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Jun 30, 2024
Backblaze Q2 2024 Earnings Report
Backblaze reported strong revenue growth and margin expansion in Q2 2024.
Key Takeaways
Backblaze announced a 27% year-over-year increase in revenue, reaching $31.3 million for Q2 2024. B2 Cloud Storage revenue grew by 43% year-over-year. The company also reported a net loss of $10.3 million, which is an improvement compared to the previous year's net loss of $14.3 million.
Revenue increased by 27% year-over-year to $31.3 million.
B2 Cloud Storage revenue grew by 43% year-over-year, reaching $15.4 million.
Gross profit was $17.2 million, representing 55% of revenue.
The company launched Backblaze B2 Live Read, enabling customers to use data during the upload process.
Revenue by Segment
Forward Guidance
For the third quarter of 2024, Backblaze expects revenue between $32.4 million and $32.8 million, and an adjusted EBITDA margin between 9% and 11%. For the full year 2024, Backblaze expects revenue between $126.5 million and $128.5 million, and an adjusted EBITDA margin between 9% and 11%.
Positive Outlook
- Revenue between $32.4 million to $32.8 million for Q3 2024.
- Adjusted EBITDA margin between 9% to 11% for Q3 2024.
- Basic shares outstanding of 43.0 million to 43.5 million shares for Q3 2024.
- Revenue between $126.5 million to $128.5 million for full-year 2024.
- Adjusted EBITDA margin between 9% to 11% for full-year 2024.
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
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