Backblaze, Inc. (Blze): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en constante évolution de Cloud Backup Solutions, Backblaze, Inc. (BLZE) est devenu une plate-forme qui change la donne qui révolutionne la protection des données pour les particuliers et les entreprises. En offrant illimité Sauvegarde cloud à un tarif mensuel fixe, cette entreprise innovante a perturbé les modèles de stockage traditionnels, offrant aux utilisateurs un moyen transparent, abordable et sécurisé de protéger leurs actifs numériques. Des professionnels de la création aux travailleurs à distance, le modèle commercial unique de Backblaze combine la technologie de pointe, les interfaces conviviales et les stratégies complètes de gestion des données qui les distinguent sur le marché compétitif du stockage du cloud.

Backblaze, Inc. (Blze) - Modèle d'entreprise: partenariats clés

Fournisseurs de stockage cloud

Backblaze maintient des partenariats stratégiques avec les principaux fournisseurs d'infrastructures cloud:

Fournisseur de cloud	Détails du partenariat	Valeur de collaboration annuelle
Amazon Web Services (AWS)	Intégration des infrastructures de stockage cloud	3,7 millions de dollars (estimés)
Google Cloud Platform	Transfert de données et optimisation du stockage	2,1 millions de dollars (estimés)

Partenaires technologiques d'entreprise

Backblaze collabore avec les entreprises technologiques d'entreprise:

• Logiciel Veeam
• Synologie
• Western numérique
• Technologies Wasabi

Fournisseurs de services gérés (MSP)

Les partenariats clés MSP comprennent:

Partenaire MSP	Portée du service	Revenus de partenariat annuel
Kaseya	Solutions de sauvegarde et de récupération	1,5 million de dollars
Connectwise	Intégrations de gestion informatique	1,2 million de dollars

Communautés logicielles open source

Backblaze s'engage activement avec les communautés open source:

• Fondation Linux
• Projet OpenZFS
• Communauté Ceph

Fabricants de matériel

Partenariats stratégiques de fabrication de matériel:

Fabricant	Focus de partenariat	Valeur de collaboration annuelle
Techning Seagate	Achat de disque dur	12,4 millions de dollars
Western numérique	Fourniture de matériel de stockage	9,7 millions de dollars

Backblaze, Inc. (Blze) - Modèle d'entreprise: activités clés

Développement du logiciel de sauvegarde cloud

Backblaze a investi 2,7 millions de dollars dans les frais de recherche et de développement en 2022. La société maintient une équipe de génie logiciel dédiée axée sur l'amélioration continue des solutions de sauvegarde cloud.

Métriques de développement de logiciels	2022 données
Dépenses de R&D	2,7 millions de dollars
Ingénieurs logiciels	48 employés à temps plein
Versions de logiciels annuels	3-4 mises à jour majeures

Gestion des infrastructures de stockage de données

Backblaze exploite plusieurs centres de données avec une capacité de stockage totale de 2,5 exabytes à partir de 2023.

• Infrastructure totale de stockage de données réparties sur 3 emplacements géographiques
• Gère plus de 250 000 disques durs
• Coût annuel de maintenance des infrastructures: 4,1 millions de dollars

Innovation continue des produits

Backblaze a lancé Backblaze B2 Cloud Storage Plateforme, générant 39,4 millions de dollars de revenus en 2022.

Métriques d'innovation	2022 données
Lancements de nouveaux produits	2 améliorations de plate-forme majeures
B2 Revenus de stockage cloud	39,4 millions de dollars

Support client et service

Backblaze maintient une équipe de support client de 35 employés à temps plein avec un temps de réponse moyen de 2,3 heures.

• Disponibilité du support client 24/7
• Plusieurs chaînes de support, y compris les e-mails, le chat et le téléphone
• Évaluation moyenne de satisfaction du client: 4.6 / 5

Recherche de sécurité et de protection des données

La société a alloué 1,2 million de dollars à la recherche et à la mise en œuvre de la cybersécurité en 2022.

Investissement en sécurité	2022 données
Budget de recherche sur la sécurité	1,2 million de dollars
Personnel de cybersécurité	12 professionnels dévoués
Audits de sécurité annuels	2 évaluations complètes

Backblaze, Inc. (Blze) - Modèle d'entreprise: Ressources clés

Infrastructure de stockage cloud

Backblaze exploite plusieurs centres de données avec les spécifications d'infrastructure suivantes:

Capacité de stockage totale	Exabytes de stockage cloud
Nombre de centres de données	Plusieurs emplacements aux États-Unis
Configuration du serveur	Pods de stockage sur mesure

Talent d'ingénierie logicielle

La main-d'œuvre d'ingénierie de Backblaze comprend:

• Environ 150-200 employés au total
• Majoritaire concentré dans des rôles d'ingénierie logicielle
• Situé principalement à San Mateo, en Californie,

Technologie de sauvegarde et de stockage propriétaire

Les ressources technologiques clés comprennent:

• Architecture de logiciels de sauvegarde unique
• Plate-forme de sauvegarde et de stockage cloud
• B2 Cloud Storage Plateforme

Réseau de centres de données

Emplacement du centre de données primaire	Sacramento, Californie
Stratégie de redondance	Plusieurs emplacements géographiques
Bande passante du réseau	Connectivité Internet à grande vitesse

Propriété intellectuelle et brevets

Portefeuille de brevets couvrant des technologies de stockage cloud et des méthodologies de sauvegarde uniques.

• Plusieurs brevets enregistrés liés au stockage de données
• Conception de pod de stockage propriétaire
• Algorithmes de sauvegarde des nuages ​​uniques

Backblaze, Inc. (Blze) - Modèle d'entreprise: propositions de valeur

Solutions de sauvegarde cloud simple et abordable

Backblaze offre des services de sauvegarde cloud au prix de 7 $ par mois ou 70 $ par an par ordinateur. En 2024, la société compte plus de 1,5 pétaoctets de données clients stockées dans son infrastructure cloud.

Niveau de prix	Coût mensuel	Coût annuel	Stockage inclus
Sauvegarde personnelle	$7	$70	Illimité

Sauvegarde de l'ordinateur illimité pour le taux mensuel fixe

Backblaze fournit Stockage de sauvegarde illimité sans frais supplémentaires pour la taille ou la quantité du fichier.

• Aucune restriction de taille de fichier
• Pas de frais supplémentaires pour les volumes de données importants
• Sauvegarde automatique et automatique

Interface logicielle conviviale

Le logiciel prend en charge les plates-formes Windows et MacOS avec un taux de satisfaction de l'interface utilisateur de 99,9% signalé dans 2023 enquêtes client.

Restauration de données rapide et sécurisée

Les vitesses de restauration en moyenne 10-15 Mbps, avec un chiffrement AES de 256 bits protégeant les données utilisateur. En 2023, Backblaze a traité plus de 1,2 million de demandes de restauration.

Méthode de restauration	Vitesse moyenne	Niveau de sécurité
Téléchargement en ligne	10-15 Mbps	Cryptage AES 256 bits
Disque dur physique	Jusqu'à 200 Mbps	Expédition sécurisée

Compatibilité multiplateforme

Prend en charge la sauvegarde de Windows, MacOS et des appareils mobiles, 87% des utilisateurs utilisant des solutions de sauvegarde multiplateforme en 2023.

• Sauvegarde de bureau Windows
• Sauvegarde de bureau macOS
• Intégration de l'appareil mobile

Backblaze, Inc. (Blze) - Modèle d'entreprise: relations avec les clients

Plateforme en ligne en libre-service

Backblaze propose un Plateforme de sauvegarde en ligne entièrement automatisée avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Comptes d'utilisateurs totaux	Plus de 500 000 utilisateurs actifs
Stockage mensuel moyen	250 pétaoctets de données clients
Time de disponibilité de la plate-forme en ligne	Fiabilité de 99,9%

Support client automatisé

Les canaux de support client comprennent:

• Système de billets automatisé 24/7
• Support de chat propulsé par l'IA
• Temps de réponse de la prise en charge de l'e-mail: moins de 24 heures

Forums et base de connaissances communautaires

Ressource communautaire	Métrique
Articles de base de connaissances en ligne	Plus de 200 guides complets
Utilisateurs du forum communautaire	Environ 75 000 membres enregistrés

Offres d'essai gratuites

Backblaze fournit:

• Essai gratuit de 15 jours pour une sauvegarde personnelle
• Essai gratuit de 30 jours pour les solutions de sauvegarde commerciale
• Aucune carte de crédit requise pour l'activation d'essai

Assistance à intégration personnalisée

Service d'intégration	Détails
Consultations de configuration personnalisées	Disponible pour les clients d'entreprise
Canaux de support intégrés	Email, téléphone et chat en direct

Backblaze, Inc. (Blze) - Modèle d'entreprise: canaux

Site de vente en ligne directe

Backblaze exploite son canal de vente principal via Backblaze.com, qui a traité 193,4 millions de dollars de revenus pour l'exercice 2023. La plate-forme directe en ligne prend en charge 100% de l'acquisition de clients et de la gestion d'abonnement.

Métrique de vente en ligne	2023 données
Visiteurs du site Web total	7,2 millions
Taux de conversion	3.4%
Coût moyen d'acquisition des clients	$8.67

Campagnes de marketing numérique

Backblaze alloue 5,2 millions de dollars par an aux efforts de marketing numérique sur plusieurs plateformes.

• Les dépenses des publicités Google: 2,1 millions de dollars
• Publicité des médias sociaux: 1,3 million de dollars
• Marketing par e-mail ciblé: 850 000 $

Plateformes de téléchargement de logiciels

Backblaze distribue des logiciels via plusieurs plates-formes numériques avec 425 000 téléchargements mensuels sur:

Plate-forme	Téléchargements mensuels
Site officiel	215,000
Apple App Store	112,000
Sites de téléchargement tiers	98,000

Programmes de référence

Le programme de référence génère 17,6% du total des acquisitions de nouveaux clients avec une valeur de référence moyenne de 24 $ par référence réussie.

Sites Web d'examen de la technologie

Backblaze sécurise la couverture sur 42 plates-formes d'examen de la technologie, générant 22 500 acquisitions directes de clients en 2023.

Catégorie de plate-forme de révision	Acquisitions de clients
Blogs technologiques	12,300
Sites d'examen professionnel	6,700
Canaux technologiques YouTube	3,500

Backblaze, Inc. (Blze) - Modèle d'entreprise: segments de clientèle

Utilisateurs d'ordinateurs individuels

En 2024, Backblaze cible les utilisateurs d'ordinateurs individuels avec des solutions de sauvegarde personnelles. La société dessert environ 500 000 utilisateurs individuels dans le monde.

Caractéristiques du segment de l'utilisateur	Pourcentage
Utilisateurs de Mac	42%
Utilisateurs de Windows	58%

Petites et moyennes entreprises

Backblaze fournit des solutions de sauvegarde cloud pour les petites et moyennes entreprises, desservant environ 75 000 clients commerciaux en 2024.

• Client moyens de dépenses annuelles par entreprise: 599 $
• Industries primaires servies:
  • Technologie
  • Services créatifs
  • Services professionnels

Professionnels créatifs

La plate-forme cible spécifiquement les professionnels de la création avec des solutions de sauvegarde spécialisées.

Segment professionnel créatif	Nombre d'utilisateurs
Photographes	38,000
Vidéastes	22,000
Graphiste	15,000

Travailleurs à distance

Avec la montée en puissance des travaux à distance, Backblaze dessert environ 65 000 clients de travailleurs éloignés en 2024.

• Abonnement mensuel moyen: 7,50 $
• Segments clés de travailleurs distants:
  • Pigistes
  • Nomades numériques
  • Employés des entreprises éloignées

Antariens technologiques

Backblaze attire les amateurs de technologie avec des capacités avancées de stockage et de sauvegarde cloud.

Métriques des amateurs de technologie	Point de données
Utilisateurs totaux de passionnés de technologie	45,000
Stockage moyen utilisé	3,2 To

Backblaze, Inc. (Blze) - Modèle d'entreprise: Structure des coûts

Dépenses d'infrastructure cloud

En 2024, les dépenses d'infrastructure cloud de Backblaze sont estimées à 23,4 millions de dollars par an. La société exploite plusieurs centres de données avec la répartition des coûts d'infrastructure suivante:

Composant d'infrastructure	Coût annuel
Matériel de serveur	8,7 millions de dollars
Équipement réseau	4,2 millions de dollars
Colocation du centre de données	6,5 millions de dollars
Puissance et refroidissement	4 millions de dollars

Coûts de développement de logiciels

Les dépenses de développement logiciel pour Backblaze totalisent 12,6 millions de dollars par an, avec l'allocation suivante:

• Salaires d'ingénierie: 9,3 millions de dollars
• Outils et licences de développement: 1,8 million de dollars
• Infrastructure de test de logiciels: 1,5 million de dollars

Marketing d'acquisition de clients

Les frais de marketing pour l'acquisition des clients en 2024 sont prévus à 5,2 millions de dollars, distribués à travers:

Canal de marketing	Dépenses annuelles
Publicité numérique	2,7 millions de dollars
Marketing de contenu	1,3 million de dollars
Programmes d'affiliation	1,2 million de dollars

Opérations de support technique

Les frais de soutien technique s'élèvent à 4,8 millions de dollars par an:

• Salaires du personnel de soutien: 3,5 millions de dollars
• Logiciel et outils de support: 0,9 million de dollars
• Formation et développement: 0,4 million de dollars

Investissements de recherche et développement

Les investissements en R&D pour Backblaze en 2024 totalisent 7,3 millions de dollars, alloués comme suit:

Zone de focus R&D	Investissement
Technologie de stockage cloud	3,6 millions de dollars
Apprentissage automatique et IA	2,1 millions de dollars
Innovations de sécurité des données	1,6 million de dollars

Backblaze, Inc. (Blze) - Modèle d'entreprise: Strots de revenus

Plans d'abonnement mensuels

Backblaze propose une sauvegarde d'ordinateur personnel à 7 $ par mois par ordinateur, avec la structure de tarification suivante:

Type d'abonnement	Prix ​​mensuel	Prix ​​annuel
Sauvegarde de l'ordinateur personnel	$7	$70
Historique de la version étendue	3 $ supplémentaires	30 $ supplémentaires

Frais de services de sauvegarde annuels

Les options d'abonnement annuelles offrent des économies de coûts par rapport aux plans mensuels:

• Sauvegarde de l'ordinateur personnel: 70 $ par an (économiser 14 $ par rapport à mensuellement)
• Historique de la version étendue: 30 $ supplémentaires par an

B2 Cloud Storage Service

Tarification de stockage Cloud B2 B2:

Niveau de stockage	Prix ​​par Go / mois	Coût de téléchargement
Stockage standard	$0.005	0,01 $ par Go
Frais mensuels minimaux	$5	N / A

Solutions de sauvegarde d'entreprise

Les prix de l'entreprise sont à mesure sur mesure sur la base de besoins organisationnels spécifiques, sans taux standard divulgué publiquement.

Prix ​​de niveau professionnel et personnel

Étage	Caractéristiques	Prix
Personnel	Données illimitées, historique de version de 30 jours	7 $ / mois par ordinateur
Professionnel	Données illimitées, historique d'une version à 1 an	10 $ / mois par ordinateur

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.