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Backblaze

Backblaze (BLZE) Q1 2025 Earnings

Reported May 7, 2025 at 4:02 PM ET · SEC Source

Q1 25 EPS

$-0.03

BEAT +50.00%

Est. $-0.06

Q1 25 Revenue

$34.6M

BEAT +1.16%

Est. $34.2M

vs S&P Since Q1 25

+210.4%

BEATING MARKET

BLZE +242.8% vs S&P +32.4%

Market Reaction

Did BLZE Beat Earnings? Q1 2025 Results

Backblaze posted a notably clean beat to open 2025, with first-quarter results that undercut Wall Street's loss estimates by half and edged ahead on revenue. The cloud storage company reported a non-GAAP loss of $0.03 per share against a consensus es… Read more Backblaze posted a notably clean beat to open 2025, with first-quarter results that undercut Wall Street's loss estimates by half and edged ahead on revenue. The cloud storage company reported a non-GAAP loss of $0.03 per share against a consensus estimate of $0.06, while revenue came in at $34.61 million, ahead of the $34.22 million analysts had expected and up 15.5% year-over-year. The primary engine behind the outperformance was B2 Cloud Storage, which grew 23% year-over-year to $18.00 million and secured a record multi-million dollar, multi-year contract from an existing customer that displaced Amazon AWS, with bookings more than doubling year-over-year. Profitability improved sharply, with adjusted EBITDA tripling to $6.35 million for an 18% margin. Management responded to the quarter's momentum by raising full-year adjusted EBITDA margin guidance to 17%-19%, and despite an ongoing securities investigation stemming from a short-seller report, the company projects full-year revenue of $144.00 million to $146.00 million, with B2 growth expected to reach 30%-plus by the fourth quarter.

Key Takeaways

  • • B2 Cloud Storage revenue growth accelerated to 23% YoY, up from 22% in Q4 2024
  • • AI customer count grew 66% year-over-year
  • • AI customer data stored grew 25x year-over-year
  • • Bookings more than doubled year-over-year in Q1 2025
  • • Net revenue retention rate of 113%, up from 112% in Q1 2024
  • • Gross margin expanded to 56% from 53% year-over-year
  • • Adjusted EBITDA margin improved to 18% from 6% year-over-year
24/7 Wall St

BLZE YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

BLZE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Backblaze continued its upward trajectory, and I am proud to report that in Q1, we grew 15% year over year. And we signed our largest contractual commitment consisting of a multi-million dollar contract over a multi-year period. We delivered increased B2 revenue growth of 23%; powerful proof for how effective our GTM strategy has been.”

— Gleb Budman, Q1 2025 Earnings Press Release

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