# EDGAR Filing Document

**Accession Number:** 0001462056
**File Stem:** 0001628280-25-049848
**Filing Date:** 2025-11
**Character Count:** 63502
**Document Hash:** 7865da0ac86cde098cf30f01c643e7cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049848.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001628280-25-049848

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Backblaze, Inc.
- **CENTRAL INDEX KEY:** 0001462056
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 208893125
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41026
- **FILM NUMBER:** 251456081

**BUSINESS ADDRESS:**
- **STREET 1:** 201 BALDWIN AVENUE
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94401
- **BUSINESS PHONE:** 650.352.3738

**MAIL ADDRESS:**
- **STREET 1:** 201 BALDWIN AVENUE
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94401

?xml version='1.0' encoding='ASCII'? blze-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 205490**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

November 6, 2025

Date of Report (date of earliest event reported)

**Backblaze, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41026** | **20-8893125** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **201 Baldwin Ave., San Mateo, California** | | **94401** |
| (Address of Principal Executive Offices) | | (Zip Code) |

---

**(650) 352-3738**

Registrant's telephone number, including area code

**Not Applicable**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, par value $0.0001 per share** | **BLZE** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On November 6, 2025, the Company issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of the press release and supplemental earnings presentation is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

This information is intended to be furnished under Item 2.02 and Item 9.01 of Form 8-K, "Results of Operations and Financial Condition" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 8.01 Other Events.**

In November 2025, the Company initiated certain transformation and restructuring actions designed primarily to improve efficiency and enhance the performance of its sales and marketing functions, and other corporate actions (the "2025 Restructuring Plan"). As part of the 2025 Restructuring Plan, the Company expects to incur total charges of approximately $4.4 million to $6.0 million, primarily in the fourth quarter of 2025. These charges include an estimated impairment of approximately $0.9 million to $1.2 million related to the reduction of the Company's footprint at its office facilities, as well as employee termination expenses and other business transformation costs.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press release issued by Backblaze, Inc., dated November](ex991blze20250930earningsp.htm)[6](ex991blze20250930earningsp.htm)[, 2025](ex991blze20250930earningsp.htm)</u> |
| 99.2 | <u>[Supplemental earnings presentation, dated November](q32025results.htm)[6](q32025results.htm)[, 2025](q32025results.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 6, 2025 | **Backblaze, Inc.** | **Backblaze, Inc.** |
|  |  | By: | /s/ Marc Suidan |
|  |  |  | Marc Suidan, Chief Financial Officer |

---

## Exhibit 99.1

Exhibit 99.1

**Backblaze Announces Third Quarter 2025 Financial Results**

*28% Revenue Growth in B2 Cloud Storage, 14% Revenue Growth Overall in Q3 2025*

**San Mateo, CA (November 6, 2025)—**Backblaze, Inc. (Nasdaq: BLZE), the high-performance cloud storage platform for the AI era, today announced results for its third quarter ended September 30, 2025.

"I am pleased with our third quarter financial results exceeding the high end of our revenue and Adjusted EBITDA guidance and expanding gross margin by ~700 bps YoY to 62%. We remain on track to be free-cash-flow positive in Q4. B2 Cloud Storage grew 28% YoY and we won another seven-figure expansion with an existing customer, reinforcing the value of our price-performance and open platform," said Gleb Budman, CEO of Backblaze. "As customers build AI and data-intensive workflows, they need high performance, predictable costs, and S3-compatibility without lock-in, a combination that sets Backblaze apart."

**Third Quarter 2025 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $37.2 million, an increase of 14% year-over-year (YoY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• B2 Cloud Storage revenue was $20.7 million, an increase of 28% YoY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Computer Backup revenue was $16.5 million, flat YoY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit of $23.1 million, or 62% of revenue, compared to $17.8 million, or 55% of revenue, in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted gross profit of $29.4 million, or 79% of revenue, compared to $25.5 million or 78% of revenue in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss was $3.8 million compared to a net loss of $12.8 million in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss per share was $0.07 compared to a net loss per share of $0.29 in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $8.4 million, or 23% of revenue, compared to $3.7 million or 12% of revenue in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income of $1.9 million compared to non-GAAP net loss of $4.1 million in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP net income per share of $0.03 compared to a non-GAAP net loss per share of $0.10 in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operations during the nine months ended September 30, 2025 was $14.2 million, compared to $10.3 million during the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted free cash flow during the nine months ended September 30, 2025 was $(9.5) million, compared to $(15.6) million in the nine months ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash, cash equivalents, and marketable securities totaled $50.3 million as of September 30, 2025.

------

**Third Quarter 2025 Operational Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual recurring revenue (ARR) was $147.2 million, an increase of 13% YoY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ B2 Cloud Storage ARR was $81.8 million, an increase of 26% YoY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Computer Backup ARR was $65.4 million, flat YoY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net revenue retention rate (NRR) was 106% compared to 118% in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ B2 Cloud Storage NRR was 110% compared to 128% in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Computer Backup NRR was 101% compared to 109% in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross customer retention rate was 91% in Q3 2025 compared to 90% in Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ B2 Cloud Storage gross customer retention rate was 89% in both Q3 2025 and Q3 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Computer Backup gross customer retention rate was 90% in both Q3 2025 and Q3 2024.

**Recent Business Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Signed a 7-figure TCV Expansion Deal:** A high growth AI-powered video surveillance customer significantly expanded its B2 Cloud Storage footprint, showcasing the value customers see and expansion opportunity in our customer base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Record Non-GAAP Net Income and Adjusted EBITDA Margin:** Achieved new highs in profitability, marking key milestones on our path to Free Cash Flow generation and continued financial discipline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **B2 Overdrive Recognized As the Best in Enterprise Tech Innovation:** B2 Overdrive featured as a winner in SiliconANGLE's TechForward Buyer's Guide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Recipient of Cloud Computing Security Excellence Award:** Validating Backblaze's commitment to supporting customers in an era of escalating cyber threats with Backblaze B2 Object Lock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Announced Executive & Director Stock Ownership Policy:** Strengthening the leadership equity ownership requirements to further align with shareholders' interest to drive long-term success.

**Financial Outlook:**

Based on information available as of the date of this press release,

**For the fourth quarter of 2025, we expect:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue between $37.3 million to $37.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin between 20% to 22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Basic weighted average shares outstanding of 58.0 million to 58.2 million shares.

**For full-year 2025, we expect:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue between $145.4 million to $146.0 million, narrowed from $145.0 million to $147.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin range of 18%-20%, raised from 17%-19%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For YoY growth in our B2 business, refer to table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Q1 2025** | **Q2 2025** | **Q3 2025** | **Q4 2025** |
| Outlook | 21-23% | 23-25% | 28-30% | 25-28%<br>(30%+ prev) |
| Actuals | 23% | 29% | 28% |  |

---

------

**Conference Call Information:**

Backblaze will host a conference call today, November 6, 2025, at 5:00 a.m. PT (8:00 a.m. ET) to review its financial results.

Attend the webcast here: https://events.q4inc.com/attendee/752951504

Register to listen by phone here: https://registrations.events/direct/Q4I9661622

Phone registrants will receive dial-in information via email.

An archive of the webcast will be available shortly after its completion on the Investor Relations section of the Backblaze website at https://ir.backblaze.com.

**About Backblaze**

Backblaze (NASDAQ: BLZE) gives businesses the freedom to innovate without limits by removing the barriers of lock-in, complexity, and cost. Our high-performance cloud object storage accelerates AI workflows, powers data-heavy applications, streamlines media management, and protects critical data. As an award-winning independent cloud, we provide levels of interoperability that enable over 500,000 of our customers to reach and serve hundreds of millions of end users in 175 countries around the world. For more information, please go to www.backblaze.com.

**Cautionary Note Regarding Forward-looking Statements**

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. These forward-looking statements are frequently identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would," or other similar terms or expressions that relate to our future performance, expectations, strategy, plans or intentions, and include statements in the section titled "Financial Outlook."

Our actual results could differ materially from those stated in or implied by the forward-looking statements in this press release due to a number of factors, including but not limited to: the impact of our go-to-market transformation and ability to attract and retain customers, including increasingly larger customers; the continued growth of data stored by our customers; continued growth of AI related business; realizing the anticipated benefits relating to cost savings initiatives and the re-investment of savings in additional sales capacity; market competition, including competitors that may have greater size, offerings and resources; effectively managing growth and scaling of our platform; ability to offer new features and other offerings on a timely basis, including new enterprise features, B2 Overdrive offering and geographic expansion in Canada or other jurisdictions, and achieve desired market adoption; disruption in our service or loss of availability of customers' data; cyberattacks; ability to continue to scale the business; the impact of pricing and other product offering changes; material defects or errors in our software; supply chain disruption; ability to maintain existing relationships with partners and to enter into new partnerships; hiring and retention of key employees; the impact of changes to global trade and tariff policies, on us or our vendors, partners and customers; war or hostilities, and other significant world or regional events on our business and the business of our customers, vendors, supply chain and partners; litigation and other disputes; availability of additional capital; and general market, political, economic, and business conditions. Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual results or outcomes to differ materially from those included in or implied by the forward-looking statements contained in this release are included under the caption "Risk Factors" and elsewhere in our Quarterly Reports on Form 10-Q and other filings and reports we make with the SEC from time to time.

The forward-looking statements made in this release reflect our views as of the date of this press release. We undertake no obligation to update any forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

------

**Non-GAAP Financial Measures**

To supplement the financial measures, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we provide investors with non-GAAP financial measures including (i) adjusted gross profit (and margin), (ii) adjusted EBITDA and adjusted EBITDA margin, (iii) non-GAAP net income (loss) and non-GAAP net income (loss) per share, and (iv) adjusted free cash flow and adjusted free cash flow margin. These non-GAAP financial measures exclude certain items and are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present these non-GAAP measures because management believes they are a useful measure of our performance and provide an additional basis for assessing our operating results. Please see the appendix attached to this press release for a reconciliation of non-GAAP adjusted gross margin and adjusted EBITDA margin to the most directly comparable GAAP financial measures.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. For example, stock-based compensation expense-related charges are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict with reasonable accuracy and subject to constant change.

***Adjusted Gross Profit and Margin***

We believe adjusted gross profit (and margin), when taken together with our GAAP financial results, provides a meaningful assessment of our performance and is useful to us for evaluating our ongoing operations and for internal planning and forecasting purposes.

We define adjusted gross profit as gross profit, excluding stock-based compensation expense, depreciation and amortization and restructuring charges within cost of revenue. We define adjusted gross margin as a percentage of adjusted gross profit to revenue. We exclude stock-based compensation, which is a non-cash item, and restructuring charges because we do not consider it indicative of our core operating performance. We exclude depreciation expense of our property and equipment and amortization expense of capitalized internal-use software because these may not reflect current or future cash spending levels to support our business. We believe adjusted gross profit (and margin) provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric eliminates the effects of depreciation and amortization.

***Adjusted EBITDA and Adjusted EBITDA Margin***

We define Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, restructuring charges, legal settlement costs, and other non-recurring charges. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues for the period. We use Adjusted EBITDA and Adjusted EBITDA Margin to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA and Adjusted EBITDA Margin to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis.

------

***Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) Per Share***

We define non-GAAP net income (loss) as net income adjusted to exclude stock-based compensation, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, restructuring charges, legal settlement costs, and other items we deem non-recurring. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) divided by basic and diluted weighted average common shares outstanding. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook.

***Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin***

We believe that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful metrics for assessing liquidity that provide information to management and investors about the cash generated from our core operations that can be reinvested in the business. However, these measures should not replace cash flows from operations as a liquidity benchmark. One limitation of these metrics is that they do not reflect our future contractual commitments, nor do they capture the overall changes in our cash balance during a specific period. Nonetheless, we believe that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are key metrics providing insight into our financial trajectory that helps us make informed decisions as we work towards sustainable positive cash flow.

We define adjusted free cash flow as net cash provided by operating activities less purchases of property and equipment, capitalized internal-use software costs, principal payments on finance leases and lease financing obligations, as reflected in our consolidated statements of cash flows, and excluding payments on restructuring charges, payments on legal settlement costs, and payments on other non-recurring charges. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue.

**Key Business Metrics:**

***Annual Recurring Revenue (ARR)***

We define annual recurring revenue (ARR) as the annualized value of all Backblaze B2 and Computer Backup arrangements as of the end of a period. Given the renewable nature of our business, we view ARR as an important indicator of our financial performance and operating results, and we believe it is a useful metric for internal planning and analysis. ARR is calculated based on multiplying the monthly revenue from all Backblaze B2 and Computer Backup arrangements for the last month of a period by 12. Our annual recurring revenue for Computer Backup and B2 Cloud Storage is calculated in the same manner as our overall annual recurring revenue based on the revenue from our Computer Backup and B2 Cloud Storage solutions, respectively.

***Net Revenue Retention Rate (NRR)***

To calculate the NRR for a specific quarter, we determine the revenue recognized in that quarter from customers who generated revenue during the last month of the same quarter of the previous year. This revenue is then divided by the revenue generated from those same customers in the prior year quarter. Our overall NRR rate is calculated as the average of these quarterly rates over the past four quarters to provide a comprehensive view of revenue trends.

------

***Gross Customer Retention Rate***

We use gross customer retention rate to measure our ability to retain our customers. Our gross customer retention rate reflects only customer losses and does not reflect the expansion or contraction of revenue we earn from our existing customers. We believe our high gross customer retention rates demonstrate that we provide a vital service to our customers, as the vast majority of our customers tend to continue to use our platform from one period to the next. To calculate our gross customer retention rate, we take the trailing four-quarter average of our quarterly gross customer retention rates. We calculate the quarterly gross customer retention rates by dividing (i) the number of accounts that generated revenue in the last month of the current quarter that also generated recurring revenue during the last month of the corresponding quarter in the prior year, by (ii) the number of accounts that generated recurring revenue during the last month of the corresponding quarter in the prior year.

**Investors Contact**

Mimi Kong

Sr. Director, Investor Relations and Corporate Development

ir@backblaze.com

**Press Contact**

Yev Pusin

Sr. Director, Marketing

press@backblaze.com

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**BACKBLAZE, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| | **(unaudited)** | **(unaudited)** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $29077 | $45776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 21195 | 9139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 3362 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 4182 | 3458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 7174 | 5544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 64990 | 65748 |
| Property and equipment, net | 55755 | 42949 |
| Operating lease right-of-use assets, net | 24929 | 15873 |
| Capitalized internal-use software, net | 41460 | 41801 |
| Other assets | 4396 | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $191530 | $168558 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities | $8714 | $9043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance lease liabilities and lease financing obligations, current | 15208 | 16327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 4973 | 4026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 30386 | 30407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 59281 | 59803 |
| Finance lease liabilities and lease financing obligations, non-current | 20252 | 13142 |
| Operating lease liabilities, non-current | 21248 | 12844 |
| Deferred revenue, non-current and other liabilities, non-current | 5466 | 5147 |
| Debt facility, non-current | 2454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 108701 | 90936 |
| Commitments and contingencies |  |  |
| **Stockholders' Equity** |  |  |
| Class A common stock, $0.0001 par value; 113,000,000 shares authorized as of both September 30, 2025 and December 31, 2024; 57,820,465 shares issued and 57,678,396 shares outstanding as of September 30, 2025 and 53,375,770 shares issued and outstanding as of December 31, 2024. | 6 | 5 |
| Treasury stock, at cost; 142,069 and zero shares as of September 30, 2025 and December 31, 2024, respectively | (1185) |  |
| Additional paid-in capital | 300192 | 273602 |
| Accumulated deficit | (216184) | (195985) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 82829 | 77622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $191530 | $168558 |

---

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**BACKBLAZE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(in thousands, except share and per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Revenue | $37162 | $32589 | $108073 | $93842 |
| Cost of revenue | 14091 | 14789 | 42705 | 43002 |
| Gross profit | 23071 | 17800 | 65368 | 50840 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 11235 | 10734 | 34968 | 30069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 8996 | 11723 | 28431 | 32736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 6161 | 7541 | 20927 | 20552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 26392 | 29998 | 84326 | 83357 |
| Loss from operations | (3321) | (12198) | (18958) | (32517) |
| Investment income | 477 | 313 | 1510 | 1059 |
| Interest expense | (934) | (868) | (2667) | (2690) |
| Loss before provision for income taxes | (3778) | (12753) | (20115) | (34148) |
| Income tax provision |  |  | 84 | 6 |
| Net loss and comprehensive loss | $(3778) | $(12753) | $(20199) | $(34154) |
| Net loss per share, basic and diluted | $(0.07) | $(0.29) | $(0.36) | $(0.81) |
| Weighted average common shares outstanding, basic and diluted | 56977764 | 43515110 | 55557541 | 41973727 |

---

------

**BACKBLAZE, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| | **(unaudited)** | **(unaudited)** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss | $(20199) | $(34154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense on operating leases | 3365 | 1708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19282 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss on right-of-use assets | 59 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 20108 | 19495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of assets | (363) | (289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 425 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (1531) | (1962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (358) | 665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (1694) | (805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (1704) | (423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other current liabilities | 7 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue and other liabilities, non-current | 298 | 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (3464) | (1266) |
| Net cash provided by operating activities | 14231 | 10272 |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (34396) | (32501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 22341 | 31402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 154 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (4429) | (885) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized internal-use software costs | (5890) | (10235) |
| Net cash used in investing activities | (22220) | (11882) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on finance leases and lease financing obligations | (13898) | (14755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of offering costs | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt facility | 2454 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (602) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury stock | (1185) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on insurance premium financing |  | (893) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercises of stock options | 4746 | 6347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes paid for net share settlement of equity awards | (1593) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from ESPP | 1388 | 1359 |
| Net cash used in financing activities | (8710) | (7388) |
| Net decrease in cash and cash equivalents and restricted cash | (16699) | (8998) |
| Cash and cash equivalents and restricted cash, at beginning of period | 45776 | 16630 |
| Cash and cash equivalents and restricted cash, at end of period | $29077 | $7632 |
| **RECONCILIATION OF CASH AND RESTRICTED CASH** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $29077 | $2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash, non-current |  | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and cash equivalents and restricted cash | $29077 | $7632 |

---

------

**BACKBLAZE, INC.**

**RECONCILIATION OF GAAP TO NON-GAAP DATA**

**(in thousands, except percentages)**

**Adjusted Gross Profit and Adjusted Gross Margin**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Gross profit | $23071 | $17800 | $65368 | $50840 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 318 | 478 | 1170 | 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5970 | 7191 | 18998 | 20844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross profit | $29359 | $25469 | $85523 | $72902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin | 62% | 55% | 60% | 54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted gross margin | 79% | 78% | 79% | 78% |

---

**Adjusted EBITDA and Adjusted EBITDA Margin**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Net loss and comprehensive loss | $(3778) | $(12753) | $(20199) | $(34154) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6044 | 7331 | 19282 | 21268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5445 | 8438 | 20108 | 19495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and investment income, net | 457 | 555 | 1157 | 1631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision |  |  | 84 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss<sup>(1)</sup> | (189) | 178 | 437 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement payments | 150 |  | 288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  | (66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 258 |  | 258 |  |
| Adjusted EBITDA | $8387 | $3749 | $21349 | $8405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss and comprehensive loss margin | (10%) | (39%) | (19%) | (36%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 23% | 12% | 20% | 9% |

---

<sup>(1)</sup> The Company began including foreign exchange (gain) loss in its reconciliation of net loss to Adjusted EBITDA beginning in the third quarter of 2024. Adjusted EBITDA and Adjusted EBITDA margin for the prior period presented have been updated to conform with current presentation.

------

**Adjusted Gross Margin, Adjusted Operating Expenses & Adjusted EBITDA reconciliation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** | **(dollars in thousands)** |
| Revenue | $37162 | $32589 | $108073 | $93842 |
| Adjustments: |  |  |  |  |
| Adjusted cost of revenue: |  |  |  |  |
| Cost of revenue | 14091 | 14789 | 42705 | 43002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (5970) | (7191) | (18998) | (20844) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation | (318) | (478) | (1170) | (1218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring charges |  |  | 13 |  |
| Adjusted cost of revenue | 7803 | 7120 | 22550 | 20940 |
| Adjusted gross margin | 79% | 78% | 79% | 78% |
| Adjusted Operating Expenses: |  |  |  |  |
| Research and development | 11235 | 10734 | 34968 | 30069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (36) | (65) | (135) | (196) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation | (2564) | (3097) | (9303) | (7455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring charges |  |  | 34 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Impairment of long-lived assets | (258) |  | (258) |  |
| Adjusted research and development | 8377 | 7572 | 25306 | 22418 |
| Sales and marketing | 8996 | 11723 | 28431 | 32736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (25) | (48) | (95) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation | (1230) | (2908) | (4908) | (6492) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring charges |  |  | 64 |  |
| Adjusted sales and marketing | 7741 | 8767 | 23492 | 26099 |
| General and administrative | 6161 | 7541 | 20927 | 20552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization | (13) | (27) | (54) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Stock-based compensation | (1333) | (1955) | (4727) | (4330) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign exchange gain (loss) | 189 | (178) | (437) | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Restructuring charges |  |  | (45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Litigation settlement costs | (150) |  | (288) |  |
| Adjusted general and administrative | 4854 | 5381 | 15376 | 15980 |
| Total Adjusted Operating Expenses<sup>(1)</sup> | $20972 | $21720 | $64174 | $64497 |
| Adjusted EBITDA | $8387 | $3749 | $21349 | $8405 |

---

<sup>(1)</sup> Adjusted cost of revenue and operating expenses is a non-GAAP financial measure that we define as each respective GAAP expense category excluding stock-based compensation expense, depreciation and amortization, and other non-recurring charges. This measure provides management with greater transparency into the underlying trends in our business by facilitating period-to-period comparisons of our ongoing cost structure, excluding the impact of certain non-cash or non-recurring items that may not be indicative of our operating performance. These measures are intended to assist in forecasting and budgeting by providing greater visibility into our normalized expense base.

------

**Non-GAAP Net Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** |
| Net loss and comprehensive loss | $(3778) | $(12753) | $(20199) | $(34154) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5445 | 8438 | 20108 | 19495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss<sup>(1)</sup> | (189) | 178 | 437 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement costs | 150 |  | 288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges |  |  | (66) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Impairment of long-lived assets | 258 |  | 258 |  |
| Non-GAAP net income (loss) | $1886 | $(4137) | $826 | $(14500) |
| Non-GAAP net income (loss) per share - diluted | $0.03 | $(0.10) | $0.01 | $(0.35) |
| Shares used in Non-GAAP net income (loss) per share calculations: |  |  |  |  |
| GAAP weighted-average shares used to compute net loss per share - basic and diluted | 56977764 | 43515110 | 55557541 | 41973727 |
| &nbsp;&nbsp;Add: Dilutive ordinary share equivalents | 3086514 |  | 2571073 |  |
| Non-GAAP weighted average common shares outstanding - diluted | 60064278 | 43515110 | 58128614 | 41973727 |

---

<sup>(1)</sup> The Company began including foreign exchange (gain) loss in its calculation of Non-GAAP net income (loss) beginning in the third quarter of 2024. Non-GAAP net income (loss) for the prior period presented has been updated to conform with current presentation.

**Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| | **(dollars in thousands)** | **(dollars in thousands)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $14231 | $10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures<sup>(1)</sup> | (10319) | (11120) |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on finance leases and lease financing obligations | (13898) | (14755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Litigation settlement payments | 271 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of workforce reduction and related severance charges | 230 |  |
| Adjusted Free Cash Flow | $(9485) | $(15603) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow Margin | (9)% | (17)% |

---

<sup>(1)</sup> Capital expenditures are defined as cash used for purchases of property and equipment and capitalized internal-use software costs.

------

**Stock-based Compensation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Cost of revenue | $318 | $478 | $1170 | $1218 |
| Research and development | 2564 | 3097 | 9303 | 7455 |
| Sales and marketing | 1230 | 2908 | 4908 | 6492 |
| General and administrative | 1333 | 1955 | 4727 | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stock-based compensation expense | $5445 | $8438 | $20108 | $19495 |

---

## Exhibit 99.2

![](q32025results001.jpg)

Backblaze©2024 Confidential \| 1 Q3 2025 Results November 6, 2025 Gleb Budman CEO and Co-Founder Backblaze Marc Suidan CFO

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![](q32025results002.jpg)

Backblaze©2025 \| 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, planned investments and initiatives, prospects, plans, objectives of management and general economic trends and trends in the industry and markets are forward-looking statements. The forward-looking statements are contained principally in the sections entitled. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results to be materially different from any future results expressed or implied by the forward-looking statements. These forward-looking statements reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation. Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP Adjusted Gross Margin, Non-GAAP Net Income (Loss), Adjusted EBITDA Margin and Adjusted Free Cash Flow. These non-GAAP financial measures exclude certain items and are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present these non-GAAP measures because management believes they are a useful measure of the Company's performance and provides an additional basis for assessing our operating results. Please see the Appendix attached to this presentation for a reconciliation of non-GAAP Adjusted Gross Margin, non-GAAP Net Income, Adjusted EBITDA Margin and Adjusted Free Cash Flow to the most directly comparable GAAP financial measures. Important Information About This Presentation

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![](q32025results003.jpg)

Backblaze©2025 \| 3 Our Mission We make it astonishingly easy to store, use, and protect data.

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![](q32025results004.jpg)

Backblaze©2025 \| 4 ● Data infrastructure for AI economy ● Large deals & improved financials ● GtM Transformation Phase 2 Key Highlights

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![](q32025results005.jpg)

Backblaze©2025 \| 5 AI = Models x Compute x Data Data is where AI companies win Backblaze enables that ● Enables using any compute platform ● Avoids high egress costs ● Performance to move massive datasets ● Trusted by hundreds of AI companies NOTES: "AI customer" refers to customers whose account email domain ends in ".ai" or the customer has disclosed that its use of Backblaze cloud storage is primarily for an AI use case.

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![](q32025results006.jpg)

Backblaze©2025 \| 6 c Industry Recognition ● B2 Overdrive ○ "Best in Enterprise Tech Innovation" ● B2 Object Lock ○ "Cloud Computing Security Excellence Award"

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![](q32025results007.jpg)

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![](q32025results008.jpg)

Backblaze©2025 \| 8 Go-to-Market Transformation Phase 2 Initiatives Actions ● Streamline data heavy AI-use case adoption ● Deepen developer relationships ● Upgrade GtM systems ● Engage experienced GTM advisors Increase Direct Sales efficiency Drive Self-serve momentum

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![](q32025results009.jpg)

Backblaze©2025 \| 9 Financial Overview Marc Suidan CFO

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![](q32025results010.jpg)

Backblaze©2025 \| 10 ● Double beat on Revenue & Adj. EBITDA Margin ● Operating leverage in action ○ Non-GAAP Net Income more than doubled Q/Q ○ 20%+ Adj EBITDA margin delivered a quarter early Key Financial Highlights NOTES: Financial data is based on unaudited financial information. The "double beat" refers to results for revenue and adjusted EBITDA margin for the quarter ended September 30, 2025, which exceeded the top end of the Company's guidance previously issued on August 7, 2025. The Non-GAAP Net Income of $1.9 million for the quarter ended September 30, 2025 more than doubled compared to the Non-GAAP Net Income of $0.8 million for the quarter ended June 30, 2025. The Adjusted EBITDA margin of 23% for the quarter ended September 30, 2025 was met one quarter early compared to the expected target of 20%+ for Q4'25 as previously announced on August 7, 2025.

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![](q32025results011.jpg)

Backblaze©2025 \| 11 B2 Growth Journey 22% 23% 29% NOTES: See next slide for definitions of above referenced categories of revenue drivers. 28% 25-28%

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![](q32025results012.jpg)

Backblaze©2025 \| 12 Revenue Drivers Defined Net Organic Growth: Organic data growth less data contraction Direct Cross-sell/Upsell: Direct Sales led upsell of existing customers New Self-serve: PLG led new logo acquisition New Direct Sales: Direct Sales led new logo acquisition NOTES: PLG means Product Lead Growth.

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![](q32025results013.jpg)

Backblaze©2025 \| 13 B2 Growth Targets Q1'25 Q2'25 Q3'25 Q4'25E Outlook 21-23% 23-25% 28-30% 25-28% Actuals 23% 29% 28% NOTES: The above financial information is based on unaudited financial data and the Company's outlook for future periods. The actual results for Q1'25, Q2'25 and Q3'25 and estimated results for Q4'25 reflect the revenue growth of B2 Cloud Storage for the referenced periods compared to the same quarter one year earlier. The forward-looking statements for Q4'25 reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties, and actual results may differ materially.

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![](q32025results014.jpg)

Backblaze©2025 \| 14 Financial and Operational Q3 Highlights Revenue ($M) Y/Y Growth Trailing 4-Qtr NRR In-Quarter NRR Gross Customer Retention B2 Cloud Storage $20.7 28% 110% 116% 89% Computer Backup $16.5 Flat 101% 96% 90% Total Company $37.2 14% 106% 107% 91% NOTES: All financial information is for the quarter ended September 30, 2025, with year-over-year revenue comparisons to the same period as of September 30, 2024, and are based on unaudited financial information. Trailing 4-Qtr NRR (Net Revenue Retention), In-Quarter NRR and Gross Customer Retention are defined in the appendix.

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![](q32025results015.jpg)

Backblaze©2025 \| 15 On The Path to Positive Adj. Free Cash Flow (4%) (11%) Adj. EBITDA Margin NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins are shown for the years ending December 31, 2021, 2022, 2023, 2024 are based on audited financial data. Q1-Q3 2025 is based on unaudited financial data. The estimated Q4 2025E Adjusted EBITDA and Adjusted Free Cash Flow margins are forward-looking statements and reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties, and actual results may differ materially. Please refer to the definitions of Adjusted EBITDA margins and Adjusted Free Cash Flow in the Appendix. A reconciliation of non-generally accepted accounting principles (GAAP) guidance measures to corresponding GAAP measures for historical results is provided in the Appendix to this presentation. A reconciliation for estimated future results is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of expenses and other factors in the future. 5% IPO 2021 2022 2023 Adj. Free Cash Flow Margin 2024 IPO 2021 2022 2023 2024 (54%) (42%) (29%) Q4 2025E 20-22% Q4 2025E 10% (16%) Q1-Q3 2025 20% Q1-Q3 2025 (9%)

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![](q32025results016.jpg)

Backblaze©2025 \| 16 Q4'25 and Full Year Guidance Q4'25 $37.3 to $37.9 FY 2025 $145.4 to $146.0 Q4'25 20% to 22% FY 2025 18% to 20% NOTES: The above financial information guidance for Q4 of 2025 and fiscal year 2025 are forward-looking statements. The revenue outlook for FY 2025 also reflects a narrowed range of total Company revenue from the previously announced outlook. These forward-looking statements reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties, and actual results may differ materially. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures for Adjusted EBITDA Margin is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of expenses and other factors in the future. Revenue ($M) Adj. EBITDA Margin

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![](q32025results017.jpg)

Backblaze©2025 \| 17 Our Financial Profile is Evolving Fast NOTES: The above Rule of 40 calculations are unaudited financial data and calculated as set forth above. The results for Q4'24 through Q3'25 are based on actual results and the Q4'25 estimates are forward-looking statements and reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties, and actual results may differ materially. For the Total Company Rule of 40 Score based on Total Company revenue plus Total Company Adj FCF Margin, the scores would be 5%, 9%, 5%, 5% and approx. 11% for Q4'24, Q1'25, Q2'25, Q3'25 and Q4'25E, respectively. Please refer to the definition of Adjusted Free Cash Flow and a reconciliation of non-generally accepted accounting principles (GAAP) guidance measures to corresponding GAAP measures for historical results is provided in the Appendix. A reconciliation for estimated future results is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of expenses and other factors in the future. Q4'24 Q1'25 Q2'25 Q3'25 Q4'25E B2 Y/Y Growth 22% 23% 29% 28% 25-28% Total Company Adj. Free Cash Flow Margin -13% -6% -11% -9% 0% Rule of 40 Score 9% 17% 18% 19% 25-28% Rule of 40 Score = B2 Growth y/y Revenue Growth + Total Company Adj FCF Margin

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![](q32025results018.jpg)

Backblaze©2025 \| 18 Q&A

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![](q32025results019.jpg)

Backblaze©2025 \| 19 Thank You!

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![](q32025results020.jpg)

Backblaze©2025 \| 20 Appendix

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Backblaze©2025 \| 21 ● "ARR" means Annual Recurring Revenue and is based on the monthly revenue from all B2 Cloud Storage and Computer Backup arrangements for the last month of a period and multiplying it by 12. Our annual recurring revenue for each of Computer Backup and B2 Cloud Storage is calculated in the same manner as our overall annual recurring revenue based on the revenue from our Computer Backup and B2 Cloud Storage solutions, respectively. ● "Gross Customer Retention" is used to measure our ability to retain our customers and is based on the trailing four-quarter average of the percentage of cohort of customers who were active at the end of the quarter in the prior year that are still active at the end of the current quarter. We calculate our gross customer retention rate for a quarter by dividing (i) the number of accounts that generated revenue in the last month of the current quarter that also generated recurring revenue during the last month of the corresponding quarter in the prior year, by (ii) the number of accounts that generated recurring revenue during the last month of the corresponding quarter in the prior year. ● "NRR" means Net Revenue Retention. To calculate In-Quarter NRR, we determine the revenue recognized in a specific quarter from customers who generated revenue during the last month of the same quarter of the previous year. This revenue is then divided by the revenue generated from those same customers in the prior year quarter. Our Trailing 4-Qtr NRR (previously reported as "NRR") is calculated as the average of these quarterly rates over the past four quarters to provide a comprehensive view of revenue trends. ● "Customer" means a customer at the end of any period as a distinct end user, as identified by a unique account identifier, which makes up substantially all of our user base. Definitions

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Backblaze©2025 \| 22 ● Adjusted EBITDA is defined as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, and other non-recurring charges. We use adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that adjusted EBITDA, when taken together with our GAAP financial results, provides meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis. ● Adjusted Free Cash Flow We define adjusted free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment, capitalized internal-use software costs, principal payments on finance leases and lease financing obligations, as reflected in our consolidated statements of cash flows, and excluding restructuring costs, legal settlement costs, and other non-recurring charges. ● Non-GAAP Net Income (Loss) We define non-GAAP net income (loss) as net income adjusted to exclude stock-based compensation and other items we deem non-recurring. We believe that non-GAAP net income (loss), when taken together with our GAAP financial results, provides meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. ● Adjusted Gross Profit (and Margin) We define adjusted gross margin as gross profit, exclusive of stock-based compensation expense, depreciation expense of our property and equipment, and amortization expense of capitalized internal-use software included within cost of revenue, as a percentage of adjusted gross profit to revenue. We exclude stock-based compensation, which is a non-cash item, because we do not consider it indicative of our core operating performance. We exclude depreciation expense of our property and equipment and amortization expense of capitalized internal-use software, because these may not reflect current or future cash spending levels to support our business. We believe adjusted gross margin provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric eliminates the effects of depreciation and amortization Definitions

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Backblaze©2025 \| 23 Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q3'25 Q3'24 Gross Profit $23.071 $17.800 Gross Margin 62% 55% Adjustments for Cost of Revenue: Stock Based Compensation 0.318 0.478 Depreciation & Amortization 5.970 7.191 Adjusted Gross Profit $29.359 $25.469 Adjusted Gross Margin 79% 78% Dollars in Millions

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Backblaze©2025 \| 24 Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q3'25 Q3'24 Net Loss $(3.778) $(12.753) Net Loss Margin -10% -39% Adjustments: Stock Based Compensation 5.445 8.438 Foreign Exchange (Gain) Loss (0.189) 0.178 Litigation Settlement Costs 0.150 — Impairment of Long-Lived Assets 0.258 — Non-GAAP Net Income (Loss) $1.886 $(4.137) Non-GAAP Net Income (Loss) Margin 5% -13% Non-GAAP Diluted Shares 60.064 43.515 Non-GAAP Net Income (Loss) per Diluted Share $0.03 $(0.10) Dollars and Shares in Millions

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Backblaze©2025 \| 25 Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q3'25 Q3'24 Net Loss $(3.778) $(12.753) Net Loss Margin -10% -39% Adjustments: Depreciation & Amortization 6.044 7.331 Stock Based Compensation 5.445 8.438 Interest Expense & Investment Income, Net 0.457 0.555 Litigation Settlement Costs 0.150 — Foreign Exchange Loss (Gain) (0.189) 0.178 Impairment of Long-Lived Assets 0.258 — Adjusted EBITDA $8.387 $3.749 Adjusted EBITDA Margin 23% 12% Dollars in Millions

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Backblaze©2025 \| 26 Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow 2025 2024 Net Cash Provided by (Used In) Operating Activities $14.231 $10.272 Capital Expenditures (10.319) (11.120) Principal Payments on Finance Leases and Lease Financing Obligations (13.898) (14.755) Litigation settlement costs 0.271 — Payment of workforce reduction and related severance charges 0.230 — Adjusted Free Cash Flow ($9.485) ($15.603) Adjusted Free Cash Flow Margin -9% -17% Dollars in Millions Nine Months Ended September 30

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