# Backblaze, Inc. (BLZE)

Informational only - not investment advice.

CIK: 0001462056
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-03-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1462056
Filing source: https://www.sec.gov/Archives/edgar/data/1462056/000162828026016395/blze-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-10 · accession 0001628280-26-016395 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001462056.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 145,835,000 USD | 2025 | verified |
| Net income | -25,612,000 USD | 2025 | verified |
| Assets | 191,826,000 USD | 2025 | verified |
| Free cash flow | 18,850,000 USD | 2025 | computed |
| Net margin | -17.56% | 2025 | computed |
| Operating margin | -16.20% | 2025 | computed |
| Revenue YoY | +14.27% | 2025 | computed |
| ROE | -30.78% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BLZE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -17.6% | 1.5% | 18 | 122 |
| Operating margin | -16.2% | 1.3% | 18 | 121 |
| Revenue growth | 14.3% | 13.5% | 53 | 124 |
| FCF margin | 12.9% | 19.3% | 32 | 120 |
| ROE | -30.8% | 2.0% | 15 | 112 |
| ROA | -13.4% | 0.9% | 12 | 124 |
| Liabilities / equity | 1.31 | 0.91 | 62 | 113 |
| Current ratio | 1.07 | 1.57 | 24 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 145835000 | USD | 2025 | 2026-03-10 |
| Net income | -25612000 | USD | 2025 | 2026-03-10 |
| Assets | 191826000 | USD | 2025 | 2026-03-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001462056.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 53,784,000 | 67,479,000 | 85,155,000 | 102,019,000 | 127,628,000 | 145,835,000 |
| Net income |  | -6,623,000 | -21,704,000 | -51,398,000 | -59,713,000 | -48,531,000 | -25,612,000 |
| Operating income |  | -3,732,000 | -18,794,000 | -48,113,000 | -57,905,000 | -46,289,000 | -23,623,000 |
| Gross profit |  | 27,983,000 | 34,341,000 | 43,863,000 | 49,857,000 | 69,343,000 | 88,793,000 |
| Diluted EPS |  | -0.36 | -1.07 | -1.62 | -1.66 | -1.11 | -0.46 |
| Operating cash flow |  | 12,819,000 | 3,520,000 | -13,781,000 | -7,350,000 | 12,505,000 | 23,544,000 |
| Capital expenditures |  | 2,125,000 | 7,562,000 | 7,349,000 | 5,512,000 | 1,711,000 | 4,694,000 |
| Share buybacks |  |  |  |  | 0.00 | 0.00 | 1,983,000 |
| Assets |  | 54,469,000 | 163,581,000 | 152,458,000 | 131,687,000 | 168,558,000 | 191,826,000 |
| Liabilities |  | 58,525,000 | 68,095,000 | 83,710,000 | 86,749,000 | 90,936,000 | 108,605,000 |
| Stockholders' equity | -2,594,000 | -6,840,000 | 95,486,000 | 68,748,000 | 44,938,000 | 77,622,000 | 83,221,000 |
| Cash and cash equivalents |  | 6,076,000 | 104,843,000 | 6,690,000 | 12,502,000 | 45,776,000 | 29,182,000 |
| Free cash flow |  | 10,694,000 | -4,042,000 | -21,130,000 | -12,862,000 | 10,794,000 | 18,850,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -12.31% | -32.16% | -60.36% | -58.53% | -38.03% | -17.56% |
| Operating margin |  | -6.94% | -27.85% | -56.50% | -56.76% | -36.27% | -16.20% |
| Return on equity |  |  | -22.73% | -74.76% | -132.88% | -62.52% | -30.78% |
| Return on assets |  | -12.16% | -13.27% | -33.71% | -45.34% | -28.79% | -13.35% |
| Liabilities / equity |  |  | 0.71 | 1.22 | 1.93 | 1.17 | 1.31 |
| Current ratio |  | 0.25 | 2.47 | 1.32 | 0.67 | 1.10 | 1.07 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001462056.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.40 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.50 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.41 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 25,299,000 | -16,055,000 | -0.44 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 28,737,000 | -12,208,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 29,968,000 | -11,053,000 | -0.27 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 31,285,000 | -10,348,000 | -0.25 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 32,589,000 | -12,753,000 | -0.29 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 33,786,000 | -14,377,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 34,613,000 | -9,324,000 | -0.17 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 36,298,000 | -7,097,000 | -0.13 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 37,162,000 | -3,778,000 | -0.07 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 37,762,000 | -5,413,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 38,666,000 | -6,147,000 | -0.10 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 42,713,000 | -5,089,000 | -0.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BLZE's latest 10-K: [/company/BLZE/business/](/company/BLZE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BLZE's latest 10-K: [/company/BLZE/risk-factors/](/company/BLZE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1462056/000162828026051818/blze-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-03
Report date: 2026-06-30

Overview

We are a high-performance cloud storage platform that serves as a backbone for data-intensive use cases in artificial intelligence (“AI”) as well as across a broad range of other modern cloud workloads. Our platform is designed to help customers address complex storage needs by providing web-scale Infrastructure-as-a-Service (“IaaS”) that can grow with the largest workloads without sacrificing performance, interoperability, or economics.

Our mission is to make customers successful by solving their toughest data storage challenges. We aim to achieve this mission through purpose-built software and operational expertise that together enable a cloud storage solution optimized for price-to-performance at scale. By substantially reducing the cost, complexity and frustration of storing, using, and protecting data, we empower customers to focus on their core business operations. Customers use us to support AI workflows, help ensure the cyber-resilience of their organizations, streamline media workflows, and enable a variety of other data-focused application and information technology needs. More recently, some companies, especially neoclouds, have integrated Backblaze to offer or enhance cloud storage for their customers. They chose Backblaze for our software and operational experience that together provide a capacity tier of storage that can scale with business' growth without sacrificing performance or economics. Through these companies, Backblaze is supporting the storage needs of the global data center and compute infrastructure buildout the industry is experiencing today.

Backblaze has multiple go-to-market motions. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our self-serve customer acquisition model have allowed us to attract over 500,000 customers as of June 30, 2026. Our direct sales activities have also supported our efforts to acquire larger customers, including leading neocloud platforms. As we continue expanding and accelerating our movement up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these. Customers use the Backblaze Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of more than 5 billion gigabytes of data storage under management.

Our Backblaze Storage Cloud provides a platform that is the foundation for our B2 Cloud Storage IaaS offering and our Computer Backup Software-as-a-Service (“SaaS”) offering, which automatically backs up data from laptops and desktops for businesses and individuals and offers easily understood primarily flat-rate pricing to continuously back up a virtually unlimited amount of data. Building on B2 Cloud Storage, we offer B2 Overdrive, our high-performance offering; Powered by Backblaze, our embedded white-label cloud storage program, and B2 Neo, our white-label offering for neocloud platforms.

B2 Cloud Storage enables customers to store data, AI platform providers to deliver new services, developers to build applications, and partners to expand their use cases. The amount of data stored in this cloud service can scale up and down as needed, on a pay-as-you-go basis or can be paid for on a capacity or committed contract basis for greater predictability. B2 Overdrive, B2 Neo, and Powered by Backblaze are all built on the foundation of B2 Cloud Storage. B2 Overdrive enables AI and data-driven workloads with up to 1Tbps throughput, unlimited free egress, and private networking support.

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Powered by Backblaze enables platforms to bolster existing products or expand their product offerings with cloud storage via the Backblaze Partner API and custom domains technology.

To continue expanding and accelerating our movement up-market and aligning to emerging AI-related opportunities, we have introduced a set of product, developer, and go-to-market initiatives designed to position Backblaze across the AI data lifecycle. B2 Neo is our white-label cloud object storage solution designed for neocloud platforms. B2 Neo enables neoclouds to provide native, branded storage, without diverting engineering resources from their core GPU and compute roadmaps. Flamethrower is our founder-first startup program designed for the next generation of AI developers, builders, and entrepreneurs. The program offers up to $100,000 in storage credits coupled with direct support from the Backblaze team and a community of peers to help startup companies build economically sound businesses at a critical time in their lifecycle. Together, these launches reflect our dual motion of capturing large, AI supply-side platform relationships at the enterprise level while seeding a developer-led growth pipeline through our self-serve motion.

In June 2026, we entered into a multi-year Master Strategic Agreement with CoreWeave, Inc. (“CoreWeave”), a leading AI cloud platform provider, under which we will provide committed B2 Cloud Storage capacity and managed storage services on CoreWeave’s infrastructure (the “CoreWeave Agreement”). The two initial order forms under the agreement have terms of five and seven years, respectively, and an aggregate estimated total contract value of approximately $335.1 million, less approximately $21.7 million attributable to the fair value of warrants issued to the customer. We view this agreement as a significant example of the value Backblaze provides to neoclouds and in the AI infrastructure ecosystem.

May 2026 Price Increase

Effective May 1, 2026, we implemented changes to the pricing of our B2 Cloud Storage offering, including an increase in the pay-as-you-go storage rate from $6.00 to $6.95 per terabyte per month and the elimination of API transaction fees.

2025 Restructuring and Transformation Plan

In November 2025, we initiated a restructuring and transformation plan designed primarily to improve the effectiveness and efficiency of our sales and marketing functions and enhance the pace of product innovation in support of our go-to-market objectives (the “2025 Restructuring and Transformation Plan”). The 2025 Restructuring and Transformation Plan includes the redesign and implementation of new strategies and processes, organizational realignment and reallocation of resources, and other corporate actions. From inception to date, we have incurred charges of approximately $6.1 million, including employee termination expenses, an impairment charge related to our exit from our corporate headquarters facility, and other transformation costs. For the three and six months ended June 30, 2026, we have incurred charges of approximately $1.3 million and $3.5 million, respectively, primarily related to employee termination expenses and other transformation costs.

We expect to incur additional charges of approximately $2.4 million to $3.7 million through the first quarter of 2027, at which time the 2025 Restructuring and Transformation Plan is expected to be completed. These charges include estimated employee termination expenses of approximately $1.0 million to $1.1 million, and other business transformation costs.

Factors Affecting Our Performance

We believe that the future growth and performance of our business will depend on several factors, including the following:

Execution of Our Go-to-Market Transformation

In the second half of 2025, we initiated a multi-faceted go-to-market transformation designed to scale our business more efficiently and further accelerate our movement up-market. This includes scaling our direct sales organization, enhancing our marketing and demand generation capabilities, and driving expansion within our existing customer base.

We are continuing to optimize our direct sales organization to focus on larger customer opportunities and strategic accounts, while continuing to grow business in traditional segments. Our refined go-to-market motion is designed to improve sales productivity while preserving the cost-efficient self-serve model that has historically supported our customer acquisition. We believe effective execution of this transformation will continue to improve customer acquisition efficiency, increase average contract values, and to drive long-term revenue growth.

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Additionally, we are investing in targeted marketing initiatives including account-based marketing, digital advertising, industry events, and content programs anchored by our blog, case studies, and earned media, to increase brand awareness and perceived relevance in modern architectures, improve conversion rates, and pursue higher-value prospects.

Finally, we are focused on expanding revenue within our current customer base by introducing new features and addressing new use cases, continuing enhancement of our Customer Success programs under new leadership, and benefitting from natural growth of customer data stored on our platform. Customers continue to broaden their use of Backblaze for complementary workloads within their organizations, including AI training data storage, media storage, hybrid cloud support, and analytics repositories.

Expansion into AI and Neocloud Ecosystems

We believe the AI era is reshaping the cloud storage landscape and creating opportunities to establish Backblaze in emerging ecosystems where the scale, economics, and openness of our platform are differentiated. We are making targeted investments to position the Company in AI-related ecosystems where we see meaningful market potential, including neocloud platform providers and AI-native developers and startups.

Neocloud platforms

B2 Neo, our white-label, cloud object storage solution, is designed to serve neocloud platforms, which deliver GPU and other compute capacity to their end users. B2 Neo enables these platforms to offer native, branded object-storage as a new service to their end customers. The neocloud market is projected to grow from $35 billion this year to over $236 billion by 2031, driven almost entirely by demand for AI compute. As enterprise customers increasingly seek full-stack cloud platforms rather than raw GPU capacity alone, object storage is a critical data foundation these enterprise customers require. While some neoclouds have some level of object storage offering today, B2 Neo provides neoclouds with a scalable capacity storage tier, where data from a flash tier (the low latency tier that GPUs require to function at optimal levels) can be moved when it’s not being utilized in an active model training run. What differentiates B2 Neo in the space is its ability to scale without sacrificing performance or economics. The value this provides these companies includes more functional capacity in the flash tier, better margins for their storage products, and a solution that can be operationalized now, rather than spending years developing those capabilities in-house.

AI-native developers and startups

Where Neoclouds operate at one end of the AI ecosystem, startups and AI developers make up the vast majority of users and practitioners building the next generation of technology and businesses. Through the Backblaze Flamethrower program, our founder-first startup initiative, we are working to engage these AI developers, builders, and entrepreneurs at the beginning of their journey. We view Flamethrower as a seeding investment in a developer-led growth pipeline that complements our self-serve motion.

Beyond these developers and startups new and evolving businesses are establishing themselves in the multimodal generative AI space, including video and audio applications, and selecting B2 Cloud Storage as their object storage tier. These companies gather data for their own use or for sale; process and prepare the data to train their own or third-party models; develop or enhance pr

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1462056/000162828026016395/blze-20251231.htm
Complete FY 2025 MD&A: /company/BLZE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-10
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Result of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes to those statements included in “Part II — Item 8. Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. This discussion, particularly information with respect to our future results of operations or financial condition, business strategy and plans, and objectives of management for future operations, includes forward-looking statements that involve risks and uncertainties, as described under the heading, “Special Note Regarding Forward-Looking Statements” in “Part I — Item 1A. Risk Factors.” You should review the disclosure under the heading, “Risk Factors” for a discussion of important factors that could cause our actual results to differ materially from those described or implied in these forward-looking statements contained in the following discussion and analysis and elsewhere in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless the context otherwise requires, all references in this report to “Backblaze,” the “Company,” “we,” our,” “us,” or similar terms refer to Backblaze, Inc. and its consolidated subsidiaries.

A discussion and analysis of our financial condition and results of operations for the year ended December 31, 2025 compared to the year ended December 31, 2024 is presented below. A discussion regarding our financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023 can be found under Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025.

Overview

We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence (“AI”) era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost. Our mission is to make customers succeed by solving their toughest data storage challenges. We aim to achieve this mission through our purpose-built, web-scale software infrastructure, which is essential to the global data center and compute infrastructure buildout.

We provide cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We believe that by offering a cloud storage solution optimized for price-to-performance at scale, engineered for efficiency, and priced predictably, we substantially reduce the cost, complexity and frustration of storing, using, and protecting data, and we empower customers to focus on their core business operations. Customers use us to support their AI workflows, help ensure the cyber-resilience of their organizations, streamline their media workflows, and enable a variety of other data-focused application and information technology (“IT”) needs. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2025, and our direct sales activities have historically supported us in acquiring larger customers, including leading neocloud platforms via our Powered by Backblaze program. As we move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these. Our customers use our Backblaze Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of approximately 5 billion gigabytes of data storage under management.

Our Backblaze Storage Cloud provides a platform that is the foundation for our B2 Cloud Storage Infrastructure-as-a-Service (“IaaS”) offering, our B2 Overdrive high-performance IaaS offering, our Powered by Backblaze white label IaaS offering, and our Computer Backup Software-as-a-Service (“SaaS”) offering. B2 Cloud Storage enables customers to store data, developers to build applications, and partners to expand their use cases. The amount of data stored in this cloud service can scale up and down as needed primarily on a pay-as-you-go basis or can be paid for on a capacity or committed contract basis for greater predictability. B2 Overdrive is built on the foundation of B2 Cloud Storage. It enables AI and data-driven workloads with up to 1Tbps throughput, unlimited free egress, and private networking support. Powered by Backblaze is also built on the foundation of B2 Cloud Storage. It enables neocloud and application platforms to bolster existing products or expand their product offerings with cloud storage via the Backblaze Partner API and custom domains (CNAME) technology. Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. This cloud backup service offers easily understood primarily flat-rate pricing to continuously back up a virtually unlimited amount of data.

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We focus on specialized storage and an open cloud ecosystem that integrates with a broad range of partners. Ongoing investment in our technology platform and related features has driven customer, community, and product milestones. Starting in the second half of 2024, we initiated a go-to-market transformation that is actively moving the company up-market, which has been evidenced by the signing of multiple deals with total contract values over $1.0 million each and revenue growth for B2 Cloud Storage of 26% for the year ended December 31, 2025 compared to 2024.

Product Updates

To support our up-market expansion and evolving customer needs, we recently launched B2 Overdrive, our premium-priced, ultra high-throughput performance cloud storage solution, designed to meet the demands of data-intensive workloads including AI and machine-learning training, large-scale analytics, high-performance computing, and media processing. We also introduced a suite of enterprise cyber security features including AI-powered anomaly alerts, mandatory multifactor authentication, bucket access logging, and Enterprise Web Console which streamlines role-based administrative control in complex environments to help with cybersecurity and account management. These launches expand our addressable market among enterprise and AI-driven customers and lay the groundwork for further innovation to drive differentiated value for these customers.

Financial Developments

Banking Relationship and Line of Credit

On June 4, 2025, we entered into a credit agreement with Citizens Bank, N.A., establishing a senior secured revolving credit facility with a total borrowing capacity of up to $20.0 million to be used for general corporate purposes and working capital needs. As of December 31, 2025, the Company had no outstanding borrowings under this facility.

2025 Restructuring and Transformation Plan

In November 2025, we initiated a restructuring and transformation plan designed primarily to improve efficiency and enhance the performance of our sales and marketing functions to support our go-to-market initiatives (the “2025 Restructuring and Transformation Plan”). The 2025 Restructuring and Transformation Plan includes the reallocation of resources, the redesign of sales and marketing strategies and processes, and other corporate actions. During the year ended December 31, 2025, we incurred charges of approximately $2.5 million, including employee termination expenses, an impairment charge related to our exit from our corporate headquarters facility, and other transformation costs. We expect to incur additional charges of approximately $4.7 million to $7.5 million through the first quarter of 2027, at which time the 2025 Restructuring Plan is expected to be completed. These charges include estimated employee termination expenses of approximately $0.8 million to $1.2 million, and other business transformation costs.

Share Repurchase Program

In August 2025, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $10.0 million of our Class A common stock through August 1, 2026. The program is intended to offset dilution resulting from stock-based compensation. Repurchases are to be funded from the proceeds of employee stock option exercises and from employee contributions under the 2021 Employee Stock Purchase Plan.

Our Business Model

Our solutions are designed to serve a wide range of customers from individuals and small businesses to large enterprises across all industries. Our solutions appeal to customers with a desire for easy-to-use and cost-effective solutions while also delivering reliability and performance. Our business model is supported by a highly efficient cloud storage platform built on proprietary software and commodity hardware, which enables us to deliver predictable pricing and attractive price-to-performance at scale. Our two primary cloud services are B2 Cloud Storage and Computer Backup, which together enable customers to store, use, and protect their data across a broad variety of use cases.

•B2 Cloud Storage enables customers to store and manage data for use cases ranging from backup and archive to application storage, ransomware protection, and AI/ML workloads. B2 Cloud Storage operates as an IaaS model, allowing customers to scale usage dynamically on a pay-as-you-go basis or purchase capacity or committed contracts for greater predictability. In addition to our standard B2 Cloud Storage offering, we provide B2 Overdrive, a premium high-performance storage option designed for data-intensive and AI-driven workloads that

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require high sustained throughput and low latency. Developers and partners can embed our storage into their applications, while enterprise customers use B2 Cloud Storage to support large-scale, data-intensive workflows.

•Computer Backup is designed to provide virtually unlimited backup for businesses and individuals in a SaaS subscription model using primarily flat-rate pricing. Customers use Computer Backup to automatically and continuously back up data from desktops, laptops, and external drives, with data recoverable at any time through our Backblaze Storage Cloud.

We believe our pricing is simple and transparent, with fees and terms that are generally shared publicly on our website. Our revenue is primarily recurring and supported by a land-and-expand model that encourages customers to increase usage of our platform over time as their data needs grow. Additionally, we expand revenue per customer through cross-sell, upsell, and use case expansion opportunities, which include the following:

•Cross-Sell: Customers that adopt one product may expand to another as their use cases evolve, such as Computer Backup customers adding B2 Cloud Storage to enable broader data management.

•Upsell: Customers can choose to use various features and services for additional fees, such as Enterprise Control, Snapshots, cloud replication, and enhanced support tiers. For example, our Computer Backup cloud service offers Enterprise Control, which provides larger customers with greater administrative management for an additional cost. B2 Cloud Storage offers Snapshots that allow customers to create moment-in-time versions of their data, and also allows customers to retain data in multiple geographic regions, both of which provide additional flexibility and value. Additionally, customers receive email and chat support for free, but can also opt for enhanced support tiers for an additional cost, which provide dedic

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BLZE/mda/fy2025/
All MD&A years: /company/BLZE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BLZE/mda/fy2024/): filed 2025-03-11; accession 0001462056-25-000015 (https://www.sec.gov/Archives/edgar/data/1462056/000146205625000015/blze-20241231.htm)
- [FY 2023 MD&A](/company/BLZE/mda/fy2023/): filed 2024-04-01; accession 0001462056-24-000033 (https://www.sec.gov/Archives/edgar/data/1462056/000146205624000033/blze-20231231.htm)
- [FY 2022 MD&A](/company/BLZE/mda/fy2022/): filed 2023-03-31; accession 0001462056-23-000119 (https://www.sec.gov/Archives/edgar/data/1462056/000146205623000119/blze-20221231.htm)
- [FY 2021 MD&A](/company/BLZE/mda/fy2021/): filed 2022-03-28; accession 0001628280-22-007434 (https://www.sec.gov/Archives/edgar/data/1462056/000162828022007434/blze-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BLZE.md · JSON record: /company/BLZE.json · verified financials: /company/BLZE/financials.json / /company/BLZE/financials.csv · machine TOC for the whole site: /llms.txt