Backblaze, Inc. reported a revenue of $34.6 million for the first quarter of 2025, marking a 15% increase from $30.0 million in the same period of 2024. The growth was primarily driven by a 23% rise in revenue from its B2 Cloud Storage service, which generated $18.0 million, and an 8% increase in Computer Backup revenue, totaling $16.6 million. Despite the revenue growth, the company recorded a net loss of $9.3 million, an improvement from the $11.1 million loss reported in the prior year. The loss per share decreased to $0.17 from $0.27, reflecting a reduction in operational losses.
In terms of operational metrics, Backblaze's customer base exceeded 500,000, with a net revenue retention rate of 113%, slightly up from 112% a year earlier. The company also reported a gross customer retention rate of 90% across its services. The total annual recurring revenue (ARR) reached $140.8 million, up from $122.1 million in the previous year, indicating a strong demand for its cloud storage solutions. The company’s gross margin improved to 56% from 53%, attributed to better operational efficiencies and scale benefits.
Strategically, Backblaze has focused on expanding its market presence and enhancing its product offerings. The company launched B2 Overdrive in April 2025, targeting AI use cases that require high data throughput. Additionally, Backblaze has been actively pursuing larger contracts, evidenced by multiple deals exceeding $1 million. The company also initiated a restructuring plan in late 2024, which included a 12% workforce reduction aimed at improving cost efficiency.
Financially, Backblaze's cash and cash equivalents stood at $40.6 million as of March 31, 2025, down from $45.8 million at the end of 2024. The company reported net cash provided by operating activities of $4.9 million, an increase from $3.4 million in the prior year. However, cash used in investing activities was $6.1 million, primarily due to purchases of marketable securities and capital expenditures related to internal-use software development. Looking ahead, Backblaze anticipates continued investment in research and development to drive innovation and expand its service offerings, while also exploring international market opportunities to further enhance growth.
About Backblaze, Inc.
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