The simpler, more affordable Amazon S3.

Like Carbonite or CrashPlan, but also offering robust, low-cost cloud storage.

• Backblaze B2 Cloud Storage: A consumption-based Infrastructure-as-a-Service (IaaS) platform enabling customers to store data, build applications, and expand their use cases.
• Backblaze Computer Backup: A subscription-based Software-as-a-Service (SaaS) that automatically backs up data from laptops and desktops for businesses and individuals.

Backblaze (BLZE) serves a diverse customer base, providing cloud storage and backup services to both businesses and individual consumers. Its major customers can be broadly categorized as:

• Businesses and Organizations: These customers utilize Backblaze's services for a range of professional needs, including Infrastructure-as-a-Service (IaaS) for data storage, backups, multi-cloud strategies, application development, and ransomware protection through Backblaze B2 Cloud Storage. They also use Backblaze Computer Backup to protect data from company laptops and desktops.
• Developers and Partners: As key users of Backblaze B2 Cloud Storage, developers leverage the IaaS platform to build and host applications. Partners integrate Backblaze's infrastructure to expand their own service offerings and use cases, often embedding Backblaze's storage into their solutions.
• Individual Consumers: Backblaze Computer Backup is a widely used offering for individuals who need automatic, secure backups for their personal laptops and desktops. This service provides essential features such as ransomware protection, theft and loss protection, and remote access to their data.

Gleb Budman, Chief Executive Officer

Gleb Budman co-founded Backblaze in 2007 and has served as its Chief Executive Officer since its inception, guiding the company from a startup to a publicly traded entity. Prior to Backblaze, he held senior positions including senior director of product management at SonicWall and vice president of products at MailFrontier, which was acquired by SonicWall. He also served in a senior role at Kendara, which was acquired by Excite@Home, and previously founded and successfully exited two other startup companies. He was the co-founder of netRelevance (1998-1999) and the founder and CEO of AttackPost (1994-1995). Mr. Budman earned an M.B.A. and a B.S. in mechanical engineering from the University of California, Berkeley.

Marc Suidan, Chief Financial Officer

Marc Suidan joined Backblaze in 2024 as Chief Financial Officer. He brings over 20 years of operational, strategic, and financial experience from both growth startups and global Fortune 500 companies within the technology, media, and consumer industries.

Brian Beach, Chief Technology Officer

Brian Beach joined Backblaze in 2013 and has served as Chief Technology Officer since 2022. He possesses decades of engineering experience and a passion for developing next-generation distributed storage solutions. His contributions at Backblaze include building the storage cloud's vault architecture. Previously, he was a vice president and principal engineer for TiVo, and held senior engineering positions at Silicon Graphics and Hewlett-Packard. Mr. Beach holds a Bachelor of Arts in information science and a Ph.D. in computer engineering from the University of California, Santa Cruz.

Mark Potter, Chief Information Security Officer

Mark Potter has served as Backblaze's Chief Information Security Officer since early 2021. He has over 30 years of experience in cybersecurity, IT, governance, risk management, regulatory compliance, and data protection and privacy program design and implementation. Before joining Backblaze, he was the CISO at several federal healthcare contractor organizations, including NewWave Telecom & Technologies and Danya International, and served as the Director of IT Security at a publicly traded international satellite radio company. Mr. Potter is an IAPP Fellow of Information Privacy and holds over 35 security, privacy, and risk management certifications.

Rhett Dillingham, Senior Vice President of Product

Rhett Dillingham was appointed Senior Vice President of Product in February 2026. He brings more than two decades of product management and design leadership experience, having built and delivered high-growth, global cloud platforms. Prior to Backblaze, Mr. Dillingham was Senior Vice President of Product at HackerOne, and Vice President of Product at Sumo Logic and Rackspace, in addition to product leadership roles at AWS, Microsoft, and AMD.

Here are the key risks to Backblaze's business:

1. Intense Competition and Decelerating Growth: Backblaze faces significant competition from hyperscale cloud providers like Amazon Web Services (AWS) and Microsoft Azure, as well as specialized niche providers. The cloud storage market is becoming increasingly commoditized, and Backblaze is perceived by some as falling behind in offering higher-performance storage solutions crucial for modern artificial intelligence (AI) workloads. This competitive landscape is contributing to a projected deceleration in Backblaze's overall growth and specifically in its B2 Cloud Storage product, with the company missing its own growth targets.

2. Persistent Unprofitability and Financial Health Concerns: Backblaze has consistently reported net losses since its IPO and does not anticipate achieving profitability in the near term, with an accumulated deficit of $221.6 million as of 2025. The company is experiencing pressure on its gross margins and an increase in capital expenditures. Its financial health shows mixed signals, including an Altman Z-Score that places it in the distress zone, indicating a potential risk of bankruptcy within two years.

3. Cybersecurity and Data Privacy Threats: As a cloud storage and data protection platform, Backblaze is inherently exposed to cybersecurity and privacy threats. Any material defects in its software, or breaches of its information technology systems or customer data, could severely damage its reputation, lead to customer attrition, and negatively impact revenue and operating results.

Backblaze (BLZE) operates in the cloud storage and data protection markets. The addressable markets for its main products and services are significant globally and within the U.S.

Backblaze B2 Cloud Storage

Backblaze B2 Cloud Storage addresses the public cloud Infrastructure-as-a-Service (IaaS) storage market. The worldwide Infrastructure as a Service (IaaS) market reached an estimated $171.8 billion in 2024. This market is projected to grow significantly, with the overall global public cloud market, which includes IaaS, estimated at USD 935.71 billion in 2025 and projected to reach USD 2,729.95 billion by 2033. Specifically for cloud-based storage, the global market was valued at USD 60.39 billion in 2025 and is projected to expand to USD 261.42 billion by 2033. In the U.S., the cloud storage market is set to reach USD 55.1 billion in 2025 and is forecasted to achieve USD 207.3 billion by 2034.

Additionally, Backblaze is targeting the "Neocloud" market with its B2 Neo offering. The company's CFO has identified a $14 billion storage opportunity within the Neocloud market by 2030, with the broader Neocloud market expected to reach approximately $230 billion in five years.

Backblaze Computer Backup

Backblaze Computer Backup operates within the cloud backup and Data Protection as a Service (DPaaS) markets. The global cloud backup market was estimated at USD 4.69 billion in 2023 and is expected to grow to a CAGR of 24.4% from 2024 to 2030. Other estimates place the global cloud backup market at USD 5.15 billion in 2024, reaching an estimated USD 22.08 billion by 2033. Another report indicates a market size of over USD 6.6 billion in 2025, projected to reach USD 49.81 billion by 2035. The U.S. cloud backup market generated a revenue of approximately USD 1.53 billion in 2024 and is expected to reach approximately USD 4.72 billion by 2030.

For Data Protection as a Service (DPaaS), the global market was valued at USD 33.98 billion in 2025 and is projected to grow to USD 279.63 billion by 2034. Another estimate places the global DPaaS market size at US$ 25.35 billion in 2024, expected to reach US$ 161.50 billion by 2031. The U.S. Data Protection as a Service market is expected to grow significantly at a CAGR of 25.6% from 2025 to 2033.

For Backblaze (BLZE), the following are expected drivers of future revenue growth over the next 2-3 years:

• Growth of B2 Cloud Storage: Backblaze's B2 Cloud Storage segment continues to be the primary driver of revenue growth, consistently showing higher growth rates compared to the Computer Backup segment. The company has a strategic focus on accelerating B2 growth, with targets for 30%+ growth by Q4 2025.
• Expansion into the AI/NeoCloud Market: Backblaze is strategically positioning itself as a storage backbone for "neocloud" providers, particularly those supporting AI and machine learning (ML) workflows. The company launched "B2 Neo" as a white-label storage offering for these providers and has secured significant contracts in this emerging market, including a large deal exceeding $15 million in total contract value, with meaningful revenue contributions expected from 2027.
• Upmarket Focus and Go-to-Market Transformation: Backblaze is actively transforming its go-to-market strategy to target high-value customers with enterprise-scale workloads. This includes initiatives to upskill its sales team, deepen partnerships, and implement core sales plays, aiming to accelerate both self-serve and direct sales motions. The company has seen a significant increase in customers generating over $50,000 in annual recurring revenue (ARR).
• Increased Customer Acquisition and Retention in B2: The company's efforts to acquire new B2 Cloud Storage customers and expand existing customer data usage remain a key growth driver. Backblaze has seen continued strength in its B2 business with increasing Average Revenue Per User (ARPU) and a focus on expanding relationships with customers as their data needs grow.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Backblaze announced a share repurchase program on August 7, 2025, authorizing the company to purchase up to $10 million of its common stock through August 1, 2026.
• The program is intended to reduce the dilutive impact of stock-based compensation.
• The repurchases are funded by cash proceeds from employee stock option exercises and purchases under the Employee Stock Purchase Plan, designed to be cash-neutral to the company.

Share Issuance

• The number of issued shares increased from 53,375,770 as of December 31, 2024, to 58,962,339 as of December 31, 2025, indicating an issuance of approximately 5.6 million shares during 2025.
• A net issuance of stock for 2025 amounted to $4.0 million, which contributed to shareholder dilution.
• Backblaze announces inducement grants under Nasdaq Listing Rule 5635(c)(4), typically involving the issuance of shares to new employees.

Capital Expenditures

• For the trailing twelve months ended December 31, 2025, capital expenditures totaled $4.7 million.
• In the third quarter of 2025, capital expenditures were $3.1 million, representing a 300.8% increase from the prior quarter and primarily funding long-term assets and infrastructure.
• The company defines capital expenditures as cash used for purchases of property and equipment and capitalized internal-use software costs, with ongoing investments directed towards data centers, research and development, and go-to-market capabilities.