Backblaze, Inc. ( (BLZE) ) has released its Q1 earnings. Here is a breakdown of the information Backblaze, Inc. presented to its investors.
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Backblaze, Inc. is a cloud storage company that offers high-performance and secure cloud object storage solutions, serving over 500,000 customers worldwide. In its first quarter of 2025, Backblaze reported a 15% year-over-year revenue growth, with significant contributions from its B2 Cloud Storage segment, which saw a 23% increase. The company also launched B2 Cloud Storage Overdrive, a new solution optimized for AI demands, and signed its largest contractual commitment to date.
The financial highlights for Q1 2025 include a total revenue of $34.6 million, a gross profit of $19.3 million, and a net loss of $9.3 million, which is an improvement from the $11.1 million net loss in Q1 2024. The adjusted EBITDA rose significantly to $6.4 million from $1.9 million in the previous year. Additionally, the annual recurring revenue reached $140.8 million, marking a 15% increase year-over-year.
Strategically, Backblaze has made strides in the AI sector by deepening partnerships and innovating media workflow solutions. The company also received recognition for its product innovations, winning the NAB Product of the Year Award. Despite a recent misleading report, an independent review confirmed the integrity of Backblaze’s financial statements.
Looking ahead, Backblaze’s management anticipates continued growth throughout 2025, with projected revenues between $144 million and $146 million for the full year. The company remains optimistic about its upward trajectory, driven by its strategic initiatives and expanding market presence.