Loading...
•
Jun 30, 2023
Backblaze Q2 2023 Earnings Report
Backblaze's Q2 2023 financial results were announced, demonstrating growth in revenue and customer base.
Key Takeaways
Backblaze reported a 19% increase in overall revenue year-over-year, with B2 Cloud Storage revenue growing by 39%. The company continued to move up-market, increasing the number of customers generating over $50,000 in annual recurring revenue by 54% year-over-year.
Total revenue reached $24.6 million, a 19% increase year-over-year.
B2 Cloud Storage revenue grew by 39% year-over-year, reaching $10.8 million.
Gross profit was $12.1 million, representing 49% of revenue.
ARR was $97.3 million, an increase of 18% year-over-year.
Revenue by Segment
Forward Guidance
Backblaze provided financial outlook for the third quarter and full year 2023.
Positive Outlook
- Revenue is expected to be between $25.0 million to $25.4 million for Q3 2023.
- Adjusted EBITDA margin is projected to be between (8)% to (4)% for Q3 2023.
- Revenue is expected to be between $98 million to $102 million for the full year 2023 (unchanged).
- Adjusted EBITDA margin is projected to be between (8.5)% to (4.5)% for the full year 2023 (improved versus the prior range of (10)% to (6)%).
- Basic weighted average shares outstanding of 36.5 million to 37.5 million shares for Q3 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...