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Dec 31, 2022
Backblaze Q4 2022 Earnings Report
Announced fourth quarter and full year 2022 financial results, highlighted by revenue growth and strategic initiatives.
Key Takeaways
Backblaze reported a strong Q4 2022 with a 23% increase in overall revenue, driven by a 44% growth in B2 Cloud Storage revenue. The company is moderating expense growth and targeting adjusted EBITDA breakeven in Q4 of the following year.
Total revenue was $22.9 million, representing a 23% year-over-year increase.
B2 Cloud Storage revenue reached $9.5 million, a 44% year-over-year increase.
Gross profit was $11.7 million, which is 51% of the revenue.
Net loss amounted to $14.8 million, resulting in a net loss per share of $0.45.
Revenue by Segment
Forward Guidance
For the first quarter of 2023, Backblaze expects revenue between $23.1 million and $23.5 million, and an adjusted EBITDA margin between (15)% to (11)%. For the full year 2023, the company anticipates revenue between $98 million and $102 million, with an adjusted EBITDA margin between (10)% to (6)%.
Positive Outlook
- Revenue between $23.1 million to $23.5 million for Q1 2023.
- Adjusted EBITDA margin between (15)% to (11)% for Q1 2023.
- Revenue between $98 million to $102 million for full-year 2023.
- Adjusted EBITDA margin between (10)% to (6)% for full-year 2023.
- Basic shares outstanding of 33.5 to 35.5 million shares.
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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