Welcome to our dedicated page for Backblaze news (Ticker: BLZE), a resource for investors and traders seeking the latest updates and insights on Backblaze stock.
Backblaze, Inc. reports developments in cloud storage, data protection, and infrastructure services for businesses, developers, managed service providers, and consumers. The company’s platform includes B2 Cloud Storage, an infrastructure-as-a-service cloud object storage offering, and Computer Backup, a software-as-a-service backup product.
Backblaze news commonly covers quarterly financial results, B2 growth trends, AI and data-intensive workloads, neocloud demand, media workflow partnerships, performance and network benchmark reports, channel recognition, leadership changes, and investor conference participation. Company updates also highlight use cases such as AI training data, generative media, application storage, cyber resilience, and critical data protection.
Backblaze (Nasdaq: BLZE) will join the Russell 3000® and Russell 2000® Indexes as part of the Russell U.S. Indexes annual reconstitution, effective July 1, 2024. This inclusion marks a significant growth milestone for Backblaze, highlighting its commitment to innovative cloud storage solutions for global businesses. The Russell Indexes are important benchmarks used by investment managers and institutional investors, with approximately $10.5 trillion in assets benchmarked against them as of December 2023. CEO Gleb Budman emphasized that this inclusion aligns with Backblaze's strategy to enhance shareholder value in the expansive $50 billion cloud storage market.
Backblaze (Nasdaq: BLZE) has partnered with Coalition to enhance cyber risk protection and compliance. The partnership integrates Backblaze Computer Backup into Coalition's cyber risk management platform, Coalition Control®. This initiative aims to close gaps in business continuity planning, providing businesses with an enterprise-grade, unlimited backup solution. With ransomware incidents rising over 15% from FY '22 to FY '23 and average ransomware demands nearing $1.4 million, the partnership offers a proactive approach to cyber insurance coverage and data security. Coalition's platform, serving over 80,000 customers across the US, Canada, Australia, and the UK, now includes Backblaze's user-friendly and comprehensive backup solution, aiding businesses in improving their cyber incident remediation and compliance.
Backblaze has launched Backblaze B2 Live Read, a new cloud storage service that allows media production teams to access and edit content while it's still uploading, significantly accelerating workflows.
Live Read eliminates the need for on-premises storage, catering to live event producers. Leading media solution providers like Telestream, Glookast, and Mimir are integrating this service.
Key benefits include real-time highlight creation, reduced on-site staff, and rapid content distribution. The service supports high-resolution workflows and is easily accessible via S3 APIs.
Live Read is currently in private preview, with general availability planned later this year.
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.
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