Go Pro
→ Elon Musk on His New Invention: “An Infinite Money Glitch.” (From Brownstone Research) (Ad)tc pixel Free BLZE Stock Alerts

Backblaze (BLZE) Financials

Backblaze logo
$15.62 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$15.36 -0.25 (-1.63%)
As of 09:27 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
Compare
Annual Income Statements for Backblaze

Annual Income Statements for Backblaze

This table shows Backblaze's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -6.62 -22 -51 -60 -49 -26
Consolidated Net Income / (Loss)		 -6.62 -22 -51 -60 -49 -26
Net Income / (Loss) Continuing Operations		 -6.62 -22 -51 -60 -49 -26
Total Pre-Tax Income 		-6.62 -22 -51 -60 -49 -26
Total Operating Income		 -3.73 -19 -48 -58 -46 -24
Total Gross Profit		 28 34 44 50 69 89
Total Revenue		 54 67 85 102 128 146
Operating Revenue		 54 67 85 102 128 146
Total Cost of Revenue		 26 33 41 52 58 57
Operating Cost of Revenue		 26 33 41 52 58 57
Total Operating Expenses		 32 53 92 108 116 112
Selling, General & Admin Expense		 6.72 13 23 27 29 29
Marketing Expense		 12 20 35 41 44 37
Research & Development Expense		 13 21 33 40 42 46
Total Other Income / (Expense), net		 -2.89 -2.81 -3.32 -1.81 -2.24 -1.91
Interest Expense		 2.89 1.38 4.29 3.79 3.66 3.87
Interest & Investment Income		 - 0.00 0.97 1.98 1.42 1.96
Income Tax Expense		 0.01 0.10 -0.04 0.00 0.01 0.08
Basic Earnings per Share		 ($0.36) ($1.07) ($1.62) ($1.66) ($1.11) ($0.46)
Weighted Average Basic Shares Outstanding		 18.61M 20.35M 31.66M 36.01M 43.54M 56.21M
Diluted Earnings per Share		 ($0.36) ($1.07) ($1.62) ($1.66) ($1.11) ($0.46)
Weighted Average Diluted Shares Outstanding		 18.61M 20.35M 31.66M 36.01M 43.54M 56.21M
Weighted Average Basic & Diluted Shares Outstanding		 - 30.60M 34.30M 41.20M 54.30M 60.10M

Quarterly Income Statements for Backblaze

This table shows Backblaze's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -12 -11 -10 -13 -14 -9.32 -7.10 -3.78 -5.41 -6.15
Consolidated Net Income / (Loss)		 -16 -12 -11 -10 -13 -14 -9.32 -7.10 -3.78 -5.41 -6.15
Net Income / (Loss) Continuing Operations		 -16 -12 -11 -10 -13 -14 -9.32 -7.10 -3.78 -5.41 -6.15
Total Pre-Tax Income 		-16 -12 -11 -10 -13 -14 -9.24 -7.10 -3.78 -5.41 -6.12
Total Operating Income		 -16 -12 -11 -9.81 -12 -14 -8.77 -6.72 -3.32 -4.67 -5.35
Total Gross Profit		 12 15 16 17 18 19 19 23 23 23 24
Total Revenue		 25 29 30 31 33 34 35 36 37 38 39
Operating Revenue		 25 29 30 31 33 34 35 36 37 38 39
Total Cost of Revenue		 14 14 14 14 15 15 15 13 14 14 15
Operating Cost of Revenue		 14 14 14 14 15 15 15 13 14 14 15
Total Operating Expenses		 27 27 26 27 30 32 28 30 26 28 29
Selling, General & Admin Expense		 6.94 7.18 6.55 6.46 7.54 8.54 6.91 7.71 6.16 7.98 7.31
Marketing Expense		 11 10 10 11 12 12 9.26 10 9.00 8.97 10
Research & Development Expense		 9.64 9.43 9.75 9.59 11 12 12 12 11 11 11
Total Other Income / (Expense), net		 -0.49 -0.58 -0.54 -0.54 -0.56 -0.61 -0.47 -0.38 -0.46 -0.75 -0.77
Interest Expense		 0.94 0.99 0.92 0.90 0.87 0.97 0.85 0.88 0.93 1.20 1.21
Interest & Investment Income		 0.45 0.41 0.38 0.36 0.31 0.36 0.53 0.50 0.48 0.45 0.40
Other Income / (Expense), net		 - - - - - - -0.15 - - - 0.04
Income Tax Expense		 0.00 - 0.01 0.00 0.00 - 0.08 0.00 0.00 - 0.03
Basic Earnings per Share		 ($0.44) ($0.31) ($0.27) ($0.25) ($0.29) ($0.30) ($0.17) ($0.13) ($0.07) ($0.09) ($0.10)
Weighted Average Basic Shares Outstanding		 36.67M 36.01M 40.23M 42.15M 43.52M 43.54M 54.06M 55.63M 56.98M 56.21M 59.29M
Diluted Earnings per Share		 ($0.44) ($0.31) ($0.27) ($0.25) ($0.29) ($0.30) ($0.17) ($0.13) ($0.07) ($0.09) ($0.10)
Weighted Average Diluted Shares Outstanding		 36.67M 36.01M 40.23M 42.15M 43.52M 43.54M 54.06M 55.63M 56.98M 56.21M 59.29M
Weighted Average Basic & Diluted Shares Outstanding		 37.60M 41.20M 41.50M 42.90M 44.40M 54.30M 54.90M 56.50M 57.70M 60.10M 60M

Annual Cash Flow Statements for Backblaze

This table details how cash moves in and out of Backblaze's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -0.90 99 -94 5.47 29 -17
Net Cash From Operating Activities		 13 3.52 -14 -7.35 13 24
Net Cash From Continuing Operating Activities		 13 3.52 -14 -7.35 13 24
Net Income / (Loss) Continuing Operations		 -6.62 -22 -51 -60 -49 -26
Consolidated Net Income / (Loss)		 -6.62 -22 -51 -60 -49 -26
Depreciation Expense		 13 16 20 25 28 26
Non-Cash Adjustments To Reconcile Net Income		 1.92 4.89 17 27 32 32
Changes in Operating Assets and Liabilities, net		 3.91 4.01 1.33 -0.02 0.61 -8.63
Net Cash From Investing Activities		 -4.97 -11 -74 22 -6.13 -25
Net Cash From Continuing Investing Activities		 -4.97 -11 -74 22 -6.13 -25
Purchase of Property, Plant & Equipment		 -4.98 -11 -16 -20 -14 -12
Purchase of Investments		 - 0.00 -146 -26 -38 -40
Sale of Property, Plant & Equipment		 0.00 - 0.00 0.37 0.46 0.17
Sale and/or Maturity of Investments		 - 0.00 88 68 46 26
Net Cash From Financing Activities		 -8.75 107 -6.21 -8.84 23 -15
Net Cash From Continuing Financing Activities		 -8.75 107 -6.21 -8.84 23 -15
Repayment of Debt		 -11 -16 0.00 -4.45 -4.68 -3.06
Repurchase of Common Equity		 -0.18 -2.98 -0.66 0.00 -0.38 -2.00
Issuance of Debt		 2.27 14 4.31 4.27 0.55 2.45
Issuance of Common Equity		 0.00 107 2.51 2.34 40 2.55
Other Financing Activities, net		 0.02 4.79 -12 -11 -13 -15
Cash Interest Paid		 2.88 3.53 3.78 3.73 3.58 3.74

Quarterly Cash Flow Statements for Backblaze

This table details how cash moves in and out of Backblaze's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 1.21 1.54 -5.63 2.95 -6.32 38 -5.17 -8.42 -3.11 0.11 -2.91
Net Cash From Operating Activities		 -0.17 3.25 3.42 2.23 4.63 2.23 4.94 3.55 5.74 9.31 3.36
Net Cash From Continuing Operating Activities		 -0.17 3.25 3.42 2.23 4.63 2.23 4.94 3.55 5.74 9.31 3.36
Net Income / (Loss) Continuing Operations		 -16 -12 -11 -10 -13 -14 -9.32 -7.10 -3.78 -5.41 -6.15
Consolidated Net Income / (Loss)		 -16 -12 -11 -10 -13 -14 -9.32 -7.10 -3.78 -5.41 -6.15
Depreciation Expense		 6.47 6.58 6.91 7.03 7.33 7.06 7.76 5.47 6.04 6.31 6.74
Non-Cash Adjustments To Reconcile Net Income		 9.66 7.20 5.79 6.28 8.85 12 6.50 7.84 5.37 12 8.20
Changes in Operating Assets and Liabilities, net		 -1.33 1.79 1.77 -0.73 1.21 -3.00 -0.00 -2.67 -1.89 -4.07 -5.43
Net Cash From Investing Activities		 5.05 -0.42 -8.78 3.84 -6.94 5.75 -6.13 -8.56 -7.53 -3.12 0.29
Net Cash From Continuing Investing Activities		 5.05 -0.42 -8.78 3.84 -6.94 5.75 -6.13 -8.56 -7.53 -3.12 0.29
Purchase of Property, Plant & Equipment		 -4.31 -4.10 -3.75 -3.78 -3.60 -3.06 -2.63 -2.85 -4.85 -1.94 -2.76
Purchase of Investments		 -9.76 -6.87 -15 -9.35 -8.37 -5.60 -18 -9.85 -6.26 -5.13 -4.97
Sale of Property, Plant & Equipment		 0.24 0.05 -0.02 0.20 0.15 0.12 0.01 - - - 0.02
Sale and/or Maturity of Investments		 19 10 9.76 17 4.88 14 15 4.12 3.46 3.94 8.00
Net Cash From Financing Activities		 -3.68 -1.29 -0.26 -3.11 -4.01 30 -3.98 -3.41 -1.32 -6.09 -6.56
Net Cash From Continuing Financing Activities		 -3.68 -1.29 -0.26 -3.11 -4.01 30 -3.98 -3.41 -1.32 -6.09 -6.56
Repayment of Debt		 7.23 -1.95 -4.80 4.80 - -4.68 -0.02 -0.53 -0.05 -2.45 -0.09
Repurchase of Common Equity		 - - 0.00 - - - -0.01 -0.01 -1.19 -0.80 -0.81
Other Financing Activities, net		 -12 -0.51 3.98 -9.27 -4.01 -3.62 -3.95 -4.25 -2.54 -4.00 -5.66
Cash Interest Paid		 0.94 0.98 0.94 0.87 0.88 0.89 0.83 0.87 0.93 1.11 1.13

Annual Balance Sheets for Backblaze

This table presents Backblaze's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 54 164 152 132 169 192
Total Current Assets		 9.23 111 74 39 66 66
Cash & Equivalents		 6.08 105 6.69 13 46 29
Short-Term Investments		 - 0.00 59 17 9.14 22
Accounts Receivable		 0.21 0.31 0.86 0.80 1.83 3.48
Prepaid Expenses		 2.95 5.93 8.12 8.41 3.46 4.20
Other Current Assets		 - - - - 5.55 6.63
Plant, Property, & Equipment, net		 39 0.00 0.00 0.00 0.00 0.00
Total Noncurrent Assets		 6.49 52 78 93 103 126
Intangible Assets		 5.68 7.64 17 33 42 41
Other Noncurrent Operating Assets		 0.81 45 61 61 61 85
Total Liabilities & Shareholders' Equity		 54 164 152 132 169 192
Total Liabilities		 59 68 84 87 91 109
Total Current Liabilities		 36 45 56 57 60 62
Accounts Payable		 1.71 2.08 3.28 1.97 1.46 11
Current Deferred Revenue		 18 22 23 26 30 30
Other Current Liabilities		 11 14 21 20 20 20
Total Noncurrent Liabilities		 22 23 27 30 31 47
Capital Lease Obligations		 18 20 15 13 13 21
Noncurrent Deferred Revenue		 1.80 3.13 2.61 4.07 5.15 5.53
Other Noncurrent Operating Liabilities		 2.46 0.30 5.03 8.15 13 20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -6.84 95 69 45 78 83
Total Preferred & Common Equity		 -6.84 95 69 45 78 83
Preferred Stock		 - - - 0.00 0.00 0.00
Total Common Equity		 -6.84 95 69 45 78 83
Common Stock		 7.80 132 156 192 274 307
Retained Earnings		 -15 -36 -88 -147 -196 -222
Treasury Stock		 - - - - 0.00 -1.98

Quarterly Balance Sheets for Backblaze

This table presents Backblaze's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 135 135 132 128 136 170 186 192 193
Total Current Assets		 45 45 39 34 32 65 64 65 63
Cash & Equivalents		 5.89 9.02 6.32 9.27 2.95 41 32 29 26
Short-Term Investments		 31 21 22 14 18 13 18 21 19
Accounts Receivable		 0.83 1.99 1.62 1.81 2.76 1.77 3.24 3.36 4.26
Prepaid Expenses		 7.08 7.07 8.94 8.25 8.25 10 3.26 4.18 5.69
Other Current Assets		 - - - - - - 7.41 7.17 7.41
Plant, Property, & Equipment, net		 0.00 0.00 43 0.00 0.00 46 0.00 0.00 61
Total Noncurrent Assets		 90 90 51 94 104 59 122 127 69
Intangible Assets		 24 29 35 38 41 42 42 41 41
Other Noncurrent Operating Assets		 66 61 15 56 63 17 79 85 28
Total Liabilities & Shareholders' Equity		 135 135 132 128 136 170 186 192 193
Total Liabilities		 80 87 84 83 93 92 106 109 108
Total Current Liabilities		 51 61 56 55 59 59 60 59 60
Accounts Payable		 2.46 1.99 1.44 1.15 1.67 8.20 9.16 8.71 9.23
Current Deferred Revenue		 23 24 29 29 30 31 31 30 31
Other Current Liabilities		 20 21 19 19 20 20 20 20 20
Total Noncurrent Liabilities		 29 26 29 28 34 33 46 49 48
Capital Lease Obligations		 15 14 12 11 12 16 19 20 24
Noncurrent Deferred Revenue		 2.55 3.63 - 4.61 5.21 - 5.11 5.47 5.44
Other Noncurrent Operating Liabilities		 4.36 8.52 12 7.57 12 17 22 21 19
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 54 47 47 45 43 78 80 83 85
Total Preferred & Common Equity		 54 47 47 45 43 78 80 83 85
Preferred Stock		 - - - - - 0.00 0.00 0.00 0.00
Total Common Equity		 54 47 47 45 43 78 80 83 85
Common Stock		 173 183 206 214 224 283 292 300 315
Retained Earnings		 -119 -135 -159 -169 -182 -205 -212 -216 -228
Treasury Stock		 - - - - - - - -1.19 -2.79

Annual Metrics And Ratios for Backblaze

This table displays calculated financial ratios and metrics derived from Backblaze's official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 30,300,000.00 32,600,000.00 37,600,000.00 - 57,700,000.00
DEI Adjusted Shares Outstanding		 0.00 30,300,000.00 32,600,000.00 37,600,000.00 - 57,700,000.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -0.72 -1.58 -1.59 - -0.44
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 25.46% 26.19% 19.80% 25.10% 14.27%
EBITDA Growth		 0.00% -139.54% -637.59% -14.46% 45.06% 110.96%
EBIT Growth		 0.00% -442.07% -137.83% -20.35% 20.06% 48.97%
NOPAT Growth		 0.00% -403.59% -156.00% -20.35% 20.06% 48.97%
Net Income Growth		 0.00% -227.71% -136.81% -16.18% 18.73% 47.23%
EPS Growth		 0.00% -197.22% -51.40% -2.47% 33.13% 58.56%
Operating Cash Flow Growth		 0.00% -72.54% -491.51% 46.67% 270.14% 88.28%
Free Cash Flow Firm Growth		 0.00% 0.00% -209.93% -8.46% 30.33% 3.86%
Invested Capital Growth		 0.00% 22.24% 125.63% 43.07% 8.39% 48.21%
Revenue Q/Q Growth		 0.00% 0.00% 5.23% 6.04% 4.12% 2.80%
EBITDA Q/Q Growth		 0.00% 0.00% -22.44% 9.38% -11.66% 130.81%
EBIT Q/Q Growth		 0.00% 0.00% -14.16% 3.21% -4.86% 27.82%
NOPAT Q/Q Growth		 0.00% 0.00% -14.16% 3.21% -4.86% 27.82%
Net Income Q/Q Growth		 0.00% 0.00% -10.51% 3.69% -4.68% 25.93%
EPS Q/Q Growth		 0.00% 0.00% -1.25% 7.26% 0.89% 31.34%
Operating Cash Flow Q/Q Growth		 0.00% -61.81% -5.31% 46.49% -7.51% 43.00%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 6.75% 6.29% 14.73%
Invested Capital Q/Q Growth		 0.00% 0.00% 17.91% 3.76% -6.92% -3.86%
Profitability Metrics		 - - - - - -
Gross Margin		 52.03% 50.89% 51.51% 48.87% 54.33% 60.89%
EBITDA Margin		 18.38% -5.79% -33.85% -32.34% -14.02% 1.35%
Operating Margin		 -6.94% -27.85% -56.50% -56.76% -36.27% -16.20%
EBIT Margin		 -6.94% -29.98% -56.50% -56.76% -36.27% -16.20%
Profit (Net Income) Margin		 -12.31% -32.16% -60.36% -58.53% -38.03% -17.56%
Tax Burden Percent		 100.08% 100.44% 99.92% 100.00% 100.01% 100.33%
Interest Burden Percent		 177.33% 106.81% 106.91% 103.12% 104.83% 108.06%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -31.17% -141.25% -201.89% -144.27% -94.02% -37.17%
ROIC Less NNEP Spread (ROIC-NNEP)		 -63.41% -117.76% -174.81% -77.55% -33.88% -11.91%
Return on Net Nonoperating Assets (RNNOA)		 194.46% 93.77% 139.30% 39.22% 14.83% 5.32%
Return on Equity (ROE)		 163.29% -47.48% -62.59% -105.05% -79.20% -31.85%
Cash Return on Invested Capital (CROIC)		 0.00% -161.26% -279.05% -179.70% -102.07% -76.01%
Operating Return on Assets (OROA)		 -6.85% -18.56% -30.45% -40.76% -30.83% -13.11%
Return on Assets (ROA)		 -12.16% -19.91% -32.53% -42.03% -32.33% -14.21%
Return on Common Equity (ROCE)		 275.37% -46.03% -62.59% -105.05% -79.20% -31.85%
Return on Equity Simple (ROE_SIMPLE)		 96.83% -22.73% -74.76% 0.00% -62.52% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.61 -13 -34 -41 -32 -17
NOPAT Margin		 -4.86% -19.50% -39.55% -39.73% -25.39% -11.34%
Net Nonoperating Expense Percent (NNEP)		 32.24% -23.48% -27.08% -66.72% -60.14% -25.26%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -64.98% -35.70% -15.82%
Cost of Revenue to Revenue		 47.97% 49.11% 48.49% 51.13% 45.67% 39.11%
SG&A Expenses to Revenue		 12.50% 19.12% 27.56% 26.43% 22.80% 19.82%
R&D to Revenue		 24.30% 30.43% 38.88% 38.74% 32.98% 31.62%
Operating Expenses to Revenue		 58.97% 78.74% 108.01% 105.63% 90.60% 77.08%
Earnings before Interest and Taxes (EBIT)		 -3.73 -20 -48 -58 -46 -24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9.88 -3.91 -29 -33 -18 1.97
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 5.36 2.92 6.35 3.44 3.23
Price to Tangible Book Value (P/TBV)		 0.00 5.83 3.85 22.98 7.46 6.34
Price to Revenue (P/Rev)		 1.86 7.58 2.35 2.80 2.09 1.84
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 13.75 41.63 6.70 8.27 6.29 4.49
Enterprise Value to Revenue (EV/Rev)		 2.14 6.32 1.82 2.68 1.77 1.64
Enterprise Value to EBITDA (EV/EBITDA)		 11.66 0.00 0.00 0.00 0.00 121.34
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.99 121.17 0.00 0.00 18.03 10.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 -4.56 0.21 0.29 0.39 0.17 0.26
Long-Term Debt to Equity		 -4.41 0.21 0.29 0.39 0.17 0.26
Financial Leverage		 -3.07 -0.80 -0.80 -0.51 -0.44 -0.45
Leverage Ratio		 -13.43 2.38 1.92 2.50 2.45 2.24
Compound Leverage Factor		 -23.81 2.55 2.06 2.58 2.57 2.42
Debt to Total Capital		 128.05% 17.03% 22.35% 27.96% 14.48% 20.37%
Short-Term Debt to Total Capital		 4.34% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 123.71% 17.03% 22.35% 27.96% 14.48% 20.37%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 19.26% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -47.31% 82.97% 77.65% 72.04% 85.52% 79.63%
Debt to EBITDA		 1.87 -5.02 -0.69 -0.53 -0.73 10.82
Net Debt to EBITDA		 1.26 21.81 1.58 0.36 2.33 -15.29
Long-Term Debt to EBITDA		 1.81 -5.02 -0.69 -0.53 -0.73 10.82
Debt to NOPAT		 -7.09 -1.49 -0.59 -0.43 -0.41 -1.29
Net Debt to NOPAT		 -4.76 6.48 1.35 0.29 1.29 1.82
Long-Term Debt to NOPAT		 -6.85 -1.49 -0.59 -0.43 -0.41 -1.29
Altman Z-Score		 0.81 4.69 0.29 -0.44 0.03 0.25
Noncontrolling Interest Sharing Ratio		 -68.64% 3.05% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.25 2.47 1.32 0.67 1.10 1.07
Quick Ratio		 0.17 2.33 1.18 0.53 0.95 0.89
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -15 -47 -50 -35 -34
Operating Cash Flow to CapEx		 257.77% 31.46% -86.22% -37.01% 91.10% 194.72%
Free Cash Flow to Firm to Interest Expense		 0.00 -10.90 -10.85 -13.32 -9.62 -8.75
Operating Cash Flow to Interest Expense		 4.44 2.55 -3.21 -1.94 3.42 6.09
Operating Cash Flow Less CapEx to Interest Expense		 2.72 -5.57 -6.94 -7.18 -0.33 2.96
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.99 0.62 0.54 0.72 0.85 0.81
Accounts Receivable Turnover		 257.34 260.54 146.19 123.21 97.02 54.90
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.39 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 15.09 17.51 15.41 19.85 33.97 9.16
Days Sales Outstanding (DSO)		 1.42 1.40 2.50 2.96 3.76 6.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 24.19 20.85 23.68 18.39 10.75 39.84
Cash Conversion Cycle (CCC)		 -22.77 -19.44 -21.18 -15.43 -6.98 -33.19
Capital & Investment Metrics		 - - - - - -
Invested Capital		 8.38 10 23 33 36 53
Invested Capital Turnover		 6.42 7.24 5.10 3.63 3.70 3.28
Increase / (Decrease) in Invested Capital		 0.00 1.86 13 9.96 2.77 17
Enterprise Value (EV)		 115 427 155 274 226 239
Market Capitalization		 100 512 200 285 267 269
Book Value per Share		 ($0.37) $3.15 $2.11 $1.20 $1.75 $1.44
Tangible Book Value per Share		 ($0.67) $2.90 $1.60 $0.33 $0.81 $0.73
Total Capital		 14 115 89 62 91 105
Total Debt		 19 20 20 17 13 21
Total Long-Term Debt		 18 20 20 17 13 21
Net Debt		 12 -85 -46 -12 -42 -30
Capital Expenditures (CapEx)		 4.97 11 16 20 14 12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -33 -39 -47 -48 -49 -47
Debt-free Net Working Capital (DFNWC)		 -27 66 18 -19 5.95 4.07
Net Working Capital (NWC)		 -27 66 18 -19 5.95 4.07
Net Nonoperating Expense (NNE)		 4.01 8.55 18 19 16 9.08
Net Nonoperating Obligations (NNO)		 12 -85 -46 -12 -42 -30
Total Depreciation and Amortization (D&A)		 14 16 19 25 28 26
Debt-free, Cash-free Net Working Capital to Revenue		 -60.59% -57.53% -55.54% -46.93% -38.37% -32.44%
Debt-free Net Working Capital to Revenue		 -49.30% 97.84% 21.28% -18.21% 4.66% 2.79%
Net Working Capital to Revenue		 -50.46% 97.84% 21.28% -18.21% 4.66% 2.79%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($1.07) ($1.62) ($1.66) ($1.11) ($0.46)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 20.35M 31.66M 36.01M 43.54M 56.21M
Adjusted Diluted Earnings per Share		 $0.00 ($1.07) ($1.62) ($1.66) ($1.11) ($0.46)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 20.35M 31.66M 36.01M 43.54M 56.21M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 30.60M 34.30M 41.20M 54.30M 60.10M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.61 -13 -34 -41 -32 -17
Normalized NOPAT Margin		 -4.86% -19.50% -39.55% -39.73% -25.39% -11.34%
Pre Tax Income Margin		 -12.30% -32.02% -60.40% -58.53% -38.02% -17.50%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -1.29 -14.68 -11.22 -15.27 -12.65 -6.11
NOPAT to Interest Expense		 -0.91 -9.55 -7.85 -10.69 -8.86 -4.28
EBIT Less CapEx to Interest Expense		 -3.02 -22.80 -14.94 -20.51 -16.41 -9.24
NOPAT Less CapEx to Interest Expense		 -2.63 -17.67 -11.58 -15.93 -12.61 -7.40
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -2.66% -13.72% -1.28% 0.00% -0.79% -7.82%

Quarterly Metrics And Ratios for Backblaze

This table displays calculated financial ratios and metrics derived from Backblaze's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 36,100,000.00 37,600,000.00 41,200,000.00 41,500,000.00 42,900,000.00 - 54,300,000.00 54,900,000.00 56,500,000.00 57,700,000.00 60,100,000.00
DEI Adjusted Shares Outstanding		 36,100,000.00 37,600,000.00 41,200,000.00 41,500,000.00 42,900,000.00 - 54,300,000.00 54,900,000.00 56,500,000.00 57,700,000.00 60,100,000.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.44 -0.32 -0.27 -0.25 -0.30 - -0.17 -0.13 -0.07 -0.09 -0.10
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 14.73% 25.35% 28.10% 27.23% 28.82% 17.57% 15.50% 16.02% 14.03% 11.77% 11.71%
EBITDA Growth		 -15.69% 41.14% 69.00% 66.09% 39.27% -39.38% 67.87% 55.35% 155.95% 124.49% 223.36%
EBIT Growth		 -29.07% 14.18% 37.44% 29.50% 21.64% -18.47% 15.13% 31.52% 72.77% 66.13% 40.43%
NOPAT Growth		 -29.07% 14.18% 37.44% 29.50% 21.64% -18.47% 16.55% 31.52% 72.77% 66.13% 38.97%
Net Income Growth		 -25.43% 15.77% 35.41% 27.82% 20.57% -17.77% 15.64% 31.42% 70.38% 62.35% 34.07%
EPS Growth		 -10.00% 29.55% 46.00% 39.02% 34.09% 3.23% 37.04% 48.00% 75.86% 70.00% 41.18%
Operating Cash Flow Growth		 93.06% 203.47% 165.81% 142.52% 2,822.94% -31.25% 44.70% 59.18% 24.07% 317.06% -32.03%
Free Cash Flow Firm Growth		 -667.03% 19.05% 71.90% 88.64% 34.48% 31.39% -7.98% -304.24% -25.68% -65.52% -131.32%
Invested Capital Growth		 62.57% 43.07% 9.25% -7.26% 20.83% 8.39% 14.22% 30.85% 43.49% 48.21% 54.53%
Revenue Q/Q Growth		 2.89% 13.59% 4.28% 4.39% 4.17% 3.67% 2.45% 4.87% 2.38% 1.61% 2.39%
EBITDA Q/Q Growth		 2.38% 36.99% 24.19% 22.62% -74.82% -34.15% 82.78% -7.53% 319.07% -39.63% -13.26%
EBIT Q/Q Growth		 -11.87% 25.32% 9.59% 6.67% -24.36% -12.90% 35.23% 24.70% 50.56% -40.47% -13.91%
NOPAT Q/Q Growth		 -11.87% 25.32% 9.59% 6.67% -24.36% -12.90% 36.31% 24.70% 50.56% -40.47% -14.75%
Net Income Q/Q Growth		 -11.98% 23.96% 9.46% 6.38% -23.24% -12.73% 35.15% 23.88% 46.77% -43.28% -13.56%
EPS Q/Q Growth		 -7.32% 29.55% 12.90% 7.41% -16.00% -3.45% 43.33% 23.53% 46.15% -28.57% -11.11%
Operating Cash Flow Q/Q Growth		 96.75% 2,010.59% 5.17% -34.81% 107.86% -51.76% 121.36% -28.28% 62.00% 62.16% -63.92%
Free Cash Flow Firm Q/Q Growth		 33.90% 21.89% 42.69% 61.63% -281.39% 18.20% 9.80% -42.33% -18.58% -7.73% -26.05%
Invested Capital Q/Q Growth		 -19.88% 3.76% 7.56% 3.72% 4.38% -6.92% 13.34% 18.83% 14.46% -3.86% 18.17%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 46.46% 52.49% 52.76% 55.07% 54.62% 54.77% 55.63% 63.48% 62.08% 62.03% 60.85%
EBITDA Margin		 -31.68% -17.57% -12.01% -8.90% -14.93% -19.58% -3.34% -3.42% 7.33% 4.35% 3.69%
Operating Margin		 -61.53% -40.45% -35.07% -31.35% -37.43% -40.76% -25.34% -18.51% -8.94% -12.35% -13.84%
EBIT Margin		 -61.53% -40.45% -35.07% -31.35% -37.43% -40.76% -25.77% -18.51% -8.94% -12.35% -13.74%
Profit (Net Income) Margin		 -63.46% -42.48% -36.88% -33.08% -39.13% -42.55% -26.94% -19.55% -10.17% -14.33% -15.90%
Tax Burden Percent		 100.00% 100.00% 100.05% 100.00% 100.00% 100.00% 100.91% 100.00% 100.00% 100.00% 100.46%
Interest Burden Percent		 103.14% 105.02% 105.11% 105.50% 104.55% 104.39% 103.59% 105.66% 113.76% 116.03% 115.15%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -160.97% -102.82% -78.25% -66.00% -91.26% -105.67% -61.58% -41.76% -18.93% -28.35% -28.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 -146.72% -88.66% -59.72% -35.19% -48.69% -88.01% -48.58% -29.65% -9.81% -22.37% -19.95%
Return on Net Nonoperating Assets (RNNOA)		 85.75% 44.84% 22.05% 8.01% 10.69% 38.52% 19.02% 9.40% 2.49% 9.99% 7.25%
Return on Equity (ROE)		 -75.23% -57.98% -56.20% -57.99% -80.57% -67.16% -42.56% -32.35% -16.44% -18.35% -20.84%
Cash Return on Invested Capital (CROIC)		 -210.35% -179.70% -114.90% -79.21% -106.66% -102.07% -95.12% -95.12% -84.59% -76.01% -70.20%
Operating Return on Assets (OROA)		 -40.59% -29.05% -27.72% -27.56% -33.86% -34.65% -22.57% -16.19% -7.74% -10.00% -11.36%
Return on Assets (ROA)		 -41.87% -30.51% -29.15% -29.07% -35.40% -36.18% -23.59% -17.11% -8.80% -11.60% -13.13%
Return on Common Equity (ROCE)		 -75.23% -57.98% -56.20% -57.99% -80.57% -67.16% -42.56% -32.35% -16.44% -18.35% -20.84%
Return on Equity Simple (ROE_SIMPLE)		 -130.91% 0.00% -113.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -11 -8.14 -7.36 -6.87 -8.54 -9.64 -6.14 -4.70 -2.32 -3.27 -3.75
NOPAT Margin		 -43.07% -28.32% -24.55% -21.95% -26.20% -28.53% -17.74% -12.95% -6.26% -8.65% -9.69%
Net Nonoperating Expense Percent (NNEP)		 -14.25% -14.16% -18.53% -30.81% -42.57% -17.66% -12.99% -12.11% -9.12% -5.98% -8.14%
Return On Investment Capital (ROIC_SIMPLE)		 - -13.05% -11.54% -11.34% -14.38% -10.62% -6.54% -4.76% -2.20% -3.12% -3.46%
Cost of Revenue to Revenue		 53.54% 47.51% 47.24% 44.93% 45.38% 45.23% 44.37% 36.52% 37.92% 37.97% 39.15%
SG&A Expenses to Revenue		 27.45% 24.98% 21.87% 20.64% 23.14% 25.28% 19.96% 21.24% 16.58% 21.14% 18.91%
R&D to Revenue		 38.10% 32.81% 32.52% 30.65% 32.94% 35.60% 34.25% 32.72% 30.23% 29.50% 29.19%
Operating Expenses to Revenue		 107.98% 92.94% 87.83% 86.42% 92.05% 95.53% 80.97% 81.98% 71.02% 74.39% 74.70%
Earnings before Interest and Taxes (EBIT)		 -16 -12 -11 -9.81 -12 -14 -8.92 -6.72 -3.32 -4.67 -5.31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -8.01 -5.05 -3.60 -2.78 -4.87 -6.62 -1.16 -1.24 2.72 1.64 1.43
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.19 6.35 8.88 5.67 6.40 3.44 3.37 3.79 6.33 3.23 2.45
Price to Tangible Book Value (P/TBV)		 10.78 22.98 35.16 37.80 152.80 7.46 7.36 8.06 12.67 6.34 4.74
Price to Revenue (P/Rev)		 2.06 2.80 3.88 2.22 2.24 2.09 1.98 2.20 3.70 1.84 1.38
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 5.74 8.27 11.51 6.71 7.01 6.29 5.54 5.60 8.99 4.49 2.95
Enterprise Value to Revenue (EV/Rev)		 1.90 2.68 3.77 2.15 2.20 1.77 1.70 1.97 3.50 1.64 1.24
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 121.34 42.52
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 325.85 28.37 19.96 18.03 16.04 17.63 30.17 10.14 8.45
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.43 0.39 0.34 0.34 0.39 0.17 0.21 0.24 0.27 0.26 0.28
Long-Term Debt to Equity		 0.30 0.39 0.34 0.34 0.39 0.17 0.21 0.24 0.27 0.26 0.28
Financial Leverage		 -0.58 -0.51 -0.37 -0.23 -0.22 -0.44 -0.39 -0.32 -0.25 -0.45 -0.36
Leverage Ratio		 2.35 2.50 2.54 2.64 3.00 2.45 2.41 2.52 2.61 2.24 2.23
Compound Leverage Factor		 2.43 2.62 2.67 2.79 3.14 2.56 2.50 2.66 2.97 2.60 2.57
Debt to Total Capital		 30.05% 27.96% 25.54% 25.51% 27.89% 14.48% 17.15% 19.41% 21.52% 20.37% 21.82%
Short-Term Debt to Total Capital		 8.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 21.07% 27.96% 25.54% 25.51% 27.89% 14.48% 17.15% 19.41% 21.52% 20.37% 21.82%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 69.95% 72.04% 74.46% 74.49% 72.11% 85.52% 82.85% 80.59% 78.48% 79.63% 78.18%
Debt to EBITDA		 -0.56 -0.53 -0.64 -0.75 -1.02 -0.73 -1.05 -1.37 -3.55 10.82 5.42
Net Debt to EBITDA		 0.43 0.36 0.47 0.40 0.26 2.33 2.42 2.24 4.32 -15.29 -5.01
Long-Term Debt to EBITDA		 -0.39 -0.53 -0.64 -0.75 -1.02 -0.73 -1.05 -1.37 -3.55 10.82 5.42
Debt to NOPAT		 -0.49 -0.43 -0.45 -0.46 -0.54 -0.41 -0.52 -0.66 -0.99 -1.29 -1.67
Net Debt to NOPAT		 0.37 0.29 0.33 0.25 0.14 1.29 1.19 1.08 1.20 1.82 1.55
Long-Term Debt to NOPAT		 -0.34 -0.43 -0.45 -0.46 -0.54 -0.41 -0.52 -0.66 -0.99 -1.29 -1.67
Altman Z-Score		 0.15 0.72 1.72 0.45 0.26 0.67 0.66 0.75 2.03 0.57 0.20
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.74 0.67 0.70 0.61 0.54 1.10 1.09 1.08 1.10 1.07 1.05
Quick Ratio		 0.52 0.53 0.54 0.46 0.40 0.95 0.92 0.90 0.90 0.89 0.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -23 -18 -10 -3.98 -15 -12 -11 -16 -19 -21 -26
Operating Cash Flow to CapEx		 -4.18% 80.18% 90.83% 62.26% 134.37% 75.85% 189.24% 124.60% 118.46% 480.30% 122.36%
Free Cash Flow to Firm to Interest Expense		 -24.75 -18.26 -11.26 -4.42 -17.48 -12.82 -13.13 -18.28 -20.42 -17.14 -21.42
Operating Cash Flow to Interest Expense		 -0.18 3.28 3.71 2.47 5.33 2.31 5.79 4.03 6.15 7.77 2.78
Operating Cash Flow Less CapEx to Interest Expense		 -4.53 -0.81 -0.37 -1.50 1.36 -0.73 2.73 0.80 0.96 6.15 0.51
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.72 0.79 0.88 0.90 0.85 0.88 0.87 0.87 0.81 0.83
Accounts Receivable Turnover		 70.98 123.21 90.12 87.34 51.58 97.02 78.01 54.33 46.33 54.90 49.71
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 2.34 0.00 0.00 0.00 3.00 0.00 0.00 0.00 2.80
Accounts Payable Turnover		 21.15 19.85 22.49 30.76 31.00 33.97 12.34 11.38 11.17 9.16 6.52
Days Sales Outstanding (DSO)		 5.14 2.96 4.05 4.18 7.08 3.76 4.68 6.72 7.88 6.65 7.34
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 17.26 18.39 16.23 11.87 11.77 10.75 29.59 32.06 32.68 39.84 55.98
Cash Conversion Cycle (CCC)		 -12.12 -15.43 -12.18 -7.69 -4.70 -6.98 -24.91 -25.35 -24.80 -33.19 -48.64
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 32 33 36 37 39 36 41 48 55 53 63
Invested Capital Turnover		 3.74 3.63 3.19 3.01 3.48 3.70 3.47 3.22 3.03 3.28 2.90
Increase / (Decrease) in Invested Capital		 12 9.96 3.01 -2.89 6.64 2.77 5.06 11 17 17 22
Enterprise Value (EV)		 183 274 410 247 270 226 225 271 497 239 185
Market Capitalization		 199 285 421 256 274 267 262 302 524 269 207
Book Value per Share		 $1.31 $1.20 $1.15 $1.09 $1.00 $1.75 $1.43 $1.45 $1.47 $1.44 $1.41
Tangible Book Value per Share		 $0.51 $0.33 $0.29 $0.16 $0.04 $0.81 $0.66 $0.68 $0.73 $0.73 $0.73
Total Capital		 68 62 64 61 59 91 94 99 106 105 108
Total Debt		 20 17 16 15 17 13 16 19 23 21 24
Total Long-Term Debt		 14 17 16 15 17 13 16 19 23 21 24
Net Debt		 -15 -12 -12 -8.20 -4.32 -42 -37 -31 -28 -30 -22
Capital Expenditures (CapEx)		 4.07 4.05 3.76 3.58 3.45 2.94 2.61 2.85 4.85 1.94 2.75
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -46 -48 -45 -45 -48 -49 -48 -46 -45 -47 -43
Debt-free Net Working Capital (DFNWC)		 -10 -19 -17 -21 -27 5.95 5.54 4.54 5.71 4.07 2.90
Net Working Capital (NWC)		 -16 -19 -17 -21 -27 5.95 5.54 4.54 5.71 4.07 2.90
Net Nonoperating Expense (NNE)		 5.16 4.07 3.70 3.48 4.21 4.74 3.18 2.40 1.45 2.15 2.40
Net Nonoperating Obligations (NNO)		 -15 -12 -12 -8.20 -4.32 -42 -37 -31 -28 -30 -22
Total Depreciation and Amortization (D&A)		 7.55 6.58 6.91 7.03 7.33 7.16 7.76 5.47 6.04 6.31 6.74
Debt-free, Cash-free Net Working Capital to Revenue		 -47.65% -46.93% -41.53% -39.03% -39.31% -38.37% -36.06% -33.51% -31.41% -32.44% -28.41%
Debt-free Net Working Capital to Revenue		 -10.41% -18.21% -15.60% -18.52% -22.27% 4.66% 4.19% 3.31% 4.02% 2.79% 1.93%
Net Working Capital to Revenue		 -16.73% -18.21% -15.60% -18.52% -22.27% 4.66% 4.19% 3.31% 4.02% 2.79% 1.93%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.44) ($0.31) ($0.27) ($0.25) ($0.29) ($0.30) ($0.17) ($0.13) ($0.07) ($0.09) ($0.10)
Adjusted Weighted Average Basic Shares Outstanding		 36.67M 36.01M 40.23M 42.15M 43.52M 43.54M 54.06M 55.63M 56.98M 56.21M 59.29M
Adjusted Diluted Earnings per Share		 ($0.44) ($0.31) ($0.27) ($0.25) ($0.29) ($0.30) ($0.17) ($0.13) ($0.07) ($0.09) ($0.10)
Adjusted Weighted Average Diluted Shares Outstanding		 36.67M 36.01M 40.23M 42.15M 43.52M 43.54M 54.06M 55.63M 56.98M 56.21M 59.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.60M 41.20M 41.50M 42.90M 44.40M 54.30M 54.90M 56.50M 57.70M 60.10M 60M
Normalized Net Operating Profit after Tax (NOPAT)		 -11 -8.14 -7.36 -6.87 -8.54 -9.64 -6.14 -4.70 -2.32 -3.27 -3.75
Normalized NOPAT Margin		 -43.07% -28.32% -24.55% -21.95% -26.20% -28.53% -17.74% -12.95% -6.26% -8.65% -9.69%
Pre Tax Income Margin		 -63.46% -42.48% -36.86% -33.08% -39.13% -42.55% -26.70% -19.55% -10.17% -14.33% -15.83%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -16.63 -11.73 -11.41 -10.89 -14.05 -14.23 -10.46 -7.63 -3.56 -3.89 -4.40
NOPAT to Interest Expense		 -11.64 -8.21 -7.99 -7.62 -9.84 -9.96 -7.20 -5.34 -2.49 -2.72 -3.10
EBIT Less CapEx to Interest Expense		 -20.98 -15.82 -15.50 -14.86 -18.02 -17.27 -13.52 -10.87 -8.75 -5.51 -6.67
NOPAT Less CapEx to Interest Expense		 -15.99 -12.30 -12.07 -11.59 -13.81 -13.00 -10.26 -8.58 -7.68 -4.34 -5.37
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.79% -0.84% -0.93% -4.59% -7.82% -12.49%

Financials Breakdown Chart

Key Financial Trends

Backblaze (NASDAQ: BLZE) showed modest top-line growth in Q1 2026, but the company remains unprofitable and continues to rely on a mix of operating cash flow, investment sales, and financing activity to manage liquidity.

Revenue in Q1 2026 rose to $38.7 million, up from $37.8 million in Q4 2025 and $34.6 million in Q1 2025. However, expenses remain high, and Backblaze posted a net loss of $6.1 million in the quarter. The loss was narrower than the $14.4 million loss in Q4 2024 and improved from $9.3 million in Q1 2025, showing some progress, but not enough to reach profitability.

Gross profit held up well at $23.5 million, with gross margin near 61%, which is relatively healthy. The bigger issue is operating leverage: operating expenses of $28.9 million still exceeded gross profit, leaving the company with an operating loss of $5.4 million. Marketing, R&D, and SG&A remain significant cost buckets.

From a cash-flow standpoint, Q1 2026 was better than the bottom-line result suggests. Backblaze generated $3.4 million in operating cash flow, which is a positive sign. That said, investing and financing activities created a net cash outflow, leading to a $2.9 million decline in cash and equivalents during the quarter.

The balance sheet is stable for now, but leverage and deferred revenue remain important items to watch. As of March 31, 2026, Backblaze had $26.3 million in cash, $19.2 million in short-term investments, and $62.8 million in current assets. Total liabilities were $108.0 million versus $84.6 million in equity, reflecting a debt- and lease-heavy capital structure. Deferred revenue remains a meaningful source of operating support, with $31.0 million in current deferred revenue.

  • Revenue continued to grow year over year, with Q1 2026 sales up to $38.7 million from $34.6 million in Q1 2025.
  • Gross profit remained strong at $23.5 million, indicating the core business still produces solid margin before overhead.
  • Operating cash flow was positive at $3.4 million, showing the business can still generate cash from day-to-day operations.
  • Cash and investments provide near-term liquidity, with $45.5 million combined in cash and short-term investments.
  • Net losses are still substantial, though the Q1 2026 loss improved versus prior periods.
  • Operating expenses remain elevated at $28.9 million, keeping the company in operating loss territory.
  • Deferred revenue is sizable, which supports near-term revenue visibility but also reflects future service obligations.
  • Cash declined in the quarter by $2.9 million despite positive operating cash flow.
  • Other financing outflows were large, contributing to a $6.6 million net cash outflow from financing activities.
  • Leverage remains meaningful, with total liabilities of $108.0 million exceeding equity and long-term obligations still present.

Overall, Backblaze is showing gradual improvement in revenue and cash generation, but it is still a turnaround story. Investors should focus on whether revenue growth can outpace expense growth and whether operating cash flow can stay consistently positive without relying on investment sales or financing support.

07/06/26 09:28 AM ETAI Generated. May Contain Errors.

Backblaze Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Backblaze's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Backblaze's net income appears to be on an upward trend, with a most recent value of -$25.61 million in 2025, rising from -$6.62 million in 2020. The previous period was -$48.53 million in 2024. See where experts think Backblaze is headed by visiting Backblaze's forecast page.

Backblaze's total operating income in 2025 was -$23.62 million, based on the following breakdown:
  • Total Gross Profit: $88.79 million
  • Total Operating Expenses: $112.42 million

Over the last 5 years, Backblaze's total revenue changed from $53.78 million in 2020 to $145.84 million in 2025, a change of 171.1%.

Backblaze's total liabilities were at $108.61 million at the end of 2025, a 19.4% increase from 2024, and a 85.6% increase since 2020.

In the past 5 years, Backblaze's cash and equivalents has ranged from $6.08 million in 2020 to $104.84 million in 2021, and is currently $29.18 million as of their latest financial filing in 2025.

Over the last 5 years, Backblaze's book value per share changed from -0.37 in 2020 to 1.44 in 2025, a change of -492.4%.


Related Companies

Financial statements for NASDAQ:BLZE last updated on 6/24/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners
He’s Back. And He’s About to Act
The U.S. government holds 8,133 tonnes of gold valued at just $42.22 an ounce on its books - while gold trades...
Priority Gold | Sponsoredtc pixel
Elon Musk on His New Invention: “An Infinite Money Glitch.”
Jeff Brown and Marc Chaikin - two investors who spotted Nvidia a decade ago - are now pointing to Elon Musk's ...
Brownstone Research | Sponsoredtc pixel
The Starlink of Energy
A portable energy unit - already used by the U.S. Navy for decades - is now drawing serious attention from Big...
Monument Traders Alliance | Sponsoredtc pixel
PH: Do THESE 4 things to your bank account now …
In a few short months, the US government could gain unprecedented powers over personal bank accounts - includi...
Weiss Ratings | Sponsoredtc pixel
The REAL Reason Trump is Invading Iran
For a moment… Forget about Trump’s ties to Israel. Forget about reports of Iran’s nuclear program. Be...
Banyan Hill Publishing | Sponsoredtc pixel
Buy the “unseen winner of the AI race” before July 22
Marc Chaikin - the analyst who called Nvidia before a 45,000% surge - says one overlooked AI stock could split...
Chaikin Analytics | Sponsoredtc pixel
They proved it worked in '76. Then buried it.
In 1976, Chevron, Unocal, and Texaco each confirmed the same energy technology worked - no fuel costs, no carb...
Behind the Markets | Sponsoredtc pixel
**MARKET CRASH WARNING**
A former advisor to the Pentagon and CIA is warning that an 80% Dow drop could arrive within days - and names ...
Paradigm Press | Sponsoredtc pixel