Backblaze, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Backblaze, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	53.8	67.5	85.2	102	128	146
Cost of revenue	25.8	33.1	41.3	52.2	58.3	57
Gross profit	28	34.3	43.9	49.9	69.3	88.8
Research and development	13.1	20.5	33.1	39.5	42.1	46.1
Selling and marketing	11.9	19.7	35.4	41.3	44.4	37.4
General and administrative	6.72	12.9	23.5	27	29.1	28.9
Operating expenses	31.7	53.1	92	108	116	112
Operating income	-3.73	-18.8	-48.1	-57.9	-46.3	-23.6
Interest expense	2.89	3.68	4.29	3.79	3.66	3.87
Interest income		0	0.97	1.98	1.42	1.96
Pre-tax income	-6.62	-21.6	-51.4	-59.7	-48.5	-25.5
Income tax	0.01	0.1	-0.04	0	0.01	0.08
Net income	-6.62	-21.7	-51.4	-59.7	-48.5	-25.6
EBITDA	9.22	-2.47	-28	-33	-18	1.97
EPS, basic	-0.36	-1.07	-1.62	-1.66	-1.11	-0.46
EPS, diluted	-0.36	-1.07	-1.62	-1.66	-1.11	-0.46
Shares, basic (weighted)	18.6	20.3	31.7	36	43.5	56.2
Shares, diluted (weighted)	18.6	20.3	31.7	36	43.5	56.2

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6.08	105	6.69	12.5	45.8	29.2
Short-term investments		0	58.7	16.8	9.14	22.2
Receivables	0.21	0.31	0.86	0.8	1.83	3.48
Other current assets	2.95	5.93	8.12	8.41	5.55	6.63
Total current assets	9.23	111	74.4	38.5	65.7	65.7
Property, plant and equipment	38.7	43.1	49.4	45.6	42.9	57.3
Lease right-of-use assets		0	6.88	9.98	15.9	22.7
Intangible assets						40.8
Other non-current assets	0.81	1.79	0.79	0.94	2.19	5.29
Total assets	54.5	164	152	132	169	192
Accounts payable	1.71	2.08	3.28	1.97	1.46	1.59
Accrued liabilities	1.28	1.65	2.88	1.28	1.46	1.82
Deferred revenue	17.6	21.7	22.9	26	30.4	30.5
Short-term debt	0.63	0	0
Total current liabilities	36.4	45.1	56.3	57.1	59.8	61.6
Lease liabilities		0	5.03	8.15	12.8	20.2
Other non-current liabilities	0.82	0.3	0
Total liabilities	58.5	68.1	83.7	86.7	90.9	109
Total debt	0.63	0	0
Paid-in capital	7.79	132	156	192	274	307
Retained earnings	-14.6	-36.3	-87.7	-147	-196	-222
Treasury stock					0	-1.98
Shareholders' equity	-6.84	95.5	68.7	44.9	77.6	83.2
Total equity	-6.84	95.5	68.7	44.9	77.6	83.2
Total liabilities and equity	54.5	164	152	132	169	192
Shares outstanding	18.6

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.62	-21.7	-51.4	-59.7	-48.5	-25.6
Depreciation and amortization	13	16.3	20.2	24.9	28.3	25.6
Stock-based compensation	1.88	5.63	17	25.2	28.6	26.4
Deferred income tax	0	0.04	-0.04	0	0	0
Change in receivables	-0.13	-0.1	-0.55	0.06	-1.03	-1.65
Change in payables	0.14	0.5	1.63	-0.3	-0.55	0.4
Cash from operations	12.8	3.52	-13.8	-7.35	12.5	23.5
Capital expenditures	-2.13	-7.56	-7.35	-5.51	-1.71	-4.69
Purchases of investments		0	-146	-26.4	-38.1	-39.5
Sales and maturities of investments		0	88	67.9	45.7	26.3
Cash from investing	-4.97	-11.2	-73.9	21.7	-6.13	-25.3
Stock issued	0.02	0.48	4.25	4.71	7.48	5.34
Share buybacks				0	0	-1.98
Cash from financing	-8.75	107	-6.21	-8.84	22.8	-14.8
Net change in cash	-0.9	98.9	-93.8	5.47	29.1	-16.6
Free cash flow	10.7	-4.04	-21.1	-12.9	10.8	18.9
Interest paid	2.88	3.53	3.78	3.73	3.58	3.74
Income taxes paid	0.01	0.01	0.03	0.06	0.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.19 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.0%	Gross profit / revenue.
Operating margin	-11.6%	Operating income / revenue.
EBITDA margin	5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.0%	Pre-tax income / revenue.
Net margin	-13.1%	Net income / revenue.
FCF margin	15.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.5%	Cash from operations / revenue.
Return on equity (ROE)	-23.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.1%	Net income / average total assets.
Return on invested capital (ROIC)	-25.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	28.6%	Research and development expense / revenue.
Stock-based pay / revenue	17.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.1%	Capital expenditures / revenue.
D&A / revenue	16.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	19.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	26.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-26.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	88.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	12.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	74.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	12.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	13.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	29.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	21.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	24.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.00x	Current assets / current liabilities.
Quick ratio	0.80x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	60.4%	Total liabilities / total assets.
Interest coverage	-3.94x	Operating income / interest expense.
Working capital	-$91.0K	Current assets - current liabilities.
Goodwill and intangibles / assets	18.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$46.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.70x	Revenue / average total assets.
Fixed asset turnover	2.23x	Revenue / average property, plant and equipment.
Receivables turnover	29.7x	Revenue / average receivables.
Days sales outstanding	12 days	365 x average receivables / revenue.
Capex / operating cash flow	16.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.57	Revenue / diluted weighted shares.
FCF per share	$0.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.47	Cash from operations / diluted weighted shares.
Book value per share	$1.46	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.76	Tangible book value / shares outstanding.
Cash per share	$0.82	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	14.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$816.5M	Share price x shares outstanding.
Enterprise value	$766.6M	Market cap + total debt - cash - short-term investments.
P/S	5.22x	Market cap / revenue.
P/B	9.22x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	17.6x	Market cap / tangible book value, when positive.
P/FCF	34.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.3x	Market cap / cash from operations, when positive.
EV/Sales	4.90x	Enterprise value / revenue.
EV/EBITDA	96.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	32.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	-2.5%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was Backblaze, Inc.'s revenue in fiscal 2025?

Backblaze, Inc. reported revenue of $145.8M for fiscal 2025, 14.3% higher than the year before.

Was Backblaze, Inc. profitable in fiscal 2025?

No. It reported a net loss of $25.6M.

How much free cash flow did Backblaze, Inc. generate in fiscal 2025?

Cash from operations of $23.5M minus capital expenditures of $4.7M left free cash flow of $18.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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