Backblaze, Inc. ( (BLZE) ) has released its Q3 earnings. Here is a breakdown of the information Backblaze, Inc. presented to its investors.
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Backblaze, Inc., headquartered in San Mateo, California, is a cloud storage company that provides modern alternatives to traditional cloud providers, focusing on high-performance and secure cloud object storage solutions for businesses worldwide.
In its third quarter of 2024 financial results, Backblaze reported substantial growth in its cloud storage services, with a remarkable 39% increase in B2 Cloud Storage revenue and an overall revenue growth of 29% compared to the same period last year.
Key financial highlights for the quarter include a revenue of $32.6 million, a significant improvement in adjusted EBITDA margin to 12% from a negative 3% last year, and a reduction in net loss to $12.8 million from $16.1 million in Q3 2023. The company also noted ongoing initiatives such as entering two multi-year deals and expanding its data center presence in Canada.
Backblaze continues to implement cost efficiency strategies and aims to achieve adjusted free cash flow positivity by the fourth quarter of 2025. The company’s forward-looking statements indicate a focus on maintaining growth and profitability, with expectations of further revenue increases in the next quarter.
