Backblaze Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	141.86	127.63	102.02	85.16	67.48	53.78
Revenue Growth (YoY)	15.73%	25.10%	19.80%	26.20%	25.46%	31.99%
Cost of Revenue	57.53	57.83	52.16	41.29	33.14	25.8
Gross Profit	84.33	69.8	49.86	43.86	34.34	27.98
Selling, General & Admin	66.48	70.41	66.93	58.87	32.6	18.05
Research & Development	45.72	40.82	36.98	33.11	20.54	13.07
Operating Expenses	112.2	111.23	103.91	91.98	53.14	31.12
Operating Income	-27.87	-41.43	-54.06	-48.11	-18.79	-3.13
Interest Expense	-3.64	-3.66	-3.79	-4.29	-3.68	-2.89
Interest & Investment Income	1.87	1.42	1.98	0.97	-	-
EBT Excluding Unusual Items	-29.63	-43.66	-55.87	-51.44	-22.47	-6.02
Merger & Restructuring Charges	-4.86	-4.86	-3.62	-	-	-
Asset Writedown	-	-	-0.23	-	-	-
Other Unusual Items	-	-	-	-	0.86	-0.6
Pretax Income	-34.49	-48.53	-59.71	-51.44	-21.61	-6.62
Income Tax Expense	0.08	0.01	-	-0.04	0.1	0.01
Net Income	-34.58	-48.53	-59.71	-51.4	-21.7	-6.62
Net Income to Common	-34.58	-48.53	-59.71	-51.4	-21.7	-6.62
Shares Outstanding (Basic)	54	44	36	32	20	19
Shares Outstanding (Diluted)	54	44	36	32	20	19
Shares Change (YoY)	30.89%	20.91%	13.74%	55.62%	9.33%	0.07%
EPS (Basic)	-0.64	-1.11	-1.66	-1.62	-1.07	-0.36
EPS (Diluted)	-0.64	-1.11	-1.66	-1.62	-1.07	-0.36
Free Cash Flow	11.21	10.79	-12.86	-21.13	-4.04	10.69
Free Cash Flow Per Share	0.21	0.25	-0.36	-0.67	-0.20	0.57
Gross Margin	59.45%	54.69%	48.87%	51.51%	50.89%	52.03%
Operating Margin	-19.65%	-32.46%	-52.99%	-56.50%	-27.85%	-5.82%
Profit Margin	-24.37%	-38.02%	-58.53%	-60.36%	-32.16%	-12.31%
Free Cash Flow Margin	7.90%	8.46%	-12.61%	-24.81%	-5.99%	19.88%
EBITDA	-11.29	-20.1	-32.77	-30.16	-4.17	8.62
EBITDA Margin	-7.96%	-15.75%	-32.12%	-35.42%	-6.18%	16.02%
D&A For EBITDA	16.58	21.33	21.29	17.95	14.62	11.75
EBIT	-27.87	-41.43	-54.06	-48.11	-18.79	-3.13
EBIT Margin	-19.65%	-32.46%	-52.99%	-56.50%	-27.85%	-5.82%
Advertising Expenses	-	4.2	3.6	5.7	3.3	1.3

Updated Nov 6, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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