$BLZE

Backblaze, Inc.

CIK:0001462056|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 42,713	$ 36,298	$ 81,379	$ 70,911
Cost of revenue	15,879	13,257	31,016	28,614
Gross profit	26,834	23,041	50,363	42,297
Operating expenses:
Research and development	11,002	11,878	22,288	23,733
Sales and marketing	10,215	10,172	20,499	19,435
General and administrative	9,791	7,231	17,103	14,140
Total operating expenses	31,008	29,281	59,890	57,308
Loss from operations	(4,174)	(6,240)	(9,527)	(15,011)
Investment income	381	500	785	1,033
Interest expense	(1,263)	(880)	(2,472)	(1,733)
Other income (expense), net	7	(477)	46	(626)
Loss before provision for income taxes	(5,049)	(7,097)	(11,168)	(16,337)
Income tax provision	40	0	68	84
Net loss and comprehensive loss	$ (5,089)	$ (7,097)	$ (11,236)	$ (16,421)
Net loss per share, basic (in USD per share)	$ (0.08)	$ (0.13)	$ (0.19)	$ (0.30)
Net loss per share, diluted (in USD per share)	$ (0.08)	$ (0.13)	$ (0.19)	$ (0.30)
Weighted average common shares outstanding, basic (in shares)	60,793,955	55,627,214	60,046,229	54,835,639
Weighted average common shares outstanding, diluted (in shares)	60,793,955	55,627,214	60,046,229	54,835,639

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,236)	$ (16,421)
Adjustments to reconcile net loss to net cash provided by operating activities:
Noncash lease expense on operating leases	3,023	1,964
Depreciation and amortization	13,757	13,238
Impairment loss on right-of-use assets	0	59
Stock-based compensation	16,057	14,663
Loss (gain) on disposal of property and equipment	6	(248)
Other, net	5	407
Changes in operating assets and liabilities:
Accounts receivable	(1,784)	(1,409)
Prepaid expenses and other current assets	(2,443)	(1,368)
Other assets	(4,362)	(827)
Accounts payable, accrued expenses and other current liabilities	4,016	441
Deferred revenue and other liabilities, non-current	(539)	88
Operating lease liabilities	(2,713)	(2,099)
Net cash provided by operating activities	13,787	8,488
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable securities	(7,957)	(28,132)
Maturities of marketable securities	12,727	18,884
Proceeds from disposal of property and equipment	23	30
Purchases of property and equipment	(1,453)	(1,287)
Capitalized internal-use software costs	(5,162)	(4,184)
Net cash used in investing activities	(1,822)	(14,689)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on finance leases and lease financing obligations	(8,501)	(9,277)
Payment of offering costs	(89)	(20)
Payment of debt issuance costs	(118)	(554)
Purchase of treasury stock	(1,375)	0
Proceeds from exercises of stock options	2,843	1,894
Taxes paid for net share settlement of equity awards	(2,550)	(819)
Proceeds from ESPP	1,071	1,388
Net cash used in financing activities	(8,719)	(7,388)
Net increase (decrease) in cash and cash equivalents	3,246	(13,589)
Cash and cash equivalents, at beginning of period	29,182	45,776
Cash and cash equivalents, at end of period	32,428	32,187
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	2,376	1,694
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued bonus settled in restricted stock units	4,130	2,014
Accruals related to purchases of property and equipment	$ 42	$ 82

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 32,428	$ 29,182
Marketable securities	17,454	22,199
Accounts receivable, net	5,266	3,482
Prepaid expenses	4,415	4,195
Other current assets	9,141	6,630
Total current assets	68,704	65,688
Property and equipment, net	70,065	57,310
Operating lease right-of-use assets, net	32,772	22,713
Capitalized internal-use software, net	42,238	40,825
Other assets	10,061	5,290
Total assets	223,840	191,826
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	16,960	10,994
Finance lease liabilities and lease financing obligations, current	16,625	14,873
Operating lease liabilities, current	4,782	5,253
Deferred revenue, current	30,428	30,498
Total current liabilities	68,795	61,618
Finance lease liabilities and lease financing obligations, non-current	30,088	21,292
Operating lease liabilities, non-current	30,942	20,166
Deferred revenue and other liabilities, non-current	5,477	5,529
Total liabilities	135,302	108,605
Commitments and contingencies (Note 9)
Stockholders’ Equity
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; zero shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Treasury stock, at cost; 570,814 and 256,549 shares as of June 30, 2026 and December 31, 2025, respectively	(3,358)	(1,983)
Additional paid-in capital	324,723	306,795
Accumulated deficit	(232,833)	(221,597)
Total stockholders’ equity	88,538	83,221
Total liabilities and stockholders’ equity	223,840	191,826
Class A common stock
Stockholders’ Equity
Common stock, value, issued	6	6
Class B common stock
Stockholders’ Equity
Common stock, value, issued	$ 0	$ 0