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Backblaze Q1 2025 Earnings Report
Backblaze reported strong first quarter 2025 financial results with significant revenue growth in B2 Cloud Storage and overall, alongside improved profitability metrics.
Key Takeaways
Backblaze achieved a 15% year-over-year revenue increase to $34.6 million in Q1 2025, driven by a 23% growth in B2 Cloud Storage revenue. The company also reported improved gross profit and adjusted EBITDA, indicating enhanced operational efficiency.
Total revenue increased by 15% year-over-year to $34.6 million.
B2 Cloud Storage revenue grew by 23% year-over-year, reaching $18.0 million.
Adjusted EBITDA significantly improved to $6.4 million, representing 18% of revenue, compared to $1.9 million (6% of revenue) in Q1 2024.
Net loss decreased to $9.3 million from $11.1 million in Q1 2024, and non-GAAP net loss improved to $1.8 million from $5.5 million.
Revenue by Segment
Forward Guidance
Backblaze expects continued growth in revenue and improved Adjusted EBITDA margins for both Q2 2025 and the full year 2025, with a strong focus on B2 business expansion.
Positive Outlook
- Q2 2025 revenue expected between $35.2 million to $35.6 million.
- Q2 2025 Adjusted EBITDA margin expected between 14% to 16%.
- Full-year 2025 revenue expected between $144.0 million to $146.0 million.
- Full-year 2025 Adjusted EBITDA margin range rose from 16%-18% to 17%-19%.
- B2 business YoY growth expected to accelerate throughout 2025, reaching 30%+ in Q4 2025.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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