BLZE
Backblaze, Inc.
Next earnings Aug 5, 2026 · consensus $-0.08 EPS, $40.5M rev
Last earnings +68.1% on 2026-05-04
$15.62
▼ -1.51%$15.62▲ +185.56%
over 1Y
L $3.40H $15.86
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-1.5%
1W+16.4%
1M+75.5%
3M+329.1%
YTD+229.5%
1Y+185.6%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Improving SaaS story — losses halved, FCF turned positive, B2 +26% — but full at 6.2x sales with 11% annual dilution.
Revenue (FY2025) $146M · FY2025
Backblaze is a genuinely improving business that is not yet a clean buy. The loss line is healing fast: net income went from -$59.7M (FY2023) to -$48.5M (FY2024) to -$25.6M (FY2025), and gross profit grew +28% on +14.3% revenue, lifting gross margin to 60.9%. Critically, operating cash flow is positive and growing (+88.3% to $23.5M) against just $4.69M of capex, so the company is self-funding at the cash level even while GAAP-unprofitable. The MD&A frames the real engine: B2 Cloud Storage grew 26% in FY2025 and the post-2024 'go-to-market transformation' is landing multiple $1M+ total-contract-value deals via B2 Overdrive (AI/data workloads, up to 1Tbps) and Powered by Backblaze (neocloud white-label). That is a credible AI-storage tailwind, not just narrative.
The offsetting reality is that the headline grows much slower than the strategic segment. Total revenue rose only 14.3% versus B2's 26%, implying the legacy Computer Backup business is a drag, and overall growth has decelerated from ~26% (FY2022) to 14%. Quality concerns persist below the cash-flow line: shares outstanding rose 10.7% in a single year — heavy dilution that quietly erodes per-share value and partly explains why losses 'improve' on a per-share basis. Cash fell 36.3% to $29.2M, liabilities/equity is 1.31x, and the accumulated deficit sits at -$222M with ROE of -30.8%.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 30, 2026, 7:12 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $67.5M | $85.2M | $102M | $128M | $146M |
| Gross profit | $34.3M | $43.9M | $49.9M | $69.3M | $88.8M |
| Operating income | -$18.8M | -$48.1M | -$57.9M | -$46.3M | -$23.6M |
| Net income | -$21.7M | -$51.4M | -$59.7M | -$48.5M | -$25.6M |
| Diluted EPS | -$1.07 | -$1.62 | -$1.66 | -$1.11 | -$0.46 |
| Net margin | -32.2% | -60.4% | -58.5% | -38.0% | -17.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$908M
EV / EBITDA461.5
EV / Sales6.2
EV / FCF48.2
P / FCF49.7
PEG (trailing)—
Earnings yield-2.7%
FCF yield2.0%
Quality & risk
ROIC (est.)-22.4%
Free cash flow$18.9M
Total debt$0.00
Net cash$29.2M
Altman Z-Score3.94 safe
Piotroski F-Score5/8
Capital returns
Buyback yield0.2%
Dividend yield (est.)—
Shareholder yield0.2%
Shares Δ YoY+10.7%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Material agreement2026-07-02
- 8-K Material agreement2026-06-23
New material agreement + unregistered share issuance — likely capital raise, dilutive
- 8-K Shareholder vote2026-05-27
Annual meeting voting results disclosed (directors, say-on-pay, auditor)
- 8-K Earnings results2026-05-04
Q1 2026: continued revenue growth, improving OCF, narrower losses vs prior year
- 10-Q Quarterly report2026-05-04
Q1 2026: continued revenue growth, improving OCF, narrower losses vs prior year
- DEF 14A Proxy statement2026-04-15
2026 proxy: board, exec comp and auditor ratification put to shareholder vote
- 10-K Annual report2026-03-10
FY2025: rev $146M (+14%), B2 +26%, OCF +88%, net loss cut to -$25.6M; up-market push
- 8-K Earnings results2026-02-23
FY2025 results: revenue +14% to $146M, net loss nearly halved to -$25.6M
- 8-K Earnings results2025-11-06
Q3 2025: revenue growth and margin gains as go-to-market transformation matures
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-302026-07-02open ↗8-KPeriod ending 2026-06-162026-06-23open ↗4Period ending 2026-05-262026-06-01open ↗4Period ending 2026-05-262026-06-01open ↗4Period ending 2026-05-262026-06-01open ↗4Period ending 2026-05-262026-06-01open ↗8-KPeriod ending 2026-05-262026-05-27open ↗4/APeriod ending 2026-05-202026-05-26open ↗4Period ending 2026-05-202026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-142026-05-18open ↗4Period ending 2026-05-142026-05-18open ↗
Frequently asked
- Is Backblaze, Inc. (BLZE) a buy?
- BLZE currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Improving SaaS story — losses halved, FCF turned positive, B2 +26% — but full at 6.2x sales with 11% annual dilution.
- What is Backblaze, Inc.'s quality score?
- BLZE scores 58.26094522565001/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001462056, latest 10-Q filed 2026-05-04) · EODHD · Proprietary analysis · as of 6/30/2026, 11:12:21 AM.
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