Backblaze, Inc. SEC Filings

Backblaze, Inc. describes itself as a high-performance cloud storage platform focused on data‑intensive and AI-era workloads, delivered through its Backblaze Storage Cloud. It serves over 500,000 customers across more than 175 countries with about 5 billion gigabytes of data under management.

Revenue is largely recurring and split between B2 Cloud Storage and Computer Backup. In 2025, B2 revenue grew 26% while Computer Backup grew 3%, reflecting a shift toward enterprise and AI workloads, including the B2 Overdrive high‑throughput offering and broader partner ecosystems.

The company remains unprofitable, posting net losses of $25.6 million in 2025, $48.5 million in 2024, and $59.7 million in 2023, with an accumulated deficit of $221.6 million. Management does not expect profitability in the foreseeable future as it continues to invest in data centers, R&D and go‑to‑market capabilities.

Key risks highlighted include intense competition from hyperscale and on‑premises vendors, data center capacity and cost pressures, cybersecurity and privacy threats, evolving AI and data regulations, dependence on third‑party data centers and suppliers, and challenges scaling for AI and neocloud workloads. As of March 3, 2026, 60.1 million Class A shares were outstanding; non‑affiliate equity was valued at about $240.3 million based on a June 2025 share price of $5.50.

Backblaze, Inc. Chief Financial Officer Marc Suidan received an equity grant and had shares withheld for taxes. On the transaction date, he was granted 41,144 restricted stock units of Class A Common Stock, which are fully vested and represent one share each. To cover related tax withholding obligations, 15,106 shares of Class A Common Stock were withheld by the company at a price of $3.76 per share, and the footnotes state that no shares were sold by him to satisfy this liability. Following these transactions, he directly owned 295,565 shares of Class A Common Stock.

Backblaze, Inc. director and CEO Gleb Budman reported an equity award and related tax withholding. On February 27, 2026, he acquired 74,602 shares of Class A Common Stock through fully vested restricted stock units, with no cash price per share listed for the grant.

On the same date, 26,767 shares of Class A Common Stock were withheld by Backblaze at a price of $3.76 per share to cover tax obligations tied to this RSU grant, and the filing states that no shares were sold by Budman to satisfy this liability. After these transactions, his direct holdings reported in this account were 2,122,846 Class A shares.

Backblaze, Inc. Chief Financial Officer Marc Suidan had 7,721 shares of Class A Common Stock withheld on February 20, 2026 to cover tax obligations from vesting restricted stock units. The shares were retained by the company for tax withholding, and none were sold in the market. After this tax-withholding disposition, Suidan directly holds 269,527 shares, a figure that includes 2,500 shares previously reported but not counted in the prior total.

Backblaze, Inc. CEO and Chairperson Gleb Budman reported a tax-related share transaction. On February 20, 2026, 21,002 shares of Class A Common Stock were withheld at $4.40 per share to cover tax obligations from vesting restricted stock units. These shares were not sold on the open market. After this withholding, Budman directly owned 2,075,011 shares of Class A Common Stock.

Backblaze reported strong Q4 and 2025 results with clear progress toward profitability. Fourth-quarter revenue was $37.8 million, up 12% year over year, driven by B2 Cloud Storage revenue of $21.3 million, which grew 24%. GAAP net loss narrowed to $5.4 million, while adjusted EBITDA reached $10.4 million, a 28% margin.

Adjusted free cash flow turned positive in Q4 at $4.1 million versus a $4.5 million outflow a year earlier. For 2025, revenue rose 14% to $145.8 million, GAAP net loss improved to $25.6 million, and non-GAAP net income was $4.3 million. Annual recurring revenue reached $154.4 million. For 2026, the company guides to revenue of $156.5–$158.5 million and adjusted EBITDA margin of 19%–21%.

The Vanguard Group filed a Schedule 13G reporting a passive ownership stake in Backblaze Inc. common stock. Vanguard reports beneficial ownership of 3,096,719 shares, representing 5.36% of Backblaze’s outstanding common stock as of the event date of 12/31/2025.

Vanguard reports no sole voting or dispositive power, with 411,291 shares subject to shared voting power and 3,096,719 shares subject to shared dispositive power. The filing states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control of Backblaze.

Backblaze, Inc. (BLZE) Chief Financial Officer Form 4 filing reports a routine equity transaction linked to restricted stock unit vesting. On 11/20/2025, the CFO had 6,708 shares of Class A common stock withheld at $4.33 per share to satisfy tax withholding obligations arising from RSU vesting, and no shares were sold in the open market. Following this transaction, the CFO beneficially owned 274,748 shares of Class A common stock, which includes 2,500 shares previously acquired under the company’s Employee Stock Purchase Plan on November 19, 2025.

Backblaze, Inc. (BLZE) reported an insider equity transaction by its CEO and Chairperson, who is also a director. On 11/20/2025, 27,793 shares of Class A Common Stock were withheld by the company at a price of $4.33 per share to satisfy tax withholding obligations related to the vesting of restricted stock units (RSUs). The filing states that no shares were sold by the executive to cover this tax liability. Following this transaction, the executive directly beneficially owns 2,096,013 shares of Backblaze Class A Common Stock.