Backblaze, Inc. (NASDAQ: BLZE)

Backblaze, Inc. operates as a high-performance cloud storage platform designed to address complex data storage needs in the artificial intelligence era and across various modern cloud workloads. The company aims to reduce barriers related to lock-in, complexity, and cost, providing a solution optimized for price-to-performance at scale. Backblaze's mission is to help customers succeed by solving their toughest data storage challenges through purpose-built, web-scale software infrastructure, which is crucial for the global data center and compute infrastructure buildout.

Backblaze generates revenue through its cloud services, primarily the Backblaze Storage Cloud platform. This platform offers two main services: B2 Cloud Storage and Computer Backup. B2 Cloud Storage provides direct access to the Backblaze Storage Cloud, enabling customers to store, use, and protect data for a broad range of use cases. It is accessed through industry-standard APIs, software development kits, a web interface, or third-party integrations. Computer Backup is a cloud service solution that backs up laptops, desktops, and external hard drives continuously and automatically. The company's revenue is predominantly recurring, with a land-and-expand model that drives additional revenue from existing customers as their data needs grow.

• B2 Cloud Storage: This service provides direct access to the Backblaze Storage Cloud, enabling customers to store, use, and protect data for various use cases. It supports AI and machine learning workflows, ensuring data accessibility, scalability, and efficient network performance. The premium offering, B2 Overdrive, includes high-throughput capabilities, unlimited free egress, and private networking support. Customers use B2 Cloud Storage for public, hybrid, and multi-cloud data storage, application development, content delivery, security, media management, backup, archive, and Internet of Things applications. It operates on an Infrastructure-as-a-Service (IaaS) model, allowing customers to scale up and down as needed on a pay-as-you-go basis or purchase capacity for greater predictability.

• Computer Backup: This cloud service solution backs up laptops, desktops, and external hard drives continuously and automatically. It offers transparent, flat-rate pricing and is delivered as a subscription-based Software-as-a-Service (SaaS) model. The service includes a lightweight agent that runs locally on each end user's computer, continuously searching for new and changed files. Customers leverage Computer Backup for Mac and PC backup, ransomware protection, theft and loss recovery, data archiving, organization-level management, and remote access.

Backblaze's position within the industry is strengthened by its focus on efficiency, performance, and cost-effectiveness. The company competes primarily on the efficiency of its platform, which enables it to deliver high-performance, enterprise-grade cloud storage at a lower cost than traditional hyperscale providers. Backblaze differentiates itself through ease of use, interoperability, and an open cloud ecosystem that integrates with a broad range of technology partners and multi-cloud environments. The company's growing network of managed service providers, channel partners, and technology integrations extends its reach into enterprise and mid-market segments, providing customers with flexible procurement and deployment options. This efficiency-driven affordability positions Backblaze as a distinct alternative for organizations scaling workloads such as AI/ML training, media production, and data resilience.

Backblaze's customer base is diverse, including individuals, developers, managed service providers, small and medium-sized businesses, and large enterprises across various industries. As of December 31, 2025, the company had over 500,000 customers in over 175 countries, with approximately 400,000 customers using the Computer Backup cloud services solution and approximately 120,000 customers using the B2 Cloud Storage solution. The customer base is highly diversified, with no single customer accounting for more than 10% of the total revenue in 2025 or 2024. The markets addressed by Backblaze's platform include Public Cloud IaaS storage, which is expected to grow significantly in the coming years.