Backblaze Announces $10 Million Share Repurchase Program
With the company on track to turn Adjusted Free Cash Flow positive in Q4 of 2025, using cash from employee exercised stock options and purchases under the Employee Stock Purchase Plan to buy back common stock in the market will help preserve the cash balance of the company, while reducing equity dilution.
'With our progress solidifying our Balance Sheet, and our acceleration of our B2 Cloud Storage growth, we are now expanding our focus to manage our equity dilution from stock compensation. When looking at our metrics, we are excited about the pace of improvement across key pillars to transform our financial model, including liquidity, free cash flows and revenue growth acceleration,' said Marc Suidan, Chief Financial Officer.
The program will be funded through the cash proceeds from stock options exercised by employees and employee purchases under the Employee Stock Purchase Plan, which is intended to be cash neutral to the company. The shares may be repurchased from time to time in open market transactions, privately negotiated transactions, or by other means, including automatic purchase plans pursuant to Rule 10b5-1, in accordance with applicable securities laws. The timing, number of shares repurchased, and prices paid for the shares under this program will be generally determined by management based on its evaluation of general business and market conditions as well as corporate and regulatory limitations, prevailing stock prices, and other considerations. The Share Repurchase Program may be suspended, modified, or discontinued at any time and does not obligate the Company to acquire any particular amount of common stock.
About Backblaze
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 them 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 www.backblaze.com
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