−Removed: 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.
−Removed: 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, 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.
−Removed: 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.
+Added: We are a high-performance cloud storage platform for data-intensive use cases in the artificial intelligence (“AI”) era and across a broad range of modern cloud workloads, designed to help customers address complex storage needs by reducing the barriers of lock-in, complexity, and cost.
+Added: Our mission is to make customers succeed by solving their toughest data storage challenges.
+Added: We aim to achieve this mission through our purpose-built, web-scale software infrastructure, which is essential to the global data center and compute infrastructure buildout.
+Added: We provide cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware.
+Added: We believe that by offering a cloud storage solution optimized for price-to-performance at scale, engineered for efficiency, and priced predictably, we substantially reduce the cost, complexity and frustration of storing, using, and protecting data, and we 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 information technology (“IT”) needs.
Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates.
−Removed: 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.
−Removed: As we seek to move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of these customers.
−Removed: 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.
+Added: Our direct sales activities, channel and technology partners, and referrals from our community of brand advocates, combined with our highly efficient and self-serve customer acquisition model have allowed us to attract over 500,000 customers as of December 31, 2025, and our direct sales activities have historically supported us in acquiring larger customers, including leading neocloud platforms via our Powered by Backblaze program.
+Added: As we move up-market, we expect our direct sales activities to increasingly contribute to the acquisition of customers like these.
+Added: Our customers use our Backblaze Storage Cloud platform across more than 175 countries to store and protect their data with an aggregate of approximately 5 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 that our solutions are differentiated by their ease of use and affordability while also delivering reliability and performance.
−Removed: 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.
−Removed: 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.
+Added: Today, we believe that our solutions are differentiated by their performance and cost efficiency while also delivering reliability and ease of use.
+Added: Our strategy centers on a focused set of storage use cases and participation in an open cloud ecosystem, which we believe positions us to prioritize opportunities with emerging data-heavy workloads like those with AI model builders and neocloud platforms utilizing our Powered by Backblaze program.
+Added: Alongside these emerging opportunities, we continue to grow our business and opportunities among the developers of application storage solutions while also continuing to service our foundational use cases including media and entertainment and cyber resilience.
+Added: Finally, we continue to invest in our self-serve user base, where developers who are experimenting with AI can experiment and grow within our storage platform.
Our Platform and Cloud Services
−Removed: 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.
−Removed: Through our purpose-built software that manages our global physical infrastructure, we provide a platform that we believe is durable, scalable, performant, and secure.
−Removed: Our two cloud services that we offer on our Storage Cloud are:
−Removed: • Backblaze B2 Cloud Storage:
−Removed: 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 or committed contract for greater predictability.
−Removed: This Infrastructure-as-a-Service (IaaS) enables use cases including backups, multi-cloud, application storage, ransomware protection, and storage for AI/ML workflows.
−Removed: • Backblaze Computer Backup:
−Removed: Automatically backs up data from laptops and desktops for businesses and individuals.
−Removed: This cloud backup service offers easily understood flat-rate pricing to continuously back up a virtually unlimited amount of data.
−Removed: 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, from large-scale businesses (enterprise) to small and medium-sized businesses (SMB) and across all industries.
−Removed: Our solutions appeal to customers with a desire for easy-to-use and cost-effective solutions.
−Removed: 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, 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.
−Removed: 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 through which millions of readers consumed content that we share 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 73% o f our total revenue in 2024 coming from self-serve customers.
−Removed: 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.
−Removed: Our sales driven selling motion focuses on selling our cloud services to larger customers and opportunities to increase revenue with existing customers.
−Removed: Customers acquired by our sales motion frequently have a significantly larger average revenue per customer than our self-serve customers.
−Removed: Substantially all of our revenue is recurring in nature.
−Removed: We employ a land-and-expand model that drives additional revenue from existing customers.
−Removed: As customers generate, store, and back up more data, their use of our platform increases, creating natural opportunities for revenue expansion.
−Removed: 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 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.
−Removed: Our ecosystem of partners—including tech nology partners, channel partners, and MSPs—helps us expand our platform in existing and new markets.
−Removed: • Technology Partners.
−Removed: Our platform, alongside the platforms of our technology partners, enables software developers to efficiently build their applications and provides a cloud storage destination for partners whose products require storage to serve their customers.
−Removed: Partners providing software, hardware, and SaaS services to perform backups, synchronize data, manage media, and address other use cases either select our Storage Cloud for the underlying data storage, or offer it as a choice to their customers.
−Removed: • Channel Partners.
−Removed: We sell B2 Cloud Storage to resellers at a discounted rate.
−Removed: Resellers then market and sell B2 Cloud Storage individually or as part of broader solutions to businesses and organizations.
−Removed: The channel provides greater access to markets with specialty needs in the purchasing process, like state and local governments and educational institutions.
−Removed: • Managed Service Providers (MSP).
−Removed: Our platform enables MSP partners to store data for backups, archives, hybrid cloud setups, ransomware protection, and otherwise manage their clients’ data.
−Removed: MSPs provide critical IT solutions for mid-market organizations who often lack the resources to do so themselves.
−Removed: 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 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.
−Removed: This expands both their opportunity and ours.
−Removed: The markets addressed by our platform include Public Cloud Infrastructure-as-a-Service (IaaS) storage.
−Removed: According to IDC forecasts, the worldwide market for Public Cloud IaaS Storage is expected to grow to $118 billion by 2028.
Backblaze Storage Cloud
−Removed: The Backblaze Storage Cloud provides the core platform for our cloud services and is designed to be durable, available, scalable, secure, performant and predictive.
−Removed: This storage cloud organizes, safeguards, and keeps ov er 850 billion files available on demand and is designed to handle many more in the future.
−Removed: The key enabler of the Backblaze Storage Cloud is the software that runs it, which contains millions of lines of code that our software engineering team has written and continually improved since our Company’s founding.
−Removed: The ability to manage an ever-larger amount of data across ever-larger hard drives while maintaining data availability and durability continues to be highly complex.
−Removed: This web-scale software layer receives, stores, and delivers data for customers across the globe.
−Removed: 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, performance optimization, 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, billing, as well as numerous other essential functions for hundreds of thousands of customers.
−Removed: Generally weekly code updates regularly enhance these functions.
+Added: The Backblaze Storage Cloud provides the core platform for our cloud services and is designed to deliver high-performance, secure, reliable object storage at exabyte scale.
+Added: It currently manages ov er 1 trillion files which are available on demand and is designed to scale efficiently to meet growing enterprise workloads and AI-driven data demands.
+Added: The key enabler of the Backblaze Storage Cloud is its proprietary global-scale system and software architecture, which manages our global physical infrastructure, including hundreds of thousands of hard drives across multiple data centers.
+Added: The web-scale software layer receives, stores, and delivers data for customers across the globe, intelligently allocating storage based on capacity and demand to maintain availability and durability at scale.
+Added: Managing ever-growing volumes of data across increasingly large hard drives while maintaining durability, availability, and throughput is highly complex.
+Added: We believe that continued investment in developing performance optimization, efficiency improvements, operational support, and other software innovation enhances our ability to efficiently leverage hardware and scale cost-effectively.
+Added: Alongside these core processes, this software architecture manages load balancing, caching, deletion, billing, and other essential
+Added: functions for hundreds of thousands of customers.
+Added: Regular updates to our codebase further strengthen these capabilities and improve the overall performance of our Infrastructure-as-a-Service platform (“IaaS”).
Our vault architecture creates redundancy for the storage of customer data using proprietary and other algorithms.
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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.
−Removed: Multiple vaults are grouped together to form one cluster, and one or more clusters are organized into a region.
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.
−Removed: 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.
−Removed: Our systems also manage the automation, monitoring, and security of this infrastructure.
−Removed: As our customers’ data grows, and our total revenue with it, we seek to continuously and smoothly deploy additional infrastructure and utilize finance leases to match the capital outlays with additional incoming revenue.
−Removed: A significant amount of our employees are either software engineers that develop and improve the software that runs our Storage Cloud or Cloud Operations employees that specialize in network operations, site reliability engineering, technical operations, and supply chain, which operate our software and systems to deliver our infrastructure as a service and our cloud services.
−Removed: Our Cloud Service Offerings
−Removed: Backblaze B2 Cloud Storage.
−Removed: B2 Cloud Storage provides customers direct access to our Storage Cloud to store, use and protect data.
−Removed: Users can access the platform through industry standard and native application programming interfaces (APIs), software development kits (SDKs), our web interface, or hundreds of third-party integrations.
−Removed: The wide range of options for accessing B2 Cloud Storage allows anyone to use it, including developers and partners who can integrate storage capabilities into their technology stack or build their own solutions on top of our platform.
−Removed: 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) workflow, ensuring data accessibility, scalability, and efficient network performance.
−Removed: 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.
−Removed: B2's open platform and free egress (up to 3x) drive cost-efficient multi-cloud architectures, enabling seamless data orchestration across diverse cloud environments.
−Removed: 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.
−Removed: Customers leverage B2 Cloud Storage for a wide range of other use cases as well, including public, hybrid and multi-cloud data storage;
+Added: As our customers’ data needs grow, we seek to continuously and smoothly deploy additional infrastructure and utilize finance leases to align capital deployment with platform scaling requirements.
+Added: These ongoing investments are designed to support high sustained throughput relative to price, while performing at levels that we believe are at or above competitors’ performance across a range of metrics, including upload and download throughput for multiple file sizes and concurrency profiles.
+Added: We periodically publish performance testing results and our performance testing methodologies to enhance transparency and enable benchmarking against other cloud storage providers.
+Added: Cloud Service Offerings
+Added: Through our Backblaze Storage Cloud platform, we deliver two primary services, B2 Cloud Storage and Computer Backup, which are designed to enable customers to store, use, and protect their data in flexible and cost-effective ways.
+Added: These services leverage the same core software architecture, allowing us to serve a broad spectrum of customers, from individual users to large enterprises, with consistent performance, security, and reliability.
+Added: B2 Cloud Storage
+Added: B2 Cloud Storage provides customers with direct access to the Backblaze Storage Cloud platform, enabling them to store, use and protect data for a broad range of use cases.
+Added: Users can access this platform through industry standard and native application programming interfaces, software development kits, our web interface, or hundreds of third-party integrations.
+Added: The wide range of options for accessing B2 Cloud Storage allow for broad use, including developers and partners who can integrate storage capabilities into their technology stack or build their own solutions on top of our platform.
+Added: Customers also strategically tier backups of their core data systems to the Backblaze Storage Cloud platform, including on-premises and virtual machine servers and other high-capacity storage devices.
+Added: Businesses are increasingly incorporating B2 Cloud Storage, including our premium high-throughput offering, B2 Overdrive, into AI and machine learning (“ML”) workflows, ensuring data accessibility, scalability, and efficient network performance.
+Added: From raw data collection and processing, to model training and inference, B2 Cloud Storage is designed to provide a reliable foundation for managing vast datasets, enable seamless data transfer to graphics processing unit (“GPU”) clusters, optimize storage for AI-generated outputs, and provide cost-effective, scalable storage for monitoring and logs.
+Added: B2 Overdrive is built on the foundation of B2 Cloud Storage, and includes throughput up to 1Tbps, unlimited free egress, and private networking support, designed to give customers the ability to run data-intensive workloads without compromising on performance to keep costs manageable.
+Added: This flexibility allows customers to leverage best-of-breed compute GPU services without vendor lock-in, and significantly reduces data transfer costs, maximizing resource utilization and minimizing overall expenses.
+Added: Customers leverage B2 Cloud Storage for a wide range of other use cases, including public, hybrid and multi-cloud data storage;
application development and DevOps;
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and Internet of Things (e.g., storing data for surveillance systems, autonomous vehicles, and smart devices).
−Removed: Backblaze Computer Backup.
−Removed: Our Computer Backup cloud service backs up laptops, desktops, and external hard drives in a continuous and automated fashion.
+Added: In multi-cloud environments typical of AI and data-intensive workloads, customers frequently move large volumes of data across cloud providers, which can create operational complexity and result in significant data egress fees.
+Added: B2 Cloud Storage's open platform and standard free egress (up to 3x of data stored) are designed to enable cost-efficient multi-cloud architectures and seamless data orchestration across diverse cloud environments.
+Added: B2 Cloud Storage operates as an IaaS model, enabling customers to scale up and down as needed on a pay-as-you-go basis or to purchase capacity or committed contracts for greater predictability.
+Added: Computer Backup
+Added: Our Computer Backup cloud service solution backs up laptops, desktops, and external hard drives in a continuous and automated fashion.
Whether for home computers or a business’ full fleet of machines, customers can back up a virtually unlimited number of files without size or speed constraints.
−Removed: This cloud service includes a lightweight agent that runs locally on each end user’s computer, continuously searching for new and changed files in a manner unobtrusive to the user.
+Added: Computer Backup offers transparent, flat-rate pricing to allow customers to continuously back up data and is delivered as a subscription-based Software-as-a-Service (“SaaS”) model.
+Added: Computer Backup includes a lightweight agent that runs locally on each end user’s computer, continuously searching for new and changed files in a manner unobtrusive to the user.
When a new or changed file is detected, the altered data is backed up and sent to the Backblaze Storage Cloud.
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data archiving;
−Removed: organization and MSP-level management;
+Added: organization- and managed service provider (“MSP”)-level management;
and remote access.
−Removed: Our customers consist of a wide range of consumers, organizations and businesses, from SMB to enterprise.
−Removed: 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).
−Removed: Our customers span a range of industries, including a broad range of businesses, MSPs, developers, media teams, AI innovators, creative
−Removed: agencies, academic institutions, government agencies, research institutes, gaming companies, and individuals.
+Added: Substantially all of our revenue is recurring in nature.
+Added: We employ a land-and-expand model that drives additional revenue from existing customers.
+Added: As customers generate, store, and back up more data, their use of our platform increases, creating natural opportunities for revenue expansion.
+Added: 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.
+Added: For the year ended December 31, 2025, c ompared to the year ended December 31, 2024, o ur B2 Cloud Storage re venue grew by 26% and our Computer Backup cloud service revenue grew by 3%.
+Added: Go-to-Market and Partnerships
+Added: We continue to evolve our go-to-market strategy to focus on high-value customers with enterprise-scale workloads.
+Added: Our marketing and demand generation teams have reoriented toward account-based marketing, targeted digital campaigns, and industry-specific content.
+Added: In parallel, we have expanded our direct and channel sales capabilities to support complex procurement cycles and larger multi-year engagements.
+Added: Our go-to-market model includes both a sales-assisted motion and a self-service motion.
+Added: The sales-assisted motion is executed by our internal sales organization, while the self-service motion enables customers to begin using our services quickly through our website and onboarding tools.
+Added: Together, these motions are designed to allow us to efficiently reach a broad range of customer types and buying preferences.
+Added: Sales-Assisted Motion
+Added: The sales-assisted motion is supported by the following teams within our sales organization:
+Added: • Direct Sales , which focuses on acquiring and expanding relationships with larger customers and strategic accounts, including leading neocloud and AI customers.
+Added: • Channel Sales , which manages relationships with resellers and distribution partners who sell our solutions to their customers.
+Added: • Alliances , which collaborates with technology partners whose solutions integrate with or complement our platform, enhancing the value we deliver to joint customers.
+Added: While our Direct Sales team focuses on acquiring and expanding relationships with larger customers, our Channel Sales and Alliances teams extend our reach by working with our broader partner ecosystem.
+Added: This ecosystem, including technology partners, channel partners, and MSPs, broadens our distribution network, enhances product integration opportunities, and is designed to drive incremental adoption of our Backblaze Storage Cloud solutions.
+Added: Partner Ecosystem
+Added: • Technology Partners.
+Added: Our platform, together with those of our technology partners, enables software developers to efficiently build applications and provides a cloud storage foundation for partners whose products require reliable, scalable data storage to serve their customers.
+Added: Partners offering software, hardware, or SaaS solutions to perform backups, synchronize data, manage media, and address other use cases either integrate our Backblaze Storage Cloud as their underlying data storage, or offer it as an optional storage choice to their customers.
+Added: • Channel Partners .
+Added: We sell B2 Cloud Storage to resellers at a discounted rate.
+Added: Resellers then market and sell B2 Cloud Storage individually or as part of broader solutions to businesses and organizations.
+Added: This channel provides greater access to markets with specialty needs in the purchasing process, like state and local governments and educational institutions.
+Added: Our platform enables MSP partners to store data for backups, archives, hybrid cloud setups, ransomware protection, and other data management use cases.
+Added: MSPs deliver critical IT solutions for mid-market organizations who often lack the resources to manage these workloads internally.
+Added: We believe these providers choose Backblaze for the breadth of our platform support, competitive pricing that strengthens their own margin profiles, and ease of use that simplifies service delivery across diverse client environments.
+Added: Our white-label Powered By Backblaze program enables third-party organizations to integrate our cloud storage into their products and offer it directly to their customers under their own brand while owning the customer relationship.
+Added: This program expands our reach into new customer segments and markets and creates shared growth opportunities with our partners.
+Added: Our customer base includes individuals, developers, MSPs, small and medium-sized businesses and large enterprises across industries including media, AI innovators, creative agencies, academic institutions, government agencies, research institutes, and gaming companies.
+Added: As of December 31, 2025, we had over 500,000 customers in over 175 countries, including approximately 400,000 customers using our Computer Backup cloud services solution and approximately 120,000 customers using our B2 Cloud Storage solution (approximately 20,000 customers use both our B2 Cloud Storage and Computer Backup solutions).
Our customer base is highly diversified, with no single customer accounting for more than 10% of our total revenue in 2025 or 2024.
+Added: The markets addressed by our platform include Public Cloud IaaS storage.
+Added: According to International Data Corporation forecasts, the worldwide market for Public Cloud IaaS Storage is expected to grow to $118 billion by 2028.
Sales and Marketing
−Removed: 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 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.
−Removed: Prospective customers find us through a number of sources including our website, partners, and brand advocates.
−Removed: We regularly optimize our website to improve the user experience and increase traffic through search engine optimization to accelerate lead generation.
−Removed: We have fostered community engagement through the content shared on our blog, which is read by millions of people.
−Removed: In addition to generating customers, our content generation efforts have contributed to building a community of thousands of partners.
−Removed: Our technology, channel, and MSP partners expand use cases and attract customers, thereby increasing the usage of our platform.
−Removed: Our marketing efforts focus on establishing our brand, generating awareness, creating leads, and cultivating the Backblaze community.
−Removed: The marketing team consists primarily of demand generation, product marketing, corporate communications and publishing, social media, and lifecycle marketing teams.
+Added: Our sales and marketing strategy is designed to drive awareness, adoption, and expansion across both self-serve and direct sales motions by aligning our go-to-market efforts with how developers and businesses increasingly discover and adopt cloud infrastructure.
+Added: We are investing in a number of initiatives that reduce friction for developers building businesses with AI- and other data-intensive workloads, while reinforcing our positioning as a high-performance, cost-effective, open cloud storage provider.
+Added: These efforts are intended to generate qualified demand, support customer acquisition via an account-based marketing approach, and strengthen our presence within key ecosystems, allowing us to effectively go to market with customers ranging from fast moving startups to established businesses with complex procurement cycles and larger multi-year engagements.
+Added: Key initiatives of this strategy include creating opportunities for frictionless AI adoption through open source ecosystems, expansion of our developer relations efforts, and the launch of Flamethrower, a startup program designed to provide early-stage companies with product credits, technical support, and ecosystem partnerships to drive early adoption and long-term customer growth.
+Added: Prospective customers find us through multiple channels, including our website, partner ecosystem, and community engagement.
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.
+Added: We also attend and sponsor industry events and are launching digital advertising campaigns to further extend our reach.
+Added: In addition to generating customers, our content generation efforts have contributed to building a community of thousands of partners.
Research and Development
−Removed: We invest substantial resources in research and development.
−Removed: 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 our white-label solution called Powered By Backblaze which enables customers to sell B2 Cloud Storage on their platform and under their own brand.
−Removed: Development of software based solutions such as Computer Backup Enterprise Control provides up-selling opportunities that help customers while improving our gross margin profile.
−Removed: Substantially all of our engineering organization is focused on software development.
−Removed: We generally have a continuous product release cycle and we typically release updates on a weekly basis.
−Removed: We establish priorities for our organization by collaborating closely with our customers, community, and employees.
−Removed: Our current primary competitors generally fall into the following categories:
−Removed: traditional public cloud vendors, such as Amazon.com, Inc.
−Removed: through Amazon Web Services, Alphabet Inc.
−Removed: through Google Cloud Platform, and Microsoft Corporation through Azure;
−Removed: certain smaller and/or private cloud storage competitors;
−Removed: 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 free egress (up to 3x) and support for an open cloud ecosystem.
−Removed: Our innovation increasingly plays a role in how we attract and win customers, including work on key platform features;
−Removed: interoperability;
−Removed: capabilities for configurability and APIs;
−Removed: and, availability, durability, scalability, and performance.
−Removed: We are also differentiated by brand awareness and reputation;
−Removed: transparency of our pricing with customers;
−Removed: customer support;
−Removed: independence;
−Removed: and our partner ecosystem.
+Added: Our R&D investments are focused on building an exabyte-scale storage platform that supports modern, data-intensive use cases, including AI training, analytics, and high-performance computing.
+Added: In 2025, we launched several new features that enhance performance, enterprise administration, and security, such as B2 Overdrive, an updated enterprise web console, Bucket Access Logs, AI-powered Anomaly Alerts, Multi-Bucket Application Keys, support for S3 API lifecycle rules and checksums, and Legal Hold for Computer Backup.
+Added: We continue to invest in optimizing our global storage architecture for scale and throughput, ensuring the Backblaze Storage Cloud remains performant and cost-efficient as customer data footprints and workloads expand.
+Added: To support higher performance and more complex use cases, we delivered platform enhancements, including upgrading our network with AI-ready 400G-capable links, optimizing our backend for faster uploads and downloads, expanding capacity and efficiency across regions, and instituting mandatory multi-factor authentication to improve account security.
+Added: We compete primarily on the efficiency of our platform, which enables us to deliver high-performance, enterprise-grade cloud storage at a meaningfully lower cost than traditional hyperscale providers.
+Added: Our proprietary infrastructure design and software-driven architecture create operating efficiencies that we pass directly to customers through simple and transparent pricing.
+Added: This combination of performance, predictability, and affordability appeals to both enterprise and AI-driven organizations that require scalable, reliable data storage.
+Added: In addition to price, we differentiate through ease of use, interoperability, and an open cloud ecosystem that integrates with a broad range of technology partners and multi-cloud environments.
+Added: Our growing network of MSPs, channel partners, and technology integrations extends our reach into enterprise and mid-market segments, providing customers flexible procurement and deployment options.
+Added: This efficiency-driven affordability positions Backblaze as a distinct alternative for organizations scaling workloads such as AI/ML training, media production, and data resilience.
Intellectual Property
−Removed: 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 to date, we have two pending patent applications.
−Removed: In addition, we protect our intellectual
−Removed: property through a combination of trade secrets, copyrights, trademarks, service marks, and domain names where appropriate.
+Added: Our success depends in part on our ability to obtain and maintain intellectual property protection for our technology platform and cloud services, to defend and enforce our intellectual property rights, to preserve the confidentiality of our trade secrets, and to operate without infringing, misappropriating, or otherwise violating the intellectual property rights of others.
+Added: While we do not currently own any patents, we have three pending patent applications.
+Added: We protect our intellectual property through a combination of trade secrets, copyrights, trademarks, service marks, and domain names.
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.
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We also have pending trademark applications.
−Removed: Policing unauthorized use of our technology and intellectual property rights is difficult.
−Removed: Despite our efforts to protect our proprietary technology and our intellectual property rights, unauthorized parties may attempt to copy or obtain and use our technology to develop applications with the same functionality as our offerings.
−Removed: In addition, while we have confidence in the measures we take to protect and preserve our trade secrets, they may be inadequate and can be breached, and we may not have adequate remedies for violations of such measures.
−Removed: Furthermore, our trade secrets may otherwise become known or be independently discovered by competitors.
−Removed: We may also be subject to third-party infringement claims from our competitors or non-practicing entities, many of these parties may have more significant resources and funding than we have.
−Removed: For more information regarding risks related to intellectual property, please see “Risk Factors—Risks Related to Intellectual Property.”
+Added: Policing unauthorized use of our technology and intellectual property rights is challenging.
+Added: Despite our efforts, unauthorized parties may attempt to copy or otherwise use our technology to develop applications with the same functionality as our offerings, and the measures we take to protect and preserve our trade secrets may be inadequate, and we may not have adequate remedies for violations of such measures.
+Added: Furthermore, our trade secrets may become known or be independently discovered by competitors.
+Added: We may also be subject to third-party infringement claims from our competitors or non-practicing entities, some of which may have greater resources than we have.
+Added: For more information regarding risks related to our intellectual property, see “Risk Factors—Risks Related to Intellectual Property.”
Employees and Human Capital
−Removed: W e believe we have an aligned and engaged workforce.
−Removed: As of December 31, 2024, we had 346 full -time employees.
−Removed: Many of our employees are based out of our San Mateo, California headquarters.
−Removed: 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.
−Removed: 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.
−Removed: Culture is very important at Backblaze and we recognize that employees are our greatest asset.
−Removed: 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.
−Removed: A culture empowered by awareness, acceptance and action ensures Backblaze attracts, retains and rewards high performing talent.
+Added: As of December 31, 2025, we had approximately 320 full-time employees.
+Added: Our workforce is predominantly remote, excluding certain employees, such as operational personnel.
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 positive.
−Removed: Our principal executive offices are located in San Mateo, California.
−Removed: We lease data center facilities in California;
+Added: A significant number of our employees are either software engineers that develop and
+Added: improve the software that runs our Backblaze Storage Cloud or operations employees that specialize in network operations, site reliability engineering, technical operations, and supply chain, which operate our software and systems to deliver our infrastructure as a service and our cloud services.
+Added: Backblaze’s culture is a core strength, and we believe our employees are fundamental to our success.
+Added: We emphasize inclusion, collaboration, and transparency, recognizing that diverse perspectives, skills, talents, backgrounds, cultures and circumstances strengthen our ability to innovate and serve a broad array of customers.
+Added: As our business evolves toward enterprise and AI-driven markets, we adopt an AI-first model for employees to strengthen productivity, improve customer outcomes, and support scalable growth.
+Added: We lease data center spaces in California;
Toronto, Canada;
and Amsterdam, the Netherlands.
−Removed: We believe that our properties are generally suitable to meet our needs for the foreseeable future.
−Removed: In addition, to the extent we require additional space in the future, we believe that it would be available on commercially reasonable terms.
−Removed: Follow-On Offering
−Removed: 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”).
−Removed: 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.
−Removed: We received net proceeds of $37.4 million from the offering, after deducting the underwriting discounts and commissions and other offering expenses.
+Added: These facilities support our global cloud infrastructure and are scalable to meet expected capacity needs.
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 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.
+Added: We completed our initial public offering in November 2021 and our Class A common stock is listed on The Nasdaq Global Market under the symbol “BLZE.” Our principal executive offices are located at 2261 Market Street STE 81006, San Francisco, CA 94114 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.