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National Post
21 minutes ago
- National Post
Backblaze Announces Strong Second Quarter 2025 Financial Results
Article content 29% Revenue Growth in B2 Cloud Storage, 16% Revenue Growth Overall in Q2 2025 Article content SAN MATEO, Calif. — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator delivering a modern alternative to traditional cloud providers, today announced results for its second quarter ended June 30, 2025. Article content 'We're pleased with our continued strong quarterly performance, with B2 revenue growth accelerating from 23% to 29% sequentially and solidifying our journey to be Adjusted Free Cash Flow positive in Q4,' said Gleb Budman, CEO of Backblaze. 'We drove innovation with a suite of new cyber security data offerings announced in Q2 and Q3, including AI-powered 'Anomaly Alerts,' functionality designed to help customers detect potential suspicious activity. We also signed our first six-figure B2 Overdrive customer in early Q3, just two months after product launch, demonstrating the clear value our solutions bring to AI workloads. Through product innovation, go-to-market transformation, and the power of AI, we are expanding our role as the leading independent cloud storage provider shaping the AI-driven future.' Article content Second Quarter 2025 Financial Highlights: Article content Revenue of $36.3 million, an increase of 16% year-over-year (YoY). B2 Cloud Storage revenue was $19.8 million, an increase of 29% YoY. Computer Backup revenue was $16.5 million, an increase of 4% YoY. Gross profit of $23.0 million, or 63% of revenue, compared to $17.2 million, or 55% of revenue, in Q2 2024. Adjusted gross profit of $28.8 million, or 79% of revenue, compared to $24.5 million or 78% of revenue in Q2 2024. Net loss was $7.1 million compared to a net loss of $10.3 million in Q2 2024. Net loss per share was $0.13 compared to a net loss per share of $0.25 in Q2 2024. Adjusted EBITDA was $6.6 million, or 18% of revenue, compared to $2.7 million or 9% of revenue in Q2 2024. Non-GAAP net income of $0.8 million compared to non-GAAP net loss of $4.8 million in Q2 2024. Non-GAAP net income per share of $0.01 compared to a non-GAAP net loss per share of $0.11 in Q2 2024. Cash flow from operations during the six months ended June 30, 2025 was $8.5 million, compared to $5.6 million during the six months ended June 30, 2024. Adjusted free cash flow during the six months ended June 30, 2025 was $(6.0) million, compared to $(11.6) million in the six months ended June 30, 2024. Cash and marketable securities totaled $50.5 million as of June 30, 2025. Article content Second Quarter 2025 Operational Highlights: Article content Annual recurring revenue (ARR) was $145.9 million, an increase of 16% YoY. B2 Cloud Storage ARR was $80.7 million, an increase of 29% YoY. Computer Backup ARR was $65.2 million, an increase of 3% YoY. Net revenue retention rate (NRR) was 109% compared to 114% in Q2 2024. B2 Cloud Storage NRR was 112% compared to 126% in Q2 2024. Computer Backup NRR was 106% compared to 105% in Q2 2024. Gross customer retention rate was 90% in both Q2 2025 and 2024. B2 Cloud Storage gross customer retention rate was 89% in both Q2 2025 and 2024. Computer Backup gross customer retention rate was 90% in both Q2 2025 and 2024. Article content Recent Business Highlights: Article content Scaled an AI Customer to Over Several Million Dollars in ARR in Q2: Demonstrates the B2 platform's inherent scalability and performance to accommodate customer's rapid growth. Signed First B2 Overdrive Customer in Early Q3: This highlights the strong product-market fit of B2 Overdrive with AI use cases. Up-Market Momentum: Customers contributing over $50,000 in ARR grew 53% year over year in Q2. Launched a Suite of Enterprise Cyber Security Features in Q2 and Q3: Customers can further safeguard their data with Anomaly Alerts, Enterprise Web Console with role-based access control, and Bucket Access Logs. Backblaze B2 Up to 3.2x More Cost-Effective: Commissioned independent analyst firm, Enterprise Strategy Group, found B2 to be dramatically more cost-efficient and easy-to-use compared to alternatives. Authorized Cash-Neutral Stock Repurchase Program: Up to $10 million authorized, to be funded by cash proceeds from employee options exercised and purchases under our employee stock purchase plan. Secured New $20M Credit Facility: Enhancing financial flexibility and strategic capital access. Article content Financial Outlook: Article content Based on information available as of the date of this press release, Article content For the third quarter of 2025 we expect: Article content Revenue between $36.7 million to $37.1 million. Adjusted EBITDA margin between 17% to 19%. Basic weighted average shares outstanding of 56.9 million to 57.0 million shares. Article content For full-year 2025 we expect: Article content Revenue between $145.0 million to $147.0 million, which was raised from $144.0 million to $146.0 million previously. Adjusted EBITDA margin range of 17%-19%. For YoY growth in our B2 business, refer to table below: Article content Conference Call Information: Article content Backblaze will host a conference call today, August 7, 2025, at 5:00 a.m. PT (8:00 a.m. ET) to review its financial results. Article content Attend the webcast here: Register to listen by phone here: Phone registrants will receive dial-in information via email. Article content An archive of the webcast will be available shortly after its completion on the Investor Relations section of the Backblaze website at Article content About Backblaze Article content Backblaze is the cloud storage innovator delivering a modern alternative to traditional cloud providers. We offer high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling customers to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (Nasdaq: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to Article content Cautionary Note Regarding Forward-looking Statements Article content This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties. These forward-looking statements are frequently identified by the use of forward-looking terminology, including the terms 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'likely,' 'may,' 'plan,' 'possible,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will,' 'would,' or other similar terms or expressions that relate to our future performance, expectations, strategy, plans or intentions, and include statements in the section titled 'Financial Outlook.' Article content Our actual results could differ materially from those stated in or implied by the forward-looking statements in this press release due to a number of factors, including but not limited to: the impact of our go-to-market transformation and ability to attract and retain customers, including increasingly larger customers; the continued growth of data stored by our customers; continued growth of AI related business; realizing the anticipated benefits relating to cost savings initiatives and the re-investment of savings in additional sales capacity; market competition, including competitors that may have greater size, offerings and resources; effectively managing growth and scaling of our platform; ability to offer new features and other offerings on a timely basis, including new enterprise cyber security features, B2 Overdrive offering and geographic expansion in Canada or other jurisdictions, and achieve desired market adoption; disruption in our service or loss of availability of customers' data; cyberattacks; continued growth consistent with historical levels; the impact of pricing and other product offering changes; material defects or errors in our software; supply chain disruption; ability to maintain existing relationships with partners and to enter into new partnerships; ability to remediate and prevent material weaknesses in our internal controls over financial reporting; hiring and retention of key employees; the impact of changes to global trade and tariff policies, on us or our vendors, partners and customers; war or hostilities, and other significant world or regional events on our business and the business of our customers, vendors, supply chain and partners; litigation and other disputes; third party attempts to generate negative news regarding the Company, regardless of accuracy; availability of additional capital; and general market, political, economic, and business conditions. Further information on these and additional risks, uncertainties, assumptions, and other factors that could cause actual results or outcomes to differ materially from those included in or implied by the forward-looking statements contained in this release are included under the caption 'Risk Factors' and elsewhere in our Quarterly Reports on Form 10-Q and other filings and reports we make with the SEC from time to time. Article content The forward-looking statements made in this release reflect our views as of the date of this press release. We undertake no obligation to update any forward-looking statements in this press release, whether as a result of new information, future events or otherwise. Article content Non-GAAP Financial Measures Article content To supplement the financial measures, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we provide investors with non-GAAP financial measures including (i) adjusted gross profit (and margin), (ii) adjusted EBITDA and adjusted EBITDA margin, (iii) non-GAAP net income (loss) and non-GAAP net income (loss) per share, and (iv) adjusted free cash flow and adjusted free cash flow margin. These non-GAAP financial measures exclude certain items and are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present these non-GAAP measures because management believes they are a useful measure of our performance and provide an additional basis for assessing our operating results. Please see the appendix attached to this press release for a reconciliation of non-GAAP adjusted gross margin and adjusted EBITDA margin to the most directly comparable GAAP financial measures. Article content A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses and other factors in the future. For example, stock-based compensation expense-related charges are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict with reasonable accuracy and subject to constant change. Article content Adjusted Gross Profit and Margin Article content We believe adjusted gross profit (and margin), when taken together with our GAAP financial results, provides a meaningful assessment of our performance and is useful to us for evaluating our ongoing operations and for internal planning and forecasting purposes. Article content We define adjusted gross profit as gross profit, excluding stock-based compensation expense, depreciation and amortization and restructuring charges within cost of revenue. We define adjusted gross margin as a percentage of adjusted gross profit to revenue. We exclude stock-based compensation, which is a non-cash item, and restructuring charges because we do not consider it indicative of our core operating performance. We exclude depreciation expense of our property and equipment and amortization expense of capitalized internal-use software because these may not reflect current or future cash spending levels to support our business. We believe adjusted gross profit (and margin) provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations, as this metric eliminates the effects of depreciation and amortization. Article content We define Adjusted EBITDA as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, restructuring charges, legal settlement costs, and other non-recurring charges. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues for the period. We use Adjusted EBITDA and Adjusted EBITDA Margin to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA and Adjusted EBITDA Margin, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA and Adjusted EBITDA Margin to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. Article content We define non-GAAP net income (loss) as net income adjusted to exclude stock-based compensation, realized and unrealized gains and losses on foreign currency transactions, restructuring charges, legal settlement costs, and other items we deem non-recurring. Non-GAAP net income (loss) per share is defined as non-GAAP net income (loss) divided by basic and diluted weighted average common shares outstanding. We believe that non-GAAP net income (loss) and non-GAAP net income (loss) per share, when taken together with our GAAP financial results, provide meaningful supplemental information regarding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. Article content We believe that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful metrics for assessing liquidity that provide information to management and investors about the cash generated from our core operations that can be reinvested in the business. However, these measures should not replace cash flows from operations as a liquidity benchmark. One limitation of these metrics is that they do not reflect our future contractual commitments, nor do they capture the overall changes in our cash balance during a specific period. Nonetheless, we believe that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are key metrics providing insight into our financial trajectory that helps us make informed decisions as we work towards sustainable positive cash flow. Article content We define adjusted free cash flow as net cash provided by operating activities less purchases of property and equipment, capitalized internal-use software costs, principal payments on finance leases and lease financing obligations, as reflected in our consolidated statements of cash flows, and excluding payments on restructuring charges, payments on legal settlement costs, and payments on other non-recurring charges. Adjusted free cash flow margin is calculated as adjusted free cash flow divided by revenue. Article content Key Business Metrics: Article content Annual Recurring Revenue (ARR) Article content We define annual recurring revenue (ARR) as the annualized value of all Backblaze B2 and Computer Backup arrangements as of the end of a period. Given the renewable nature of our business, we view ARR as an important indicator of our financial performance and operating results, and we believe it is a useful metric for internal planning and analysis. ARR is calculated based on multiplying the monthly revenue from all Backblaze B2 and Computer Backup arrangements, which represent greater than 98% of our revenue for the periods presented for the last month of a period by 12. Our annual recurring revenue for Computer Backup and B2 Cloud Storage is calculated in the same manner as our overall annual recurring revenue based on the revenue from our Computer Backup and B2 Cloud Storage solutions, respectively. Article content To calculate the NRR for a specific quarter, we determine the revenue recognized in that quarter from customers who generated revenue during the same quarter of the previous year. This revenue is then divided by the revenue generated in the prior year quarter. Our overall NRR rate is calculated as the average of these quarterly rates over the past four quarters to provide a comprehensive view of revenue trends. Article content Gross Customer Retention Rate Article content We use gross customer retention rate to measure our ability to retain our customers. Our gross customer retention rate reflects only customer losses and does not reflect the expansion or contraction of revenue we earn from our existing customers. We believe our high gross customer retention rates demonstrate that we provide a vital service to our customers, as the vast majority of our customers tend to continue to use our platform from one period to the next. To calculate our gross customer retention rate, we take the trailing four-quarter average of our quarterly gross customer retention rates. We calculate the quarterly gross customer retention rates by dividing (i) the number of accounts that generated revenue in the last month of the current quarter that also generated recurring revenue during the last month of the corresponding quarter in the prior year, by (ii) the number of accounts that generated recurring revenue during the last month of the corresponding quarter in the prior year. Article content Six Months Ended June 30, 2025 2024 (unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (16,421 ) $ (21,401 ) Adjustments to reconcile net loss to net cash provided by operating activities: Noncash lease expense on operating leases 1,964 1,018 Depreciation and amortization 13,238 13,937 Impairment loss on right-of-use assets 59 — Stock-based compensation 14,663 11,057 Gain on disposal of assets (248 ) (6 ) Other 407 31 Changes in operating assets and liabilities: Accounts receivable (1,409 ) (1,014 ) Prepaid expenses 354 273 Other current assets (1,722 ) (332 ) Other assets (827 ) (104 ) Accounts payable, accrued expenses and other current liabilities 441 (1,019 ) Deferred revenue and other liabilities, non-current 88 3,994 Operating lease liabilities (2,099 ) (791 ) Net cash provided by operating activities 8,488 5,643 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of marketable securities (28,132 ) (24,127 ) Maturities of marketable securities 18,884 26,523 Proceeds from disposal of property and equipment 30 184 Purchases of property and equipment (1,287 ) (694 ) Capitalized internal-use software costs (4,184 ) (6,828 ) Net cash used in investing activities (14,689 ) (4,942 ) CASH FLOWS FROM FINANCING ACTIVITIES Principal payments on finance leases and lease financing obligations (9,277 ) (9,711 ) Payment of offering costs (20 ) — Proceeds from debt facility — 554 Payment of debt issuance costs (554 ) — Principal payments on insurance premium financing — (590 ) Proceeds from exercises of stock options 1,894 5,012 Taxes paid for net share settlement of equity awards (819 ) — Proceeds from ESPP 1,388 1,359 Net cash used in financing activities (7,388 ) (3,376 ) Net decrease in cash and cash equivalents and restricted cash (13,589 ) (2,675 ) Cash and cash equivalents and restricted cash, at beginning of period 45,776 16,630 Cash and cash equivalents and restricted cash, at end of period $ 32,187 $ 13,955 Cash and cash equivalents $ 32,187 $ 9,273 — 4,682 Total cash and cash equivalents and restricted cash $ 32,187 $ 13,955 Article content Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) Revenue $ 36,298 $ 31,285 $ 70,911 $ 61,253 Adjustments: Adjusted cost of revenue: Cost of revenue 13,257 14,056 28,614 28,213 Less: Depreciation and amortization (5,384 ) (6,879 ) (13,028 ) (13,653 ) Less: Stock-based compensation (432 ) (354 ) (852 ) (740 ) Less: Restructuring charges 13 — 13 — Adjusted cost of revenue 7,454 6,823 14,747 13,820 Adjusted gross margin 79 % 78 % 79 % 77 % Adjusted Operating Expenses: Research and development 11,878 9,589 23,733 19,335 Less: Depreciation and amortization (41 ) (67 ) (99 ) (131 ) Less: Stock-based compensation (3,272 ) (2,250 ) (6,739 ) (4,358 ) Less: Restructuring charges 34 — 34 — Adjusted research and development 8,599 7,272 16,929 14,846 Sales and marketing 10,172 10,991 19,435 21,013 Less: Depreciation and amortization (30 ) (50 ) (70 ) (97 ) Less: Stock-based compensation (1,881 ) (1,762 ) (3,678 ) (3,584 ) Less: Restructuring charges 64 — 64 — Adjusted sales and marketing 8,325 9,179 15,751 17,332 General and administrative 7,708 6,458 14,766 13,011 Less: Depreciation and amortization (19 ) (29 ) (41 ) (56 ) Less: Stock-based compensation (1,719 ) (1,162 ) (3,394 ) (2,375 ) Less: Foreign exchange (loss) gain (477 ) 1 (626 ) 19 Less: Restructuring charges (45 ) — (45 ) — Less: Litigation settlement costs (138 ) — (138 ) — Adjusted general and administrative 5,310 5,268 10,522 10,599 Total Adjusted Operating Expenses (1) $ 22,234 $ 21,719 $ 43,202 $ 42,777 Adjusted EBITDA $ 6,610 $ 2,743 $ 12,962 $ 4,656 Article content (1) Adjusted cost of revenue and operating expenses is a non-GAAP financial measure that we define as each respective GAAP expense category excluding stock-based compensation expense, depreciation and amortization, and other non-recurring charges. This measure provides management with greater transparency into the underlying trends in our business by facilitating period-to-period comparisons of our ongoing cost structure, excluding the impact of certain non-cash or non-recurring items that may not be indicative of our operating performance. These measures are intended to assist in forecasting and budgeting by providing greater visibility into our normalized expense base. Article content Article content Article content Article content Contacts Article content Investors Contact Article content Article content Mimi Kong Article content Article content Sr. Director, Investor Relations and Corporate Development Article content Article content ir@ Article content Press Contact Article content Article content Yev Pusin Article content Article content Article content
National Post
21 minutes ago
- National Post
Harvey Announces Canadian Expansion, Establishes New Roots in Toronto
Article content Harvey Expands Global Footprint with Commitment to Local Hiring and Innovation in Canada's AI Tech Sector Article content TORONTO — Harvey, a leading AI platform for legal and professional services, today announced its deepening investment in Canada with the opening of a new hub in Toronto in October. As part of its global growth strategy, Harvey is making a long-term investment in the Canadian market, starting with hiring locally across engineering and sales to serve the unique needs of Canadian legal professionals. Article content Recognizing that Toronto is home to top-tier engineering talent, strong academic institutions, and a thriving AI community, Harvey is looking to hire for over 20 roles across engineering and sales. Establishing a local presence will allow the company to tap into Canadian talent and continue to scale the platform with speed, performance and security. Article content Harvey is already working with some of Canada's most respected law firms, including Davies and Gowling WLG, highlighting strong product-market fit and underscoring the demand for secure, purpose-built AI solutions. The new office will help Harvey collaborate even more closely with firms to shape the future of legal work. Article content 'Canada is not just a market for Harvey, it's a place we're thrilled to be building in,' says Winston Weinberg, CEO and Co-Founder of Harvey. 'We're investing in local talent, partnering with leading firms, and embedding ourselves in the country's tech ecosystem. Toronto offers everything we look for in a growth hub: world-class infrastructure, exceptional talent, and a legal community eager to innovate.' Article content Harvey's platform streamlines legal workflows by combining advanced language models with deep legal expertise. Its tools enable lawyers to draft, strategize, and synthesize across vast datasets; collaborate securely on projects; surface insights from both proprietary and public legal sources; and automate complex, recurring legal tasks. All of this is delivered through a secure infrastructure. Article content 'Toronto will become a core development engine for Harvey. We're building critical infrastructure, expanding engineering capacity, and integrating Canadian technical leadership directly into our product lifecycle,' says Siva Gurumurthy, Chief Technology Officer. By establishing a permanent presence in Toronto, Harvey is positioning Canada as a core part of its product roadmap. This is only the beginning of the company's commitment to building locally, growing nationally and contributing meaningfully to the evolution of AI in legal and professional services globally. Article content About Harvey Article content Article content Article content Media Contact: Article content Article content Article content
National Post
an hour ago
- National Post
Euna Solutions Wins 2025 AWS Champions Award for AI Innovation in Public Sector Procurement
Article content Euna Procurement's AI project summaries & keywords feature transforms the public bidding experience for government agencies and suppliers Article content ATLANTA & TORONTO — Euna Solutions®, a leading provider of purpose-built, cloud-based solutions for the public sector, today announced it has been named a 2025 AWS Champions Award winner for its groundbreaking use of artificial intelligence to modernize the public sector bidding process. Article content Powered by AWS's secure and scalable AI/machine learning infrastructure, Euna Solutions' latest innovation — AI Project Summaries & Keywords — is transforming how public procurement professionals and suppliers interact with complex bid opportunities. Available through Euna Procurement, the feature automatically generates clear, concise project descriptions and relevant keyword metadata from lengthy and technical RFx documents. Article content 'Public procurement plays a critical role in how communities access goods and services,' said Tom Amburgey, CEO of Euna Solutions. 'By leveraging the power of AWS and generative AI, we're reducing complexity and making it easier for suppliers to engage, which helps agencies increase competition and improve outcomes for the people they serve.' Article content Streamlining Procurement for All Article content Procurement teams have long struggled with inefficient manual processes, unclear project descriptions, and mismatched bids. Euna Procurement's AI Project Summaries address these challenges by: Article content Instantly summarizing dense bid documents into digestible, actionable content Auto-tagging projects with accurate, searchable keywords to improve discoverability Saving procurement staff time by automating repetitive content creation Helping suppliers quickly determine bid relevance and respond more confidently Article content The result is a more accessible and transparent procurement process that boosts supplier participation and drives stronger competition. Article content The AWS Champions Award recognizes organizations that use AWS technologies to drive meaningful transformation. Euna's award-winning AI Project Summaries exemplify how targeted innovation can eliminate longstanding friction in the procurement cycle and deliver real-time value for agencies, suppliers, and taxpayers alike. Article content About Euna Solutions Article content Euna Solutions® is a leading provider of purpose-built, cloud-based software that helps public sector and government organizations streamline procurement, budgeting, payments, grants management, and special education administration. Designed to enhance efficiency, collaboration, and compliance, Euna Solutions supports more than 3,400 organizations across North America in building trust, enabling transparency, and driving community impact. Recognized on Government Technology's GovTech 100 list, Euna Solutions is committed to advancing public sector progress through innovative SaaS solutions. To learn more, visit Article content Article content Article content Article content Contacts
