Backblaze, Inc. Financials
Backblaze, Inc. (BLZE) reported $145.8M in revenue for fiscal year 2025, up 14.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
Backblaze’s cash generation is outrunning GAAP earnings as gross margin expansion makes its infrastructure-heavy model more self-funding.
From FY2023 to FY2025, gross margin widened from48.9% to60.9% while free cash flow swung from-$12.9M to$18.9M . Because depreciation stayed far above capex in FY2025 ($25.6M versus$4.7M ), reported losses overstate how much cash the business now consumes.
The company is showing fixed-cost absorption: revenue climbed from
Liquidity is no longer collapsing, but the cushion is still thin: the current ratio was just 1.1x in FY2025 and cash fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Backblaze, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Backblaze, Inc., and counted as zero in the overall score.
Backblaze, Inc. scores 5.33, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($1.2B) relative to total liabilities ($108.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Backblaze, Inc. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Backblaze, Inc. reported a net loss of $25.6M while generating $23.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Backblaze, Inc. reported an operating loss of $23.6M against $3.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Backblaze, Inc. generated $145.8M in revenue in fiscal year 2025. This represents an increase of 14.3% from the prior year.
Backblaze, Inc.'s EBITDA was $2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 111.0% from the prior year.
Backblaze, Inc. reported -$25.6M in net income in fiscal year 2025. This represents an increase of 47.2% from the prior year.
Backblaze, Inc. earned -$0.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.6% from the prior year.
Cash & Balance Sheet
Backblaze, Inc. generated $18.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 74.6% from the prior year.
Backblaze, Inc. held $29.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Backblaze, Inc.'s gross margin was 60.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 6.6 percentage points from the prior year.
Backblaze, Inc.'s operating margin was -16.2% in fiscal year 2025, reflecting core business profitability. This is up 20.1 percentage points from the prior year.
Backblaze, Inc.'s net profit margin was -17.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 20.5 percentage points from the prior year.
Backblaze, Inc.'s ROE was -30.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 31.7 percentage points from the prior year.
Capital Allocation
Backblaze, Inc. invested $46.1M in research and development in fiscal year 2025. This represents an increase of 9.5% from the prior year.
Backblaze, Inc. spent $2.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Backblaze, Inc. invested $4.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 174.3% from the prior year.
BLZE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Revenue | $156.3M | $145.8M+14.3% | $127.6M+25.1% | $102.0M+19.8% | $85.2M+26.2% | $67.5M+25.5% | $53.8M |
| Cost of Revenue | $59.4M | $57.0M-2.1% | $58.3M+11.7% | $52.2M+26.3% | $41.3M+24.6% | $33.1M+28.4% | $25.8M |
| Gross Profit | $96.9M | $88.8M+28.0% | $69.3M+39.1% | $49.9M+13.7% | $43.9M+27.7% | $34.3M+22.7% | $28.0M |
| R&D Expenses | $44.7M | $46.1M+9.5% | $42.1M+6.5% | $39.5M+19.4% | $33.1M+61.2% | $20.5M+57.1% | $13.1M |
| SG&A Expenses | $31.9M | $28.9M-0.6% | $29.1M+7.9% | $27.0M+14.9% | $23.5M+81.9% | $12.9M+91.9% | $6.7M |
| Operating Income | -$18.1M | -$23.6M+49.0% | -$46.3M+20.1% | -$57.9M-20.4% | -$48.1M-156.0% | -$18.8M-403.6% | -$3.7M |
| Interest Expense | $4.6M | $3.9M+5.7% | $3.7M-3.5% | $3.8M-11.6% | $4.3M+16.6% | $3.7M+27.4% | $2.9M |
| Income Tax | $68K | $84K+1300.0% | $6K | $0+100.0% | -$39K-140.6% | $96K+1820.0% | $5K |
| Net Income | -$20.4M | -$25.6M+47.2% | -$48.5M+18.7% | -$59.7M-16.2% | -$51.4M-136.8% | -$21.7M-227.7% | -$6.6M |
| EPS (Diluted) | — | -$0.46+58.6% | -$1.11+33.1% | -$1.66-2.5% | -$1.62 | -$1.07-197.2% | -$0.36 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BLZE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $191.8M+13.8% | $168.6M+28.0% | $131.7M-13.6% | $152.5M-6.8% | $163.6M+200.3% | $54.5M |
| Current Assets | $65.7M-0.1% | $65.7M+70.7% | $38.5M-48.2% | $74.4M-33.0% | $111.1M+1103.2% | $9.2M |
| Cash & Equivalents | $29.2M-36.3% | $45.8M+266.1% | $12.5M+86.9% | $6.7M-93.6% | $104.8M+1625.5% | $6.1M |
| Accounts Receivable | $3.5M+90.2% | $1.8M+128.9% | $800K-6.5% | $856K+177.0% | $309K+47.8% | $209K |
| Total Liabilities | $108.6M+19.4% | $90.9M+4.8% | $86.7M+3.6% | $83.7M+22.9% | $68.1M+16.4% | $58.5M |
| Current Liabilities | $61.6M+3.0% | $59.8M+4.8% | $57.1M+1.4% | $56.3M+24.9% | $45.1M+23.9% | $36.4M |
| Total Equity | $83.2M+7.2% | $77.6M+72.7% | $44.9M-34.6% | $68.7M-28.0% | $95.5M+1496.0% | -$6.8M |
| Retained Earnings | -$221.6M-13.1% | -$196.0M-32.9% | -$147.5M-68.1% | -$87.7M-141.4% | -$36.3M-148.3% | -$14.6M |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
BLZE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.8M | $23.5M+88.3% | $12.5M+270.1% | -$7.3M+46.7% | -$13.8M-491.5% | $3.5M-72.5% | $12.8M |
| Capital Expenditures | $4.9M | $4.7M+174.3% | $1.7M-69.0% | $5.5M-25.0% | $7.3M-2.8% | $7.6M+255.9% | $2.1M |
| Free Cash Flow | $24.0M | $18.9M+74.6% | $10.8M+183.9% | -$12.9M+39.1% | -$21.1M-422.8% | -$4.0M-137.8% | $10.7M |
| Investing Cash Flow | -$12.5M | -$25.3M-313.3% | -$6.1M-128.3% | $21.7M+129.3% | -$73.9M-560.0% | -$11.2M-125.0% | -$5.0M |
| Financing Cash Flow | -$16.1M | -$14.8M-165.0% | $22.8M+357.5% | -$8.8M-42.3% | -$6.2M-105.8% | $106.6M+1318.6% | -$8.7M |
| Share Buybacks | $3.4M | $2.0M | $0 | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BLZE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Gross Margin | 60.9%+6.6pp | 54.3%+5.5pp | 48.9%-2.6pp | 51.5%+0.6pp | 50.9%-1.1pp | 52.0% |
| Operating Margin | -16.2%+20.1pp | -36.3%+20.5pp | -56.8%-0.3pp | -56.5%-28.6pp | -27.9%-20.9pp | -6.9% |
| Net Margin | -17.6%+20.5pp | -38.0%+20.5pp | -58.5%+1.8pp | -60.4%-28.2pp | -32.2%-19.9pp | -12.3% |
| Return on Equity | -30.8%+31.7pp | -62.5%+70.4pp | -132.9%-58.1pp | -74.8%-52.0pp | -22.7% | N/A |
| Return on Assets | -13.4%+15.4pp | -28.8%+16.6pp | -45.3%-11.6pp | -33.7%-20.4pp | -13.3%-1.1pp | -12.2% |
| Current Ratio | 1.070.0x | 1.10+0.4x | 0.67-0.6x | 1.32-1.1x | 2.47+2.2x | 0.25 |
| Debt-to-Equity | 1.30+0.1x | 1.17-0.8x | 1.93+0.7x | 1.22+0.5x | 0.71 | N/A |
| FCF Margin | 12.9%+4.5pp | 8.5%+21.1pp | -12.6%+12.2pp | -24.8%-18.8pp | -6.0%-25.9pp | 19.9% |
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Where Backblaze, Inc. Ranks
Frequently Asked Questions
What is Backblaze, Inc.'s annual revenue?
Backblaze, Inc. (BLZE) reported $145.8M in total revenue for fiscal year 2025. This represents a 14.3% 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 14.3% year-over-year, from $127.6M to $145.8M in fiscal year 2025.
Is Backblaze, Inc. profitable?
No, Backblaze, Inc. (BLZE) reported a net income of -$25.6M in fiscal year 2025, with a net profit margin of -17.6%.
What is Backblaze, Inc.'s EBITDA?
Backblaze, Inc. (BLZE) had EBITDA of $2.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Backblaze, Inc.'s gross margin?
Backblaze, Inc. (BLZE) had a gross margin of 60.9% in fiscal year 2025, 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 -16.2% in fiscal year 2025, 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 -17.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Backblaze, Inc.'s return on equity (ROE)?
Backblaze, Inc. (BLZE) has a return on equity of -30.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Backblaze, Inc.'s free cash flow?
Backblaze, Inc. (BLZE) generated $18.9M in free cash flow during fiscal year 2025. This represents a 74.6% 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 $23.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Backblaze, Inc.'s total assets?
Backblaze, Inc. (BLZE) had $191.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Backblaze, Inc.'s capital expenditures?
Backblaze, Inc. (BLZE) invested $4.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Backblaze, Inc. spend on research and development?
Backblaze, Inc. (BLZE) invested $46.1M in research and development during fiscal year 2025.
What is Backblaze, Inc.'s current ratio?
Backblaze, Inc. (BLZE) had a current ratio of 1.07 as of fiscal year 2025, which is considered adequate.
What is Backblaze, Inc.'s debt-to-equity ratio?
Backblaze, Inc. (BLZE) had a debt-to-equity ratio of 1.30 as of fiscal year 2025, 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 -13.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Backblaze, Inc.'s Altman Z-Score?
Backblaze, Inc. (BLZE) has an Altman Z-Score of 5.33, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Backblaze, Inc.'s Piotroski F-Score?
Backblaze, Inc. (BLZE) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $25.6M while generating $23.5M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $23.6M against $3.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 60 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.