Backblaze, Inc.

Backblaze is headquartered in the United States and has historically focused its sales and marketing efforts there, but its customer base spans more than 175 countries. Management disclosed that 27% of total revenue came from outside the United States for the three months ended March 31, 2025, and 29% for the three months ended September 30, 2025; for the full year 2025, 28% of revenue originated outside the United States. The company operates leased data center space in California, Arizona, Virginia, Toronto, and Amsterdam, which supports its cloud infrastructure and international service delivery. It also launched a new data center region in Canada in January 2025 to extend reach in that market. Geography matters because Backblaze’s storage business depends on distributed infrastructure, local partner relationships, and the ability to serve customers with low-latency and compliance-sensitive deployments.

Backblaze faces the risk profile typical of a cloud storage and backup vendor that competes on price, reliability, and ease of use. Management explicitly says the company has a history of cumulative losses and does not expect to be profitable for the foreseeable future, so execution on growth and cost discipline remains important. Service outages, data loss, or delays in data availability could quickly damage trust because customers rely on the platform for backup and resilience. The company also depends on third-party vendors and suppliers, including data center and hard drive providers, which creates supply, capacity, and service-disruption risk. In addition, cybersecurity attacks, intellectual property disputes, and failure to keep pace with new features or competitive offerings could weaken the brand and slow customer acquisition.