Controls and Procedures
−Removed: (a) Evaluation of Disclosure Controls and Procedures
+Added: Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K.
−Removed: The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the
−Removed: Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
+Added: The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
1 unchanged sentence
Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2025.
−Removed: (b) Management’s Report on Internal Control Over Financial Reporting
+Added: Management’s Report on Internal Control Over Financial Reporting
This annual report does not include an attestation report of our registered public accounting firm due to an exemption for “emerging growth companies.”
2 unchanged sentences
Management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting as of December 31, 2025 based on the criteria described in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
−Removed: A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
−Removed: Based on this assessment, our management concluded that our internal control over financial re porting was effective as of December 31, 2024, due to the remediation of three material weaknesses in our internal control over financial reporting described below.
−Removed: I n light of this fact, our management has concluded that the consolidated financial statements for the periods covered by and included in this Annual Report on Form 10-K fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.
−Removed: c) Remediation of Previously Identified Material Weaknesses in Internal Control Over Financial Reporting
−Removed: As previously reported, management determined that the Company had the following material weaknesses in its internal control over financial reporting at December 31, 2023:
−Removed: our controls were not operating effectively to allow sufficient and timely review of significant accounting transactions, account reconciliations and presentation of the statement of cash flows;
−Removed: our controls over certain equity transactions were not operating effectively to allow management to timely identify errors related to the recording of those transactions;
−Removed: specifically, we did not have sufficient technical resources to appropriately identify errors in the accounting for equity awards, resulting in misstatements relating to completeness and accuracy of stock-based compensation.
−Removed: our controls were not adequately designed and operating effectively to allow sufficient and timely review of the key assumptions and mathematical accuracy of our going concern assessment.
−Removed: Management, with the participation of our Chief Executive Officer and Chief Financial Officer, has continued to implement remediation plans throughout 2024.
−Removed: The actions we took to remediate the material weaknesses included the following:
−Removed: • We hired additional accounting and financial personnel who possess public company accounting and reporting technical expertise, including a Chief Financial Officer, VP Corporate Accounting, and other key accounting and finance roles to oversee internal controls and procedures and implement a formal closing process.
−Removed: • Our Internal Audit team assisted us in evaluating our internal-control framework and made several recommendations for findings noted.
−Removed: We enhanced our controls and documentation support based on these recommendations.
−Removed: • We have strengthened procedures and controls around balance sheet reconciliations and cash flow review by implementing account reconciliation software and ensuring appropriate personnel include adequate source data and procedures to support our documentation.
−Removed: • We enhanced our ERP system to assist us in supporting reconciliations and in processing transactions related to fixed assets, leases, revenue recognition, and equity administration more efficiently and effectively.
−Removed: The ERP system provides significant enhancements to our internal control and reporting environment.
−Removed: We completed our remediation plan for all material weaknesses noted above and believe our controls are appropriately designed.
−Removed: Through testing of our internal controls completed during the year ended December 31, 2024, management has determined that the controls related to the remediation actions discussed above were effectively designed and operated effectively for a sufficient period of time to enable us to conclude that the material weaknesses have been remediated as of December 31, 2024.
−Removed: (d) Inherent Limitations on Effectiveness of Controls
+Added: Based on this assessment, our management concluded that our internal control over financial re porting was effective as of December 31, 2025.
+Added: Inherent Limitations on Effectiveness of Controls
A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
3 unchanged sentences
Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
−Removed: (e) Changes in Internal Control over Financial Reporting
−Removed: Except as otherwise described herein, there were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: Changes in Internal Control over Financial Reporting
+Added: There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Other Information
39 unchanged sentences
10.5+ Offer Letter, dated July 9 , 2024 , by and between the Company and Marc Suidan .
−Removed: 10.6† Loan and Security Agreement, dated October 21, 2021, by and between the Company and City National Bank.
−Removed: S-1 333-260333 10.6 10/18/2021
−Removed: 10.7 First Amendment to the Loan and Security Agreement, dated October 21, 2021, by and between the Company and City National Bank.
−Removed: 10-K 001-41026 10.8 03/28/2022
−Removed: 10.8 Second Amendment to the Loan and Security Agreement, dated as of October 21, 2021, by and between the Registrant and City National Bank
+Added: 10.6 Backblaze, Inc.
+Added: 2024 New Employee Equity Incentive Plan and forms of agreement thereunder
+Added: 10.7 Credit Agreement, dated June 4, 2025, between Backblaze, Inc.
+Added: and Citizens Bank, N.A.
8-K 001-41026
−Removed: 10.9 Third Amendment to the Loan and Security Agreement, dated as of January 20, 2023, by and between the Registrant and City National Bank
+Added: 10.1 06/05/2025
+Added: 10.8 First Amendment to Credit Agreement, dated August 1, 2025, between Backblaze, Inc.
+Added: and Citizens Bank, N.A.
8-K 001-41026
−Removed: 10.10 Fourth Amendment to the Loan and Security Agreement, dated as of December 29, 2023, by and between the Registrant and City National Bank
−Removed: B a ckblaze, Inc.
−Removed: 2024 New Employee Equity Incentive Plan and form s of agreement thereun der
−Removed: I nsider Trading Polic y
+Added: 10.1 08/07/2025
+Added: Insider Trading Policy
21.1 List of Subsidiaries of Backblaze, Inc.
+Added: 23.1 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.
23.2 Consent of BDO USA, P.C., Independent Registered Public Accounting Firm.
26 unchanged sentences
Not Applicable.
−Removed: Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of San Mateo, State of California, on this 11th day of March 2025.
+Added: Pursuant to the requirements of Section 13 or 15(d) the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 10th day of March 2026 .
Backblaze, Inc.
5 unchanged sentences
Signature Title Date
+Added: /s/ Gleb Budman
Chief Executive Officer and Chairperson
1 unchanged sentence
March 10, 2026
+Added: /s/ Marc Suidan
Chief Financial Officer
1 unchanged sentence
March 10, 2026
−Removed: Director March 11, 2025
+Added: /s/ Jocelyn Carter-Miller Director March 10, 2026
Jocelyn Carter-Miller
+Added: /s/ Barbara Nelson
Director March 10, 2026
1 unchanged sentence
Director March 10, 2026
+Added: /s/ Evelyn D’An
Director March 10, 2026
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.