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Mar 31, 2024
Backblaze Q1 2024 Earnings Report
Backblaze had a record start to 2024 with improved financial metrics year over year.
Key Takeaways
Backblaze reported Q1 2024 revenue of $30.0 million, a 28% increase year-over-year. The company's adjusted EBITDA margin improved to 6% compared to -12% in the same quarter last year.
Revenue increased by 28% year-over-year, reaching $30.0 million.
B2 Cloud Storage revenue grew by 47% year-over-year, totaling $14.6 million.
Gross profit was $15.8 million, representing 53% of revenue.
Adjusted EBITDA was $1.9 million, or 6% of revenue, compared to $(2.9) million or (12%) of revenue in Q1 2023.
Forward Guidance
For the second quarter of 2024, Backblaze expects revenue between $30.7 million to $31.1 million and adjusted EBITDA margin between 6% to 8%. For full-year 2024, the company expects revenue between $126.0 million to $128.0 million and adjusted EBITDA margin between 8% to 10%.
Positive Outlook
- Revenue between $30.7 million to $31.1 million for Q2 2024
- Adjusted EBITDA margin between 6% to 8% for Q2 2024
- Basic shares outstanding of 42.0 million to 42.5 million shares for Q2 2024
- Revenue between $126.0 million to $128.0 million for full-year 2024
- Adjusted EBITDA margin between 8% to 10% for full-year 2024
Historical Earnings Impact
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Avg. Return Before/After Earnings
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