Backblaze, Inc. (BLZE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en constante evolución de las soluciones de respaldo de la nube, Backblaze, Inc. (BLZE) se ha convertido en una plataforma que cambia el juego que revoluciona la protección de datos para individuos y empresas por igual. Ofreciendo ilimitado La copia de seguridad de la nube a una tarifa mensual fija, esta empresa innovadora ha interrumpido los modelos de almacenamiento tradicionales, proporcionando a los usuarios una forma perfecta, asequible y segura de salvaguardar sus activos digitales. Desde profesionales creativos hasta trabajadores remotos, el modelo comercial único de Backblaze combina tecnología de vanguardia, interfaces fáciles de usar y estrategias integrales de gestión de datos que lo distinguen en el mercado competitivo de almacenamiento en la nube.

Backblaze, Inc. (BLZE) - Modelo de negocio: asociaciones clave

Proveedores de almacenamiento en la nube

Backblaze mantiene asociaciones estratégicas con principales proveedores de infraestructura en la nube:

Proveedor de nubes	Detalles de la asociación	Valor de colaboración anual
Servicios web de Amazon (AWS)	Integración de infraestructura de almacenamiento en la nube	$ 3.7 millones (estimado)
Plataforma en la nube de Google	Transferencia de datos y optimización de almacenamiento	$ 2.1 millones (estimado)

Socios de tecnología empresarial

Backblaze colabora con empresas de tecnología empresarial:

• Software Veeam
• Sinología
• Digital occidental
• Tecnologías de wasabi

Proveedores de servicios administrados (MSP)

Las asociaciones clave de MSP incluyen:

Socio de MSP	Alcance del servicio	Ingresos anuales de asociación
Kaseya	Soluciones de respaldo y recuperación	$ 1.5 millones
Conectado	Integraciones de gestión de TI	$ 1.2 millones

Comunidades de software de código abierto

Backblaze se involucra activamente con comunidades de código abierto:

• Fundación de Linux
• Proyecto OpenZFS
• Comunidad Ceph

Fabricantes de hardware

Asociaciones estratégicas de fabricación de hardware:

Fabricante	Enfoque de asociación	Valor de colaboración anual
Tecnología de Seagate	Adquisición del disco duro	$ 12.4 millones
Digital occidental	Suministro de hardware de almacenamiento	$ 9.7 millones

Backblaze, Inc. (BLZE) - Modelo de negocio: actividades clave

Desarrollo de software de respaldo en la nube

Backblaze invirtió $ 2.7 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene un equipo dedicado de ingeniería de software centrado en la mejora continua de las soluciones de respaldo en la nube.

Métricas de desarrollo de software	Datos 2022
Gastos de I + D	$ 2.7 millones
Ingenieros de software	48 empleados a tiempo completo
Lanzamientos anuales de software	3-4 actualizaciones importantes

Gestión de infraestructura de almacenamiento de datos

Backblaze opera múltiples centros de datos con una capacidad de almacenamiento total de 2.5 exabytes a partir de 2023.

• Infraestructura total de almacenamiento de datos distribuido en 3 ubicaciones geográficas
• Administra más de 250,000 discos duros
• Costo de mantenimiento de infraestructura anual: $ 4.1 millones

Innovación continua de productos

Backblaze lanzó Backblaze B2 Cloud Storage Platform, generando $ 39.4 millones en ingresos en 2022.

Métricas de innovación	Datos 2022
Nuevos lanzamientos de productos	2 mejoras principales de la plataforma
B2 Ingresos de almacenamiento en la nube	$ 39.4 millones

Atención al cliente y servicio

Backblaze mantiene un equipo de atención al cliente de 35 empleados a tiempo completo con un tiempo de respuesta promedio de 2.3 horas.

• Disponibilidad de soporte al cliente 24/7
• Múltiples canales de soporte que incluyen correo electrónico, chat y teléfono
• Calificación promedio de satisfacción del cliente: 4.6/5

Investigación de seguridad y protección de datos

La compañía asignó $ 1.2 millones para la investigación e implementación de ciberseguridad en 2022.

Inversión de seguridad	Datos 2022
Presupuesto de investigación de seguridad	$ 1.2 millones
Personal de ciberseguridad	12 profesionales dedicados
Auditorías de seguridad anuales	2 evaluaciones integrales

Backblaze, Inc. (BLZE) - Modelo de negocio: recursos clave

Infraestructura de almacenamiento en la nube

Backblaze opera múltiples centros de datos con las siguientes especificaciones de infraestructura:

Capacidad de almacenamiento total	Exabytes de almacenamiento en la nube
Número de centros de datos	Múltiples ubicaciones en Estados Unidos
Configuración del servidor	Cápsulas de almacenamiento personalizadas

Talento de ingeniería de software

La fuerza laboral de ingeniería de Backblaze incluye:

• Aproximadamente 150-200 empleados totales
• Mayoría concentrada en roles de ingeniería de software
• Ubicado principalmente en San Mateo, California

Tecnología de copia de seguridad y almacenamiento patentada

Los recursos tecnológicos clave incluyen:

• Arquitectura de software de copia de seguridad única
• Plataforma de copia de seguridad y almacenamiento en la nube
• Plataforma de almacenamiento en la nube B2

Red de centro de datos

Ubicación del centro de datos primario	Sacramento, California
Estrategia de redundancia	Múltiples ubicaciones geográficas
Ancho de banda de red	Conectividad a Internet de alta velocidad

Propiedad intelectual y patentes

Cartera de patentes cubriendo tecnologías únicas de almacenamiento en la nube y metodologías de respaldo.

• Múltiples patentes registradas relacionadas con el almacenamiento de datos
• Diseño de cápsula de almacenamiento patentado
• Algoritmos únicos de copia de seguridad de la nube

Backblaze, Inc. (BLZE) - Modelo de negocio: propuestas de valor

Soluciones de copia de seguridad de nubes simples y asequibles

Backblaze ofrece servicios de respaldo en la nube con un precio de $ 7 por mes o $ 70 anuales por computadora. A partir de 2024, la compañía tiene más de 1.5 petabytes de datos de clientes almacenados en su infraestructura en la nube.

Nivel de precios	Costo mensual	Costo anual	Almacenamiento incluido
Respaldo personal	$7	$70	Ilimitado

Copia de seguridad de computadora ilimitado para tarifa mensual fija

Backblaze proporciona almacenamiento de copia de seguridad ilimitado sin cargos adicionales por tamaño o cantidad de archivo.

• Sin restricciones de tamaño de archivo
• No hay tarifas adicionales para grandes volúmenes de datos
• Copia de seguridad continua y automática

Interfaz de software fácil de usar

El software admite plataformas Windows y MacOS con una tasa de satisfacción de la interfaz de usuario del 99.9% reportada en las encuestas de clientes de 2023.

Restauración de datos rápida y segura

Las velocidades de restauración promedian de 10-15 Mbps, con un cifrado AES de 256 bits que protegen los datos del usuario. En 2023, Backblaze procesó más de 1.2 millones de solicitudes de restauración.

Método de restauración	Velocidad promedio	Nivel de seguridad
Descarga en línea	10-15 Mbps	Cifrado AES de 256 bits
Disco duro físico	Hasta 200 Mbps	Envío seguro

Compatibilidad multiplataforma

Admite copia de seguridad para Windows, MacOS y dispositivos móviles, con el 87% de los usuarios que utilizan soluciones de copia de seguridad multiplataforma en 2023.

• Copia de seguridad de escritorio de Windows
• copia de seguridad de escritorio de macOS
• Integración de dispositivos móviles

Backblaze, Inc. (BLZE) - Modelo de negocios: relaciones con los clientes

Plataforma en línea de autoservicio

Backblaze ofrece un Plataforma de copia de seguridad en línea totalmente automatizada Con las siguientes métricas clave:

Métrica de plataforma	Valor
Cuentas de usuario totales	Más de 500,000 usuarios activos
Almacenamiento mensual promedio	250 petabytes de datos del cliente
Tiempo de actividad de la plataforma en línea	99.9% de confiabilidad

Atención al cliente automatizada

Los canales de atención al cliente incluyen:

• Sistema de boletos automatizado 24/7
• Soporte de chat con AI
• Tiempo de respuesta de soporte por correo electrónico: menos de 24 horas

Foros de la comunidad y base de conocimiento

Recurso comunitario	Métrica
Artículos de base de conocimiento en línea	Más de 200 guías integrales
Usuarios de foro comunitario	Aproximadamente 75,000 miembros registrados

Ofertas de prueba gratuitas

Backblaze proporciona:

• Prueba gratuita de 15 días para copias de seguridad personal
• Prueba gratuita de 30 días para soluciones de respaldo de negocios
• No se requiere tarjeta de crédito para la activación de la prueba

Asistencia de incorporación personalizada

Servicio de incorporación	Detalles
Consultas de configuración personalizadas	Disponible para clientes empresariales
Canales de soporte de incorporación	Correo electrónico, teléfono y chat en vivo

Backblaze, Inc. (BLZE) - Modelo de negocio: canales

Sitio web directo de ventas en línea

Backblaze opera su canal de ventas principal a través de Backblaze.com, que procesó $ 193.4 millones en ingresos para el año fiscal 2023. La plataforma directa en línea admite el 100% de la adquisición de clientes y la gestión de suscripción.

Métrica de ventas en línea	2023 datos
Visitantes totales del sitio web	7.2 millones
Tasa de conversión	3.4%
Costo promedio de adquisición de clientes	$8.67

Campañas de marketing digital

Backblaze asigna $ 5.2 millones anuales a los esfuerzos de marketing digital en múltiples plataformas.

• Gasto en los anuncios de Google: $ 2.1 millones
• Publicidad en las redes sociales: $ 1.3 millones
• Marketing por correo electrónico dirigido: $ 850,000

Plataformas de descarga de software

Backblaze distribuye software a través de múltiples plataformas digitales con 425,000 descargas mensuales en todo:

Plataforma	Descargas mensuales
Sitio web oficial	215,000
Apple App Store	112,000
Sitios de descarga de terceros	98,000

Programas de referencia

El programa de referencia genera el 17.6% de las adquisiciones totales de nuevos clientes con un valor de referencia promedio de $ 24 por referencia exitosa.

Sitios web de revisión de tecnología

Backblaze asegura la cobertura en 42 plataformas de revisión de tecnología, generando 22,500 adquisiciones directas de clientes en 2023.

Categoría de plataforma de revisión	Adquisiciones de clientes
Blogs tecnológicos	12,300
Sitios de revisión profesional	6,700
Canales de tecnología de YouTube	3,500

Backblaze, Inc. (BLZE) - Modelo de negocio: segmentos de clientes

Usuarios de computadoras individuales

A partir de 2024, Backblaze se dirige a usuarios de computadoras individuales con soluciones de copia de seguridad personales. La compañía atiende a aproximadamente 500,000 usuarios individuales a nivel mundial.

Características del segmento de usuario	Porcentaje
Usuarios de Mac	42%
Usuarios de Windows	58%

Pequeñas y medianas empresas

Backblaze ofrece soluciones de respaldo en la nube para pequeñas y medianas empresas, que atiende a aproximadamente 75,000 clientes comerciales en 2024.

• Gasto anual promedio por cliente Negocio: $ 599
• Industrias principales atendidas:
  • Tecnología
  • Servicios creativos
  • Servicios profesionales

Profesionales creativos

La plataforma se dirige específicamente a profesionales creativos con soluciones de respaldo especializadas.

Segmento profesional creativo	Recuento de usuarios
Fotógrafos	38,000
Camarógrafos	22,000
Diseñadores gráficos	15,000

Trabajadores remotos

Con el aumento del trabajo remoto, Backblaze atiende a aproximadamente 65,000 clientes trabajadores remotos en 2024.

• Suscripción mensual promedio: $ 7.50
• Segmentos clave de trabajadores remotos:
  • Freelancers
  • Nómadas digitales
  • Empleados corporativos remotos

Entusiastas de la tecnología

Backblaze atrae a los entusiastas de la tecnología con el almacenamiento avanzado en la nube y las capacidades de respaldo.

Métricas de entusiastas de la tecnología	Punto de datos
Usuarios de entusiastas de la tecnología total	45,000
Almacenamiento promedio utilizado	3.2 TB

Backblaze, Inc. (BLZE) - Modelo de negocio: Estructura de costos

Gastos de infraestructura en la nube

A partir de 2024, los gastos de infraestructura en la nube de Backblaze se estiman en $ 23.4 millones anuales. La compañía opera múltiples centros de datos con el siguiente desglose de costos de infraestructura:

Componente de infraestructura	Costo anual
Hardware del servidor	$ 8.7 millones
Equipo de red	$ 4.2 millones
Colocación del centro de datos	$ 6.5 millones
Potencia y enfriamiento	$ 4 millones

Costos de desarrollo de software

Los gastos de desarrollo de software para Backblaze totalizan $ 12.6 millones anuales, con la siguiente asignación:

• Salarios de ingeniería: $ 9.3 millones
• Herramientas y licencias de desarrollo: $ 1.8 millones
• Infraestructura de prueba de software: $ 1.5 millones

Marketing de adquisición de clientes

Los gastos de marketing para la adquisición de clientes en 2024 se proyectan en $ 5.2 millones, distribuidos en todo:

Canal de marketing	Gasto anual
Publicidad digital	$ 2.7 millones
Marketing de contenidos	$ 1.3 millones
Programas de afiliación	$ 1.2 millones

Operaciones de soporte técnico

Los costos de soporte técnico ascienden a $ 4.8 millones anuales:

• Salarios de apoyo al personal: $ 3.5 millones
• Software y herramientas de soporte: $ 0.9 millones
• Capacitación y desarrollo: $ 0.4 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para Backblaze en 2024 totalizan $ 7.3 millones, asignadas de la siguiente manera:

Área de enfoque de I + D	Inversión
Tecnología de almacenamiento en la nube	$ 3.6 millones
Aprendizaje automático e IA	$ 2.1 millones
Innovaciones de seguridad de datos	$ 1.6 millones

Backblaze, Inc. (BLZE) - Modelo de negocios: flujos de ingresos

Planes de suscripción mensuales

Backblaze ofrece una copia de seguridad de la computadora personal a $ 7 por mes por computadora, con la siguiente estructura de precios:

Tipo de suscripción	Precio mensual	Precio anual
Copia de seguridad de la computadora personal	$7	$70
Historial de versiones extendidas	$ 3 adicionales	$ 30 adicionales

Tarifas anuales de servicio de respaldo

Las opciones de suscripción anuales proporcionan ahorros de costos en comparación con los planes mensuales:

• Copia de seguridad de la computadora personal: $ 70 por año (ahorrando $ 14 en comparación con mensualmente)
• Historial de la versión extendida: $ 30 adicionales por año

Servicio de almacenamiento en la nube B2

Precios de almacenamiento en la nube B2 B2:

Nivel de almacenamiento	Precio por GB/mes	Costo de descarga
Almacenamiento estándar	$0.005	$ 0.01 por GB
Cargo mínimo mensual	$5	N / A

Soluciones de copia de seguridad empresariales

El precio empresarial es cotizado a medida en función de necesidades organizativas específicas, sin tarifas estándar reveladas públicamente.

Precios de nivel profesional y personal

Nivel	Características	Precio
Personal	Datos ilimitados, historial de versiones de 30 días	$ 7/mes por computadora
Profesional	Datos ilimitados, historial de versiones de 1 año	$ 10/mes por computadora

Backblaze, Inc. (BLZE) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Backblaze, Inc. over the established hyperscalers. It's about clear economics and performance that lets you build without fear of surprise bills.

Dramatically lower Total Cost of Ownership (TCO), up to 3.2x savings over hyperscalers

The independent analysis by Enterprise Strategy Group (ESG) validated significant cost advantages for Backblaze B2 Cloud Storage compared to legacy providers. This isn't just a small discount; it's a structural difference in TCO.

The key savings points from that validation include:

• Up to 3.2x lower Total Cost of Ownership (TCO).
• Up to 56% lower monthly storage cost.
• Up to 100% lower cost of downloads and transactions.
• Up to 92% less time and effort required to manage data.
• Up to 91% savings on cloud-to-cloud (C2C) migration costs.

Predictable pricing with free egress up to 3x stored data capacity

Backblaze, Inc. offers transparent pricing, avoiding the complicated tiers that bog down budgeting. For the standard pay-as-you-go model, you see a rate of $6/TB/month, with the first 10GB of storage always free. The predictability is heavily supported by the egress policy.

Here's a quick look at how the pricing structure compares on key elements:

Feature	Backblaze B2 Pay-As-You-Go	B2 Reserve (Capacity Bundle Example)	Hyperscaler Comparison Point
Storage Price	$6/TB/month	Starts at $1,560/20TB/year	Higher base rate
Free Egress Allowance	Up to 3x average monthly storage	Unlimited free egress	Egress often a major cost driver
Minimum Storage Duration	None	None on Pay-As-You-Go; 1-5 years on Reserve	Often has minimum duration fees
Transaction Fees (API calls)	Included up to 3x free egress threshold	Included	Often charged separately

Egress that goes above that 3x average is priced at $0.01/GB. For those with large, consistent needs, B2 Reserve bundles start at 20TB for terms of one to five years, which includes unlimited free egress.

High-performance, S3-compatible object storage for application development

You get the industry standard compatibility you need to build applications without vendor lock-in. Backblaze B2 Cloud Storage claims 100% the performance of S3 at 1/5 the cost. The Q3 2025 Performance Stats report showed that for sustained throughput, Backblaze B2 won 6 out of 8 categories when tested against AWS S3, Cloudflare R2, and Wasabi.

For small file workloads, which often stress latency, the performance is particularly strong. For instance, in multi-threaded upload benchmarking for 256KiB files, Backblaze B2 achieved a sustained throughput of 163.80MiB/s.

Simple, reliable, unlimited Computer Backup for individuals and SMBs

This is the original offering, focused on simplicity for endpoints. In Q3 2025, Computer Backup revenue held steady at $16.5 million, showing flat year-over-year performance. The service maintains a healthy customer base with a gross customer retention rate of 90% in Q3 2025.

B2 Overdrive: High-throughput storage for demanding AI/ML and HPC workloads

For the most data-intensive workflows, B2 Overdrive was engineered for massive throughput. Pricing for this high-performance tier starts at $15 per TB/month. This service is designed to deliver sustained throughput up to a terabit per second, which is key for processing exabyte-scale datasets.

A major differentiator here is the egress policy: B2 Overdrive includes unlimited free egress to any destination, which directly addresses the prohibitive costs associated with moving large AI/ML training sets. Backblaze, Inc. signed its first six-figure B2 Overdrive customer in early Q3 2025, validating its product-market fit for these demanding use cases.

Finance: draft 13-week cash view by Friday.

Backblaze, Inc. (BLZE) - Canvas Business Model: Customer Relationships

You're looking at how Backblaze, Inc. (BLZE) connects with its diverse customer base, which spans from individual users to large enterprise AI workloads. The approach isn't one-size-fits-all; it's segmented based on the product and the customer's scale.

For the Computer Backup service and smaller B2 Cloud Storage accounts, the relationship is primarily a self-serve, high-volume transactional model. This is the engine for broad adoption, relying on ease of use and low friction to bring customers onto the platform. This segment contributed $16.5 million in revenue in Q3 2025. The company is focused on scaling this self-serve motion, making it more frictionless specifically for data-heavy AI use cases as part of its Phase 2 go-to-market transformation.

Moving upmarket to mid-market and enterprise B2 customers, the relationship shifts to a dedicated Direct Sales and Field Enablement structure. This is necessary for closing the larger deals that require more consultative selling, which management noted sometimes face longer execution cycles due to committee and compliance processes. These larger customers are driving significant expansion, evidenced by the company winning a seven-figure TCV (Total Contract Value) expansion deal with an existing AI-powered video surveillance customer in Q3 2025. AI-related storage now accounts for approximately 25% of new business.

The Partner-led sales and customer success motion is crucial for Channel and Managed Service Provider (MSP) engagements. This leverages third parties to reach a wider audience and embed the service within other offerings. The launch of the Enterprise Web Console, which simplifies B2 Cloud Storage management for MSPs and includes role-based access controls, directly supports this channel relationship by providing enterprise-grade management tools.

Overall customer loyalty is strong, as reflected in the retention figures. The high gross customer retention rate of 91% in Q3 2025 shows that the core value proposition is resonating and keeping customers engaged. This is a key metric that management points to as validation of their focus on performance, predictable pricing, and ease of use.

Here's a breakdown of the key retention and revenue metrics from Q3 2025:

Metric	Computer Backup	B2 Cloud Storage	Total Business
Gross Customer Retention Rate (GCR)	90%	89%	91%
Net Revenue Retention Rate (NRR)	101%	110%	106%

The difference in retention and expansion across segments highlights the different relationship needs:

• The 110% B2 NRR shows strong expansion from existing cloud storage customers, especially those in AI workloads.
• The Computer Backup segment revenue was flat at $16.5 million in Q3 2025, with an NRR of 101%.
• The B2 Cloud Storage segment grew revenue by 28% year-over-year to $20.7 million in Q3 2025.
• The company serves over 500,000 customers globally across 175 countries.

Finance: draft 13-week cash view by Friday.

Backblaze, Inc. (BLZE) - Canvas Business Model: Channels

You're looking at how Backblaze, Inc. gets its storage and backup services into the hands of customers as of late 2025. It's a mix of high-volume, low-touch self-service and targeted, high-value direct sales, especially for the B2 Cloud Storage business.

The direct website and self-serve portal is the engine for the Computer Backup business and smaller B2 users. As of the third quarter of 2025, Backblaze, Inc. served a total of 507,647 customers, with 417,845 of those on Computer Backup, which is largely a self-serve product. The B2 Cloud Storage segment, which is heavily reliant on developer adoption and self-serve sign-ups, had 107,616 customers in Q3 2025. This channel drives the majority of the Computer Backup revenue, which was $16.5 million in Q3 2025, remaining flat year-over-year.

For the B2 Cloud Storage, which generated $20.7 million in revenue in Q3 2025, the channel strategy broadens significantly. While self-serve is key, the company is actively scaling its Global network of Channel Partners and Managed Service Providers (MSPs). This is part of the go-to-market transformation aimed at increasing efficiency and reach beyond the direct developer relationship. The focus here is on partners who can embed Backblaze, Inc.'s storage into their managed offerings.

The Independent Software Vendors (ISVs) integrating B2 via API (Powered By Backblaze) represent a crucial, often indirect, channel, especially in the AI space. This strategy positions Backblaze, Inc. as underlying infrastructure. For example, in Q1 2025, the company noted deepening a strategic AI partnership where PureNodal, a GPU infrastructure provider, leverages Powered By Backblaze to support the AI ecosystem. AI-related storage now accounts for approximately 25% of new business as of Q3 2025.

The direct sales team is specifically tasked with capturing the larger, more complex deals, primarily within B2 Cloud Storage. This team focuses on six- and seven-figure B2 opportunities. The success of this upmarket push is evident: customers contributing over $50,000 in Annual Recurring Revenue (ARR) grew 30% year-over-year as of Q2 2025. The team is closing significant contracts; in Q3 2025, management highlighted recent wins including a new 6-figure deal with an AI start-up, a 7-figure Total Contract Value (TCV) deal in the surveillance space, and another 6-figure white label win with a media app developer. They also signed their first six-figure B2 Overdrive customer in early Q3 2025, just two months after that product launched.

Here's a quick look at the revenue segmentation from Q3 2025, which shows the relative weight of the two main product lines that flow through these channels:

Metric	Amount (Q3 2025)	Year-over-Year Growth (Q3 2025)
Total Revenue	$37.2 million	14%
B2 Cloud Storage Revenue	$20.7 million	28%
Computer Backup Revenue	$16.5 million	Flat
B2 Cloud Storage ARR	$81.8 million	26%

The direct sales focus is clearly driving the growth in the B2 segment, which is the primary focus for landing those larger deals. The self-serve and partner channels likely feed the long tail of the 107,616 B2 customers.

The company is also seeing success in attracting larger customers through its technical positioning, which is a direct result of the sales and marketing channel alignment. The focus on AI workloads is a key driver for the direct sales channel:

• AI-related storage accounted for approximately 25% of new business in Q3 2025.
• The company signed its first six-figure B2 Overdrive customer in early Q3 2025.
• Customers contributing over $50,000 in ARR grew 30% year-over-year in Q2 2025.
• A 7-figure TCV deal was closed in the surveillance space in Q3 2025.

Finance: draft 13-week cash view by Friday.

Backblaze, Inc. (BLZE) - Canvas Business Model: Customer Segments

You're looking at the customer base for Backblaze, Inc. as of late 2025. The business clearly splits its focus between its established Computer Backup service and the rapidly growing B2 Cloud Storage platform, which is seeing massive tailwinds from AI workloads.

The Individual Users and Small Businesses segment, served by Computer Backup, is showing signs of maturity, defintely. For the third quarter of 2025, the revenue from this segment was precisely $16.5 million, which was flat year-over-year. This segment's gross customer retention rate held steady at 90% in Q3 2025.

The more dynamic part of the customer base is within B2 Cloud Storage, which serves Mid-market and Enterprise customers needing backup, archive, and application data hosting. In Q3 2025, B2 Cloud Storage revenue hit $20.7 million, marking a strong 28% year-over-year growth. The Annual Recurring Revenue (ARR) for B2 Cloud Storage reached $81.8 million as of Q3 2025.

Here's a quick comparison of the two primary revenue-generating segments based on the latest reported quarter, Q3 2025:

Metric	Computer Backup	B2 Cloud Storage
Q3 2025 Revenue	$16.5 million	$20.7 million
YoY Revenue Growth (Q3 2025)	Flat	28%
Q3 2025 Gross Customer Retention Rate	90%	89%

The High-growth AI/ML, Media & Entertainment, and HPC companies are a critical focus for B2 Cloud Storage, especially with the introduction of B2 Overdrive. This focus is driving significant data consumption. As of the Q3 2025 reporting period, the number of AI customers grew by 70% year-over-year, and the data stored by these AI customers exploded, growing 40 times year-over-year. Backblaze, Inc. also signed its first six-figure B2 Overdrive customer in early Q3 2025, just two months after the product launched.

The company is successfully moving upmarket, which is visible in the growth of its largest accounts. You can see this trend in the statistics for the larger B2 customers:

• Customers contributing over $50,000 in Annual Recurring Revenue (ARR) grew 30% year-over-year in Q2 2025.
• There were 150 customers with $50k+ ARR as of Q2 2025, representing a 30% year-on-year increase.
• Backblaze, Inc. secured a deal for over $1 million in Annual Contract Value (ACV) in Q4 2024.
• A second AI company upgraded its contract to a 7-figure level in Q2 2025.

Backblaze, Inc. (BLZE) - Canvas Business Model: Cost Structure

You're looking at the hard costs driving Backblaze, Inc.'s storage cloud. The structure centers on massive infrastructure investment balanced by improving operational leverage, which you see clearly in the latest quarterly results.

Capital expenditure (CapEx) on Storage Pods and data center infrastructure is a major outlay. For the third quarter ended September 30, 2025, Capital Expenditures totaled ($10.319 million). This spending supports the platform managing approximately 5 billion gigabytes of data for over 500,000 customers across more than 175 countries. This investment is critical for scaling capacity, especially with the launch of B2 Overdrive for data-intensive workloads.

The significant operating costs for network bandwidth and power consumption are embedded within the Cost of Revenue, which Backblaze, Inc. is managing to drive better profitability. The company's focus on cost efficiencies, including a Zero-Based-Budgeting program, is designed to directly lower these variable costs relative to revenue growth.

Regarding Sales and Marketing (S&M) investment to drive B2 growth and go-to-market transformation, the company has been actively executing this transformation, including hiring new key senior sales leadership to accelerate growth. While a specific S&M dollar amount for Q3 2025 isn't isolated here, the strategic shift is clear, aiming to capture more of the B2 Cloud Storage market, which grew revenue by 28% year-over-year in the quarter.

Personnel costs for engineering and customer support are a fixed component of the operating structure, supporting the platform that serves both B2 Cloud Storage and Computer Backup. The overall operational leverage improvement, evidenced by the margin expansion, suggests these costs are being managed effectively against the revenue base. The company is working toward being adjusted free-cash-flow positive in Q4 2025.

The success of these cost management efforts is reflected in achieving a strong Q3 2025 Gross Margin of 62%. This represents a significant expansion of approximately 700 basis points year-over-year from the 55% margin reported in Q3 2024. Gross profit for Q3 2025 reached $23.1 million on total revenue of $37.2 million.

Here's a quick look at the key financial results that define the cost structure's impact for the third quarter ended September 30, 2025:

Metric	Amount (Q3 2025)
Total Revenue	$37.2 million
Gross Profit	$23.1 million
Gross Margin	62%
B2 Cloud Storage Revenue	$20.7 million
Computer Backup Revenue	$16.5 million
Adjusted EBITDA	$8.4 million
Capital Expenditures (Quarter)	($10.319 million)

The cost structure is also reflected in the cash generation metrics:

• Cash flow from operations for the nine months ended September 30, 2025, was $14.2 million.
• This compares to $10.3 million in cash flow from operations for the same nine-month period in 2024.
• B2 Cloud Storage Annual Recurring Revenue (ARR) was $81.8 million, up 26% year-over-year.
• Total Annual Recurring Revenue (ARR) was $147.2 million, a 13% increase year-over-year.

The cost of serving the B2 segment, which is the primary growth driver, is being managed to maintain competitive pricing while improving gross margin. The B2 Cloud Storage gross customer retention rate was 89% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Backblaze, Inc. (BLZE) - Canvas Business Model: Revenue Streams

You're looking at the core ways Backblaze, Inc. takes in cash, and right now, it's a tale of two segments. The business model clearly separates the steady, predictable income from the faster-growing, usage-based cloud services.

Subscription revenue from Computer Backup remains a stable base, though it isn't driving top-line acceleration. For the third quarter of 2025, this segment was flat year-over-year at exactly $16.5 million. This is the annuity part of the business, providing a reliable floor.

Usage-based revenue from B2 Cloud Storage is the clear growth engine. This segment saw significant momentum, climbing 28% year-over-year to bring in $20.7 million in Q3 2025. The company is actively pushing this, noting that AI-related storage now accounts for approximately 25% of new business.

Here's a quick look at how the Q3 2025 revenue broke down:

Revenue Stream	Q3 2025 Revenue (USD)	Year-over-Year Growth
B2 Cloud Storage	$20.7 million	28%
Computer Backup	$16.5 million	Flat
Total Revenue	$37.2 million	14%

The Annual Recurring Revenue (ARR) figures from the end of Q3 2025 further illustrate this dynamic. Total ARR stood at $147.2 million, up 13% year-over-year. The B2 Cloud Storage ARR was $81.8 million (up 26% YoY), while Computer Backup ARR was $65.4 million (flat YoY).

For larger enterprise customers, Backblaze, Inc. offers reserved capacity contracts, known as B2 Reserve, to secure predictable pricing for significant storage commitments. While specific dollar amounts for B2 Reserve revenue aren't explicitly broken out in the latest reports, the focus on moving upmarket is clear, evidenced by securing a new seven-figure expansion deal with an existing customer.

Regarding data download (egress) fees, the strategy inherently minimizes this as a major revenue driver. Management specifically highlighted that Backblaze, Inc. enables AI companies to avoid the high egress costs typically associated with larger cloud providers. This suggests that while egress fees exist beyond any free allowance, they are not a primary, emphasized revenue stream due to the competitive positioning.

Looking ahead, the full-year 2025 revenue is projected to be narrowed to a range between $145.4 million and $146.0 million. This implies the fourth quarter will need to land between $37.3 million and $37.9 million to meet that full-year target.

You should track the following key metrics as they relate to revenue generation:

• B2 Cloud Storage ARR growth rate of 26% as of Q3 2025.
• Computer Backup Net Revenue Retention Rate (NRR) at 101% in Q3 2025.
• B2 Cloud Storage NRR at 110% in Q3 2025.
• Gross customer retention rate across the business was 91% in Q3 2025.

Finance: draft 13-week cash view by Friday.