Backblaze, Inc. announced its financial results for the third quarter ended September 30, 2024, on November 7, 2024. The company reported total revenue of $32.6 million, representing a 29% increase year-over-year. This performance highlights the company's ongoing growth trajectory.
The company's Q3 2024 presentation detailed a total Annual Recurring Revenue (ARR) of $131 million. B2 Cloud Storage ARR growth was particularly strong, increasing by 39% year-over-year, with a Net Revenue Retention (NRR) rate of 128% for the B2 Cloud Storage business.
Backblaze achieved a 12% Adjusted EBITDA Margin for the total company in Q3 2024. This represents a significant 1,500 basis point improvement over the prior year, demonstrating enhanced operational efficiency and progress towards profitability.
These results underscore the company's strategic focus on accelerating B2 Cloud Storage growth and improving its financial profile. The substantial increase in Adjusted EBITDA Margin reflects the positive impact of cost management initiatives and scaling of the business.
The company also noted a $118 billion Total Addressable Market (TAM) for Public Cloud Infrastructure-as-a-Service Storage by 2028, indicating a large market opportunity for its offerings.
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