📊 BLZE Key Takeaways
Investment Thesis
Backblaze demonstrates strong revenue growth (14.3% YoY) and positive free cash flow generation ($18.9M), indicating underlying business momentum and operational efficiency. However, persistent unprofitability with negative operating margins (-16.2%) and deteriorating returns on equity (-30.8%) suggest the company has not yet achieved sustainable profitability despite scale, requiring continued monitoring of path to profitability.
BLZE Strengths
- Strong gross margin of 60.9% indicates pricing power and efficient cost structure in core services
- Positive free cash flow of $18.9M (12.9% FCF margin) shows business generates real cash despite accounting losses
- Revenue growth of 14.3% YoY demonstrates market traction and customer demand in cloud storage services
- Improving net loss trajectory (+47.2% YoY improvement) and lower EPS losses suggest operational leverage beginning to take effect
BLZE Risks
- Negative operating margin (-16.2%) and net margin (-17.6%) indicate company is not operationally profitable at scale
- Weak liquidity position with current ratio of only 1.07x provides minimal buffer for operational challenges
- Negative ROE (-30.8%) and ROA (-13.4%) show shareholder capital is not being deployed efficiently to generate returns
- Five Form 4 insider filings in last 90 days warrant investigation into insider trading patterns and confidence levels
- Heavy operating losses ($23.6M) relative to revenue base suggest high fixed costs that may not scale efficiently
Key Metrics to Watch
- Operating margin trend - critical to watch if company can reach breakeven as revenue scales
- Free cash flow sustainability and runway given current burn of operating losses
- Customer acquisition cost and lifetime value metrics to assess profitability path
- Operating expense ratio as percentage of revenue to identify fixed cost leverage opportunities
BLZE Financial Metrics
💡 AI Analyst Insight
Backblaze, Inc. presents a mixed fundamental picture. Review the detailed metrics above to form your own investment thesis.
BLZE Profitability Ratios
BLZE vs Technology Sector
How Backblaze, Inc. compares to Technology sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
BLZE Balance Sheet & Liquidity
BLZE 5-Year Financial Trend
5-Year Trend Summary: Backblaze, Inc.'s revenue has grown significantly by 116% over the 5-year period, indicating strong business expansion. The most recent EPS of $-1.66 indicates the company is currently unprofitable.
BLZE Growth Metrics (YoY)
BLZE Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $32.6M | -$3.8M | $-0.07 |
| Q2 2025 | $31.3M | -$7.1M | $-0.13 |
| Q1 2025 | $30.0M | -$9.3M | $-0.17 |
| Q3 2024 | $25.3M | -$12.8M | $-0.29 |
| Q2 2024 | $24.6M | -$10.3M | $-0.25 |
| Q1 2024 | $23.4M | -$11.1M | $-0.27 |
| Q3 2023 | $22.1M | -$12.8M | $-0.40 |
| Q2 2023 | $20.7M | -$11.6M | $-0.37 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
BLZE Capital Allocation
BLZE SEC Filings
Access official SEC EDGAR filings for Backblaze, Inc. (CIK: 0001462056)
📋 Recent SEC Filings
❓ Frequently Asked Questions about BLZE
What is the AI rating for BLZE?
Backblaze, Inc. (BLZE) has an AI rating of HOLD with 62% confidence, based on fundamental analysis of SEC EDGAR filings.
What are BLZE's key strengths?
Strong gross margin of 60.9% indicates pricing power and efficient cost structure in core services. Positive free cash flow of $18.9M (12.9% FCF margin) shows business generates real cash despite accounting losses.
What are the risks of investing in BLZE?
Negative operating margin (-16.2%) and net margin (-17.6%) indicate company is not operationally profitable at scale. Weak liquidity position with current ratio of only 1.07x provides minimal buffer for operational challenges.
What is BLZE's revenue and growth?
Backblaze, Inc. reported revenue of $145.8M.
Does BLZE pay dividends?
Backblaze, Inc. does not currently pay dividends.
Where can I find BLZE SEC filings?
Official SEC filings for Backblaze, Inc. (CIK: 0001462056) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is BLZE's EPS?
Backblaze, Inc. has a diluted EPS of $-0.46.
How is the AI analysis conducted?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.