Backblaze, Inc. - BLZE STOCK NEWS

Backblaze, Inc. announced the approval of the auto-conversion of all outstanding shares of Class B common stock into shares of Class A common stock, eliminating the dual-class share structure. This change provides all shareholders with equal voting rights and simplifies the capital structure and administration processes.

Backblaze reports 42% YoY revenue growth in B2 Cloud Storage and 20% YoY revenue growth overall in Q1 2023. CEO Gleb Budman expresses optimism in approaching Adjusted EBITDA breakeven by Q4 2023. Financial highlights include $23.4 million in revenue, $10.0 million in B2 Cloud Storage revenue, and a net loss of $17.1 million. Operational highlights include $95.9 million in annual recurring revenue and a net revenue retention rate of 111%.

Backblaze, a leading specialized storage cloud platform, will announce its financial results for Q1 2023 on May 9, 2023, after market close. A conference call and webcast to discuss these results will be held at 1:30 p.m. PT (4:30 p.m. ET) on the same day. Verified shareholders can submit questions via the Say Connect platform from May 2 to May 8, 2023, which management will address during the call. Backblaze manages over two billion gigabytes of data for more than 500,000 customers worldwide and aims to enhance communication with shareholders. The webcast archive will be available post-call on the Investor Relations page of Backblaze's website.

Backblaze, Inc. (BLZE) reported Q4 2022 results showcasing a 23% overall revenue growth to $22.9 million, driven by a remarkable 44% growth in B2 Cloud Storage revenue, totaling $9.5 million. Despite revenue increases, the company faced a net loss of $14.8 million, worsening from $9.6 million in the previous year. The annual recurring revenue (ARR) rose to $92 million, a 22% increase year-over-year. For Q1 2023, Backblaze anticipates revenue between $23.1 million to $23.5 million and a full-year forecast of $98 million to $102 million. The company is also targeting an adjusted EBITDA margin improvement for 2023.

Backblaze, Inc. (Nasdaq: BLZE) has achieved SOC 2 Type 2 certification, affirming its commitment to robust information security controls. The certification, conducted by an independent third-party auditing firm, validates the effectiveness of Backblaze's operational controls in securing customer data. The company operates in SOC 2 certified data centers, ensuring compliance with industry best practices. CEO Gleb Budman emphasized the importance of this certification as external validation of their data management and security measures. Backblaze plans for annual reviews to maintain SOC 2 compliance, enhancing trust with its customers.

Backblaze, a leading cloud storage provider (Nasdaq: BLZE), will disclose its financial results for Q4 and fiscal year ending December 31, 2022, on February 15, 2023, post-market. A conference call and webcast will follow at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results.

Shareholders can submit and upvote questions via the Say Connect platform from February 8 to February 14, 2023, ahead of the earnings call. Backblaze serves over 500,000 customers globally, managing more than two billion gigabytes of data.

Backblaze, Inc. (Nasdaq: BLZE) reaffirmed its fiscal Q4 2022 and full-year 2022 guidance, projecting revenue growth of over 20% year-over-year. The anticipated revenue for Q4 is between $22.5 million and $22.9 million, and for the full year, it’s forecasted at $84.7 million to $85.1 million. Despite posting adjusted EBITDA margins of (14)% to (10)% for Q4, the company emphasized the robustness of its recurring revenue model. Backblaze's management will engage with investors at the upcoming Needham Growth Conference.