Filing Flows › Backblaze (BLZE) › Q3 2025
Backblaze (BLZE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Backblaze (BLZE) reported revenue of $37.2M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +2% from the quarter before. Operating margin was -8.9%, net loss $3.8M (10.2% of revenue).
Backblaze, Q3 2025: revenue $37.2M (+14% year over year), operating margin -8.9%, net loss $3.8M, operating cash flow $5.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.2M | +2% | +14% |
| Operating profit | −$3.3M | — | — |
| Net earnings | −$3.8M | — | — |
| Operating cash flow | $5.7M | +62% | +24% |
| Free cash flow | $2.6M | -6% | -41% |
What changed
Revenue was $37.2M in Q3 2025, up 14% year over year and up 2% from the previous quarter. Consumption-based arrangements was the largest line at 54% of revenue. Consumption-based arrangements added $4.3M year over year (up 28%), 95% of the total change. Physical Media (point in time) declined 12%.
Gross margin was 62.1%, up 7.5 points from a year earlier. Operating costs exceeded revenue by $3.3M, an operating margin of -8.9%. Operating expenses fell 12% while revenue rose 14%. The quarter ended with a net loss of $3.8M, narrower than the previous quarter's $7.1M loss.
Operating cash flow was $5.7M (up 24% year over year). Non-cash charges added back $6.0M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $3.1M left free cash flow of $2.6M.
Questions
What was Backblaze's revenue in the third quarter 2025?
Backblaze (BLZE) reported revenue of $37.2M for the third quarter 2025 (Q3 2025), +14% from a year earlier and +2% from the quarter before.
Was Backblaze profitable in the third quarter 2025?
Operating loss was $3.3M (-8.9% of revenue) and net loss $3.8M.
Source: Backblaze 10-Q on SEC EDGAR.