SAN MATEO, Calif., April 17, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (Nasdaq: BLZE), the leading specialized cloud storage platform, will report financial results for its first quarter ending March 31, 2024 on Wednesday, May 8, 2024 after market close. Following the release of results, Backblaze will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) on May 8, 2024 to discuss the results. Attend the webcast: https://edge.media-server.com/mmc/p/5kr5u64iRegister to listen by phone: https://dpr ...

SAN MATEO, Calif., April 15, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (NASDAQ:BLZE), the leading specialized cloud storage platform, announced the launch of Event Notifications, a service that instantly notifies users and external cloud services whenever data changes in Backblaze B2 Cloud Storage. The new release gives businesses the freedom to build automated workloads across the different best-of-breed cloud platforms they use or want to use, saving time and money and improving end user experiences. With ...

SAN MATEO, Calif., April 11, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (NASDAQ:BLZE), the leading specialized storage cloud, today announced that it has joined the Trusted Partner Network (TPN), a security initiative wholly owned by the Motion Picture Association (MPA). The move demonstrates Backblaze's commitment to upholding TPN standards and content security best practices, and to serving the enterprise-grade security needs of media and entertainment companies. Content workflows are evolving at an unprece ...

SAN MATEO, Calif., April 09, 2024 (GLOBE NEWSWIRE) -- In booth SL7077 at the 2024 NAB Show, Backblaze Inc. (BLZE), the leading specialized storage cloud, will showcase a range of new features, functionality, and partnerships aimed to help media teams meet the challenges of a rapidly changing technology landscape. The Backblaze team will highlight announcements relating to automating cloud workflows, expanding media archive search functionality with AI, and advancing security standards within the industry wh ...

Customer Base and Market Growth - As of December 31, 2023, the company has attracted over 500,000 customers across more than 175 countries, utilizing over 3 billion gigabytes of data storage under management [188]. - As of December 31, 2023, Backblaze had over 500,000 customers in over 175 countries, including approximately 432,000 customers using Computer Backup services and about 98,000 customers using B2 Cloud Storage [257]. - The worldwide market for Public Cloud IaaS Storage is expected to grow to $91.0 billion by 2025, while the DPaaS market is projected to reach $18.4 billion by the same year [228]. - The mid-market opportunity for Public Cloud IaaS Storage is estimated to grow to $54.6 billion by 2025, with mid-market businesses expected to represent approximately 60% of worldwide IaaS spending [228]. Revenue and Financial Performance - Backblaze B2 Cloud Storage revenue grew by 40% during the year ended December 31, 2023, while Computer Backup cloud service revenue grew by 7% during the same period [250]. - Approximately 76% of total revenue in 2023 came from self-serve customers, highlighting the effectiveness of the self-serve model [249]. - The Company derives substantially all of its revenue from its Backblaze Storage Cloud platform, which includes B2 Cloud Storage and Computer Backup offerings [612]. - The Company recognizes revenue net of expected customer cancellations, returns, and discounts, which involves inherent uncertainties [615]. - Revenue from subscription-based arrangements is recognized on a straight-line basis over the contractual term, while fees from consumption-based arrangements are recognized as services are delivered [644]. - Substantially all of the Company's revenue is reported on a gross basis, as the Company is the principal in arrangements involving third parties [645]. Product and Service Development - The company has implemented price increases and product updates for its Computer Backup and B2 Cloud Storage products, effective October 2023, with no material impact on customer retention [202]. - The company emphasizes continuous product release cycles, typically releasing updates on a weekly basis based on customer collaboration [261]. - Backblaze's cloud services are positioned to support a wide range of use cases, including AI and machine learning workflows, media management, and ransomware protection [256]. - The company has invested significantly in research and development, resulting in innovations such as shard stash, which improves small file uploads by up to 30% faster than competitors [292]. Sales and Marketing Strategy - The company employs a land-and-expand model that drives additional revenue from existing customers as their data storage needs grow [225]. - The company’s sales and marketing strategy includes a self-service model complemented by a growing sales team focused on larger customers [234]. - The company has established a Developer Evangelism function to support developers and applications storage use cases, enhancing its sales and marketing capabilities [234]. - The company has launched the "Powered By Backblaze" program to support technology partners and managed service providers, enhancing integration and customer offerings [252]. - Backblaze's website modernization in 2023 aimed to improve user experience and increase traffic through search engine optimization, contributing to lead generation [259]. Infrastructure and Operations - The company operates a global physical infrastructure of more than 300,000 hard drives and one terabit per second of network capacity across multiple data centers [255]. - The company has a globally distributed storage platform that offers customers multi-region geographic choice for their data, currently between East and West Coast regions in the United States and Europe [286]. - The company’s software infrastructure is built on commodity hardware, aimed at reducing the complexity and frustration of data storage for customers [188]. Financial Health and Risks - The Company reported a net loss of $59.7 million for the year ended December 31, 2022, compared to a net loss of $51.4 million for the year ended December 31, 2021 [600]. - The Company believes its existing cash, cash equivalents, and short-term investments will be sufficient to support its working capital and capital expenditure requirements for at least the next 12 months [610]. - The aggregate market value of Backblaze's Class A common stock held by non-affiliates was approximately $98.2 million as of June 30, 2023 [239]. - Approximately 92% of the company's revenue was generated from customers paying via credit card in 2023, indicating a low risk of non-payment [588]. - The company maintains a cash disbursement concentration of 21% with two vendors, down from 25% in 2022 [583]. - The company’s accounts payable concentration is 30% with two vendors, an increase from 26% in 2022 [583]. Accounting and Compliance - The Company adopted the CECL model on January 1, 2023, leading to an estimated allowance for expected credit losses based on future collection probabilities [630]. - The Company measures financial assets and liabilities at fair value at each reporting date, with fair value measurements reported under a three-level valuation hierarchy [628]. - The Company evaluates long-lived assets for impairment whenever events indicate that the carrying amount may not be recoverable, measuring recoverability against estimated future net cash flows [635]. - The Company has elected the short-term lease practical expedient for all asset classes, allowing for simplified accounting for leases with terms of 12 months or less [637]. - The FASB issued ASU 2023-09 in December 2023, requiring enhanced income tax disclosures, effective for fiscal years beginning after December 15, 2024 [639]. Employee and Workforce - As of December 31, 2023, the company had 381 full-time employees, reflecting a relatively stable workforce [296]. - The total balance of stock-based compensation was $27.1 million, an increase from $17.9 million as of December 31, 2022 [600].

SAN MATEO, Calif. and RESTON, Va., March 21, 2024 (GLOBE NEWSWIRE) -- Backblaze, Inc. (NASDAQ:BLZE), the leading specialized storage cloud, and Carahsoft Technology Corp., The Trusted Government IT Solutions Provider®, announced today that Backblaze's product portfolio has been added to Carahsoft's National Association of State Procurement Officials (NASPO) ValuePoint contract. The contract addition enables Carahsoft and Backblaze to provide the company's cutting-edge cloud storage solutions to participatin ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Is Backblaze, Inc. (BLZE) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.Backblaze, Inc. is a member of our Computer and Technology group, which includes 622 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks ...

Backblaze, Inc. (BLZE) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Individual investor ...

Backblaze (NASDAQ: BLZE) stock price formed a god candle on Friday as investors cheered its strong financial results. The shares jumped to a high of $11.85 on Friday, its highest point since February 22nd. It has risen in the past six straight weeks and has soared by over 220% from the lowest point in 2023. This rally has brought its total market cap to over $463 million. Backblaze is doing well but risks remainCopy link to sectionBackblaze is a technology company that provides cloud computing solutions to ...