Backblaze (BLZE) Research & Development (2020 - 2025)
Backblaze (BLZE) reported Research & Development of $11.24 million for Q3 2025, up 4.7% from $10.73 million a year earlier but down 5.4% from the prior quarter.
Powered by 
Analysis
Backblaze (BLZE) Research & Development (2020 - 2025) Analysis & Trends
Over the twelve months ended Sep 30, 2025, Backblaze's Research & Development came in at $47 million, up 19.0% year-over-year; for FY2024, it was $42.1 million, up 6.5% from FY2023.
- Research & Development has increased for four consecutive years, with a four-year compound annual growth rate of 34.0% (FY2020 to FY2024).
- By year, Research & Development came in at $39.53 million in FY2023 (+19.4%), $33.11 million in FY2022 (+61.2%), $20.54 million in FY2021 (+57.1%) and $13.07 million in FY2020.
- Five-year quarterly Research & Development spans a low of $3.94 million in Q4 2020 and a high of $12.03 million in Q4 2024.
- Year over year, Research & Development has now increased in each of the last five quarters, with growth averaging 11.0% over the last eight quarters.
- The high point for year-over-year Research & Development in five years was Q1 2022 (growth of 86.0%); the low point was Q1 2024 (a decline of 7.5%).
- Per Business Quant data, the three quarters before Q3 2025 came in at $11.88 million (Q2 2025), $11.86 million (Q1 2025) and $12.03 million (Q4 2024).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,949.85 Bn | 3,873.01 Bn | 60.48 Bn | 10.00 Bn |
| 2 | International Business Machines | 228.00 Bn | 178.81 Bn | 9.91 Bn | 2.31 Bn |
| 3 | Cloudflare | 103.51 Bn | 87.04 Bn | 499.52 Mn | 159.49 Mn |
| 4 | Equinix | 97.35 Bn | 85.92 Bn | 1.40 Bn | - |
| 5 | Nebius | 41.52 Bn | 14.95 Bn | 448.70 Mn | 191.00 Mn |
| 6 | CoreWeave | 34.23 Bn | 21.32 Bn | 1.70 Bn | - |
| 7 | Verisign | 27.83 Bn | 25.04 Bn | 384.60 Mn | 27.50 Mn |
| 8 | Nutanix | 18.34 Bn | 10.03 Bn | 651.35 Mn | 205.05 Mn |
| 9 | GoDaddy | 14.21 Bn | 9.79 Bn | 828.20 Mn | - |
| 10 | Backblaze | 523.34 Mn | 317.91 Mn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2025 | 11.24 Mn |
| Jun 30, 2025 | 11.88 Mn |
| Mar 31, 2025 | 11.86 Mn |
| Dec 31, 2024 | 12.03 Mn |
| Sep 30, 2024 | 10.73 Mn |
| Jun 30, 2024 | 9.59 Mn |
| Mar 31, 2024 | 9.75 Mn |
| Dec 31, 2023 | 9.43 Mn |
| Sep 30, 2023 | 9.64 Mn |
| Jun 30, 2023 | 9.93 Mn |
| Mar 31, 2023 | 10.53 Mn |
| Dec 31, 2022 | 8.61 Mn |
| Sep 30, 2022 | 8.15 Mn |
| Jun 30, 2022 | 8.40 Mn |
| Mar 31, 2022 | 7.94 Mn |
| Dec 31, 2021 | 6.22 Mn |
| Sep 30, 2021 | 5.34 Mn |
| Jun 30, 2021 | 4.71 Mn |
| Mar 31, 2021 | 4.27 Mn |
| Dec 31, 2020 | 3.94 Mn |
API Access
Backblaze Research & Development 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=research-and-development&ticker=BLZE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "research-and-development", "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=research-and-development&ticker=BLZE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();