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Backblaze Inc. (BLZE-1.10%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $127.6 million, a 25% increase from $102.0 million in 2023. The increase was driven by growth in both B2 Cloud Storage and Computer Backup services.
B2 Cloud Storage revenue increased by 36% to $63.3 million, while Computer Backup revenue grew by 16% to $64.3 million. These increases were attributed to price adjustments and increased storage usage.
Cost of revenue rose to $58.3 million, resulting in a gross profit of $69.3 million and a gross margin of 54%, up from 49% in the previous year.
Operating expenses totaled $115.6 million, including $42.1 million in research and development, $44.4 million in sales and marketing, and $29.1 million in general and administrative expenses.
The company reported a net loss of $48.5 million, compared to a net loss of $59.7 million in the previous year. The improvement was due to increased revenue and gross margin.
Backblaze raised $37.4 million in net proceeds from a follow-on public offering in November 2024, which contributed to the company's cash and cash equivalents balance of $45.8 million at year-end.
Backblaze's Annual Recurring Revenue (ARR) reached $136.7 million, with a net revenue retention rate of 116%. The company had over 507,000 customers as of December 31, 2024.
The company identified and remediated material weaknesses in its internal controls over financial reporting during the year, concluding that its controls were effective as of December 31, 2024.
Backblaze continues to invest in its cloud platform and expand its market presence, including the opening of a new data center in Canada and a partnership with a Canadian cloud solutions provider.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Backblaze Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.