Backblaze Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Consolidated Statements of Operations
(in thousands, except share and per share data)
| For the Years Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Revenue | $102,019 | $85,155 |
| Cost of revenue | 52,162 | 41,292 |
| Gross profit | 49,857 | 43,863 |
| Operating expenses: | ||
| Research and development | 39,527 | 33,107 |
| Sales and marketing | 41,270 | 35,399 |
| General and administrative | 26,965 | 23,470 |
| Total operating expenses | 107,762 | 91,976 |
| Loss from operations | (57,905) | (48,113) |
| Investment income | 1,984 | 965 |
| Interest expense | (3,792) | (4,289) |
| Loss before provision for income taxes | (59,713) | (51,437) |
| Income tax benefit | — | (39) |
| Net loss | $(59,713) | $(51,398) |
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $(1.66) | $(1.62) |
| Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted(1) | 36,011,446 | 31,662,301 |
(1) On July 6, 2023, all shares of the Company’s then outstanding Class B common stock were automatically converted into the same number of shares of Class A common stock, pursuant to the terms of the Company’s Amended and Restated Certificate of Incorporation. No additional shares of Class B common stock will be issued following such conversion. See Note 12 for further details.
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