Backblaze Inc

backblaze.com

What Do They Do?

Provides cloud storage and computer backup services to individuals, developers and organizations.

How Do They Make Money?

B2 Cloud Storage customers pay as they use storage or buy capacity or committed contracts; Computer Backup customers pay a flat-rate subscription, generally in advance.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
B2 Cloud Storage Usage-based	55% FY2022: 39%	Usage-based
Computer Backup Recurring	45% FY2022: 61%	Recurring
Consumption-based arrangements Usage-based	53% FY2022: 39%	Usage-based
Subscription-based arrangements Recurring	47% FY2022: 60%	Recurring
Point in time arrangements	0.3%

Who Are Their Customers?

Individuals, developers and organizations can start through the self-service website; the sales team works with larger accounts, while resellers and managed service providers sell or deliver services to their customers.

Do Revenues Turn Into Profits?

Not on paper. It lost $25.6M in FY2025, but brought in more cash than it spent: $18.9M of free cash flow.

Operating income, FY2025

−16% of revenue

▼ −49% (Loss) vs FY2024 (−$46.3M, −36%)

Net income, FY2025

−18% of revenue

▼ −47% (Loss) vs FY2024 (−$48.5M, −38%)

Free cash flow, FY2025

13% of revenue

▲ +75% vs FY2024 ($10.8M, 8%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +18%; vs $36.3M in Q2 FY2025
Net income: ▼ −28% (Loss); vs −$7.1M in Q2 FY2025

B2 Cloud Storage share of revenue vs 54.7% in Q2 FY2025

Aug 3, 2026 Backblaze raised its 2026 outlook It raised full-year revenue guidance to $172.0 million–$174.0 million from $161.5 million–$163.5 million.
Jun 23, 2026 Backblaze signed a multiyear storage agreement with CoreWeave The initial order forms have terms of five and seven years and an estimated total contract value of approximately $335 million.

Growing. Revenue grew 2.2x in 4 years, from $67.5M in FY2021 to $145.8M in FY2025, about 21% a year.

Sales moves up-market The older report centered the model on self-service; the latest emphasizes direct sales and targeted campaigns for larger enterprise-scale accounts, alongside self-service and partners.

Additional storage offerings The latest report describes a high-throughput storage service and a white-label storage platform for partners alongside the storage and backup services described in the older report.

Revenue over time

B2 Cloud Storage Computer Backup Consumption-based arrangements Subscription-based arrangements Point in time arrangements Physical Media

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Amazon.com, Alphabet, Microsoft, and Dell EMC

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