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Dec 31, 2024
Backblaze Q4 2024 Earnings Report
Backblaze reported strong fourth-quarter 2024 results with significant revenue growth in B2 Cloud Storage and overall, alongside improved profitability.
Key Takeaways
Backblaze announced robust financial results for Q4 2024, with total revenue increasing by 18% year-over-year to $33.8 million. B2 Cloud Storage revenue grew by 22%, and the company achieved a more than doubled Adjusted EBITDA margin of 14%.
Total revenue for Q4 2024 reached $33.8 million, an 18% increase year-over-year.
B2 Cloud Storage revenue grew by 22% year-over-year to $17.1 million, demonstrating strong segment performance.
Adjusted EBITDA margin more than doubled to 14% in Q4 2024, up from 6% in Q4 2023, indicating improved operational efficiency.
The company reported a net loss of $14.4 million, or $0.30 per share, in Q4 2024.
Revenue by Segment
Forward Guidance
For Q1 2025, Backblaze expects revenue between $34.1 million and $34.5 million, with an Adjusted EBITDA margin of 13% to 15%. For the full year 2025, revenue is projected to be between $144.0 million and $146.0 million, and Adjusted EBITDA margin between 16% and 18%.
Positive Outlook
- Projected Q1 2025 revenue of $34.1 million to $34.5 million.
- Anticipated Q1 2025 Adjusted EBITDA margin of 13% to 15%.
- Full-year 2025 revenue guidance of $144.0 million to $146.0 million.
- Full-year 2025 Adjusted EBITDA margin expected to be 16% to 18%.
- Strong YoY growth in B2 business projected for 2025, reaching 30%+ in Q4 2025.
Challenges Ahead
- No specific negative forward guidance was provided in the report.
- The report does not detail potential challenges or risks that could impact future performance.
- No explicit mention of potential market headwinds or competitive pressures.
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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