Backblaze, Inc.
BLZE · Services-Prepackaged Software · 60.0M shares · +18%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.58 · est. market cap ~$395M — last insider sale, 2025-03-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C54Cloud-storage provider with positive FCF but operating losses and small scale.
Strengths
- Positive FCF — $18.9M, FCF margin 12.9%
- Healthy gross margin — 60.9%
Risks
- Operating/net losses — operating margin -16.2%, net margin -17.6%, ROE -30.8% (14th)
- Small scale vs hyperscalers — per 10-K
- Tight liquidity — current ratio 1.07 (23rd)
Notable findings
- Net lossNet loss (net margin -17.6%)
- Material weakness• Although we have previously identified and remediated material weaknesses in our internal controls over financial reporting, we could experience material weaknesses in the future and the failure to
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +18%/yr over 4y (dilution, book value/share -55%)
- Notable holderHeld by 5 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
60.9%
Operating margin
-16.2%
Net margin
-17.6%
Return on equity
-30.8%
Return on assets
-13.4%
Revenue growth (QoQ)
2.4%
Current ratio
1.1×
Free cash flow
$19M
EBITDA
$2M
Tangible book value
$83M
Cash & investments
$51M
Stock comp / revenue
18.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-26 | NELSON BARBARA H | Grant | 19K | — |
| 2026-05-26 | Carter Miller Jocelyn | Grant | 19K | — |
| 2026-05-26 | FRY EARL E | Grant | 19K | — |
| 2026-05-26 | D An Evelyn | Grant | 19K | — |
| 2026-05-20 | Budman Gleb | Disposition | 18K | $7.43 |
| 2026-05-20 | Suidan Marc | Tax withheld | 269 | $7.43 |
| 2026-05-20 | Budman Gleb | Tax withheld | 13K | $7.43 |
| 2026-05-20 | Budman Gleb | Disposition | 18K | $7.43 |
| 2026-05-20 | Budman Gleb | Tax withheld | 13K | $7.43 |
| 2026-05-20 | Suidan Marc | Disposition | 18K | $7.43 |
| 2026-05-19 | Suidan Marc | Grant | 2.5K | $3.68 |
| 2026-05-14 | Budman Gleb | Tax withheld | 3.8K | $7.27 |
| 2026-05-14 | Suidan Marc | Tax withheld | 2.6K | $7.27 |
| 2026-04-01 | Budman Gleb | Grant | 128K | — |
| 2026-04-01 | Suidan Marc | Grant | 85K | — |
| 2026-03-10 | Spraggins Daniel | Grant | 234K | — |
| 2026-02-27 | Budman Gleb | Grant | 75K | — |
| 2026-02-27 | Suidan Marc | Grant | 41K | — |
| 2026-02-27 | Suidan Marc | Tax withheld | 15K | $3.76 |
| 2026-02-27 | Budman Gleb | Tax withheld | 27K | $3.76 |
| 2026-02-20 | Suidan Marc | Tax withheld | 7.7K | $4.40 |
| 2026-02-20 | Budman Gleb | Tax withheld | 21K | $4.40 |
| 2025-11-20 | Suidan Marc | Tax withheld | 6.7K | $4.33 |
| 2025-11-20 | Budman Gleb | Tax withheld | 28K | $4.33 |
| 2025-08-20 | Budman Gleb | Tax withheld | 20K | $7.65 |
| 2025-08-20 | Suidan Marc | Tax withheld | 27K | $7.65 |
| 2025-08-20 | Cessna Tina | Tax withheld | 6.4K | $7.65 |
| 2025-05-27 | Carter-Miller Jocelyn | Grant | 25K | — |
| 2025-05-27 | D An Evelyn | Grant | 25K | — |
| 2025-05-27 | FRY EARL E | Grant | 25K | — |
| 2025-05-27 | NELSON BARBARA H | Grant | 25K | — |
| 2025-05-20 | Cessna Tina | Tax withheld | 6.9K | $5.33 |
| 2025-05-20 | Budman Gleb | Tax withheld | 20K | $5.33 |
| 2025-03-05 | Budman Gleb | Grant | 300K | — |
| 2025-03-05 | Cessna Tina | Grant | 60K | — |
| 2025-03-03 | Cessna Tina | Sell | 3.8K | $6.58 |
| 2025-02-28 | Cessna Tina | Sell | 714 | $6.30 |
| 2025-02-28 | Budman Gleb | Sell | 3.5K | $6.30 |
| 2025-02-28 | Suidan Marc | Sell | 2.4K | $6.30 |
| 2025-02-27 | Cessna Tina | Sell | 584 | $6.61 |
| 2025-02-27 | Budman Gleb | Sell | 2.9K | $6.61 |
| 2025-02-27 | Suidan Marc | Sell | 2.0K | $6.61 |
| 2025-02-26 | Budman Gleb | Grant | 17K | $6.68 |
| 2025-02-26 | Suidan Marc | Grant | 10K | $6.68 |
| 2025-02-26 | Cessna Tina | Grant | 5.1K | $6.68 |
| 2025-02-20 | Cessna Tina | Tax withheld | 6.5K | $7.45 |
| 2025-02-20 | Budman Gleb | Tax withheld | 11K | $7.45 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-05-27 | Shareholder vote | filing ↗ |
| 2026-05-04 | ResultsExhibits | filing ↗ |
| 2026-02-23 | ResultsExhibits | filing ↗ |
| 2025-11-06 | ResultsOtherExhibits | filing ↗ |
| 2025-08-07 | Material agreementResultsOtherExhibits | filing ↗ |
| 2025-08-07 | Exhibits | filing ↗ |
| 2025-06-13 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-16 | 0001628280-26-044804 ↗ |
| 8-K | 2026-05-27 | 2026-05-26 | 0001628280-26-038272 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001628280-26-029795 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001628280-26-029797 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001628280-26-016395 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001628280-26-010594 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001628280-25-049877 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001628280-25-049848 ↗ |
| 8-K/A | 2025-08-07 | 2025-08-07 | 0001628280-25-038639 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001628280-25-038582 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001628280-25-038603 ↗ |
| 8-K | 2025-06-13 | 2025-06-13 | 0001628280-25-031146 ↗ |