Total debt rose to $82.4M in Q2 2026, lifting D/E to 0.93, while deferred revenue fell 16% sequentially to $30.4M, signaling potential subscription collection slowdown.
Backblaze, Inc. (BLZE) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 68.7M | 65.69M | 65.75M | 38.51M | 74.4M | 111.08M | 9.23M | 9.08M |
| Cash & Short-Term Investments | 49.88M | 51.38M | 54.91M | 29.3M | 65.42M | 104.84M | 6.08M | 6.98M |
| Cash Only | 32.43M | 29.18M | 45.78M | 12.5M | 6.69M | 104.84M | 6.08M | 6.98M |
| Short-Term Investments | 17.45M | 22.2M | 9.14M | 16.8M | 58.73M | 0 | 0 | 0 |
| Accounts Receivable | 5.27M | 7.84M | 6.04M | 4.45M | 3.14M | 1.82M | 1.32M | 1.11M |
| Days Sales Outstanding | 14.15 | 19.63 | 17.28 | 15.92 | 13.45 | 9.83 | 8.94 | 9.92 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 9.14M | 2.27M | 1.53M | 1.45M | 1.69M | 910K | 848K | 3K |
| Total Non-Current Assets | 155.14M | 126.14M | 102.81M | 93.17M | 78.06M | 52.5M | 45.24M | 29.54M |
| Property, Plant & Equipment | 102.84M | 80.02M | 58.82M | 55.58M | 56.26M | 43.07M | 38.75M | 24.83M |
| Fixed Asset Turnover | 1.81x | 1.82x | 2.17x | 1.84x | 1.51x | 1.57x | 1.39x | 1.64x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 42.24M | 40.83M | 41.8M | 32.52M | 16.7M | 7.64M | 5.68M | 3.88M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10.06M | 5.29M | 2.19M | 5.07M | 5.1M | 1.79M | 809K | 835K |
| Total Assets | 223.84M | 191.83M | 168.56M | 131.69M | 152.46M | 163.58M | 54.47M | 38.63M |
| Asset Turnover | 0.78x | 0.76x | 0.76x | 0.77x | 0.56x | 0.41x | 0.99x | 1.05x |
| Asset Growth % | 87.92% | 13.8% | 28% | -13.62% | -6.8% | 200.32% | 41.02% | - |
| Total Current Liabilities | 68.8M | 61.62M | 59.8M | 57.09M | 56.27M | 45.06M | 36.37M | 28.24M |
| Accounts Payable | 16.96M | 1.59M | 1.46M | 1.97M | 3.28M | 2.08M | 1.71M | 1.55M |
| Days Payables Outstanding | 56.01 | 10.16 | 9.14 | 13.81 | 29.02 | 22.86 | 24.19 | 28.16 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 628K | 0 |
| Deferred Revenue (Current) | 122.31M | 30.5M | 30.41M | 25.98M | 22.91M | 21.72M | 17.59M | 15.77M |
| Other Current Liabilities | 0 | 2.75M | 4.99M | 5.33M | 3.77M | 2.25M | 1.71M | 456K |
| Current Ratio | 1.00x | 1.07x | 1.10x | 0.67x | 1.32x | 2.47x | 0.25x | 0.32x |
| Quick Ratio | 1.00x | 1.07x | 1.10x | 0.67x | 1.32x | 2.47x | 0.25x | 0.32x |
| Cash Conversion Cycle | -41.87 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 66.51M | 46.99M | 31.13M | 29.66M | 27.44M | 23.03M | 24.93M | 12.98M |
| Long-Term Debt | 0 | 0 | 0 | 4.13M | 4.31M | 0 | 1.64M | 0 |
| Capital Lease Obligations | 186.63M | 41.46M | 25.99M | 21.46M | 20.52M | 19.6M | 17.89M | 8.53M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.48M | 0 | 0 | 0 | 0 | 298K | 3.6M | 2.78M |
| Total Liabilities | 135.3M | 108.61M | 90.94M | 86.75M | 83.71M | 68.09M | 61.31M | 41.22M |
| Total Debt | 82.44M | 61.58M | 46.34M | 45.96M | 45.49M | 33.25M | 31.48M | 16.76M |
| Net Debt | 50.01M | 32.4M | 563K | 33.46M | 38.8M | -71.59M | 25.4M | 9.78M |
| Debt / Equity | 0.93x | 0.74x | 0.60x | 1.02x | 0.66x | 0.35x | - | - |
| Debt / EBITDA | 9.84x | 32.93x | - | - | - | - | 3.41x | 1.63x |
| Net Debt / EBITDA | 5.97x | 17.33x | - | - | - | - | 2.76x | 0.95x |
| Interest Coverage | -3.42x | -5.60x | -12.27x | -14.75x | -10.99x | -4.88x | -1.29x | 0.49x |
| Total Equity | 88.54M | 83.22M | 77.62M | 44.94M | 68.75M | 95.49M | -6.84M | -2.59M |
| Equity Growth % | 120.61% | 7.21% | 72.73% | -34.63% | -28% | 1495.99% | -163.69% | - |
| Book Value per Share | 1.46 | 1.48 | 1.78 | 1.25 | 2.17 | 3.14 | -0.23 | -0.14 |
| Total Shareholders' Equity | 88.54M | 83.22M | 77.62M | 44.94M | 68.75M | 95.49M | -6.84M | -2.59M |
| Common Stock | 6K | 6K | 5K | 4K | 4K | 3K | 5K | 5K |
| Retained Earnings | -232.83M | -221.6M | -195.99M | -147.45M | -87.74M | -36.34M | -14.64M | -8.28M |
| Treasury Stock | -3.36M | -1.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BLZE stock.
As of 2025, Backblaze, Inc. (BLZE) had total assets of $191.8M including $65.7M in current assets.
Backblaze, Inc. (BLZE) carries total debt of $61.6M, offset by $51.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Backblaze, Inc. (BLZE) has total shareholders' equity (book value) of $83.2M ($1.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Backblaze, Inc. (BLZE) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Hyperscaler cold storage competition
Metrics are mathematically derived from official filings.
Leverage Rises as Assets Expand
Total assets grew 16% quarter-over-quarter to $223.8M in Q2 2026, while debt jumped to $82.4M, lifting D/E to 0.93 from 0.74, per the latest balance sheet.
The sequential asset growth is driven by a $20.1M increase in PPE, reflecting renewed infrastructure investment after a capex lull. However, the simultaneous debt increase suggests this expansion is partly debt-funded, reversing the deleveraging trend seen in early 2025. Investors should monitor whether this leverage supports revenue acceleration or merely front-loads costs.
Debt-Fueled Expansion Raises Leverage
Total debt rose to $82.4M in Q2 2026 from $61.6M in Q4 2025, pushing D/E to 0.93, the highest since Q3 2024, as reported in the balance sheet.
The $20.8M sequential debt increase coincides with a $20.1M rise in PPE, indicating debt is financing hardware purchases. While the absolute leverage remains moderate, the rapid increase warrants attention; if growth decelerates, fixed debt service could strain cash flows. The company's negative retained earnings of -$232.8M suggest reliance on external capital, but the recent positive operating cash flow provides some cushion.
Asset Base Shifts Toward Infrastructure
PPE net surged to $102.8M in Q2 2026, representing 46% of total assets, up from 35% a year earlier, while goodwill remained stable at $42.2M, per the balance sheet.
The increasing proportion of PPE underscores the capital-intensive nature of Backblaze's storage business, contrasting with asset-light software peers. Goodwill has been flat, suggesting no major acquisitions, but the $42.2M balance (19% of assets) could face impairment risk if growth disappoints. The asset mix indicates a strategic bet on infrastructure to support B2 growth, which may pressure margins if utilization lags.
Equity Quality Masked by Accumulated Losses
Equity rose to $88.5M in Q2 2026, but retained earnings deepened to -$232.8M, reflecting cumulative losses that exceed current equity, as per the balance sheet.
The equity increase is primarily from external financing, not organic profitability, as evidenced by the widening deficit in retained earnings. This suggests the company is still in a reinvestment phase, with shareholder value dependent on future profitability. The lack of significant buybacks or dividends indicates management is prioritizing growth, but the negative retained earnings highlight the need for sustained margin improvement to build intrinsic equity.
Liquidity Buffer Thins Despite Cash Rise
Cash increased to $32.4M in Q2 2026, but the current ratio fell to 1.00 from 1.05, indicating a tighter liquidity position, per the latest balance sheet.
While cash rose $6.1M sequentially, current liabilities grew faster, likely due to increased debt and payables. The current ratio at 1.00 suggests the company can just cover short-term obligations, leaving little buffer for shocks. However, the positive operating cash flow of $10.4M in Q2 2026 provides some comfort, though the low cash balance relative to total debt of $82.4M highlights refinancing risk if credit conditions tighten.
Deferred Revenue Decline Signals Caution
Deferred revenue fell to $30.4M in Q2 2026 from $36.4M in Q1 2026, a 16% sequential drop, per the balance sheet, which may indicate slowing subscription collections.
The decline in deferred revenue is notable given the company's raised guidance and accelerating B2 growth. It could reflect a shift toward more consumption-based B2 revenue, which is recognized as used, but it may also signal weakening upfront collections from Computer Backup. Investors should monitor whether this trend persists, as it could imply softer future revenue recognition despite strong reported growth.