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Backblaze (BLZE) investor relations material
Backblaze Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue grew 14% year-over-year to $37.2 million, driven by 28% growth in B2 Cloud Storage and stable Computer Backup revenue.
Gross margin improved to 62% from 55% a year ago, with adjusted gross margin at 79%.
Net loss narrowed to $3.8 million from $12.8 million in Q3 2024; non-GAAP net income reached $1.9 million.
Adjusted EBITDA margin reached 23%, up from 12% a year ago, and non-GAAP net income margin was 5%.
The company is on track to achieve adjusted free cash flow positivity in Q4 2025, supported by AI-driven demand and ongoing go-to-market transformation.
Financial highlights
Q3 2025 revenue was $37.2 million, up 14% year-over-year, with B2 Cloud Storage revenue at $20.7 million (+28%) and Computer Backup at $16.5 million (flat).
Adjusted gross margin was 79%; gross profit was $23.1 million.
Adjusted EBITDA was $8.4 million (23% margin), up from $3.7 million (12%) in Q3 2024.
Non-GAAP net income was $1.9 million (5% margin), compared to a $4.1 million loss (-13% margin) in Q3 2024.
Cash and marketable securities totaled $50.3 million as of September 30, 2025.
Outlook and guidance
Q4 2025 revenue is expected between $37.3 million and $37.9 million; full-year 2025 guidance is $145.4–$146.0 million.
Q4 2025 adjusted EBITDA margin guidance is 20–22%; full-year 2025: 18–20%.
B2 Cloud Storage year-over-year growth outlook for Q4: 25–28%.
The company expects to be adjusted free cash flow positive in Q4 2025.
Capital expenditures are expected to increase in early 2026 to support platform development and up-market strategy.
How to mitigate large AI customer data variability?
Detail Phase 2 GTM transformation funding.
Path to 30% B2 growth target?
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Frequently asked questions
Backblaze Inc provides cloud storage and backup services for businesses and individuals. Its offerings include computer backup, business backup, and object storage solutions designed for data protection and disaster recovery. The company is headquartered in San Mateo, California, and its shares are listed on the NASDAQ.
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