Backblaze Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	145.84	127.63	102.02	85.16	67.48
Revenue Growth (YoY)	14.27%	25.10%	19.80%	26.20%	25.46%
Cost of Revenue	56.93	57.83	52.16	41.29	33.14
Gross Profit	88.91	69.8	49.86	43.86	34.34
Selling, General & Admin	63.95	70.41	66.93	58.87	32.6
Research & Development	45.57	40.82	36.98	33.11	20.54
Operating Expenses	109.51	111.23	103.91	91.98	53.14
Operating Income	-20.61	-41.43	-54.06	-48.11	-18.79
Interest Expense	-3.87	-3.66	-3.79	-4.29	-3.68
Interest & Investment Income	1.96	1.42	1.98	0.97	-
EBT Excluding Unusual Items	-22.51	-43.66	-55.87	-51.44	-22.47
Merger & Restructuring Charges	-2.47	-4.86	-3.62	-	-
Asset Writedown	-0.26	-	-0.23	-	-
Legal Settlements	-0.29	-	-	-	-
Other Unusual Items	-	-	-	-	0.86
Pretax Income	-25.53	-48.53	-59.71	-51.44	-21.61
Income Tax Expense	0.08	0.01	-	-0.04	0.1
Net Income	-25.61	-48.53	-59.71	-51.4	-21.7
Net Income to Common	-25.61	-48.53	-59.71	-51.4	-21.7
Shares Outstanding (Basic)	56	44	36	32	20
Shares Outstanding (Diluted)	56	44	36	32	20
Shares Change (YoY)	29.09%	20.91%	13.74%	55.62%	9.33%
EPS (Basic)	-0.46	-1.11	-1.66	-1.62	-1.07
EPS (Diluted)	-0.46	-1.11	-1.66	-1.62	-1.07
Free Cash Flow	18.85	10.79	-12.86	-21.13	-4.04
Free Cash Flow Per Share	0.34	0.25	-0.36	-0.67	-0.20
Gross Margin	60.97%	54.69%	48.87%	51.51%	50.89%
Operating Margin	-14.13%	-32.46%	-52.99%	-56.50%	-27.85%
Profit Margin	-17.56%	-38.02%	-58.53%	-60.36%	-32.16%
Free Cash Flow Margin	12.93%	8.46%	-12.61%	-24.81%	-5.99%
EBITDA	4.99	-20.1	-32.77	-30.16	-4.17
EBITDA Margin	3.42%	-15.75%	-32.12%	-35.42%	-6.18%
D&A For EBITDA	25.59	21.33	21.29	17.95	14.62
EBIT	-20.61	-41.43	-54.06	-48.11	-18.79
EBIT Margin	-14.13%	-32.46%	-52.99%	-56.50%	-27.85%
Advertising Expenses	-	4.2	3.6	5.7	3.3

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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