Filing Flows › Backblaze (BLZE) › Q2 2025
Backblaze (BLZE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Backblaze (BLZE) reported revenue of $36.3M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +5% from the quarter before. Operating margin was -18.5%, net loss $7.1M (19.6% of revenue).
Backblaze, Q2 2025: revenue $36.3M (+16% year over year), operating margin -18.5%, net loss $7.1M, operating cash flow $3.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $36.3M | +5% | +16% |
| Operating profit | −$6.7M | — | — |
| Net earnings | −$7.1M | — | — |
| Operating cash flow | $3.5M | -28% | +59% |
| Free cash flow | $2.8M | -38% | +41% |
What changed
Revenue was $36.3M in Q2 2025, up 16% year over year and up 5% from the previous quarter. Consumption-based arrangements was the largest line at 53% of revenue. Consumption-based arrangements added $4.2M year over year (up 28%), 83% of the total change. Physical Media (point in time) declined 20%.
Gross margin was 63.5%, up 8.4 points from a year earlier. Operating costs exceeded revenue by $6.7M, an operating margin of -18.5%. Operating expenses grew 10% against revenue growth of 16%. The fastest-growing cost line was Research & development (+24%). The quarter ended with a net loss of $7.1M, narrower than the previous quarter's $9.3M loss.
Operating cash flow was $3.5M (up 59% year over year). Non-cash charges added back $5.5M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $784K left free cash flow of $2.8M.
Questions
What was Backblaze's revenue in the second quarter 2025?
Backblaze (BLZE) reported revenue of $36.3M for the second quarter 2025 (Q2 2025), +16% from a year earlier and +5% from the quarter before.
Was Backblaze profitable in the second quarter 2025?
Operating loss was $6.7M (-18.5% of revenue) and net loss $7.1M.
Source: Backblaze 10-Q on SEC EDGAR.