Backblaze, Inc. Stock Price, News & Analysis

Backblaze (Nasdaq: BLZE) has announced the opening of a new data region in Toronto, Ontario, marking a significant expansion into the Canadian market. The Canada East (CA East) region aims to serve the rapidly growing Canadian cloud services market, which is expected to grow at a CAGR of nearly 20%.

The expansion addresses increasing demands from industries such as healthcare, finance, and government, particularly focusing on data sovereignty requirements. Backblaze has partnered with Opti9 Technologies, Canada's largest Veeam Cloud Service Provider, as the exclusive Canadian channel for Backblaze B2 Reserve and the Powered by Backblaze program.

The new facility is designed to ensure compliance with local regulations while offering cloud storage solutions at competitive prices compared to larger providers. This move aligns with the growing trend toward multi-cloud and hybrid cloud strategies, emphasizing open, interoperable solutions that avoid vendor lock-in.

Backblaze (BLZE) has announced equity awards granted on November 29, 2024, as inducement to employment for two key executives. Marc Suidan, Chief Financial Officer, received 300,000 restricted stock units (RSUs), while Jason Wakeam, Chief Revenue Officer, received 112,740 RSUs.

The RSUs, granted under the company's 2024 New Employee Equity Incentive Plan, will vest 25% on August 20, 2025, with the remaining portions vesting quarterly over the subsequent 4 years, contingent on continued employment. These awards were approved by Backblaze's Compensation Committee in compliance with Nasdaq Listing Rule 5635(c)(4).

Backblaze (BLZE) announced a presentation at the Sports Video Group Summit featuring a case study with the Philadelphia Eagles on cloud-based media production. The presentation will showcase how the Eagles implemented a fast, cloud-based media workflow using Backblaze B2 Cloud Storage, Mimir asset management software, and Quantum shared file system. The team successfully replaced LTO tape storage with cloud storage, enabling immediate access to historical footage and improving content production efficiency within 48 hours after games. The solution enhanced content sharing with external vendors and streamlined media operations.

Backblaze (BLZE) announced that underwriters of its recent upsized public offering have fully exercised their over-allotment option to purchase an additional 937,500 shares of Class A common stock at $5.60 per share. The exercise closed on November 25, 2024, bringing the total net proceeds to $37.5 million after deducting underwriting discounts and commissions. The offering was managed by Oppenheimer & Co. Inc. and Needham & Company as joint book-running managers, with Craig-Hallum Capital Group as co-manager.

Backblaze (BLZE) has announced the pricing of its upsized public offering of 6,250,000 shares of Class A common stock at $5.60 per share. The offering, expected to close on November 22, 2024, includes a 30-day option for underwriters to purchase up to an additional 937,500 shares. The offering is being managed by Oppenheimer & Co. Inc. and Needham & Company as joint book-running managers, with Craig-Hallum Capital Group as co-manager.

Backblaze (BLZE) has announced a proposed follow-on public offering of $30 million of Class A common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional $4.5 million of shares at the public offering price less underwriting discount. Oppenheimer & Co. Inc. and Needham & Company, are serving as joint book-running managers. The offering is subject to market conditions and will be made under an effective shelf registration statement filed with the SEC on May 1, 2024.

Backblaze (BLZE) reported strong Q3 2024 results with revenue reaching $32.6 million, up 29% year-over-year. B2 Cloud Storage revenue grew 39% to $16.2 million, while Computer Backup revenue increased 20% to $16.4 million. The company achieved a record Adjusted EBITDA margin of 12%, a significant improvement from -3% in Q3 2023. Gross profit reached $17.8 million (55% margin), and adjusted gross profit was $25.5 million (78% margin). The company secured two multi-year deals worth approximately $1 million each and aims to be adjusted free cash flow positive by Q4 2025.

Backblaze (BLZE) and Opti9 have announced a strategic partnership to integrate Backblaze B2 Cloud Storage with Opti9's managed service offerings. As part of this collaboration, Backblaze plans to open a new data region in Toronto, Canada in Q1 2025. Opti9 will become the exclusive Canadian channel for Backblaze B2 Reserve and the Powered by Backblaze program. The partnership aims to provide high-performance, cost-effective cloud storage solutions, with B2 Cloud Storage being offered at one-fifth the price of traditional providers. The new Canadian facility will maintain compliance with SOC 1 Type 2, SOC 2 Type 2, ISO 27001, PCI DSS, and HIPAA standards.

Backblaze (Nasdaq: BLZE), a cloud storage innovator, has announced it will release its third quarter 2024 financial results on November 7, 2024 after market close. The company will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) on the same day to discuss the results.

Interested parties can attend the webcast or register to listen by phone. An archive of the webcast will be available shortly after its completion on the Investor Relations page of the Backblaze website. This announcement provides investors and analysts with the opportunity to review Backblaze's financial performance and engage with company management.