Backblaze B2 is like a simpler, more affordable Amazon S3.

Backblaze is like Carbonite for modern, unlimited computer backup.

Backblaze is like a hybrid of Amazon S3 and Carbonite, offering both cloud object storage and unlimited computer backup.

• Backblaze Computer Backup: A cloud-based data backup service offering unlimited storage for individual computers.
• Backblaze B2 Cloud Storage: An S3-compatible cloud object storage service for developers and businesses.

Backblaze (BLZE) primarily sells its cloud storage services to other companies and developers through its Backblaze B2 Cloud Storage offering. While it also serves individual users with its Backblaze Personal Backup product, the company's strategic focus and growth drivers are largely centered on its business-to-business (B2B) and business-to-developer (B2D) segments.

Major Customers

Backblaze's SEC filings indicate that no single customer accounts for 10% or more of its revenue. Therefore, there isn't one or more "major customer" in the traditional financial sense of significant revenue concentration. Instead, Backblaze serves a broad and diverse base of businesses, ranging from startups to large enterprises, across various industries.

Examples of companies that utilize Backblaze B2 Cloud Storage, as publicly highlighted by Backblaze in their case studies and marketing materials, include:

• Autodesk (ADSK): The company's Moxion.io product, a secure cloud-native platform for professional media workflows, leverages Backblaze B2 for storage. Autodesk is a publicly traded company.
• Patagonia: The well-known outdoor apparel company uses Backblaze B2 for archiving its extensive collection of media assets. (Patagonia is a private company).
• Helium 10: A comprehensive software suite for Amazon sellers, which uses Backblaze B2 for storing various data, including customer backups. (Helium 10 is a private company).
• Smartly.io: A leading digital advertising platform that relies on Backblaze B2 for storing large volumes of media assets for ad campaigns. (Smartly.io is a private company).
• Wochit: A video creation platform that utilizes Backblaze B2 for storing and managing its users' video content. (Wochit is a private company).

• Western Digital Corporation (WDC)
• Seagate Technology Holdings plc (STX)
• Intel Corporation (INTC)
• Super Micro Computer, Inc. (SMCI)

Gleb Budman, Chief Executive Officer and Chairperson of the Board

Gleb Budman is a co-founder of Backblaze and has served as its Chief Executive Officer since 2007, guiding the company from its inception to a publicly traded entity serving customers in over 175 countries. Prior to co-founding Backblaze, Mr. Budman held senior positions at several technology companies, including SonicWall and MailFrontier. He also founded and successfully exited two other startup companies. MailFrontier, where he was Vice President of Products, was acquired by SonicWall. He also served in a senior position at Kendara, which was acquired by Excite@Home. His earlier career includes roles at netRelevance (co-founder), A.T. Kearney, GE, and AttackPost (founder and CEO).

Frank P. Patchel, Chief Financial Officer

Frank P. Patchel serves as the Chief Financial Officer of Backblaze. He received a B.S. in Commerce from the University of Virginia.

Brian Beach, Chief Technology Officer

Brian Beach joined Backblaze in 2013 and has served as Chief Technology Officer since 2022. He brings decades of engineering experience and a passion for building next-generation distributed storage solutions.

Tim Nufire, Co-Founder & Chief Cloud Officer

Tim Nufire is a co-founder of Backblaze and serves as the Chief Cloud Officer. He has been a dynamic engineering leader in various organizations over 15 years in Silicon Valley.

David Ngo, Chief Product Officer

David Ngo is the Chief Product Officer at Backblaze.

The public company Backblaze (BLZE) faces several key risks to its business operations and financial performance:

1. Intense Competition from Hyper-scale Cloud Providers: Backblaze operates in a highly competitive cloud storage market, directly competing with much larger hyper-scale cloud providers such as Amazon Web Services (AWS) and Microsoft Azure. These larger entities possess significant resources that enable them to potentially undercut Backblaze’s pricing or offer bundled services that Backblaze cannot easily match. This constant battle requires Backblaze to consistently prove its cost-advantage and value proposition.
2. Concentration of Growth on B2 Cloud Storage: Backblaze's overall growth is heavily reliant on the performance and expansion of its B2 Cloud Storage segment. The Computer Backup segment's revenue has remained flat, indicating that the company’s entire growth narrative is predominantly tied to B2 Cloud Storage, which saw robust growth of 28% in Q3 2025. A slowdown in the momentum of B2 Cloud Storage could significantly impact the company's overall revenue and growth prospects.
3. Achieving and Maintaining Profitability and Consistent Financial Reporting: Backblaze has a history of cumulative losses and has been focused on achieving free-cash-flow positivity and improving Adjusted EBITDA margins. While the company has made strides in this direction, there have been concerns regarding its financial health, the potential need for raising capital, and scrutiny over the consistency and definition of its financial metrics, such as "Adjusted Free Cash Flow". The stock's performance has also shown investor uncertainty, likely tied to the ongoing need to demonstrate consistent GAAP profitability.

Backblaze (Nasdaq: BLZE) operates primarily in two addressable markets through its main products: B2 Cloud Storage and Computer Backup services. Both services target business and personal markets.

B2 Cloud Storage

B2 Cloud Storage is an infrastructure-as-a-service (IaaS) offering that competes with other cloud storage solutions, including Amazon S3.

• The global cloud storage market was valued at approximately USD 117.59 billion in 2024. This market is projected to grow to about USD 490.56 billion by 2033, with a Compound Annual Growth Rate (CAGR) of 16.34% from 2025 to 2033.
• Another estimate places the global cloud storage market size at USD 132.03 billion in 2024, with a projection to reach USD 639.40 billion by 2032, demonstrating a CAGR of 21.7%.
• The cloud storage market reached USD 145.23 billion in 2025 and is forecast to reach USD 425.76 billion by 2030 at a 24.0% CAGR.
• North America is a significant contributor to this market, holding over 47.5% of the global cloud storage market share in 2024.

Computer Backup

Backblaze's Computer Backup offers continuous and automatic backup services for personal computers and is a consumer-focused SaaS product.

• The global cloud backup market size was valued at approximately USD 5.15 billion in 2024. It is estimated to grow to USD 22.08 billion by 2033, at a CAGR of 16.14% from 2025 to 2033.
• Another report estimated the global cloud backup market size at USD 4.69 billion in 2023, with an expected growth to USD 20.34 billion by 2030 at a CAGR of 24.4% from 2024.
• The global cloud backup market is predicted to exceed USD 31.4 billion by 2032.
• North America leads the cloud backup market, holding over 37.8% of the market share in 2024.

Expected Drivers of Future Revenue Growth for Backblaze (BLZE)

1. Growth in B2 Cloud Storage, particularly from AI and Data-Intensive Workloads: Backblaze's B2 Cloud Storage continues to be its fastest-growing segment, consistently demonstrating strong year-over-year increases. This growth is increasingly fueled by the escalating demand for cost-effective and flexible cloud storage solutions, especially from customers with AI and data-intensive workflows. Backblaze has noted a significant increase in data stored by AI customers, including securing multi-million dollar annual recurring revenue (ARR) customers in AI workloads and signing six-figure deals with AI startups and in AI-powered video surveillance. The company's competitive pricing and open platform, which provides S3-compatibility without vendor lock-in, are attractive to these high-growth segments.
2. Expansion of Direct Sales and Go-to-Market (GTM) Transformation: Backblaze is actively transforming its go-to-market strategy to accelerate both self-serve and direct sales, with a particular focus on scaling self-serve for data-heavy AI use cases and investing in sales operations talent and systems. This strategic shift aims to improve sales execution and expand its reach to new customer segments, including businesses with more complex data management needs. The company has reported pipeline expansion, marked by a doubling of qualified opportunities year-over-year.
3. New Product Innovations and Features: Backblaze is continuously enhancing its core storage and backup services with new features and improved performance. Recent innovations include a suite of new cybersecurity data offerings, such as AI-powered "Anomaly Alerts" designed to help customers detect suspicious activity. The launch of products like B2 Overdrive, which quickly secured a six-figure customer, demonstrates the company's ability to introduce solutions that meet the evolving needs of the market, particularly for high-throughput AI workloads.
4. Price Optimization and Net Revenue Retention (NRR): While a significant price increase in Q4 2023 benefited revenue growth in the past year, Backblaze continues to leverage its competitive pricing strategy to attract new clients, especially in the AI sector, by offering storage at a lower cost than traditional providers. The company's focus on maintaining high Net Revenue Retention (NRR) and gross customer retention rates across both its B2 and Computer Backup segments demonstrates the strategic importance and sticky nature of its offerings, contributing to sustained revenue.

Share Repurchases

• Backblaze announced a share repurchase program authorizing the purchase of up to $10 million of its common stock through August 1, 2026.
• As of September 30, 2025, Backblaze had repurchased 142,069 shares for $1.2 million under this program, with approximately $8.8 million remaining authorized for future repurchases.

Share Issuance

• Backblaze completed its initial public offering (IPO) in November 2021.
• In November 2024, the company raised $37.4 million in net proceeds from a follow-on public offering of 6,250,000 shares of Class A common stock at $5.60 per share, including the exercise of an over-allotment option.
• The number of shares outstanding increased by 30.89% in the last year, reaching 57.68 million shares.

Capital Expenditures

• Capital expenditures for the last 12 months (ending around October 2025) amounted to approximately $5.26 million.
• Net cash used in investing activities, which likely included capital expenditures, was approximately $15.7 million for 2023.
• Projected capital expenditures are $23 million for 2025, $26 million for 2026, and $31 million for 2027, with a primary focus on continuing investment in its cloud platform and expanding market presence, such as the opening of a new data center in Canada.