Backblaze (BLZE) financial statements
Backblaze reported revenue of $146M in fiscal 2025, up 22.1% a year over 5 years.
Net income was -$26M and the operating margin -16.2%, against -6.9% in 2020.
Free cash flow was $11M, and the company returned $2M in net buybacks.
The diluted share count rose 202% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Backblaze's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $54M | $67M | $85M | $102M | $128M | $146M |
| Cost of revenue | $26M | $33M | $41M | $52M | $58M | $57M |
| Gross profit | $28M | $34M | $44M | $50M | $69M | $89M |
| Research and development | $13M | $21M | $33M | $40M | $42M | $46M |
| Selling, general and admin | $19M | $33M | $59M | $68M | $74M | $66M |
| Operating income | -$4M | -$19M | -$48M | -$58M | -$46M | -$24M |
| Interest expense | $3M | $4M | $4M | $4M | $4M | $4M |
| Pre-tax income | -$7M | -$22M | -$51M | -$60M | -$49M | -$26M |
| Income tax | $5,000 | $96,000 | -$39,000 | $0 | $6,000 | $84,000 |
| Net income | -$7M | -$22M | -$51M | -$60M | -$49M | -$26M |
| EPS (diluted) | -$0.36 | -$1.07 | -$1.62 | -$1.66 | -$1.11 | -$0.46 |
| Diluted shares | 19M | 20M | 32M | 36M | 44M | 56M |
| Gross margin | 52.0% | 50.9% | 51.5% | 48.9% | 54.3% | 60.9% |
| Operating margin | -6.9% | -27.9% | -56.5% | -56.8% | -36.3% | -16.2% |
| Net margin | -12.3% | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |
Balance sheet
Fiscal years, from Backblaze's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $6M | $105M | $65M | $29M | $55M | $51M |
| Receivables | $209,000 | $309,000 | $856,000 | $800,000 | $2M | $3M |
| Total current assets | $9M | $111M | $74M | $39M | $66M | $66M |
| Property, plant and equipment | $39M | $43M | $49M | $46M | $43M | $57M |
| Total assets | $54M | $164M | $152M | $132M | $169M | $192M |
| Total current liabilities | $36M | $45M | $56M | $57M | $60M | $62M |
| Total liabilities | $59M | $68M | $84M | $87M | $91M | $109M |
| Shareholders' equity | -$7M | $95M | $69M | $45M | $78M | $83M |
| Net debt | -$5M | -$105M | -$7M | -$13M | -$46M | -$29M |
Cash flow
Fiscal years, from Backblaze's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $13M | $4M | -$14M | -$7M | $13M | $24M |
| Capital spending | $5M | $11M | $16M | $20M | $14M | $12M |
| Free cash flow | $8M | -$8M | -$30M | -$28M | -$2M | $11M |
| Stock-based compensation | $2M | $6M | $17M | $25M | $29M | $26M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$2M |
| Free cash flow margin | 14.6% | -11.4% | -35.0% | -27.0% | -1.3% | 7.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BLZE.
Open BLZE in InvestinglyQuestions
What was Backblaze's revenue in 2025?
$146M in fiscal 2025, from its 10-K filing.
How much free cash flow does Backblaze generate?
$11M in fiscal 2025 (operating cash flow minus capital spending).
From Backblaze's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.