.4M-3.5%	-$205.3M-4.8%	-$196.0M-16.1%	-$168.9M-6.5%	-$158.5M-7.5%	-$147.5M-9.0%	-$135.2M

BLZE Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$12.5M+270.1%	-$7.3M+46.7%	-$13.8M-491.5%	$3.5M-72.5%	$12.8M
Capital Expenditures	$1.7M-69.0%	$5.5M-25.0%	$7.3M-2.8%	$7.6M+255.9%	$2.1M
Free Cash Flow	$10.8M+183.9%	-$12.9M+39.1%	-$21.1M-422.8%	-$4.0M-137.8%	$10.7M
Investing Cash Flow	-$6.1M-128.3%	$21.7M+129.3%	-$73.9M-560.0%	-$11.2M-125.0%	-$5.0M
Financing Cash Flow	$22.8M+357.5%	-$8.8M-42.3%	-$6.2M-105.8%	$106.6M+1318.6%	-$8.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$5.7M+62.0%	$3.5M-28.3%	$4.9M+121.4%	$2.2M+0.3%	$2.2M-34.8%	$3.4M+5.2%	$3.2M+2010.6%	-$170K
Capital Expenditures	$3.1M+300.8%	$784K+55.9%	$503K-39.1%	$826K+204.8%	$271K-35.9%	$423K-5.2%	$446K+28.5%	$347K
Free Cash Flow	$2.6M-5.8%	$2.8M-37.8%	$4.4M+215.6%	$1.4M-28.1%	$2.0M-34.6%	$3.0M+6.8%	$2.8M+642.0%	-$517K
Investing Cash Flow	-$7.5M+12.0%	-$8.6M-39.5%	-$6.1M-206.6%	$5.8M+49.8%	$3.8M+143.7%	-$8.8M-1975.9%	-$423K-108.4%	$5.1M
Financing Cash Flow	-$1.3M+61.2%	-$3.4M+14.4%	-$4.0M-113.2%	$30.2M+1069.2%	-$3.1M-1078.8%	-$264K+79.5%	-$1.3M+64.9%	-$3.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BLZE Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20
Gross Margin	54.3%+5.5pp	48.9%-2.6pp	51.5%+0.6pp	50.9%-1.1pp	52.0%
Operating Margin	-36.3%+20.5pp	-56.8%-0.3pp	-56.5%-28.6pp	-27.9%-20.9pp	-6.9%
Net Margin	-38.0%+20.5pp	-58.5%+1.8pp	-60.4%-28.2pp	-32.2%-19.9pp	-12.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-28.8%+16.6pp	-45.3%-11.6pp	-33.7%-20.4pp	-13.3%-1.1pp	-12.2%
Current Ratio	1.10+0.4	0.67-0.6	1.32-1.1	2.47+2.2	0.25
Debt-to-Equity	1.17-0.8	1.93+0.7	1.22+0.5	0.71+9.3	-8.56
FCF Margin	8.5%+21.1pp	-12.6%+12.2pp	-24.8%-18.8pp	-6.0%-25.9pp	19.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	62.1%-1.4pp	63.5%+7.9pp	55.6%+0.9pp	54.8%-0.3pp	55.1%+2.3pp	52.8%+0.3pp	52.5%+6.0pp	46.5%
Operating Margin	-8.9%+9.6pp	-18.5%+7.3pp	-25.8%+15.0pp	-40.8%-9.4pp	-31.4%+3.7pp	-35.1%+5.4pp	-40.5%+21.1pp	-61.5%
Net Margin	-10.2%+9.4pp	-19.6%+7.4pp	-26.9%+15.6pp	-42.5%-9.5pp	-33.1%+3.8pp	-36.9%+5.6pp	-42.5%+21.0pp	-63.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.0%+1.8pp	-3.8%+1.7pp	-5.5%+3.0pp	-8.5%-0.4pp	-8.1%+0.3pp	-8.4%+0.9pp	-9.3%+2.6pp	-11.9%
Current Ratio	1.10+0.0	1.08-0.0	1.090.0	1.10+0.5	0.61-0.1	0.70+0.0	0.67-0.1	0.74
Debt-to-Equity	1.31-0.0	1.34+0.1	1.19+0.0	1.17-0.7	1.83+0.1	1.78-0.2	1.93+0.1	1.85
FCF Margin	7.0%-0.6pp	7.6%-5.2pp	12.8%+8.7pp	4.2%-2.1pp	6.3%-3.7pp	10.0%+0.2pp	9.8%+11.8pp	-2.0%

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Frequently Asked Questions

What is Backblaze, Inc.'s annual revenue?

Backblaze, Inc. (BLZE) reported $127.6M in total revenue for fiscal year 2024. This represents a 25.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Backblaze, Inc.'s revenue growing?

Backblaze, Inc. (BLZE) revenue grew by 25.1% year-over-year, from $102.0M to $127.6M in fiscal year 2024.

Is Backblaze, Inc. profitable?

No, Backblaze, Inc. (BLZE) reported a net income of -$48.5M in fiscal year 2024, with a net profit margin of -38.0%.

What is Backblaze, Inc.'s earnings per share (EPS)?

Backblaze, Inc. (BLZE) reported diluted earnings per share of $-1.11 for fiscal year 2024. This represents a 33.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Backblaze, Inc.'s EBITDA?

Backblaze, Inc. (BLZE) had EBITDA of -$18.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Backblaze, Inc.'s gross margin?

Backblaze, Inc. (BLZE) had a gross margin of 54.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Backblaze, Inc.'s operating margin?

Backblaze, Inc. (BLZE) had an operating margin of -36.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Backblaze, Inc.'s net profit margin?

Backblaze, Inc. (BLZE) had a net profit margin of -38.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Backblaze, Inc.'s free cash flow?

Backblaze, Inc. (BLZE) generated $10.8M in free cash flow during fiscal year 2024. This represents a 183.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Backblaze, Inc.'s operating cash flow?

Backblaze, Inc. (BLZE) generated $12.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Backblaze, Inc.'s total assets?

Backblaze, Inc. (BLZE) had $168.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Backblaze, Inc.'s capital expenditures?

Backblaze, Inc. (BLZE) invested $1.7M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Backblaze, Inc. spend on research and development?

Backblaze, Inc. (BLZE) invested $42.1M in research and development during fiscal year 2024.

What is Backblaze, Inc.'s current ratio?

Backblaze, Inc. (BLZE) had a current ratio of 1.10 as of fiscal year 2024, which is considered adequate.

What is Backblaze, Inc.'s debt-to-equity ratio?

Backblaze, Inc. (BLZE) had a debt-to-equity ratio of 1.17 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Backblaze, Inc.'s return on assets (ROA)?

Backblaze, Inc. (BLZE) had a return on assets of -28.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Backblaze, Inc.'s Piotroski F-Score?

Backblaze, Inc. (BLZE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Backblaze, Inc.'s earnings high quality?

Backblaze, Inc. (BLZE) has an earnings quality ratio of -0.26x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Backblaze, Inc. cover its interest payments?

Backblaze, Inc. (BLZE) has an interest coverage ratio of -12.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Backblaze, Inc.?

Backblaze, Inc. (BLZE) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.