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Dec 31, 2023
Backblaze Q4 2023 Earnings Report
Backblaze reported a strong finish to the year with B2 Cloud Storage revenue growing and delivered adjusted EBITDA profitability for the first time as a public company.
Key Takeaways
Backblaze's Q4 2023 saw a 25% year-over-year revenue increase, with B2 Cloud Storage revenue growing by 47%. The company achieved adjusted EBITDA profitability for the first time as a public company.
Revenue increased by 25% year-over-year, reaching $28.7 million.
B2 Cloud Storage revenue grew by 47% year-over-year, totaling $14.0 million.
The company achieved adjusted EBITDA profitability, with $1.6 million or 6% of revenue.
Annual recurring revenue (ARR) was $117.6 million, an increase of 28% year-over-year.
Revenue by Segment
Forward Guidance
For the first quarter of 2024, Backblaze expects revenue between $29.6 million and $30.0 million, and an adjusted EBITDA margin between 4% and 6%. For the full year 2024, the company anticipates revenue between $126.0 million and $128.0 million, with an adjusted EBITDA margin between 8% and 10%.
Positive Outlook
- Revenue between $29.6 million to $30.0 million for Q1 2024.
- Adjusted EBITDA margin between 4% to 6% for Q1 2024.
- Revenue between $126.0 million to $128.0 million for full-year 2024.
- Adjusted EBITDA margin between 8% to 10% for full-year 2024.
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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