Q1 2024 Backblaze Inc Earnings Call Transcript
Key Points
- Backblaze Inc (BLZE) reported a 28% year-over-year revenue growth, outperforming last year's growth rate.
- Adjusted EBITDA margin improved significantly to a positive 6% from a negative 12% a year ago.
- Cash usage was dramatically reduced to $600,000 this quarter compared to $13 million in the same period last year.
- The company launched several new products, including event notifications, enhancing its competitive edge in cloud storage solutions.
- Backblaze Inc (BLZE) expanded its partner ecosystem, adding significant partners like Barclays and Carahsoft, which facilitates easier procurement for government and education sectors.
- The CFO, Frank Patchel, announced his retirement, introducing potential uncertainty in the financial leadership.
- Despite overall growth, the B2 cloud ARR growth rate showed a slight deceleration compared to previous quarters.
- The company faces intense competition from major cloud providers like Amazon, Google, and Microsoft.
- There are no immediate plans for dividend distribution as the company focuses on growth investments, which might concern income-focused investors.
- Some customers and analysts expressed concerns about the complexity and integration challenges with Backblaze Inc (BLZE)'s B2 API.
Hello and welcome to the Backblaze first-quarter 2024 conference call. (Operator Instructions)
As a reminder, this conference is being recorded. I would now like to hand the call to Mimi Kong, Director of Investor Relations and Corporate Development. Please go ahead.
Thank you. Good afternoon, and welcome to Backblaze's first-quarter 2024 earnings call. On the call with me today are Gleb Budman, Co-Founder, CEO and Chairperson of the Board; and Frank Patchel, Chief Financial Officer.
Today, Backblaze will discuss the financial results that were distributed earlier this afternoon. Statements on this call include forward-looking statements about our future financial results, use of our IPO proceeds, results from new features and offerings, the impact of price changes, partnerships, and sales and marketing initiatives, our ability to compete effectively and manage our growth, and our strategy to acquire new customers, and retain and expand our business with
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