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Backblaze (BLZE) investor relations material
Backblaze Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue grew 16% year-over-year to $36.3M, led by 29% B2 Cloud Storage growth and new enterprise/AI offerings.
Gross margin improved to 63% from 55% year-over-year, aided by operational scale and revised depreciation estimates.
Net loss narrowed to $7.1M from $10.3M year-over-year; adjusted EBITDA doubled to $6.6M (18% margin).
AI customers now represent 3 of the top 10, with AI-related data stored up 40x and AI customer count up 70% year-over-year.
Launched B2 OverDrive and new security features, supporting upmarket and AI-driven expansion.
Financial highlights
Q2 2025 revenue: $36.3M, up 16% year-over-year; B2 Cloud Storage: $19.8M (29% growth); Computer Backup: $16.5M (4% growth).
Adjusted EBITDA: $6.6M (18% margin), up from $2.7M (9%) year-over-year.
Adjusted gross margin: 79% in Q2 2025, up from 78% year-over-year.
Adjusted free cash flow margin improved to -11% from -21% year-over-year; on track to be positive in Q4.
Cash and marketable securities totaled $50.5M as of June 30, 2025.
Outlook and guidance
Q3 2025 revenue guidance: $36.7M–$37.1M; B2 Cloud Storage growth expected at 28–30%.
Full-year 2025 revenue guidance raised to $145M–$147M; adjusted EBITDA margin expected at 17–19%.
B2 Cloud Storage growth expected to exceed 30% in Q4 2025.
Computer Backup revenue expected to decline low to mid-single digits quarterly; no current plans for price increases.
Capital expenditures and R&D investment to rise to support enterprise and AI-driven growth.
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