−Removed: We are a leading specialized storage cloud platform, providing cloud services to store, use, and protect data in an easy and affordable manner.
+Added: We are a leading specialized storage cloud platform, providing businesses and consumers cloud services to store, use, and protect their data in an easy and affordable manner.
We provide these cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware.
−Removed: We believe that by offering an easy to use, cost-effective cloud storage solution, and thereby substantially reducing the cost, complexity and frustration of storing, using, and protecting data, we can empower customers to focus on their core business operations.
+Added: We believe that by offering an easy to use, cost-effective, performant cloud storage solution, and thereby substantially reducing the cost, complexity and frustration of storing, using, and protecting data, we can empower customers to focus on their core business operations.
+Added: Customers use us to support their AI workflows, help ensure the cyber-resilience of their organizations, streamline their media workflows, and enable a variety of other data-focused application and IT needs.
Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates.
−Removed: Referrals from our community of brand advocates, com bined with our highly efficient and primarily self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed us to attract more than 500,000 customers as of December 31, 2023, and our sales and channel efforts have supported us acquiring larger customers.
−Removed: These customers use our Storage Cloud platform across more than 175 countries to grow and protect their business data on our over 3 billion gigabytes , of data storage under management.
+Added: Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, com bined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2024, and our direct sales activities have historically supported us in acquiring larger customers.
+Added: As we seek to move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of these customers.
+Added: Our customers use our Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of approximately 4 billion gigabytes of data storage under management.
At its founding, Backblaze set out to dramatically simplify the process of storing, using, and protecting data.
Over the following years, we focused relentlessly on cutting away the complexity common among traditional cloud vendors’ services and legacy on-premises system vendors.
−Removed: Today, we believe our solutions are differentiated by their ease of use and affordability.
+Added: Today, we believe that our solutions are differentiated by their ease of use and affordability while also delivering reliability and performance.
We believe that focusing on storage use cases and promoting an open cloud ecosystem helps position us to integrate well with a broad range of partners.
From our straightforward pricing model, to our transparent communication with customers, to the popular and insightful content on our blog—we believe we have established ourselves as an open and trusted provider and partner.
−Removed: The Backblaze Storage Cloud organizes, safeguards, and keeps ov er 850 billion files available on demand and is designed to handle much more in the future.
+Added: Our Platform and Cloud Services
+Added: The Backblaze Storage Cloud organizes, safeguards, and keeps ov er 850 billion files available on demand and is designed to handle many more in the future.
Through our purpose-built software that manages our global physical infrastructure, we provide a platform that we believe is durable, scalable, performant, and secure.
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Enables customers to store data, developers to build applications, and partners to expand their use cases.
−Removed: The amount of data stored in this cloud service can scale up and down as needed on a pay-as-you-go basis, or can be paid for on a capacity basis for greater predictability, which we refer to as our B2 Reserve offering.
+Added: The amount of data stored in this cloud service can scale up and down as needed on a pay-as-you-go basis, or can be paid for on a capacity basis or committed contract for greater predictability.
This Infrastructure-as-a-Service (IaaS) enables use cases including backups, multi-cloud, application storage, ransomware protection, and storage for AI/ML workflows.
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This service is offered as a subscription-based Software-as-a-Service (SaaS) and serves use cases including computer backup, ransomware protection, theft and loss protection, and remote access.
−Removed: Our solutions are designed for individuals and businesses of all sizes and across all industries but have a particularly strong appeal to mid-market organizations (which we define as organizations with 10 to 999 employees) due to their desire for easy-to-use and cost-effective solutions.
+Added: Our solutions are designed for individuals and businesses of all sizes, from large-scale businesses (enterprise) to small and medium-sized businesses (SMB) and across all industries.
+Added: Our solutions appeal to customers with a desire for easy-to-use and cost-effective solutions.
Our go-to-market model is a layered approach that includes our self-service motion and our sales driven motion that focuses on larger customers.
−Removed: The sales driven motion includes our direct sales team that contracts directly with customers and our channel sales team that contracts sales through our channel partners.
−Removed: More recently, we also added our Powered By Backblaze program that enables third parties to integrate Backblaze and thus offer cloud storage as part of their product offering.
+Added: The sales driven motion includes our direct sales team that contracts directly with customers, with our channel sales team that contracts sales through our channel partners, and our Powered By Backblaze program that enables third parties to integrate Backblaze and thus offer white-label cloud storage as part of their product offering and under their own branding.
Prospective customers find us through a variety of channels including our website, partners, and brand advocates.
−Removed: We have fostered community engagement with content we share on our blog—in 2023 alone, millions of readers consumed content that we shared there.
−Removed: Our free trial and self-serve sign-up processes help convert our blog readers and referrals from our brand advocates into customers, with approximately 76% of our total revenue in 2023 coming from self-serve customers.
+Added: We have fostered community engagement with content we share on our blog through which millions of readers consumed content that we share there.
+Added: Our free trial and self-serve sign-up processes help convert our blog readers and referrals from our brand advocates into customers, with approximately 73% o f our total revenue in 2024 coming from self-serve customers.
Our technology, channel and managed service provider (MSP) partners help expand use cases and sales channels and attract customers, thereby increasing usage of our Storage Cloud.
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We can further expand our relationships with our customers when they adopt new features and use cases that lead to increased usage of our platform.
−Removed: Our B2 Cloud Storage revenue grew b y 40% during the year ended December 31, 2023 and our Computer Backup cloud service revenue grew by 7% during the year ended December 31, 2023.
+Added: Our B2 Cloud Storage re venue grew by 36% during the year ended December 31, 2024 and our Computer Backup cloud service revenue grew by 16% during the year ended December 31, 2024.
Our ecosystem of partners—including tech nology partners, channel partners, and MSPs—helps us expand our platform in existing and new markets.
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We believe these providers are drawn to our solutions due to our support of the breadth of their offerings, competitive pricing which helps MSPs with their own margin profile, and ease of use.
−Removed: We have programs to support these partners, and our newly launched Powered By Backblaze program supports Technology Partners, MSPs, and others by enabling them to more easily integrate our cloud storage and offer it directly to their customers.
+Added: We have programs to support these partners, and our white-label Powered By Backblaze program supports Technology Partners, MSPs, and others by enabling them to more easily integrate our cloud storage and offer it directly to their customers under their own brand.
This expands both their opportunity and ours.
−Removed: The markets addressed by our platform include Public Cloud Infrastructure-as-a-Service (IaaS) storage as well as Data-Protection-as-a-Service (DPaaS).
+Added: The markets addressed by our platform include Public Cloud Infrastructure-as-a-Service (IaaS) storage.
According to IDC forecasts, the worldwide market for Public Cloud IaaS Storage is expected to grow to $118 billion by 2028.
−Removed: Additionally, according to IDC, the worldwide market for DPaaS is expected to grow to $18.4 billion by 2025.
−Removed: We believe our efficient go-to-market and focus on ease of use are particularly suited to selling to and serving the needs of mid-market businesses (defined as businesses and organizations with 10 to 999 employees).
−Removed: According to our analysis of IDC data, mid-market businesses are expected to represent approximately 60% of worldwide IaaS spending throughout the forecast period (2021 to 2025).
−Removed: We believe this ratio serves as a reasonable proxy for spending across both markets.
−Removed: Applying this ratio to the Public Cloud IaaS Storage market yields a mid-market opportunity growing to $54.6 billion in 2025.
−Removed: Applying the same ratio to the DPaaS market yields a mid-market opportunity growing to $11.0 billion by 2025.
−Removed: Our Platform and Cloud Services
−Removed: Our Platform:
Backblaze Storage Cloud
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Our code achieves this for billions of files under management by intelligently allocating storage locations in line with capacity and demand.
−Removed: Continued investment in developing data compaction, compression, and other software innovation further improves our ability to efficiently leverage hardware.
−Removed: Alongside these core processes, our software layer also manages load balancing, caching, deletion,
−Removed: billing, as well as numerous other essential functions for hundreds of thousands of customers.
+Added: Continued investment in developing data compaction, compression, performance optimization, and other software innovation further improves our ability to efficiently leverage hardware.
+Added: Alongside these core processes, our software layer also manages load balancing, caching, deletion, billing, as well as numerous other essential functions for hundreds of thousands of customers.
Generally weekly code updates regularly enhance these functions.
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Our software splits each uploaded customer file into several data parts, adds multiple redundant parts, and stores these parts across discrete hard drives in different servers in a data center.
−Removed: As a result, even if a few of the parts are entirely lost or offline, we are able to reconstruct the customer data from the remaining parts for durability.
+Added: As a result, even if a few of the parts are entirely lost or offline, we are able to reconstruct the customer data from the remaining parts for durability and availability.
Multiple vaults are grouped together to form one cluster, and one or more clusters are organized into a region.
−Removed: Our globally distributed storage platform also offers customers multi-region geographic choice for their data—currently between East and West Coast regions in the United States and Europe—providing flexibility for different needs including geopolitical considerations, regulatory requirements, and performance optimization.
−Removed: Our software manages our global physical infrastructure of more than 300,000 hard drives and one terabit per second (one million megabits per second) of network capacity across multiple data centers.
+Added: Our globally distributed storage platform also offers customers multi-region geographic choice for their data, including East and West Coast regions in the United States, as well as regions in Canada, and Europe—providing flexibility for different needs including geopolitical considerations, regulatory requirements, and performance optimization.
+Added: Our software manages our global physical infrastructure of over 300,000 hard drives and one terabit per second (one million megabits per second) of network capacity across multiple data centers.
Our systems also manage the automation, monitoring, and security of this infrastructure.
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Customers also strategically tier backups of their core data systems to our cloud, including on-premises and virtual machine servers and other high-capacity storage devices.
−Removed: More recently, businesses are incorporating B2 Cloud Storage into artificial intelligence (AI) and machine learning (ML) workflows ranging from storing large media libraries for later analysis and categorization to housing the large quantities of data that AI models generate.
+Added: More recently, businesses are incorporating B2 Cloud Storage into artificial intelligence (AI) and machine learning (ML) workflow, ensuring data accessibility, scalability, and efficient network performance.
+Added: From raw data collection and processing, to model training and inference, B2 Cloud Storage provides a reliable foundation for managing vast datasets, enables seamless data transfer to GPU clusters, optimizes storage for AI-generated outputs, and provides cost-effective, scalable storage for monitoring and logs.
+Added: B2's open platform and free egress (up to 3x) drive cost-efficient multi-cloud architectures, enabling seamless data orchestration across diverse cloud environments.
+Added: This flexibility allows customers to leverage best-of-breed GPU services without vendor lock-in, and significantly reduces data transfer costs, maximizing resource utilization and minimizing overall expenses.
Customers leverage B2 Cloud Storage for a wide range of other use cases as well, including public, hybrid and multi-cloud data storage;
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and remote access.
−Removed: Our customers consist of a wide range of organizations and businesses—particularly mid-market organizations—and consumers.
−Removed: As of December 31, 2023, we had over 500,000 customers in over 175 countries, including approximately 432,000 customers using our Compu ter Backup cloud services solution and approximately 98,000 customers using our B2 Cloud Storage solution (approximately 17,000 custo mers use both our B2 Cloud Storage and Computer Backup solutions).
−Removed: Our customers span a range of industries, including a broad range of businesses, MSPs, developers, media teams, AI innovators, creative agencies, academic institutions, government agencies, research institutes, gaming companies, and
+Added: Our customers consist of a wide range of consumers, organizations and businesses, from SMB to enterprise.
+Added: As of December 31, 2024, we had over 500,000 cust omers in over 175 countries, including approximately 400,000 customers using our Computer Backup cloud services solution and approximately 100,000 customers using our B2 Cloud Storage solution (approximately 18,000 custom ers use both our B2 Cloud Storage and Computer Backup solutions).
+Added: Our customers span a range of industries, including a broad range of businesses, MSPs, developers, media teams, AI innovators, creative
+Added: agencies, academic institutions, government agencies, research institutes, gaming companies, and individuals.
Our customer base is highly diversified, with no single customer accounting for more than 10% of our total revenue in 2024 or 2023.
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We have a layered go-to-market model that includes our self-service motion and our sales driven motion that focuses on larger customers.
−Removed: The sales driven motion includes our direct sales team that contracts directly with customers and our channel sales team that contracts directly with customers and our channel sales team that contracts sales through our channel partners.
−Removed: More recently, we also added our Powered By Backblaze program that enables third party platform providers to purchase Backblaze to then sell it to their customers as a part of their product offering.
+Added: The sales driven motion includes our direct sales team that contracts directly with customers and emphasizes the acquisition of larger customers, our channel sales team that contracts sales through our channel partners, and our alliances team that works with other technology partners to sell B2 Cloud Storage, including through our Powered By Backblaze program that enables third party platform providers to purchase Backblaze to then sell it to their customers as a part of their product offering.
Prospective customers find us through a number of sources including our website, partners, and brand advocates.
−Removed: We regularly optimize our website, and in 2023 we modernized our website to improve the user experience and increase traffic through search engine optimization to accelerate lead generation.
+Added: We regularly optimize our website to improve the user experience and increase traffic through search engine optimization to accelerate lead generation.
We have fostered community engagement through the content shared on our blog, which is read by millions of people.
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Our marketing efforts focus on establishing our brand, generating awareness, creating leads, and cultivating the Backblaze community.
−Removed: The marketing team consists primarily of product marketing, corporate communications and publishing, social media, growth marketing, and website teams.
+Added: The marketing team consists primarily of demand generation, product marketing, corporate communications and publishing, social media, and lifecycle marketing teams.
We leverage both online and offline marketing channels such as blogs, events and trade shows, seminars and webinars, whitepapers, case studies, search engines, advertising and email marketing.
−Removed: We complement our self-serve customer acquisition model with a growing sales team that is focused on larger customers.
−Removed: Among other things, our sales and marketing teams focus on inbound inquiries, outbound prospecting targeting specific use cases, and growing the adoption of our offerings in existing customers.
−Removed: We have invested, and expect to continue to invest, in our sales and marketing capabilities to capitalize on our large market opportunity.
−Removed: We have also established a Developer Evangelism function to support our focus on supporting developers and applications storage use cases, and scaled up our partnerships team to grow our technology and channel partnership opportunity.
Research and Development
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We have an internal technology roadmap to introduce new features and functionality to our platform.
−Removed: Those investments have continued to result in innovations to the platform such as shard stash which improves small file uploads up to 30% faster than competitors and product enhancements such as Powered By Backblaze which enables customers to sell B2 Cloud Storage on their platform.
+Added: Those investments have continued to result in innovations to the platform such as shard stash which improves small file uploads up to 30% faster than competitors and product enhancements such as our white-label solution called Powered By Backblaze which enables customers to sell B2 Cloud Storage on their platform and under their own brand.
Development of software based solutions such as Computer Backup Enterprise Control provides up-selling opportunities that help customers while improving our gross margin profile.
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through Google Cloud Platform, and Microsoft Corporation through Azure;
−Removed: certain smaller and private cloud storage competitors;
+Added: certain smaller and/or private cloud storage competitors;
and legacy on-premises storage vendors such as Dell EMC.
−Removed: We compete primarily based on the ease of use of our product and lower pricing, along with our support for an open cloud ecosystem.
+Added: We compete primarily based on the ease of use of our product and lower pricing, along with our free egress (up to 3x) and support for an open cloud ecosystem.
Our innovation increasingly plays a role in how we attract and win customers, including work on key platform features;
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Our success depends in part on our ability to obtain and maintain intellectual property protection for our technology platform and cloud services, defend and enforce our intellectual property rights, preserve the confidentiality of our trade secrets, and operate without infringing, misappropriating, or otherwise violating the intellectual property rights of others.
−Removed: While we do not own any patents, we protect our intellectual property through a combination of trade secrets, copyrights, trademarks, service marks, and domain names where appropriate.
+Added: While we do not own any patents to date, we have two pending patent applications.
+Added: In addition, we protect our intellectual
+Added: property through a combination of trade secrets, copyrights, trademarks, service marks, and domain names where appropriate.
In addition, we control access to our proprietary technology by entering into confidentiality and invention assignment agreements with our employees and contractors, and confidentiality agreements with third parties, such as service providers, vendors, individuals, and entities that may be exploring a business relationship with us.
−Removed: We own two registered trademarks in the United States for the word Backblaze and the Backblaze logo.
+Added: We own the following registered trademarks:
+Added: “Backblaze,” “B2,” “Break Free,” “Blaze Forward” and the Backblaze logo.
+Added: We also have pending trademark applications.
Policing unauthorized use of our technology and intellectual property rights is difficult.
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Employees and Human Capital
−Removed: W e believe we have an aligned and engaged workforce with relatively limited employee turnover.
−Removed: As of December 31, 2023, we had 381 f ull-time employees.
−Removed: A significant amount of our employees are based out of our San Mateo, California headquarters.
−Removed: However, since March 2020 and throughout the COVID pandemic, employees generally worked remotely.
−Removed: Our offices reopened in 2022 after the pandemic, and most employees located in proximity to our headquarters office location utilize a hybrid approach which includes a mixture of working in the office and working remotely from home.
+Added: W e believe we have an aligned and engaged workforce.
+Added: As of December 31, 2024, we had 346 full -time employees.
+Added: Many of our employees are based out of our San Mateo, California headquarters.
+Added: Most employees located in proximity to our headquarters office location utilize a hybrid approach which includes a mixture of working in the office and working remotely from home.
+Added: While many of our employees are based near our headquarters, our organizational framework is structured to allow the acquisition of fully remote employees, providing us with access to a talented and diverse workforce across the country.
Culture is very important at Backblaze and we recognize that employees are our greatest asset.
−Removed: We recognize and value the impor tance of diversity, equity and inclusion and have a Diversity, Equity and Inclusion Committee that is comprised of a diverse group of employees and management.
−Removed: The committee is committed to cultivating and nurturing an inclusive and diverse environment at Backblaze by providing unique opportunities that will bring forth and promote the variety of cultures, backgrounds and circumstances that make up the Backblaze team while surpassing basic tolerance with awareness, acceptance and action.
+Added: We recognize and value the im portance of fostering an inclusive environment where employees of diverse skills, talents, backgrounds, cultures and circumstances provide Backblaze a competitive advantage in understanding and better serving a broader array of customers.
+Added: A culture empowered by awareness, acceptance and action ensures Backblaze attracts, retains and rewards high performing talent.
No employees are represented by a labor union with respect to his or her employment by us.
−Removed: We have not experienced any work stoppages, and we consider our relations with our employees to be good.
−Removed: We also note strong survey ratings about our company, as evidenced by our Glassdoor 4.4/5.0 rating, 92% approval of our CEO, 88% “Recommend to a Friend” rating as of March 8, 2023, and inclusion on the “Great Place to Work” nationally recognized list.
+Added: We have not experienced any work stoppages, and we consider our relations with our employees to be positive.
Our principal executive offices are located in San Mateo, California.
−Removed: We lease data center facilities in California, Arizona, Virginia, and Amsterdam, the Netherlands.
+Added: We lease data center facilities in California;
+Added: Toronto, Canada;
+Added: and Amsterdam, the Netherlands.
We believe that our properties are generally suitable to meet our needs for the foreseeable future.
In addition, to the extent we require additional space in the future, we believe that it would be available on commercially reasonable terms.
+Added: Follow-On Offering
+Added: On November 20, 2024, we issued and sold an aggregate of 6,250,000 shares (the “Shares”) of our Class A common stock, par value $0.0001 per share (the “Common Stock”) at a public offering price of $5.60 per share (the “Follow-On Offering”).
+Added: We also granted the underwriters an option to purchase up to an additional 937,500 shares of Common Stock at the same per-share price of $5.60 per share, which the underwriters exercised.
+Added: We received net proceeds of $37.4 million from the offering, after deducting the underwriting discounts and commissions and other offering expenses.
Corporate Information
We were incorporated in Delaware in 2007 under the name Backblaze, Inc.
−Removed: We completed our initial public offering in November 2021 and our common stock is listed on The Nasdaq Stock Market LLC under the symbol “BLZE.” Our principal executive offices are located at 201 Baldwin Ave., San Mateo, CA 94401 and our telephone number is (650) 352-3738.
+Added: We completed our initial public offering in November 2021 and our common stock is listed on The Nasdaq Global Market under the symbol “BLZE.” Our principal executive offices are located at 201 Baldwin Ave., San Mateo, CA 94401 and our telephone number is (650) 352-3738.
Our website address is www.backblaze.com.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.