Filing Flows › Backblaze (BLZE) › Q4 2025
Backblaze (BLZE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Backblaze (BLZE) reported revenue of $37.8M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +2% from the quarter before. Operating margin was -13.5%, net loss $5.4M (14.3% of revenue).
Backblaze, Q4 2025: revenue $37.8M (+12% year over year), operating margin -13.5%, net loss $5.4M, operating cash flow $9.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.8M | +2% | +12% |
| Operating profit | −$5.1M | — | — |
| Net earnings | −$5.4M | — | — |
| Operating cash flow | $9.3M | +62% | +317% |
| Free cash flow | $4.1M | — | — |
What changed
Revenue was $37.8M in Q4 2025, up 12% year over year and up 2% from the previous quarter. Consumption-based arrangements was the largest line at 55% of revenue.
Gross margin was 62.0%, up 7.3 points from a year earlier. Operating costs exceeded revenue by $5.1M, an operating margin of -13.5%. Operating expenses fell 12% while revenue rose 12%. The quarter ended with a net loss of $5.4M, wider than the previous quarter's $3.8M loss.
Operating cash flow was $9.3M (up 317% year over year). Non-cash charges added back $6.3M of depreciation and amortization and $6.3M of share-based compensation. Working capital and other items added $2.1M. After principal payments on finance leases and lease financing obligations, net ($3.3M) and capital expenditures ($1.9M), adjusted free cash flow as the company reports it was $4.1M.
Questions
What was Backblaze's revenue in the fourth quarter 2025?
Backblaze (BLZE) reported revenue of $37.8M for the fourth quarter 2025 (Q4 2025), +12% from a year earlier and +2% from the quarter before.
Was Backblaze profitable in the fourth quarter 2025?
Operating loss was $5.1M (-13.5% of revenue) and net loss $5.4M.
Source: Backblaze 10-K on SEC EDGAR.