Backblaze Q1 revenue up 20% to $23.4M, B2 storage grows 42%, net loss widens to $17.1M

Backblaze, Inc.

2023-Q1 EPS reported -$0.50 revenue$23,394,000

Revenue $23.4M (+20% YoY); B2 Cloud Storage revenue $10.0M (+42% YoY); Computer Backup $13.4M (+8% YoY).
Net loss $17.1M ($0.50 per share) vs $12.5M ($0.41) in Q1 2022; Non-GAAP net loss $9.0M ($0.26 per share).
Adjusted EBITDA loss of $(2.9)M (12% of revenue) improved from $(3.0)M (15%) in prior year.
ARR $95.9M (+21% YoY); B2 Cloud Storage ARR $41.7M (+47%); NRR 111% (B2 120%).
Q2 2023 guidance: revenue $24.1-24.5M, Adj. EBITDA margin (11%)-(7%); full-year revenue reaffirmed $98-102M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Backblaze, Inc. reported the first quarter ended March 31, 2023 results: revenue $23.4 million, net income $17.1 million, EPS $0.50.

Period: the first quarter ended March 31, 2023
Revenue: $23.4 million
Net income: $17.1 million
EPS: $0.50
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Highlights: • Revenue of $23.4 million, an increase of 20% year-over-year (YoY). • B2 Cloud Storage revenue was $10.0 million, an increase of 42% YoY. • Computer Backup revenue was $13.4 million, an increase of 8% YoY. ◦ Gross profit of $11.0 million, or 47% of revenue, compared to $9.8 million and 50% of revenue, in Q1 2022. • Adjusted gross profit of $17.0 million, or 72% of revenue, compared to $14.8 million and 76% of revenue in Q1 2022. • Net loss of $17.1 million compared to a net loss of $12.5 million in Q1 2022. • Net loss per share of $0.50 compared to a net loss per share of $0.41 in Q1 2022.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Backblaze, Inc. reported the second quarter of 2023 results: revenue between $24.1 million to $24.5 million. Guidance initiated.

Period: the second quarter of 2023
Revenue: between $24.1 million to $24.5 million
Guidance: initiated
Result: guidance update

Exact text from the filing

For the second quarter of 2023 we expect: • Revenue between $24.1 million to $24.5 million • Adjusted EBITDA margin between (11)% to (7)% • Basic weighted average shares outstanding of 34.5 million to 36.5 million shares

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Backblaze, Inc. reported full-year 2023 results: revenue between $98 million to $102 million. Guidance reaffirmed.

Period: full-year 2023
Revenue: between $98 million to $102 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

For full-year 2023 we continue to expect: • Revenue between $98 million to $102 million • Adjusted EBITDA margin between (10)% to (6)%

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Source: SEC EDGAR

accession 0001462056-23-000133

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