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Sep 30, 2024
Backblaze Q3 2024 Earnings Report
Announced record adjusted EBITDA margin and revenue growth.
Key Takeaways
Backblaze reported a 29% year-over-year revenue increase, reaching $32.6 million in Q3 2024. B2 Cloud Storage revenue grew by 39% year-over-year. The company's Adjusted EBITDA margin improved significantly to 12%, up from (3%) in the previous year.
Revenue increased by 29% year-over-year, reaching $32.6 million.
B2 Cloud Storage revenue grew by 39% year-over-year, totaling $16.2 million.
Adjusted EBITDA margin significantly improved to 12% from (3%) year-over-year.
Signed two multi-year deals each totaling approximately $1 million, demonstrating upmarket momentum.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2024, Backblaze expects revenue between $33.5 million and $33.9 million, and an adjusted EBITDA margin between 12% and 14%. For the full year 2024, the company anticipates revenue between $127.0 million and $128.0 million, with an adjusted EBITDA margin between 9% and 11%.
Positive Outlook
- Revenue between $33.5 million and $33.9 million is expected.
- Adjusted EBITDA margin between 12% and 14% is anticipated.
- Basic weighted average shares outstanding of 44.9 million to 45.4 million shares is projected.
- Full-year revenue is expected to be between $127.0 million and $128.0 million.
- Full-year adjusted EBITDA margin is projected to be between 9% and 11%.
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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