Q3 2024 Backblaze Inc Earnings Call Transcript
Key Points
- Backblaze Inc (BLZE) reported a strong revenue growth of 29% year-over-year, with B2 cloud storage revenue increasing by 39%.
- The company achieved an adjusted EBITDA margin of 12%, showing significant improvement from the previous year.
- Backblaze Inc (BLZE) has implemented a go-to-market transformation, focusing on upskilling, partnerships, and sales plays, which has already resulted in a record pipeline and significant deals.
- The company announced the opening of a new data center region in Canada, expanding its geographical reach and meeting data sovereignty requirements.
- Backblaze Inc (BLZE) is on track to be free cash flow positive by Q4 2025, with a focus on becoming a 'rule of 40' company over time.
- Despite strong growth, B2 cloud storage revenue was lower than expected due to early churn and late deal closures.
- The company underwent a 12% reduction in workforce as part of cost-cutting measures, indicating potential challenges in managing expenses.
- Gross customer retention slightly decreased to 90% from 91% in the previous year.
- The company is still facing challenges in accelerating revenue growth, particularly in the B2 segment, which is crucial for future performance.
- Backblaze Inc (BLZE) is still in the process of transforming its go-to-market strategy, which may take time to fully realize benefits and could impact short-term performance.
Good day and welcome to the Backblaz third quarter, 2024 earnings call.
All participants will be in a listen-only mode. Should you need assistance? Please signal conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your touch tone phone and to withdraw your question, please press star Then two. Please note this event is being recorded.
I would now like to turn the conference over to Miss Mimi Kong, head of investor relations. Please go-ahead ma'am.
Thank you. Good afternoon and welcome to back blaze's third quarter, 2024 earnings call on the call with me. Today are Gleb Budman, co-founder CEO and chairperson of the board and Marc Suidan, Chief Financial Officer.
Today back las will discuss the financial results that were distributed earlier this afternoon. Statements on this call include forward
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
