8-K Announcements
6May 4, 2026·SEC
Feb 23, 2026·SEC
Nov 6, 2025·SEC
Backblaze, Inc. (BLZE) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Backblaze, Inc. (BLZE) stock price & volume — 10-year historical chart
Backblaze, Inc. (BLZE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Backblaze, Inc. (BLZE) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $0.04vs $0.00+2295.2% | $39Mvs $38M+2.3% |
| Q1 2026 | Feb 23, 2026 | $0.06vs $0.01+500.0% | $38Mvs $38M+0.4% |
| Q4 2025 | Nov 6, 2025 | $0.03vs $0.01+400.0% | $37Mvs $38M-1.0% |
| Q2 2025 | May 7, 2025 | $0.03vs $0.06+50.0% | $35Mvs $34M+1.2% |
Backblaze, Inc. (BLZE) competitors in Cloud infrastructure and hosting — business model, growth, and fundamentals comparison
Backblaze, Inc. (BLZE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Backblaze, Inc. (BLZE) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 40.75M | 53.78M | 67.48M | 85.16M | 102.02M | 127.63M | 145.84M | 149.89M |
| Revenue Growth % | - | 31.99% | 25.46% | 26.19% | 19.8% | 25.1% | 14.27% | 13.32% |
| Cost of Goods Sold | 20.13M | 25.8M | 33.14M | 41.29M | 52.16M | 58.28M | 57.04M | 56.82M |
| COGS % of Revenue | 49.39% | 47.97% | 49.11% | 48.49% | 51.13% | 45.67% | 39.11% | - |
| Gross Profit | 20.62M▲ 0% | 27.98M▲ 35.7% | 34.34M▲ 22.7% | 43.86M▲ 27.7% | 49.86M▲ 13.7% | 69.34M▲ 39.1% | 88.79M▲ 28.0% | 93.07M▲ 0% |
| Gross Margin % | 50.61% | 52.03% | 50.89% | 51.51% | 48.87% | 54.33% | 60.89% | 62.09% |
| Gross Profit Growth % | - | 35.7% | 22.72% | 27.73% | 13.67% | 39.08% | 28.05% | - |
| Operating Expenses | 19.67M | 31.71M | 53.13M | 91.98M | 107.76M | 115.63M | 108.95M | 113.12M |
| OpEx % of Revenue | 48.28% | 58.97% | 78.74% | 108.01% | 105.63% | 90.6% | 74.71% | - |
| Selling, General & Admin | 11.24M | 18.65M | 32.6M | 58.87M | 68.23M | 73.53M | 66.31M | 67.58M |
| SG&A % of Revenue | 27.57% | 34.67% | 48.31% | 69.13% | 66.88% | 57.62% | 45.47% | - |
| Research & Development | 8.44M | 13.07M | 20.54M | 33.11M | 39.53M | 42.1M | 46.11M | 45.54M |
| R&D % of Revenue | 20.7% | 24.3% | 30.43% | 38.88% | 38.74% | 32.98% | 31.62% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -3.47M | 0 |
| Operating Income | 949K▲ 0% | -3.73M▼ 493.3% | -18.79M▼ 403.6% | -48.11M▼ 156.0% | -57.91M▼ 20.4% | -46.29M▲ 20.1% | -20.15M▲ 56.5% | -20.06M▲ 0% |
| Operating Margin % | 2.33% | -6.94% | -27.85% | -56.5% | -56.76% | -36.27% | -13.82% | -13.38% |
| Operating Income Growth % | - | -493.26% | -403.59% | -156% | -20.35% | 20.06% | 56.46% | - |
| EBITDA | 10.27M | 9.22M | -2.47M | -27.96M | -32.99M | -17.96M | 5.34M | -2.33M |
| EBITDA Margin % | 25.2% | 17.14% | -3.66% | -32.84% | -32.34% | -14.07% | 3.66% | -1.55% |
| EBITDA Growth % | - | -10.21% | -126.81% | -1031.15% | -17.99% | 45.56% | 129.73% | 85.07% |
| D&A (Non-Cash Add-back) | 9.32M | 12.95M | 16.32M | 20.15M | 24.91M | 28.33M | 25.49M | 17.73M |
| EBIT | 949K | -3.73M | -17.93M | -47.15M | -55.92M | -44.87M | -21.66M | -13.28M |
| Net Interest Income | -1.93M | -2.89M | -3.68M | -4.29M | -3.79M | -3.66M | -1.91M | -2.08M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 1.96M | 928K |
| Interest Expense | 1.93M | 2.89M | 3.68M | 4.29M | 3.79M | 3.66M | 3.87M | 1.8M |
| Other Income/Expense | -1.93M | -2.89M | -2.81M | -3.32M | -1.81M | -2.24M | -5.37M | -2.35M |
| Pretax Income | -980K▲ 0% | -6.62M▼ 575.3% | -21.61M▼ 226.5% | -51.44M▼ 138.0% | -59.71M▼ 16.1% | -48.52M▲ 18.7% | -25.53M▲ 47.4% | -22.41M▲ 0% |
| Pretax Margin % | -2.4% | -12.3% | -32.02% | -60.4% | -58.53% | -38.02% | -17.5% | -14.95% |
| Income Tax | 16K | 5K | 96K | -39K | 0 | 6K | 84K | 28K |
| Effective Tax Rate % | -1.63% | -0.08% | -0.44% | 0.08% | 0% | -0.01% | -0.33% | -0.12% |
| Net Income | -996K▲ 0% | -6.62M▼ 565.0% | -21.7M▼ 227.7% | -51.4M▼ 136.8% | -59.71M▼ 16.2% | -48.53M▲ 18.7% | -25.61M▲ 47.2% | -22.43M▲ 0% |
| Net Margin % | -2.44% | -12.31% | -32.16% | -60.36% | -58.53% | -38.03% | -17.56% | -14.97% |
| Net Income Growth % | - | -564.96% | -227.71% | -136.81% | -16.18% | 18.73% | 47.23% | 52.06% |
| Net Income (Continuing) | -996K | -6.62M | -21.7M | -51.4M | -59.71M | -48.53M | -25.61M | -22.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.05▲ 0% | -0.22▼ 311.2% | -0.71▼ 222.7% | -1.63▼ 129.6% | -1.66▼ 1.8% | -1.11▲ 33.1% | -0.46▲ 58.6% | -0.38▲ 0% |
| EPS Growth % | - | -311.22% | -222.73% | -129.58% | -1.84% | 33.13% | 58.56% | 61.39% |
| EPS (Basic) | -0.05 | -0.22 | -0.71 | -1.63 | -1.66 | -1.11 | -0.46 | - |
| Diluted Shares Outstanding | 18.6M | 30.3M | 30.38M | 31.66M | 36.01M | 43.54M | 56.21M | 59.29M |
| Basic Shares Outstanding | 18.6M | 30.3M | 30.38M | 31.66M | 36.01M | 43.54M | 56.21M | 59.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Backblaze, Inc. (BLZE) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 9.08M | 9.23M | 111.08M | 74.4M | 38.51M | 65.75M | 65.69M | 62.84M |
| Cash & Short-Term Investments | 6.98M | 6.08M | 104.84M | 65.42M | 29.3M | 54.91M | 51.38M | 45.48M |
| Cash Only | 6.98M | 6.08M | 104.84M | 6.69M | 12.5M | 45.78M | 29.18M | 26.28M |
| Short-Term Investments | 0 | 0 | 0 | 58.73M | 16.8M | 9.14M | 22.2M | 19.21M |
| Accounts Receivable | 1.11M | 1.32M | 1.82M | 3.14M | 4.45M | 6.04M | 3.48M | 4.26M |
| Days Sales Outstanding | 9.92 | 8.94 | 9.83 | 13.45 | 15.92 | 17.28 | 8.71 | 10.86 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 3K | 848K | 910K | 1.69M | 1.45M | 1.53M | 10.82M | 13.09M |
| Total Non-Current Assets | 29.54M | 45.24M | 52.5M | 78.06M | 93.17M | 102.81M | 126.14M | 129.83M |
| Property, Plant & Equipment | 24.83M | 38.75M | 43.07M | 56.26M | 55.58M | 58.82M | 80.02M | 82.71M |
| Fixed Asset Turnover | 1.64x | 1.39x | 1.57x | 1.51x | 1.84x | 2.17x | 1.82x | 1.88x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 3.88M | 5.68M | 7.64M | 16.7M | 32.52M | 41.8M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 835K | 809K | 1.79M | 5.1M | 5.07M | 2.19M | 46.12M | 101.23M |
| Total Assets | 38.63M▲ 0% | 54.47M▲ 41.0% | 163.58M▲ 200.3% | 152.46M▼ 6.8% | 131.69M▼ 13.6% | 168.56M▲ 28.0% | 191.83M▲ 13.8% | 192.67M▲ 0% |
| Asset Turnover | 1.05x | 0.99x | 0.41x | 0.56x | 0.77x | 0.76x | 0.76x | 0.79x |
| Asset Growth % | - | 41.02% | 200.32% | -6.8% | -13.62% | 28% | 13.8% | 113.21% |
| Total Current Liabilities | 28.24M | 36.37M | 45.06M | 56.27M | 57.09M | 59.8M | 61.62M | 59.94M |
| Accounts Payable | 1.55M | 1.71M | 2.08M | 3.28M | 1.97M | 1.46M | 1.59M | 0 |
| Days Payables Outstanding | 28.16 | 24.19 | 22.86 | 29.02 | 13.81 | 9.14 | 10.16 | 31.26 |
| Short-Term Debt | 0 | 628K | 0 | 0 | 0 | 0 | 20.13M | 19.71M |
| Deferred Revenue (Current) | 15.77M | 17.59M | 21.72M | 22.91M | 25.98M | 30.41M | 30.5M | 122.41M |
| Other Current Liabilities | 456K | 1.71M | 2.25M | 3.77M | 5.33M | 4.99M | 9.41M | 9.23M |
| Current Ratio | 0.32x | 0.25x | 2.47x | 1.32x | 0.67x | 1.10x | 1.07x | 1.07x |
| Quick Ratio | 0.32x | 0.25x | 2.47x | 1.32x | 0.67x | 1.10x | 1.07x | 1.07x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | -20.4 |
| Total Non-Current Liabilities | 12.98M | 24.93M | 23.03M | 27.44M | 29.66M | 31.13M | 46.99M | 48.09M |
| Long-Term Debt | 0 | 1.64M | 0 | 4.31M | 4.13M | 0 | 20.17M | 42.64M |
| Capital Lease Obligations | 8.53M | 17.89M | 19.6M | 20.52M | 21.46M | 25.99M | 41.46M | 124.33M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.78M | 3.6M | 298K | 0 | 0 | 0 | -14.64M | -9.19M |
| Total Liabilities | 41.22M | 61.31M | 68.09M | 83.71M | 86.75M | 90.94M | 108.61M | 108.02M |
| Total Debt | 16.76M | 31.48M | 33.25M | 45.49M | 45.96M | 46.34M | 81.75M | 62.35M |
| Net Debt | 9.78M | 25.4M | -71.59M | 38.8M | 33.46M | 563K | 52.57M | 36.08M |
| Debt / Equity | - | - | 0.35x | 0.66x | 1.02x | 0.60x | 0.98x | 0.98x |
| Debt / EBITDA | 1.63x | 3.41x | - | - | - | - | 15.31x | -26.80x |
| Net Debt / EBITDA | 0.95x | 2.76x | - | - | - | - | 9.85x | 9.85x |
| Interest Coverage | 0.49x | -1.29x | -4.88x | -10.99x | -14.75x | -12.27x | -5.60x | -7.36x |
| Total Equity | -2.59M▲ 0% | -6.84M▼ 163.7% | 95.49M▲ 1496.0% | 68.75M▼ 28.0% | 44.94M▼ 34.6% | 77.62M▲ 72.7% | 83.22M▲ 7.2% | 84.64M▲ 0% |
| Equity Growth % | - | -163.69% | 1495.99% | -28% | -34.63% | 72.73% | 7.21% | 186.04% |
| Book Value per Share | -0.14 | -0.23 | 3.14 | 2.17 | 1.25 | 1.78 | 1.48 | 1.43 |
| Total Shareholders' Equity | -2.59M | -6.84M | 95.49M | 68.75M | 44.94M | 77.62M | 83.22M | 84.64M |
| Common Stock | 5K | 5K | 3K | 4K | 4K | 5K | 6K | 6K |
| Retained Earnings | -8.28M | -14.64M | -36.34M | -87.74M | -147.45M | -195.99M | -221.6M | -227.74M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | -1.98M | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Backblaze, Inc. (BLZE) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 13.2M | 12.82M | 3.52M | -13.78M | -7.35M | 12.51M | 23.54M | 23.54M |
| Operating CF Margin % | 32.4% | 23.83% | 5.22% | -16.18% | -7.2% | 9.8% | 16.14% | - |
| Operating CF Growth % | - | -2.91% | -72.54% | -491.51% | 46.67% | 270.14% | 88.28% | 394.21% |
| Net Income | -996K | -6.62M | -21.7M | -51.4M | -59.71M | -48.53M | -25.61M | -22.43M |
| Depreciation & Amortization | 9.32M | 12.95M | 16.32M | 20.15M | 24.91M | 28.33M | 25.59M | 18.26M |
| Stock-Based Compensation | 1.39M | 1.88M | 5.63M | 17.05M | 25.18M | 28.63M | 26.44M | 14.21M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -184K | 706K | -737K | 1.63M | 2.71M | 3.88M | 6.44M | 40.22M |
| Working Capital Changes | 3.68M | 3.91M | 4.01M | -1.21M | -433K | 200K | -9.31M | -7.53M |
| Change in Receivables | -20K | -128K | -100K | -547K | 56K | -1.03M | -1.65M | -2.49M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 482K | 143K | 502K | 1.63M | -295K | -547K | 402K | 314K |
| Cash from Investing | -3.23M | -4.97M | -11.19M | -73.85M | 21.66M | -6.13M | -25.34M | -18.92M |
| Capital Expenditures | -1.57M | -2.13M | -7.56M | -7.35M | -5.51M | -1.71M | -4.69M | -8.22M |
| CapEx % of Revenue | 3.86% | 3.95% | 11.21% | 8.63% | 5.4% | 1.34% | 3.22% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1.66M | -2.85M | -3.63M | -8.63M | -14.35M | -12.02M | -7.4M | -4.14M |
| Cash from Financing | -7.73M | -8.75M | 106.61M | -6.21M | -8.84M | 22.77M | -14.8M | -17.93M |
| Debt Issued (Net) | -7.73M | -8.59M | 2.15M | -12.19M | -15.24M | -23.63M | -18.77M | -14.22M |
| Equity Issued (Net) | 0 | 0 | 106.95M | 0 | 0 | 37.43M | 5.88M | 4.84M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1.98M | -1.98M |
| Other Financing | 0 | -157K | -2.5M | 5.97M | 6.39M | 8.97M | -1.92M | -8.55M |
| Net Change in Cash | 2.24M▲ 0% | -902K▼ 140.3% | 98.94M▲ 11068.5% | -93.85M▼ 194.9% | 5.46M▲ 105.8% | 29.15M▲ 433.3% | -16.59M▼ 156.9% | -14.33M▲ 0% |
| Free Cash Flow | 9.63M▲ 0% | 7.84M▼ 18.5% | -7.67M▼ 197.8% | -29.76M▼ 288.1% | -27.58M▲ 7.3% | 10.79M▲ 139.1% | 18.85M▲ 74.6% | 15.61M▲ 0% |
| FCF Margin % | 23.62% | 14.58% | -11.37% | -34.95% | -27.03% | 8.46% | 12.93% | 10.42% |
| FCF Growth % | - | -18.5% | -197.78% | -288.06% | 7.34% | 139.14% | 74.63% | 192.14% |
| FCF per Share | 0.52 | 0.26 | -0.25 | -0.94 | -0.77 | 0.25 | 0.34 | 0.34 |
| FCF Conversion (FCF/Net Income) | -13.26x | -1.94x | -0.16x | 0.27x | 0.12x | -0.26x | -0.92x | -0.70x |
| Interest Paid | 1.96M | 2.88M | 3.53M | 3.78M | 3.73M | 3.58M | 0 | 865K |
| Taxes Paid | 4K | 11K | 14K | 31K | 59K | 54K | 0 | 0 |
Backblaze, Inc. (BLZE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | - | -48.97% | -62.59% | -105.05% | -79.2% | -31.85% | -27.17% |
| Return on Invested Capital (ROIC) | -21.74% | -66.41% | -54.91% | -46.71% | -44.34% | -14.13% | -14.13% |
| Gross Margin | 52.03% | 50.89% | 51.51% | 48.87% | 54.33% | 60.89% | 62.09% |
| Net Margin | -12.31% | -32.16% | -60.36% | -58.53% | -38.03% | -17.56% | -14.97% |
| Debt / Equity | - | 0.35x | 0.66x | 1.02x | 0.60x | 0.98x | 0.98x |
| Interest Coverage | -1.29x | -4.88x | -10.99x | -14.75x | -12.27x | -5.60x | -7.36x |
| FCF Conversion | -1.94x | -0.16x | 0.27x | 0.12x | -0.26x | -0.92x | -0.70x |
| Revenue Growth | 31.99% | 25.46% | 26.19% | 19.8% | 25.1% | 14.27% | 13.32% |
Backblaze, Inc. (BLZE) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 4, 2026·SEC
Feb 23, 2026·SEC
Nov 6, 2025·SEC
Backblaze, Inc. (BLZE) stock FAQ — growth, dividends, profitability & financials explained
Backblaze, Inc. (BLZE) reported $149.9M in revenue for fiscal year 2025. This represents a 268% increase from $40.7M in 2019.
Backblaze, Inc. (BLZE) grew revenue by 14.3% over the past year. This is steady growth.
Backblaze, Inc. (BLZE) reported a net loss of $22.4M for fiscal year 2025.
Backblaze, Inc. (BLZE) has a return on equity (ROE) of -31.8%. Negative ROE indicates the company is unprofitable.
Backblaze, Inc. (BLZE) generated $15.6M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Backblaze, Inc. (BLZE) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates