Financial Data and Key Metrics Changes - Q1 revenue slightly exceeded forecasts, totaling $625 million, a 1% year-over-year decline [20] - Total ARR was $2.552 billion, down 20 basis points year-over-year, flat on a constant currency basis [21] - Net income for Q1 was $207 million, up 5% year-over-year, with diluted EPS of $0.70, a 21% increase from the previous year [24] - Gross margin was 82.9%, down 170 basis points year-over-year, while operating margin was 41.7%, exceeding guidance [23] Business Line Data and Key Metrics Changes - The FormSwift business faced a 70 basis point headwind to revenue, contributing to the overall decline [20] - The document workflow business, DocsZen, delivered solid double-digit growth year-over-year, while Sign faced competitive challenges [15] - The core FSS business saw improved performance among self-serve teams despite reduced investment levels [12] Market Data and Key Metrics Changes - The company exited Q1 with 18.16 million paying users, a sequential decline of approximately 60,000 users [21] - Average revenue per paying user (ARPU) decreased to $139.26 from $140.06 in the prior quarter [21] Company Strategy and Development Direction - The company is focused on scaling Dash and simplifying its core FSS business, with significant updates to Dash enhancing search capabilities across various media formats [6][7] - Strategic investments are being made to improve the user experience and drive higher operating efficiency, with a goal of increasing operating margins and free cash flow [19][32] - The company plans to introduce a self-serve version of Dash to unlock potential within its self-serve customer base [58] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a fluid macroeconomic landscape but expressed confidence in the subscription business and broad customer diversification [17][29] - The company expects paying users to decline by approximately 1.5% or 300,000 users throughout the year, with FormSwift representing about half of this decline [30] - Despite facing uncertainties, management remains optimistic about the potential of Dash and its ability to navigate current market conditions [32] Other Important Information - The company repurchased approximately 18 million shares, spending about $500 million, with $870 million remaining under the share repurchase authorization [27] - The company raised its full-year guidance for reported revenue by $10 million, now expecting $2.475 billion to $2.490 billion [28] Q&A Session Summary Question: What is supporting better user levels? - Management noted progress in the core business, particularly in the Teams segment, with improved onboarding and reduced friction leading to a 50% year-over-year increase in desktop activations [35][36] Question: Any changes in the view on Dash's monetization potential? - Management remains excited about Dash's recent product release and its ability to support various media formats, with positive customer feedback on new features [40][41] Question: Feedback from early adopters of Dash? - Early adopters appreciate the AI search capabilities and the ability to organize and share content across platforms, which is unique to Dash [47][48] Question: Insights on the consumer side of the business? - Management has not observed significant changes in consumer trends despite general macroeconomic concerns, with individual subscribers often using Dropbox for work-related purposes [51][52] Question: Sustainability of R&D spending? - Management indicated that the current R&D spending level is largely sustainable, with a focus on optimizing the core business while investing in higher growth opportunities like Dash [55][56] Question: Upcoming major integrations for Dash? - The company is focused on building a self-serve version of Dash to facilitate easier onboarding for existing and new customers, which is expected to accelerate growth [58][59]

Q1 2025 Performance - Backblaze beat revenue and adjusted EBITDA margin expectations for Q1 2025[8, 9, 21, 22] - Total company revenue grew by 15% year-over-year, reaching $34.6 million in Q1 2025[23, 24] - B2 Cloud Storage revenue experienced a 23% year-over-year increase in Q1 2025, up from 22% in Q4[21, 22, 23, 24] - The company's ARR(Annual Recurring Revenue) for Q1 2025 was $140.8 million for the total company and $73.8 million for B2 Cloud Storage[24] - Adjusted EBITDA margin was 18% in Q1 2025, compared to 6% in Q1 2024[47] - Adjusted Free Cash Flow margin improved to -6% in Q1 2025, compared to -17% in Q1 2024[48] AI Momentum - AI customer data grew by 25x year-over-year[8, 9, 10] - The company launched the new "B2 Overdrive Offering" to cater to AI/ML and HPC workloads[9, 11] Go-to-Market Transformation - Bookings more than doubled year-over-year in Q1 2025[9, 15, 16] - The company signed its largest Total Contract Value (TCV) deal ever, a multi-million dollar contract over a multi-year period[8, 9, 15, 16, 17] Outlook - The company raised its full-year adjusted EBITDA margin guidance for 2025 from 16%-18% to 17%-19%[21, 22, 39] - Q2 2025 revenue is projected to be between $35.2 million and $35.6 million[38] - Q2 2025 adjusted EBITDA margin is projected to be between 14% and 16%[39]

Financial Data and Key Metrics Changes - Company revenue grew 15% year-over-year, reaching $34.6 million in Q1 2025 [24][8] - Adjusted EBITDA margin tripled to 18% compared to 6% in the prior year [31][24] - Adjusted free cash flow margin improved from negative 17% to negative 6% year-over-year [33][31] Business Line Data and Key Metrics Changes - B2 cloud storage revenue growth accelerated to 23% year-over-year, up from 22% in the previous quarter [24][8] - Computer backup business grew 8% from the prior year, primarily driven by a price increase [25][24] - Net revenue retention (NRR) for B2 segment was 117%, down from 126% due to the lapping of a price increase [25][24] Market Data and Key Metrics Changes - AI customer base grew by 66%, with data usage increasing by 25 times [13][8] - Gross customer retention remained strong at approximately 90% across both B2 and Computer Backup segments [25][24] Company Strategy and Development Direction - The company is focused on a go-to-market transformation emphasizing upscaling, partnerships, and sales plays [15][20] - New product offering, B2 Cloud Storage OverDrive, aims to optimize performance for large datasets and high-performance throughput [14][8] - Partnerships with high-performance compute providers and media companies are being established to support AI workloads and modern workflows [18][20] Management's Comments on Operating Environment and Future Outlook - Management noted that some customers are taking longer to make decisions due to macroeconomic factors, but self-serve business continues to grow [86][8] - The company remains confident in achieving 30% B2 growth and positive adjusted free cash flow by Q4 2025 [36][88] - Management highlighted the importance of accurate information in combating market manipulation schemes [12][11] Other Important Information - The company has successfully resolved SOX material weaknesses and appointed Deloitte as new auditors [34][35] - Anticipated Q2 2025 revenues are projected to be between $35.2 million and $35.6 million, reflecting B2 revenue growth of 23% to 25% [35][36] Q&A Session Summary Question: Can you elaborate on the AI side and its impact on the pipeline? - Management expressed excitement about AI opportunities, noting it was the fastest-growing part of the business in Q1 [40][39] Question: What progress has been made in the B2 sales build? - Management confirmed that organic growth has accelerated and sales bookings have more than doubled [43][42] Question: What should be assumed for dilution in the next year or two? - Management indicated that reducing dilution is a priority, but specific projections are not yet available [46][45] Question: Can you discuss the negotiation process for the record TCV deal? - Management explained that the deal involved displacing AWS and was a result of the customer’s growing familiarity with Backblaze's platform [55][54] Question: What are the dynamics around demand generation? - Management noted that changes in their marketing strategy have led to increased outbound efforts, which are expected to ramp up in Q2 [61][60] Question: How has the competitive landscape changed since the IPO? - Management stated that while the market remains competitive, Backblaze continues to win customers from larger players and is seeing strong win rates [92][91]

Financial Data and Key Metrics Changes - Company revenue grew 15% year-over-year, reaching $34.6 million in Q1 2025 [21][22] - Adjusted EBITDA margin tripled to 18% compared to 6% in the prior year [29] - Adjusted free cash flow margin improved from negative 17% to negative 6% year-over-year [31] Business Line Data and Key Metrics Changes - B2 cloud storage revenue growth accelerated to 23% year-over-year, up from 22% in the previous quarter [22] - Computer backup business grew 8% year-over-year, primarily driven by a price increase [23] - Net revenue retention (NRR) for B2 segment was 117%, down from 126% due to the lapping of a price increase [23] Market Data and Key Metrics Changes - AI customer base grew by 66%, with their data increasing by 25 times [11] - Gross customer retention remained strong at approximately 90% across both B2 and Computer Backup segments [24] Company Strategy and Development Direction - The company is focused on a go-to-market transformation emphasizing upscaling, partnerships, and sales plays [13] - New product offering, B2 Cloud Storage OverDrive, aims to optimize performance for large datasets and high-performance throughput [12] - Partnerships with high-performance compute providers and media companies are being established to support AI workloads and modern workflows [15] Management's Comments on Operating Environment and Future Outlook - Management noted that some customers are taking longer to make decisions due to macroeconomic factors, but self-serve business continues to grow [82] - The company remains confident in achieving 30% B2 growth and positive adjusted free cash flow by Q4 2025 [84][86] Other Important Information - The company has successfully remediated SOX material weaknesses and appointed new auditors [32] - Anticipated Q2 2025 revenues are projected to be between $35.2 million and $35.6 million, with B2 revenue growth expected between 23% and 25% [33] Q&A Session Summary Question: Can you elaborate on the AI side and its impact on revenue? - Management expressed excitement about AI being the fastest-growing part of the business, with significant momentum and various use cases [38][40] Question: What progress has been made in the B2 sales build? - Management confirmed that organic growth has accelerated and sales bookings have more than doubled, but there is still work to be done in partner and demand generation [41] Question: What should be assumed for dilution in the next year or two? - Management indicated that reducing dilution is a priority, but specific projections are not yet available [44] Question: Can you discuss the record contract signed and the negotiation process? - The contract involved displacing AWS, and the customer was impressed with Backblaze's performance and customer service [50][52] Question: What are the dynamics around demand generation and lead flow? - Management noted that restructuring has led to increased outbound efforts, and they are seeing solid momentum in demand generation [58] Question: How has the competitive landscape changed since the IPO? - Management stated that while the market remains competitive with major players, there are still significant opportunities for growth and customer acquisition [90][92]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Backblaze, Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Investigation and Allegations - The investigation is prompted by a report from Morpheus Research, which accused Backblaze of financial missteps and questionable accounting practices since its IPO in November 2021 [3]. - Following the release of the Morpheus Research report, Backblaze's stock experienced a decline of 2.1% on April 24, 2025 [3]. Group 2: Class Action Information - Shareholders who purchased Backblaze securities may be entitled to compensation through a class action lawsuit, with no out-of-pocket fees due to a contingency fee arrangement [2]. - Interested investors can join the class action by submitting a form or contacting the Rosen Law Firm directly [2]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has consistently ranked among the top firms for securities class action settlements and has recovered hundreds of millions of dollars for investors [4].

Financial Data and Key Metrics Changes - Revenue grew 18% year-over-year to $33.8 million in Q4 2024, slightly ahead of guidance [35] - Adjusted EBITDA margin improved to 14%, more than doubling from the previous year [39] - Net revenue retention (NRR) increased to 116% compared to 109% last year, benefiting from a price increase [38] - Average revenue per user (ARPU) rose to $268, an 18% increase year-over-year [39] Business Line Data and Key Metrics Changes - B2 Cloud Storage revenue reached $17.1 million, representing a 22% year-over-year growth, driven by customer expansion and new acquisitions [35] - Computer Backup revenue was $16.7 million, reflecting a 13% year-over-year growth primarily due to a price increase [35] - B2 annual recurring revenue (ARR) increased by $5 million sequentially, marking the largest organic sequential increase since the IPO [37] Market Data and Key Metrics Changes - The company has seen a nearly tenfold increase in data stored by AI customers, with three out of the top ten customers now being AI companies [30] - The average deal size from channel leads nearly doubled year-over-year, indicating strong growth in partnerships [18] Company Strategy and Development Direction - The company aims to become a "Rule of 40" company, focusing on both growth and profitability [11] - A go-to-market transformation is underway, emphasizing B2 growth and aiming for adjusted free cash flow positivity by Q4 2025 [12][45] - The company is expanding its partnerships and sales strategies, including co-build, co-market, and co-sell initiatives [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acceleration in B2 growth, expecting it to exceed 30% by the end of 2025 [46] - The company anticipates adjusted EBITDA margins to exceed 20% by Q4 2025, with a focus on operational efficiency [47] - Management highlighted the importance of flexibility and data mobility in the evolving AI landscape, positioning Backblaze as a key player [28] Other Important Information - The company completed a secondary offering for $37 million in net proceeds to strengthen its balance sheet [33] - Cash flow from operations improved significantly, showing a $20 million improvement year-over-year [44] Q&A Session Summary Question: Key metrics for partners in 2025 - Management monitors pipeline and sales productivity for channel partners, while alliance metrics focus on co-build, co-market, and co-sell initiatives [51][52] Question: Long-term growth outlook for B2 and Computer Backup - B2 is expected to grow over 30% year-over-year by the end of 2025, while Computer Backup may see flattish growth due to consumer decline [55][56] Question: Progress of gross margins - Management expects adjusted gross margins to remain stable at 78% [59] Question: AI use cases and their impact on growth - AI customers utilize Backblaze for data collection, processing, model training, and inference, indicating a direct correlation between their growth and Backblaze's growth [66][70] Question: Competitive landscape update - The competitive landscape remains similar, with major players like Amazon, Google, and Microsoft still present, but new partnerships have emerged [118][120]

As filed with the Securities and Exchange Commission on March 20, 2024 Registration No. 333-272274 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Amendment No. 4 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MERCURITY FINTECH HOLDING INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Cayman Islands 6199 Not Applicable (I.R.S. Employer I ...