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 (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.
Backblaze (Nasdaq: BLZE) will join the Russell 3000® and Russell 2000® Indexes as part of the Russell U.S. Indexes annual reconstitution, effective July 1, 2024. This inclusion marks a significant growth milestone for Backblaze, highlighting its commitment to innovative cloud storage solutions for global businesses. The Russell Indexes are important benchmarks used by investment managers and institutional investors, with approximately $10.5 trillion in assets benchmarked against them as of December 2023. CEO Gleb Budman emphasized that this inclusion aligns with Backblaze's strategy to enhance shareholder value in the expansive $50 billion cloud storage market.
Backblaze (Nasdaq: BLZE) has partnered with Coalition to enhance cyber risk protection and compliance. The partnership integrates Backblaze Computer Backup into Coalition's cyber risk management platform, Coalition Control®. This initiative aims to close gaps in business continuity planning, providing businesses with an enterprise-grade, unlimited backup solution. With ransomware incidents rising over 15% from FY '22 to FY '23 and average ransomware demands nearing $1.4 million, the partnership offers a proactive approach to cyber insurance coverage and data security. Coalition's platform, serving over 80,000 customers across the US, Canada, Australia, and the UK, now includes Backblaze's user-friendly and comprehensive backup solution, aiding businesses in improving their cyber incident remediation and compliance.
Backblaze has launched Backblaze B2 Live Read, a new cloud storage service that allows media production teams to access and edit content while it's still uploading, significantly accelerating workflows.
Live Read eliminates the need for on-premises storage, catering to live event producers. Leading media solution providers like Telestream, Glookast, and Mimir are integrating this service.
Key benefits include real-time highlight creation, reduced on-site staff, and rapid content distribution. The service supports high-resolution workflows and is easily accessible via S3 APIs.
Live Read is currently in private preview, with general availability planned later this year.
On May 16, 2024, Backblaze (Nasdaq: BLZE) announced its new membership in Internet2, a non-profit technology community focused on research and education. The collaboration links Backblaze's Storage Cloud to Internet2's high-speed network through the Internet2 Peer Exchange (I2PX) program. This partnership aims to provide compliant and efficient cloud storage solutions to research and educational institutions dealing with large datasets.
Backblaze will participate in the Internet2 Cloud Scorecard, ensuring its cloud solutions meet security, compliance, and technical standards. Internet2 includes 330 U.S. colleges, universities, and other related organizations. The partnership is designed to address data storage challenges such as ransomware attacks, budget constraints, and compliance issues, offering affordable and efficient data solutions. Backblaze's S3 compatible object storage offers a cost-effective alternative to traditional providers, with significant savings and better egress options.
Backblaze, Inc. (Nasdaq: BLZE) will be presenting at the 19th Annual Needham Technology, Media, & Consumer Conference in New York, NY. The founder and CEO, Gleb Budman, will be presenting on May 15, 2024, at 10:15 a.m. ET. The presentation will be webcasted and available on Backblaze's investor relations website.
FAQ
What is the current stock price of Backblaze (BLZE)?
What is the market cap of Backblaze (BLZE)?
What is Backblaze's primary business model?
What are the core products offered by Backblaze?
How does Backblaze differentiate itself from traditional cloud providers?
What innovative feature does Backblaze offer for media and live production?
Who are the typical customers served by Backblaze?
How does Backblaze ensure data security for its users?
Is Backblaze suitable for enterprise-level applications?
What are the advantages of using Backblaze's cloud storage services?
