Q3 sales are projected to come in around $17 million. Revenues rose in the first six months of this year, but operating losses also widened, rising to $6.5 million during this period.
This rose to $54 million in 2020, but operating profits in 2019 turned to a $3.7 million loss last year. In 2019, Backblaze achieved close to $41 million in sales. But is that the case? Let's take a closer look at the numbers. With its impressive 60% share price rise in recent days, Backblaze gives the impression of a great investment. Its rivals include Amazon (NASDAQ: AMZN), Azure from Microsoft (NASDAQ: MSFT) and Google Cloud from Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). This refers to securely restoring data using a USB drive (USB Restore) and for migrating large data sets to the Backblaze platform using its proprietary Fireball device.īackblaze competes directly with big tech players selling subscription cloud-based computer storage and backup services. The final 1% of its custom is physical media. It's provided as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection. This B2 Cloud storage is offered on a pay-as-you-go basis that can be dialed up or down as needed.
Its subscription-based offerings, such as file backup, account for 72.4% of its business, while consumption-based arrangements, such as B2 services, account for 26.5% of its business. Indeed, going by its reviews, Backblaze customers generally seem very happy with the company's services. The company sports straightforward pricing and transparent communication, leading it to become a trusted provider. These span over 175 countries, protecting business data on approximately 2 exabytes, or 2 trillion megabytes, of data storage under management.īackblaze is targeting mid-market businesses, which it believes is an unmet segment ripe for the taking. The company's IPO prospectus revealed it to have over 480,000 customers.
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