Welcome to our dedicated page for Backblaze news (Ticker: BLZE), a resource for investors and traders seeking the latest updates and insights on Backblaze stock.
Company Overview
Backblaze, Inc. (NASDAQ: BLZE) is a cloud storage and backup service provider that has redefined data storage solutions with a focus on affordability, performance, and accessibility. Offering a direct, consumption-based pricing model, Backblaze provides innovative cloud solutions such as secure cloud object storage and automatic computer backup services for both individuals and businesses.
Business Model and Core Services
Backblaze operates on a consumption-based Infrastructure-as-a-Service (IaaS) model. Its primary services include:
- Cloud Storage: A flexible and low-cost storage option that uses a pay-per-use model, making it ideal for developers, media applications, and IT workflows.
- Cloud Backup: An automatic backup service that protects data on Macs and PCs, designed to meet the needs of individual users and businesses seeking reliable data protection.
Innovative Solutions and Technological Differentiation
Backblaze continually evolves its product offerings to address emerging industry challenges. One such innovation is Live Read, an advanced feature that allows media professionals to access portions of files as they upload. This breakthrough accelerates workflows for live media production and editing, reducing latency traditionally associated with large file transfers. The platform’s seamless integration via APIs supports a variety of applications including AI workflows, media management, and secure backup regimes, enabling customers to work more flexibly and efficiently.
Market Position and Competitive Landscape
Within the highly competitive cloud services landscape, Backblaze differentiates itself with a focus on simplicity, transparency, and low cost. While many traditional cloud providers offer elaborate ecosystems, Backblaze positions its offerings as straightforward alternatives that empower users to leverage data in an open cloud environment. This approach not only attracts developers and IT professionals but also appeals to media and entertainment sectors looking for rapid access and flexible integration capabilities.
Customer Segments and Global Reach
Backblaze serves a diverse clientele including developers, IT teams, media houses, and individual users. Its solutions scale to support both small-scale personal backups and large enterprise data storage needs. Although the majority of its revenue is generated in the United States, the company maintains an international presence with customers spanning across regions such as the United Kingdom, Canada, and beyond.
Technology, Security, and Operational Excellence
Security and reliability are at the core of Backblaze’s technological offerings. The platform not only ensures efficiency in data management but also incorporates robust security features to protect against data loss and cyber threats, including ransomware. Its API-first approach and S3 compatibility make it a versatile tool for developers seeking to integrate cloud storage seamlessly into their applications, reinforcing its reputation as a trustworthy and dependable cloud storage solution.
Summary
Backblaze stands out in the cloud storage industry by providing a modern and affordable alternative to traditional cloud back-end solutions. Its emphasis on open cloud frameworks, combined with user-friendly backup solutions and innovative acceleration technologies like Live Read, underscores its commitment to customer empowerment and operational efficiency. By consistently prioritizing transparency, performance, and ease of use, Backblaze has established a compelling value proposition and maintains a respected position within its competitive landscape.
Backblaze (BLZE) has announced the pricing of its upsized public offering of 6,250,000 shares of Class A common stock at $5.60 per share. The offering, expected to close on November 22, 2024, includes a 30-day option for underwriters to purchase up to an additional 937,500 shares. The offering is being managed by Oppenheimer & Co. Inc. and Needham & Company as joint book-running managers, with Craig-Hallum Capital Group as co-manager.
Backblaze (BLZE) has announced a proposed follow-on public offering of $30 million of Class A common stock shares. The company plans to grant underwriters a 30-day option to purchase up to an additional $4.5 million of shares at the public offering price less underwriting discount. Oppenheimer & Co. Inc. and Needham & Company, are serving as joint book-running managers. The offering is subject to market conditions and will be made under an effective shelf registration statement filed with the SEC on May 1, 2024.
Backblaze (BLZE) reported strong Q3 2024 results with revenue reaching $32.6 million, up 29% year-over-year. B2 Cloud Storage revenue grew 39% to $16.2 million, while Computer Backup revenue increased 20% to $16.4 million. The company achieved a record Adjusted EBITDA margin of 12%, a significant improvement from -3% in Q3 2023. Gross profit reached $17.8 million (55% margin), and adjusted gross profit was $25.5 million (78% margin). The company secured two multi-year deals worth approximately $1 million each and aims to be adjusted free cash flow positive by Q4 2025.
Backblaze (BLZE) and Opti9 have announced a strategic partnership to integrate Backblaze B2 Cloud Storage with Opti9's managed service offerings. As part of this collaboration, Backblaze plans to open a new data region in Toronto, Canada in Q1 2025. Opti9 will become the exclusive Canadian channel for Backblaze B2 Reserve and the Powered by Backblaze program. The partnership aims to provide high-performance, cost-effective cloud storage solutions, with B2 Cloud Storage being offered at one-fifth the price of traditional providers. The new Canadian facility will maintain compliance with SOC 1 Type 2, SOC 2 Type 2, ISO 27001, PCI DSS, and HIPAA standards.
Backblaze (Nasdaq: BLZE), a cloud storage innovator, has announced it will release its third quarter 2024 financial results on November 7, 2024 after market close. The company will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) on the same day to discuss the results.
Interested parties can attend the webcast or register to listen by phone. An archive of the webcast will be available shortly after its completion on the Investor Relations page of the Backblaze website. This announcement provides investors and analysts with the opportunity to review Backblaze's financial performance and engage with company management.
Backblaze (Nasdaq: BLZE) has strengthened its sales leadership team with two key appointments. Dave Cotten joins as Vice President of Sales, overseeing global field sales for enterprise and mid-market segments. Teresa Dodson takes on the role of Senior Director of Partner Marketing and Alliances, managing the company's Alliances portfolio and channel partner marketing.
These appointments follow the recent hiring of Jason Wakeam as Chief Revenue Officer. The move aligns with Backblaze's strategy to move upmarket in the customer segment and improve focus on priority segments and key go-to-market motions. Both new leaders bring extensive experience in sales, business development, and partner management from companies like SnapLogic, Cloudera, AWS, and others.
Backblaze (BLZE) reported strong Q2 2024 financial results, with 27% year-over-year revenue growth to $31.3 million. B2 Cloud Storage revenue surged 43% YoY to $15.4 million, while Computer Backup revenue increased 15% YoY to $15.9 million. The company's gross profit margin improved to 55% from 49% in Q2 2023, and adjusted gross profit margin rose to 78% from 75%.
Notably, Adjusted EBITDA turned positive at $2.7 million (9% of revenue), compared to $(1.8) million in Q2 2023. The net loss narrowed to $10.3 million, with a loss per share of $0.25. Backblaze's Annual Recurring Revenue (ARR) grew 30% YoY to $126.3 million, with B2 Cloud Storage ARR up 44% YoY. The company also launched innovative features like B2 Live Read and continued its up-market momentum.
Backblaze (Nasdaq: BLZE), a cloud storage company, has appointed Marc Suidan as its new Chief Financial Officer, effective August 16, 2024. Suidan, with over 20 years of experience, has a strong background in technology and media sectors. He previously held leadership roles at PricewaterhouseCoopers and McKinsey & Company, and was most recently CFO at The Beachbody Company. CEO Gleb Budman praised Suidan’s expertise and leadership, highlighting their importance in driving growth and shareholder value. Suidan will replace Frank Patchel, who is retiring in Q3 2024. Patchel was commended for his contributions, including leading the company through its IPO.
Backblaze, Inc. (Nasdaq: BLZE) has appointed Jason Wakeam as its first Chief Revenue Officer (CRO). With nearly 30 years of global leadership experience, Wakeam joins Backblaze from SnapLogic, where he served as vice president of global sales. He has also held leadership roles at Cloudera, Microsoft, and Hewlett-Packard.
In his new role, Wakeam will lead Backblaze's overall sales strategy, focusing on expanding market share and driving new revenue opportunities. He succeeds Nilay Patel, who has transitioned to oversee the company's New Markets team with a focus on AI. CEO Gleb Budman expressed confidence in Wakeam's ability to drive business growth and help larger customers move to an open cloud ecosystem.
Backblaze (Nasdaq: BLZE), a cloud storage innovator, has announced it will release its second quarter 2024 financial results on August 8, 2024, after market close. The company will host a conference call and webcast at 1:30 p.m. PT (4:30 p.m. ET) on the same day to discuss the results. Interested parties can attend the webcast or register to listen by phone. An archive of the webcast will be available on the Backblaze Investor Relations page shortly after its completion.
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