Backblaze (BLZE) Cost of Revenue (2020 - 2025)
Backblaze's Cost of Revenue came in at $14.09 million for Q3 2025, down 4.7% from $14.79 million a year earlier but up 6.3% from the prior quarter.
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Analysis
Backblaze (BLZE) Cost of Revenue (2020 - 2025) Analysis & Trends
Over the trailing twelve months to Sep 30, 2025, Backblaze reported Cost of Revenue of $57.99 million, up 2.4% year-over-year; for FY2024, it came in at $58.29 million, up 11.7% from FY2023.
- Cost of Revenue has increased in each of the last four years, with a four-year compound annual growth rate of 22.6% (FY2020 to FY2024).
- Going back by year, Cost of Revenue was $52.16 million in FY2023 (+26.3%), $41.29 million in FY2022 (+24.6%), $33.14 million in FY2021 (+28.4%) and $25.8 million in FY2020.
- The five-year range for quarterly Cost of Revenue is $7.03 million (Q4 2020) to $15.36 million (Q1 2025).
- Year-over-year, Cost of Revenue increased in six of the last eight quarters, with growth averaging 8.4%.
- The fastest year-over-year change in Cost of Revenue over five years came in Q2 2023 (growth of 31.2%), and the weakest in Q2 2025 (a decline of 5.7%).
- Business Quant data shows BLZE's Cost of Revenue at $13.26 million (Q2 2025), $15.36 million (Q1 2025) and $15.28 million (Q4 2024) in the three quarters before Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,843.70 Bn | 3,766.85 Bn | 60.48 Bn | 29.53 Bn |
| 2 | International Business Machines | 209.74 Bn | 160.64 Bn | 9.91 Bn | 7.26 Bn |
| 3 | Cloudflare | 112.41 Bn | 95.94 Bn | 499.52 Mn | 196.54 Mn |
| 4 | Equinix | 101.21 Bn | 89.76 Bn | 1.40 Bn | 1.23 Bn |
| 5 | Nebius | 61.44 Bn | 34.87 Bn | 448.70 Mn | 133.60 Mn |
| 6 | CoreWeave | 49.38 Bn | 36.47 Bn | 1.70 Bn | 879.00 Mn |
| 7 | Verisign | 26.06 Bn | 23.28 Bn | 384.60 Mn | 50.00 Mn |
| 8 | Nutanix | 19.56 Bn | 11.24 Bn | 651.35 Mn | 105.73 Mn |
| 9 | Akamai Technologies | 15.64 Bn | 9.05 Bn | 613.75 Mn | 485.93 Mn |
| 10 | Backblaze | 828.57 Mn | 623.15 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 14.09 Mn |
| Jun 30, 2025 | 13.26 Mn |
| Mar 31, 2025 | 15.36 Mn |
| Dec 31, 2024 | 15.28 Mn |
| Sep 30, 2024 | 14.79 Mn |
| Jun 30, 2024 | 14.06 Mn |
| Mar 31, 2024 | 14.16 Mn |
| Dec 31, 2023 | 13.65 Mn |
| Sep 30, 2023 | 13.55 Mn |
| Jun 30, 2023 | 12.54 Mn |
| Mar 31, 2023 | 12.43 Mn |
| Dec 31, 2022 | 11.22 Mn |
| Sep 30, 2022 | 10.84 Mn |
| Jun 30, 2022 | 9.56 Mn |
| Mar 31, 2022 | 9.68 Mn |
| Dec 31, 2021 | 8.86 Mn |
| Sep 30, 2021 | 8.52 Mn |
| Jun 30, 2021 | 7.93 Mn |
| Mar 31, 2021 | 7.83 Mn |
| Dec 31, 2020 | 7.03 Mn |
API Access
Backblaze Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "BLZE", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();