Backblaze Inc
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
BLZE$8.27+9.0%Stored close · as of Nov 6, 2026
Contents
Condensed
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $31,285 | $24,589 | $61,253 | $47,983 |
| Cost of revenue | 14,056 | 12,538 | 28,213 | 24,963 |
| Gross profit | 17,229 | 12,051 | 33,040 | 23,020 |
| Operating expenses: | ||||
| Research and development | 9,589 | 9,925 | 19,335 | 20,458 |
| Sales and marketing | 10,991 | 9,875 | 21,013 | 20,434 |
| General and administrative | 6,458 | 6,165 | 13,011 | 12,842 |
| Total operating expenses | 27,038 | 25,965 | 53,359 | 53,734 |
| Loss from operations | (9,809) | (13,914) | (20,319) | (30,714) |
| Investment income | 362 | 519 | 746 | 1,129 |
| Interest expense | (901) | (942) | (1,822) | (1,865) |
| Loss before provision for income taxes | (10,348) | (14,337) | (21,395) | (31,450) |
| Income tax provision | — | — | 6 | — |
| Net loss | $(10,348) | $(14,337) | $(21,401) | $(31,450) |
| Net loss per share, basic and diluted | $(0.25) | $(0.41) | $(0.52) | $(0.91) |
| Weighted average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted(1) | 42,151,850 | 35,149,000 | 41,188,544 | 34,539,229 |
(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 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 15 for further details.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(in thousands, except share data)
| Three Months Ended June 30, 2024 | |||||
|---|---|---|---|---|---|
| Class A Common Stock(1) · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of March 31, 2024 | 41,469,779 | $4 | $205,957 | $(158,507) | $47,454 |
| Net loss | — | — | — | (10,348) | (10,348) |
| Issuance of Class A common stock upon exercise of stock options | 265,347 | — | 716 | — | 716 |
| Issuance of Class A common stock under the 2021 Equity Incentive Plan (as amended and restated, "2021 Plan") | 764,638 | — | — | — | — |
| Issuance of Class A common stock related to the 2021 Employee Stock Purchase Plan ("ESPP") | 386,517 | — | 1,359 | — | 1,359 |
| Stock-based compensation | — | — | 5,917 | — | 5,917 |
| Balance as of June 30, 2024 | 42,886,281 | $4 | $213,949 | $(168,855) | $45,098 |
| Three Months Ended June 30, 2023 | |||||
| Class A and Class B Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of March 31, 2023 | 34,517,414 | $4 | $165,419 | $(104,854) | $60,569 |
| Net loss | — | — | — | (14,337) | (14,337) |
| Issuance of Class A common stock upon exercise of stock options | 687,860 | — | 1,215 | — | 1,215 |
| Issuance of Class A common stock under the 2021 Plan | 430,672 | — | — | — | — |
| Issuance of Class A common stock related to ESPP | 348,555 | — | 1,171 | — | 1,171 |
| Stock-based compensation | — | — | 5,567 | — | 5,567 |
| Balance as of June 30, 2023 | 35,984,501 | $4 | $173,372 | $(119,191) | $54,185 |
| Six Months Ended June 30, 2024 | |||||
|---|---|---|---|---|---|
| Class A Common Stock(1) · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of December 31, 2023 | 39,150,610 | $4 | $192,388 | $(147,454) | $44,938 |
| Net loss | — | — | — | (21,401) | (21,401) |
| Issuance of Class A common stock upon exercise of stock options | 1,694,829 | — | 4,999 | — | 4,999 |
| Issuance of Class A common stock under the 2021 Plan | 1,357,877 | — | — | — | — |
| Issuance of Class A common stock related to ESPP | 386,517 | — | 1,359 | — | 1,359 |
| Issuance of restricted stock units related to the 2023 Bonus Plan (see Note 14) | 296,448 | — | 3,507 | — | 3,507 |
| Stock-based compensation | — | — | 11,696 | — | 11,696 |
| Balance as of June 30, 2024 | 42,886,281 | $4 | $213,949 | $(168,855) | $45,098 |
| Six Months Ended June 30, 2023 | |||||
| Class A and Class B Common Stock · AdditionalPaid-inCapital · AccumulatedDeficit · Total | |||||
| Shares · Amount | |||||
| Balance as of December 31, 2022 | 33,393,737 | $4 | $156,485 | $(87,741) | $68,748 |
| Net loss | — | — | — | (31,450) | (31,450) |
| Issuance of Class A common stock upon exercise of stock options | 1,184,765 | — | 2,055 | — | 2,055 |
| Issuance of Class A common stock under the 2021 Plan | 769,536 | — | — | — | — |
| Issuance of Class A common stock related to ESPP | 348,555 | — | 1,171 | — | 1,171 |
| Stock-based compensation | — | — | 11,813 | — | 11,813 |
| Issuance of restricted stock units related to the 2022 Bonus Plan (see Note 14) | 287,908 | — | 1,848 | — | 1,848 |
| Balance as of June 30, 2023 | 35,984,501 | $4 | $173,372 | $(119,191) | $54,185 |
(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 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 15 for further details.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net loss | $(21,401) | $(31,450) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Net accretion of discount on investment securities and net realized investment gains | 31 | (966) |
| Noncash lease expense on operating leases | 1,018 | 1,293 |
| Depreciation and amortization | 13,937 | 11,864 |
| Stock-based compensation | 11,057 | 10,712 |
| Gain on disposal of assets and other | (6) | (1) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,014) | 30 |
| Prepaid expenses and other current assets | (59) | 941 |
| Other assets | (104) | 134 |
| Accounts payable | (745) | (245) |
| Accrued expenses and other current liabilities | (274) | (1,600) |
| Deferred revenue | 3,994 | 259 |
| Operating lease liabilities | (791) | (1,399) |
| Net cash provided by (used in) operating activities | 5,643 | (10,428) |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Purchases of marketable securities | (24,127) | (9,734) |
| Maturities of marketable securities | 26,523 | 38,500 |
| Proceeds from disposal of property and equipment | 184 | 78 |
| Purchases of property and equipment | (694) | (4,719) |
| Capitalized internal-use software costs | (6,828) | (7,098) |
| Net cash (used in) provided by investing activities | (4,942) | 17,027 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Principal payments on finance leases and lease financing obligations | (9,711) | (9,734) |
| Proceeds from debt facility | 554 | 3,529 |
| Principal payments on insurance premium financing | (590) | (1,024) |
| Proceeds from exercises of stock options | 5,012 | 2,182 |
| Proceeds from ESPP | 1,359 | 1,171 |
| Net cash used in financing activities | (3,376) | (3,876) |
| Net (decrease) increase in cash and restricted cash, non-current | (2,675) | 2,723 |
| Cash, cash equivalents, restricted cash, current and restricted cash, non-current at beginning of period | 16,630 | 11,165 |
| Cash, restricted cash, current and restricted cash, non-current at end of period | $13,955 | $13,888 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
| Cash paid for interest | $1,817 | $1,816 |
| Cash paid for income taxes | $42 | $58 |
| Cash paid for operating lease liabilities | $1,328 | $1,458 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| Stock-based compensation included in capitalized internal-use software | $1,965 | $2,030 |
| Accrued bonus settled in restricted stock units | $3,507 | $1,848 |
| 2023 Bonus Plan expense classified as stock-based compensation | $473 | $929 |
| 2024 Bonus Plan accrual classified as stock-based compensation | $853 | $— |
| Equipment acquired through finance lease and lease financing obligations | $5,989 | $8,705 |
| Accruals related to purchases of property and equipment | $18 | $224 |
| Assets obtained in exchange for operating lease obligations | $— | $268 |
| Receivable recorded due to stock option exercises pending settlement | $5 | $29 |
| RECONCILIATION OF CASH AND RESTRICTED CASH | ||
| Cash and cash equivalents | $9,273 | $5,886 |
| Restricted cash - included in prepaid expenses and other current assets | $— | $169 |
| Restricted cash, non-current | $4,682 | $7,833 |
| Total cash and restricted cash | $13,955 | $13,888 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.