Service disruption or data loss
Customers use the platform for backup and storage, so outages or delayed access can directly damage reputation and renewals.
- Scope
- Cloud infrastructure and customer trust
- Materiality
- high
Backblaze, Inc.
Backblaze, Inc. sells cloud storage and backup services built around two core offerings: B2 Cloud Storage for object storage and Backblaze Computer Backup for endpoint backup. The company also sells higher-performance and enterprise-oriented storage features as it moves up-market, including B2 Overdrive and enterprise administration tools. Its business is designed to be simple to deploy, low-cost, and easy to integrate through a self-serve model plus a growing network of MSPs, channel partners, and technology alliances. Backblaze serves a broad mix of individuals, developers, SMBs, and larger organizations that need scalable storage, backup, and data resilience. It operates as a U.S.-listed software and cloud infrastructure company with a globally distributed customer base and data center footprint.
1,3 %
60,9 %
−17,6 %
+14,3 %
1.07
1.07
| % | |
|---|---|
| B2 Cloud Storage | 55% Object storage and IaaS-style cloud storage used for backups, archives, application storage, and data-intensive workloads. |
| Computer Backup | 35% Subscription backup software that automatically protects laptops and desktops for individuals and businesses. |
| Enterprise and premium storage add-ons | 5% Higher-performance and administration features such as B2 Overdrive and enterprise controls that support larger customers. |
| Partner and white-label solutions | 5% Powered By Backblaze, MSP, channel, and technology-partner offerings that embed Backblaze storage into third-party solutions. |
Backblaze sells to a wide customer base that includes individuals, developers, MSPs, SMBs, and large enterprises...
- Individuals and prosumerssecondary
Buy Computer Backup for automatic protection of personal laptops and desktops, mainly because the service is simple and flat-rate.
- Developers and technology builderssecondary
Use B2 Cloud Storage as a storage foundation for applications, backups, synchronization, and software integrations.
- MSPs and managed service providersprimary
Buy storage and backup capacity to deliver backup, archive, hybrid cloud, and ransomware-protection services to their own customers.
- Mid-market and enterprise customersprimary
Purchase enterprise-oriented storage, administration, and performance features for larger-scale data workloads and multi-user environments.
- Channel and white-label partnerssecondary
Embed Backblaze storage into their own offerings to expand distribution and keep the customer relationship under their own brand.
Backblaze is headquartered in the United States and has historically focused its sales and marketing efforts there, but...
- •United States remains the main sales focus and largest operating base
- •International customers account for roughly 28% of 2025 revenue
- •Customer base spans more than 175 countries
- •Data center leases in California, Arizona, Virginia, Toronto, and Amsterdam
- •Canada expansion added a new data center region in January 2025
- •Global footprint supports latency, resilience, and partner-led growth
Backblaze is trying to move from a consumer/self-serve storage brand toward a broader enterprise and AI-oriented...
01
Up-market product expansionshort-term
Higher-performance and enterprise features broaden the addressable market and support larger contracts.
02
Partner-led distributionmedium-term
MSPs, channel partners, and technology alliances extend reach into mid-market and specialized verticals at lower acquisition cost.
03
International expansionmedium-term
A larger global footprint reduces dependence on U.S. demand and opens new customer acquisition opportunities.
04
Retention and expansion within existing accountsshort-term
Higher engagement and more data utilization improve net revenue retention and support recurring revenue growth.
Backblaze faces the risk profile typical of a cloud storage and backup vendor that competes on price, reliability, and...
Unprofitable operating model
The company states it has a history of cumulative losses and does not expect to be profitable for the foreseeable future.
- Scope
- Company-wide
- Materiality
- high
Cybersecurity attack
Stored customer data and cloud systems are attractive targets, and a breach could create legal, operational, and reputational damage.
- Scope
- Customer data and platform security
- Materiality
- high
Competitive pricing pressure
The market is intensely competitive, and Backblaze competes on affordability and simplicity against larger cloud vendors.
- Scope
- B2 Cloud Storage and backup services
- Materiality
- high
Supplier and infrastructure dependence
The company relies on third-party data center and hard drive providers, which can create shortages or cost spikes.
- Scope
- Infrastructure capacity and cost base
- Materiality
- medium
Revenue recognition for consumption and subscription contracts
Deferred revenue, revenue timing, and ARR conversion
Deferred revenue from up-front billing
Balance sheet liability and future revenue visibility
Useful life estimates for infrastructure equipment
Depreciation expense and EBITDA-like metrics
Lease accounting for data center facilities
Operating lease liabilities and capital intensity
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: 11/08/2026