Backblaze(US:BLZE)2025-05-07 20:02Revenue Growth - Revenue for Q1 2025 was $34.6 million, representing a 15% year-over-year growth[3] - B2 Cloud Storage revenue reached $18.0 million, an increase of 23% year-over-year[3] - Annual recurring revenue (ARR) was $140.8 million, up 15% year-over-year, with B2 Cloud Storage ARR at $73.8 million, a 24% increase[8] - For Q2 2025, the company expects revenue growth of 21-23%[7] - Revenue for Q1 2025 was $34,613, an increase of 15% from $29,968 in Q1 2024[31] Profitability and Loss - Net loss for Q1 2025 was $9.3 million, improved from a net loss of $11.1 million in Q1 2024[3] - Adjusted EBITDA for Q1 2025 was $6.4 million, or 18% of revenue, compared to $1.9 million or 6% of revenue in Q1 2024[3] - Non-GAAP net loss for Q1 2025 was $1,816,000, an improvement from a loss of $5,542,000 in Q1 2024, representing a 67.2% reduction[39] - Non-GAAP net loss per share decreased to $0.03 in Q1 2025 from $0.14 in Q1 2024, indicating a significant improvement in per-share performance[39] - Adjusted Free Cash Flow for Q1 2025 was $(2,111,000), compared to $(5,132,000) in Q1 2024, reflecting a 58.8% improvement[40] - Adjusted Free Cash Flow Margin improved to -6% in Q1 2025 from -17% in Q1 2024, indicating better cash flow management[40] Customer Metrics - The net revenue retention rate (NRR) was 113%, compared to 112% in Q1 2024[8] - Gross customer retention rate reflects the company's ability to retain customers, calculated as a trailing four-quarter average[25] - In Q4 2023, the number of customers was refined to include end-user customers purchasing through resellers, resulting in a 1% decrease in the 120% NRR metric reported for Q3 2023[26] Cash and Assets - Cash and marketable securities totaled $53.2 million as of March 31, 2025[3] - Cash and cash equivalents at the end of Q1 2025 were $40,606, down from $45,776 at the beginning of the period[33] - Total assets as of March 31, 2025, were $170,164, compared to $168,558 as of December 31, 2024[30] Stock-Based Compensation - Total stock-based compensation expense increased to $7,359,000 in Q1 2025 from $5,529,000 in Q1 2024, a rise of 33.1%[41] - Research and development stock-based compensation rose to $3,467,000 in Q1 2025, up from $2,108,000 in Q1 2024, marking a 64.4% increase[41] Shareholder Metrics - The weighted average common shares outstanding increased to 54,060,249 in Q1 2025 from 40,225,239 in Q1 2024, reflecting a 34.4% increase in shares[39] Operating Activities - Net cash provided by operating activities for Q1 2025 was $4,943,000, compared to $3,416,000 in Q1 2024, showing a 44.8% increase[40] - Capital expenditures decreased to $2,626,000 in Q1 2025 from $3,746,000 in Q1 2024, a reduction of 29.9%[40] New Initiatives - The company signed its largest contractual commitment, a multi-million dollar contract over a multi-year period[2] - B2 Cloud Storage Overdrive was launched, optimized for AI customer demands[3]