Filing Flows › Backblaze (BLZE) › Q1 2025
Backblaze (BLZE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Backblaze (BLZE) reported revenue of $34.6M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +2% from the quarter before. Operating margin was -25.3%, net loss $9.3M (26.9% of revenue).
Backblaze, Q1 2025: revenue $34.6M (+16% year over year), operating margin -25.3%, net loss $9.3M, operating cash flow $4.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $34.6M | +2% | +15% |
| Operating profit | −$8.8M | — | — |
| Net earnings | −$9.3M | — | — |
| Operating cash flow | $4.9M | +121% | +45% |
| Free cash flow | $4.4M | +216% | +48% |
What changed
Revenue was $34.6M in Q1 2025, up 15% year over year and up 2% from the previous quarter. Consumption-based arrangements was the largest line at 50% of revenue. Consumption-based arrangements added $3.1M year over year (up 22%), 67% of the total change. Physical Media (point in time) declined 25%.
Gross margin was 55.6%, up 2.9 points from a year earlier. Operating costs exceeded revenue by $8.8M, an operating margin of -25.3%. Operating expenses grew 6% against revenue growth of 15%. The fastest-growing cost line was Research & development (+22%). The quarter ended with a net loss of $9.3M, narrower than the previous quarter's $14.4M loss.
Operating cash flow was $4.9M (up 45% year over year). Non-cash charges added back $7.8M of depreciation and amortization and $7.4M of share-based compensation. Working capital and other items used $856K. Capital expenditures of $503K left free cash flow of $4.4M.
Questions
What was Backblaze's revenue in the first quarter 2025?
Backblaze (BLZE) reported revenue of $34.6M for the first quarter 2025 (Q1 2025), +15% from a year earlier and +2% from the quarter before.
Was Backblaze profitable in the first quarter 2025?
Operating loss was $8.8M (-25.3% of revenue) and net loss $9.3M.
Source: Backblaze 10-Q on SEC EDGAR.