Backblaze, Inc. is an American cloud storage and data backup company based in San Mateo, California. It was founded in 2007 by Gleb Budman and others. Its services are intended for both business and personal markets.3 Its shares trade on Nasdaq under the symbol BLZE.1Wikipedia text CC BY-SA 4.0
Backblaze, Inc. is an American cloud storage and data backup company based in San Mateo, California. It was founded in 2007 by Gleb Budman and others. Its services are intended for both business and personal markets.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1011129$145.8M in 2025+171% since 2020Gross profit1011129$88.8M in 2025+217% since 2020Operating income1011129-$23.6M in 2025+533% since 2020Net income1011129-$25.6M in 2025+287% since 2020
Revenue1314$42.7M in Q2 FY2026+10% since Q1 FY2026Gross profit1314$26.8M in Q2 FY2026+14% since Q1 FY2026Operating income1314-$4.2M in Q2 FY2026−22% since Q1 FY2026Net income1314-$5.1M in Q2 FY2026−17% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$145.8M
$127.6M
$102.0M
Cost of revenue
$57.0M
$58.3M
$52.2M
Gross profit
$88.8M
$69.3M
$49.9M
Research and development
$46.1M
$42.1M
$39.5M
Sales and marketing
$37.4M
$44.4M
$41.3M
General and administrative
$28.9M
$29.1M
$27.0M
Total operating expenses
$112.4M
$115.6M
$107.8M
Loss from operations
-$23.6M
-$46.3M
-$57.9M
Investment income
$2.0M
$1.4M
$2.0M
Interest expense
-$3.9M
-$3.7M
-$3.8M
Loss before provision for income taxes
-$25.5M
-$48.5M
-$59.7M
Income tax provision
$84.0K
$6.0K
$0
Net loss and comprehensive loss
-$25.6M
-$48.5M
-$59.7M
Net loss per share, basic (USD per share)
-$0.46
-$1.11
-$1.66
Net loss per share, diluted (USD per share)
-$0.46
-$1.11
-$1.66
Weighted-average shares of Class A common stock outstanding basic (in shares)
56.2M shares
43.5M shares
36.0M shares
Weighted average Class A common shares outstanding, diluted (in shares)
56.2M shares
43.5M shares
36.0M shares
No quarter-by-quarter statement was filed.
Total assets101112159$191.8M in 2025+252% since 2020Total liabilities101112159$108.6M in 2025+86% since 2020Shareholders’ equity1011129$83.2M in 2025Cash1011129$29.2M in 2025+318% since 2019
Total assets1314$223.8M in Q2 FY2026+17% since Q1 FY2025Total liabilities1314$135.3M in Q2 FY2026+25% since Q1 FY2025Shareholders’ equity1314$88.5M in Q2 FY2026+6% since Q1 FY2025Cash1314$32.4M in Q2 FY2026+11% since Q1 FY2025
Every line of the balance sheet as filed: the last 5 fiscal years (annual) or 5 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2023-06-30
2022-12-31
Cash and cash equivalents
$29.2M
$45.8M
$12.5M
Marketable securities
$22.2M
$9.1M
Accounts receivable, net
$3.5M
$1.8M
Prepaid expenses
$4.2M
$3.5M
Other current assets
$6.6M
$5.5M
Total current assets
$65.7M
$65.7M
Property and equipment, net
$57.3M
$42.9M
Operating lease right-of-use assets, net
$22.7M
$15.9M
Capitalized internal-use software, net
$40.8M
$41.8M
Other assets
$5.3M
$2.2M
Total assets
$191.8M
$168.6M
Accounts payable
$1.6M
$1.5M
Accrued expenses and other current liabilities
$9.4M
$7.6M
Finance lease liabilities and lease financing obligations, current
$14.9M
$16.3M
Operating lease liabilities, current
$5.3M
$4.0M
Deferred revenue, current
$30.5M
$30.4M
Total current liabilities
$61.6M
$59.8M
Finance lease liabilities and lease financing obligations, non-current
$21.3M
$13.1M
Operating lease liabilities, non-current
$20.2M
$12.8M
Deferred revenue and other liabilities, non-current
$5.5M
$5.1M
Total liabilities
$108.6M
$90.9M
Preferred stock, 0.0001 par value; 10,000,000 shares authorized as of December 31, 2025 and 2024; zero shares issued and outstanding as of December 31, 2025 and 2024.
$0
$0
Treasury stock, at cost; 256,549 and zero shares as of December 31, 2025 and 2024, respectively
-$2.0M
$0
Additional paid-in capital
$306.8M
$273.6M
Accumulated deficit
-$221.6M
-$196.0M
Total stockholders equity
$83.2M
$77.6M
$44.9M
$68.7M
Total liabilities and stockholders equity
$191.8M
$168.6M
Preferred stock, par value (in USD per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, shares issued (in shares)
0 shares
Treasury stock (in shares)
256.5K shares
0 shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2023-06-30
2022-12-31
Cash and cash equivalents
$29.2M
$45.8M
$12.5M
Marketable securities
$22.2M
$9.1M
Accounts receivable, net
$3.5M
$1.8M
Prepaid expenses
$4.2M
$3.5M
Other current assets
$6.6M
$5.5M
Total current assets
$65.7M
$65.7M
Property and equipment, net
$57.3M
$42.9M
Operating lease right-of-use assets, net
$22.7M
$15.9M
Capitalized internal-use software, net
$40.8M
$41.8M
Other assets
$5.3M
$2.2M
Total assets
$191.8M
$168.6M
Accounts payable
$1.6M
$1.5M
Accrued expenses and other current liabilities
$9.4M
$7.6M
Finance lease liabilities and lease financing obligations, current
$14.9M
$16.3M
Operating lease liabilities, current
$5.3M
$4.0M
Deferred revenue, current
$30.5M
$30.4M
Total current liabilities
$61.6M
$59.8M
Finance lease liabilities and lease financing obligations, non-current
$21.3M
$13.1M
Operating lease liabilities, non-current
$20.2M
$12.8M
Deferred revenue and other liabilities, non-current
$5.5M
$5.1M
Total liabilities
$108.6M
$90.9M
Preferred stock, 0.0001 par value; 10,000,000 shares authorized as of December 31, 2025 and 2024; zero shares issued and outstanding as of December 31, 2025 and 2024.
$0
$0
Treasury stock, at cost; 256,549 and zero shares as of December 31, 2025 and 2024, respectively
-$2.0M
$0
Additional paid-in capital
$306.8M
$273.6M
Accumulated deficit
-$221.6M
-$196.0M
Total stockholders equity
$83.2M
$77.6M
$44.9M
$68.7M
Total liabilities and stockholders equity
$191.8M
$168.6M
Preferred stock, par value (in USD per share)
$0.00
$0.00
Preferred stock, shares authorized (in shares)
10.0M shares
10.0M shares
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, shares issued (in shares)
0 shares
Treasury stock (in shares)
256.5K shares
0 shares
Cash from operations1011129$23.5M in 2025+84% since 2020Capital spending1011129$4.7M in 2025+121% since 2020Free cash flow1011129$18.9M in 2025+76% since 2020Share buybacks9$2.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net loss
-$25.6M
-$48.5M
-$59.7M
Noncash lease expense on operating leases
$4.9M
$2.7M
$2.4M
Depreciation and amortization
$25.6M
$28.3M
$24.9M
Impairment loss on long-lived assets
$1.2M
$898.0K
$232.0K
Stock-based compensation
$26.4M
$28.6M
$25.2M
Gain on disposal of property and equipment
-$347.0K
-$154.0K
-$292.0K
Other, net
$686.0K
$409.0K
$417.0K
Accounts receivable
-$1.7M
-$1.0M
$56.0K
Prepaid expenses and other current assets
-$1.5M
-$741.0K
-$445.0K
Other assets
-$2.7M
-$1.3M
-$389.0K
Accounts payable
$402.0K
-$547.0K
-$295.0K
Accrued expenses and other current liabilities
$130.0K
$948.0K
-$1.4M
Deferred revenue and other liabilities, non-current
$473.0K
$5.5M
$4.5M
Operating lease liabilities
-$4.5M
-$2.6M
-$2.5M
Net cash provided by (used in) operating activities
$23.5M
$12.5M
-$7.3M
Purchases of marketable securities
-$39.5M
-$38.1M
-$26.4M
Maturities of marketable securities
$26.3M
$45.7M
$67.9M
Proceeds from disposal of property and equipment
$167.0K
$455.0K
$369.0K
Purchases of property and equipment
-$4.7M
-$1.7M
-$5.5M
Capitalized internal-use software costs
-$7.6M
-$12.5M
-$14.7M
Net cash (used in) provided by investing activities
-$25.3M
-$6.1M
$21.7M
Principal payments on finance lease and lease financing obligations
-$18.2M
-$19.5M
-$19.5M
Proceeds from issuance of common stock upon public offering, net of underwriting discounts and commission and other offering costs
$0
$37.4M
$0
Payments of offering costs
-$20.0K
-$383.0K
$0
Proceeds from debt facility
$2.5M
$554.0K
$4.3M
Repayment of debt facility
-$2.5M
-$4.7M
-$4.5M
Payment of debt issuance costs
-$602.0K
$0
$0
Proceeds from insurance premium financing
$0
$0
$893.0K
Principal payments on insurance premium financing
$0
-$893.0K
-$1.5M
Proceeds from lease financing obligations
$0
$0
$4.5M
Purchase of treasury stock
-$2.0M
$0
$0
Proceeds from exercises of stock options
$5.3M
$7.5M
$4.7M
Taxes paid for net share settlement of equity awards
-$1.9M
$0
$0
Proceeds from ESPP
$2.5M
$2.8M
$2.3M
Net cash (used in) provided by financing activities
-$14.8M
$22.8M
-$8.8M
Net (decrease) increase in cash and cash equivalents and restricted cash
Backblaze sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Backblaze
BlackRockFiled SCHEDULE 13G/A on Backblaze, latest Jul 27, 2026 (4 filings since Oct 22, 2024)
AWM Investment Company, Inc.Filed SCHEDULE 13G/A on Backblaze, latest May 4, 2026 (4 filings since Feb 14, 2023)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Backblaze, latest Mar 26, 2026 (2 filings since Jan 30, 2026)
Brian K. WilsonFiled SC 13G/A on Backblaze, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
Charles J. Jones Filed SC 13G/A on Backblaze, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
Backblaze Worldwide, Inc. Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Backblaze reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We lease approximately 24,000 square feet of office space in San Mateo, California under a lease agreement that expires in 2029, of which approximately 12,000 square feet is subleased to a third party and approximately 12,000 square feet is available for sublease. We also lease space in multiple data centers located in California, Arizona and Virginia, as well as in Amsterdam, the Netherlands and Toronto, Canada. We lease all of our facilities and do not own any real property. We may add or consolidate facilities from time to time as we grow our business and expand our Backblaze Storage Cloud platform.
Backblaze was established in 2007 in San Mateo, California. In 2008, the company released online backup services to support PCs running Apple's macOS and Microsoft's Windows.
In October 2021, Backblaze filed to go public on the Nasdaq under the symbol BLZE. In November, the company launched its public IPO.
Backblaze and Catalogic, a data protection vendor, announced their partnership in March 2022.
Since 2013, Backblaze has reported quarterly reliability statistics for its data center hard drives, showing annual failure rates for each model. Backblaze’s public hard-drive dataset has also been used in academic research; a 2026 study in IEEE Transactions on Cloud Computing used the dataset to estimate differences in hard-drive reliability across manufacturers.
On November 28, 2025, Backblaze announced a strategic integration with Shareio, a new platform enabling creators to monetize and protect their digital content.
Backblaze has six data centers; four in the United States, one in Canada and one in Europe.
As of April 2025, Backblaze has been reporting losses every quarter ever since going public in November 2021.
Backblaze's first product was its computer backup, offering users to back up their computer data continuously and automatically with a monthly subscription service.
In September 2015, Backblaze launched a new product, B2 Cloud Storage. Being an infrastructure as a service (IaaS), it is targeted at software integration for different kinds of businesses.
In May 2020, Backblaze released an Amazon S3-compatible API, allowing customers to use existing tools and applications with B2 Cloud Storage without rewriting them. In May 2022, Backblaze released its cloud replication services, which allow customers to back up and store data in a location that is geographically separate from the data's primary location.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
675 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 45 major events, 517 insider forms, 31 large holders, 61 other. The latest 20:
1,231 open-market trades by officers, directors and large owners since October 2021: 1 buys and 1,230 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
Gleb BudmanChief Executive Officer and Chairperson
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Backblaze names in Item 1A of its 10-K filed Mar 10, 2026: 55 risks under these headings, as written.16
Risks Related to Our Business and Our Industry
We have a history of cumulative losses, and we do not expect to be profitable for the foreseeable future.
The markets in which we participate are intensely competitive, and if we do not compete effectively, our operating results would be harmed.
Any significant disruption in our service or loss, or delay in availability of our customers’ data, could damage our reputation and harm our business and operating results.
If we are unable to maintain our brand and reputation, our business, results of operations, and financial condition may be adversely affected.
If our information technology systems, including the data of our customers stored in our systems, are breached or subject to cybersecurity attacks, our reputation and business may be harmed.
If we are unable to attract and retain customers on a cost-effective basis, our revenue and operating results would be adversely affected.
If we are unable to provide successful enhancements, new features, and modifications to our cloud services, our business could be adversely affected.
Material defects or errors in our software or hardware failures could negatively impact our business, harm our reputation, result in significant costs to us, and negatively impact our ability to sell our cloud services.
If we fail to effectively manage our workforce and operational needs, our business would be harmed.
Our business could be materially harmed to the extent that we do not effectively manage our data center capacity and the costs associated with our data center spaces.
Our business depends on our ability to retain and increase revenue from customers, and if we are unable to do so, our revenue and operating results would be adversely affected.
The other 44 risks
To the extent we target different types of customers, we may face increased demands and challenges that adversely impact our business and operations.
The material stored using our cloud services may subject us to negative publicity, legal liability, and harm our business.
Our quarterly results may fluctuate significantly and may not fully reflect the underlying performance of our business.
We rely on the performance of key personnel, including our management and other key employees, and the loss of one or more of such personnel, or of a significant number of our team members, could harm our business.
The failure to attract and retain additional qualified personnel could prevent us from executing our business strategy.
Our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be harmed.
Our operations and those of our customers, vendors and suppliers outside the United States, are subject to increased business, regulatory and economic risks that could impact our results of operations.
We use AI technologies internally to increase employee productivity and efficiency, but our business is also increasingly exposed to risks related to our customers, including neocloud partners and AI model builders, and their use of AI on our platform, any of which could harm our business.
We store personal information and other customer data, which subjects us to various data privacy laws, governmental regulations, and other related legal obligations, and any actual or perceived failure to comply with such requirements could harm our business.
Our business is substantially dependent on mid-market organizations, which may be more vulnerable to market fluctuations and other economic factors, and their vulnerability to such factors could negatively impact our business.
We are dependent on a small number of service offerings, and any reduced market adoption of these offerings would result in lower revenue and harm our business.
Changes in global trade policies, including the imposition of tariffs and other trade restrictions, may adversely affect our business.
Uncertainty in general economic conditions may adversely impact our revenue and profitability.
Our ability to maintain customer adoption and satisfaction depends in part on the ease of use of our cloud services, and any such failure could have an adverse effect on our business.
Future acquisitions and investments could disrupt our business and harm our financial condition and operating results.
Restrictive covenants under our credit facility may constrain our strategic and operational flexibility.
We may require additional capital to support our operations or the growth of our business, and we cannot be certain that this capital will be available on reasonable terms when required, or at all.
We are exposed to fluctuations in currency exchange rates, which could negatively affect our results of operations.
Certain of our market opportunity estimates, growth forecasts, and other metrics included in this Annual Report on Form 10-K could prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively affect our business.
Any future litigation against us could be costly and time-consuming to defend.
Risks Related to Reliance on Infrastructure and Third Parties
We rely on third-party vendors and suppliers, including data center and hard drive providers, which may have limited sources of supply, and this reliance exposes us to potential supply and service disruptions that could harm our business.
Our business depends, in part, on the success of our strategic relationships with third parties.
Our business is exposed to risks associated with online payment processing methods.
We rely on third-party systems for certain essential financial and operational services, and a failure or disruption in these services could materially and adversely affect our ability to manage our business effectively.
We are an emerging growth company, which provides, among other things, reduced disclosure requirements, and any decision on our part to comply only with reduced reporting and disclosure requirements applicable to such companies could make our common stock less attractive to investors.
Risks Related to Accounting and Tax Matters
The failure to maintain effective internal controls over financial reporting could harm our business and negatively impact the value of our common stock.
As a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting, and if we fail to develop and maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
Because we recognize revenue from our subscription services over the term of the subscription, downturns or upturns in new business may not be immediately reflected in our operating results.
Our operating results may be harmed if we are required to collect sales or other related taxes for our cloud services in jurisdictions where we have not historically done so.
Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
Changes in tax laws and related matters could materially affect our financial condition, results of operations and cash flows.
If our estimates or judgments relating to our critical accounting estimates prove to be incorrect, our results of operations could be adversely affected.
Risks Related to Intellectual Property
Assertions by a third-party that our cloud services infringe, misappropriate, or otherwise violate their intellectual property could subject us to costly and time-consuming litigation and adversely impact our business.
If we are unable to adequately establish, maintain, protect, and enforce our intellectual property and proprietary rights, our reputation may be harmed, we may be subject to litigation, and our business may be adversely affected.
Our use of “open-source” software could negatively affect our ability to sell our cloud services and subject us to possible litigation.
Risks Related to Ownership of Our Common Stock
Anti-takeover provisions contained in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
The market price of our common stock has been, and will likely continue to be, volatile, and you could lose all or part of your investment.
Our stock and business may be adversely affected by the actions of third parties attempting to manipulate our share price.
We may fail to meet our publicly announced guidance or other expectations about our business, which could cause our stock price to decline.
Sales of a substantial number of our common stock in the public market could cause our share price to fall.
If securities or industry analysts do not publish or cease publishing research or reports about us, our business, our market, or our competitors, or if they adversely change their recommendations regarding our common stock, the market price of our common stock and trading volume could decline.
We do not expect to declare any dividends in the foreseeable future.
Our Amended and Restated Certificate of Incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America are the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
The requirements of being a public company, particularly after we are no longer an “emerging growth company,” may strain our resources, require us to incur substantial costs and will require substantial management attention.
Legal proceedings
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that we believe is likely to have a material adverse effect on our business, financial condition, or operating results. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
