Detailed financial statements for Backblaze, Inc. (BLZE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Backblaze, Inc. functions as a cloud storage provider, delivering comprehensive online services for businesses and individual consumers to securely store, manage, and access their data globally. The company's cloud solutions are underpinned by a highly scalable software infrastructure built upon cost-effective, commercial-grade hardware.
Analysis Summary
Backblaze, Inc. reported revenue of $145.8M in the most recent fiscal year, growing at a 5-year CAGR of 22.1%.
Trailing-twelve-month margins: gross margin 62.0%, operating margin -11.2%, net margin -13.1%. Free cash flow grew at 7.5% CAGR over 5 years.
At the current price of $13.11, BLZE has negative trailing earnings (P/E not meaningful) and an ROE of -24.09%. Market capitalisation stands at $787M.
Balance sheet quality for BLZE: current ratio of 1.1, net debt of $10.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $40.7M | $53.8M | $67.5M | $85.2M | $102.0M | $127.6M | $145.8M |
| Cost of Revenue | $20.1M | $25.8M | $33.1M | $41.3M | $52.2M | $58.3M | $57.0M |
| Gross Profit | $20.6M | $28.0M | $34.3M | $43.9M | $49.9M | $69.3M | $88.8M |
| Research & Development | $8.4M | $13.1M | $20.5M | $33.1M | $39.5M | $42.1M | $46.1M |
| Selling, General & Admin | $11.2M | $18.6M | $32.6M | $58.9M | $68.2M | $73.5M | $66.3M |
| Operating Expenses | $19.7M | $31.7M | $53.1M | $92.0M | $107.8M | $115.6M | $112.4M |
| Operating Income | $949000 | -$3.7M | -$18.8M | -$48.1M | -$57.9M | -$46.3M | -$23.6M |
| EBITDA | $10.3M | $9.2M | -$1.6M | -$27.0M | -$31.0M | -$16.5M | $3.8M |
| Interest Expense | $1.9M | $2.9M | $3.7M | $4.3M | $3.8M | $3.7M | $3.9M |
| Pre-tax Income | -$980000 | -$6.6M | -$21.6M | -$51.4M | -$59.7M | -$48.5M | -$25.5M |
| Income Tax | $16000 | $5000 | $96000 | -$39000 | 0 | $6000 | $84000 |
| Net Income | -$996000 | -$6.6M | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
| EPS | $-0.05 | $-0.22 | $-0.71 | $-1.63 | $-1.66 | $-1.11 | $-0.46 |
| EPS (Diluted) | $-0.05 | $-0.22 | $-0.71 | $-1.63 | $-1.66 | $-1.11 | $-0.46 |
| Shares Outstanding (Diluted) | $18.6M | $30.3M | $30.4M | $31.7M | $36.0M | $43.5M | $56.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $37.2M | $37.8M | $38.7M | $42.7M |
| Gross Profit | $23.1M | $23.4M | $23.5M | $26.8M |
| Operating Income | -$3.3M | -$4.7M | -$5.4M | -$4.2M |
| EBITDA | $3.2M | $2.0M | $1.8M | $3.1M |
| Net Income | -$3.8M | -$5.4M | -$6.1M | -$5.1M |
| EPS | $-0.07 | $-0.09 | $-0.10 | $-0.08 |
| EPS (Diluted) | $-0.07 | $-0.09 | $-0.10 | $-0.08 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $7.0M | $6.1M | $104.8M | $6.7M | $12.5M | $45.8M | $29.2M |
| Short-term Investments | 0 | 0 | 0 | $58.7M | $16.8M | $9.1M | $22.2M |
| Receivables | $1.1M | $1.3M | $1.8M | $3.1M | $4.5M | $6.0M | $7.8M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $9.1M | $9.2M | $111.1M | $74.4M | $38.5M | $65.7M | $65.7M |
| Property, Plant & Equipment | $24.8M | $38.7M | $43.1M | $56.3M | $55.6M | $58.8M | $80.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $3.9M | $5.7M | $7.6M | $16.7M | $32.5M | $41.8M | $40.8M |
| Total Assets | $38.6M | $54.5M | $163.6M | $152.5M | $131.7M | $168.6M | $191.8M |
| Accounts Payable | $1.6M | $1.7M | $2.1M | $3.3M | $2.0M | $1.5M | $1.6M |
| Short-term Debt | 0 | $628000 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $28.2M | $36.4M | $45.1M | $56.3M | $57.1M | $59.8M | $61.6M |
| Long-term Debt | 0 | $1.6M | 0 | $4.3M | $4.1M | 0 | 0 |
| Total Liabilities | $41.2M | $61.3M | $68.1M | $83.7M | $86.7M | $90.9M | $108.6M |
| Retained Earnings | -$8.3M | -$14.6M | -$36.3M | -$87.7M | -$147.5M | -$196.0M | -$221.6M |
| Total Equity | -$2.6M | -$6.8M | $95.5M | $68.7M | $44.9M | $77.6M | $83.2M |
| Total Debt | $16.8M | $31.5M | $33.2M | $45.5M | $46.0M | $46.3M | $61.6M |
| Net Debt | $9.8M | $25.4M | -$71.6M | -$19.9M | $16.7M | -$8.6M | $10.2M |
| Working Capital | -$19.2M | -$27.1M | $66.0M | $18.1M | -$18.6M | $5.9M | $4.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $29.1M | $29.2M | $26.3M | $32.4M |
| Total Assets | $191.5M | $191.8M | $192.7M | $223.8M |
| Total Liabilities | $108.7M | $108.6M | $108.0M | $135.3M |
| Total Equity | $82.8M | $83.2M | $84.6M | $88.5M |
| Total Debt | $64.1M | $61.6M | $62.4M | $82.4M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$996000 | -$6.6M | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
| Depreciation & Amortization | $9.3M | $13.0M | $16.3M | $20.2M | $24.9M | $28.3M | $25.6M |
| Stock-based Compensation | $1.4M | $1.9M | $5.6M | $17.0M | $25.2M | $28.6M | $26.4M |
| Change in Working Capital | $3.7M | $3.9M | $4.0M | -$1.2M | -$433000 | $200000 | -$9.3M |
| Operating Cash Flow | $13.2M | $12.8M | $3.5M | -$13.8M | -$7.3M | $12.5M | $23.5M |
| Capital Expenditure | -$3.6M | -$5.0M | -$11.2M | -$16.0M | -$20.2M | -$1.7M | -$12.3M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$2.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $9.6M | $7.8M | -$7.7M | -$29.8M | -$27.6M | $10.8M | $11.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $5.7M | $9.3M | $3.4M | $10.4M |
| Capital Expenditure | -$4.8M | -$1.9M | -$2.8M | $1.3M |
| Free Cash Flow | $895000 | $7.4M | $597000 | $11.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.4M | $6.3M | $6.9M | $9.2M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +32.0% | +25.5% | +26.2% | +19.8% | +25.1% | +14.3% |
| Net Income Growth (YoY) | | -565.0% | -227.7% | -136.8% | -16.2% | +18.7% | +47.2% |
| EPS Growth (YoY) | | -311.2% | -222.7% | -129.6% | -1.8% | +33.1% | +58.6% |
| Shares Change (YoY) | | +62.9% | +0.3% | +4.2% | +13.7% | +20.9% | +29.1% |
| FCF Growth (YoY) | | -18.5% | -197.8% | -288.1% | +7.3% | +139.1% | +4.6% |
| Gross Margin | 50.6% | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Operating Margin | 2.3% | -6.9% | -27.9% | -56.5% | -56.8% | -36.3% | -16.2% |
| EBITDA Margin | 25.2% | 17.1% | -2.4% | -31.7% | -30.4% | -13.0% | 2.6% |
| Net Margin | -2.4% | -12.3% | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |
| FCF Margin | 23.6% | 14.6% | -11.4% | -35.0% | -27.0% | 8.5% | 7.7% |
| Effective Tax Rate | -1.6% | -0.1% | -0.4% | 0.1% | -0.0% | -0.0% | -0.3% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.52 | $0.26 | $-0.25 | $-0.94 | $-0.77 | $0.25 | $0.20 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.6M | $30.3M | $30.4M | $31.7M | $36.0M | $43.5M | $56.2M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -24.09% |
| Return on Invested Capital | -9.93% |
| Return on Assets | -9.13% |
| Gross Margin | 61.97% |
| Operating Margin | -11.20% |
| Net Margin | -13.07% |
Financial Health
| Debt / Equity | 0.93 |
| Current Ratio | 1.00 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -371.96 | -90.45 | -23.79 | -3.77 | -4.57 | -5.42 | -10.13 |
| P/B | -142.72 | -88.15 | 5.37 | 2.83 | 6.08 | 3.38 | 3.15 |
| P/S | 9.09 | 11.21 | 7.61 | 2.29 | 2.68 | 2.05 | 1.80 |
| Gross Margin | 50.6% | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Operating Margin | 2.3% | -6.9% | -27.9% | -56.5% | -56.8% | -36.3% | -16.2% |
| Net Margin | -2.4% | -12.3% | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |