Backblaze, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Backblaze, Inc. has filed its 2023 Form 10-K detailing financial performance and business operations for the year ending December 31, 2023.</b>

AI Summary

Backblaze, Inc. (BLZE) filed a Annual Report (10-K) with the SEC on April 1, 2024. Backblaze, Inc. filed its 2023 Form 10-K on April 1, 2024. The filing covers the fiscal year ending December 31, 2023. Key financial data and business operations for 2023 are detailed. The report includes information on common stock, additional paid-in capital, and retained earnings. Risk factors related to suppliers and product concentration are highlighted.

Why It Matters

For investors and stakeholders tracking Backblaze, Inc., this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of Backblaze's financial health, operational performance, and strategic positioning for the fiscal year 2023. The detailed disclosures on revenue segments, risk factors, and executive compensation offer crucial insights for evaluating the company's current standing and future prospects.

Risk Assessment

Risk Level: — Backblaze, Inc. shows moderate risk based on this filing. The company faces medium risk due to supplier and product concentration, as indicated by the explicit mention of 'SupplierConcentrationRisk' and 'ProductConcentrationRisk' in the filing.

Analyst Insight

Investors should review the detailed risk factors section to understand potential impacts of supplier and product concentration on Backblaze's future performance.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-01 — Filing Date (Date of submission)
• USD — Currency (Financial reporting currency)

Key Players & Entities

• Backblaze, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• April 1, 2024 (date) — Filing date
• December 31, 2023 (date) — Fiscal year end
• 201 BALDWIN AVENUE (address) — Business address
• SAN MATEO (location) — Business address city
• CA (location) — Business address state
• 94401 (postal_code) — Business address zip

FAQ

Risk Factors

• Supplier Concentration Risk [medium — financial]: The company's operations could be adversely affected if it loses one or more key suppliers or if a supplier experiences financial difficulties.
• Product Concentration Risk [medium — financial]: A significant portion of the company's revenue is derived from a limited number of products, making it vulnerable to changes in demand or market conditions for those specific products.

Industry Context

Backblaze operates in the cloud storage and data backup industry, providing services to individuals and businesses.

Regulatory Implications

The filing adheres to SEC regulations for annual reports (Form 10-K) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements and management's discussion and analysis for the fiscal year 2023.
2. Evaluate the identified risk factors, particularly supplier and product concentration, and their potential impact.
3. Review executive compensation details to understand incentives and alignment with shareholder interests.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date Backblaze, Inc. submitted its 2023 Form 10-K to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for Backblaze, Inc. as a public company, providing a baseline for future comparisons.

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share BLZE The Nasdaq S
• $4.33 — gistrant, based on the closing price of $4.33 for a share of the registrant's Class A
• $91.0 billion — oud IaaS Storage is expected to grow to $91.0 billion by 2025. Additionally, according to IDC
• $18.4 billion — market for DPaaS is expected to grow to $18.4 billion by 2025. We believe our efficient go-to
• $54.6 billion — lds a mid-market opportunity growing to $54.6 billion in 2025. Applying the same ratio to the
• $11.0 billion — lds a mid-market opportunity growing to $11.0 billion by 2025. Our Platform and Cloud Servic

Filing Documents

• blze-20231231.htm (10-K) — 1723KB
• a103amendedandrestated2021.htm (EX-10.3) — 208KB
• ex1010blze10-k20231231.htm (EX-10.10) — 23KB
• ex211blze10-k20231231.htm (EX-21.1) — 4KB
• ex231blze10-k20231231.htm (EX-23.1) — 4KB
• ex311blze10-k20231231.htm (EX-31.1) — 11KB
• ex312blze10-k20231231.htm (EX-31.2) — 11KB
• ex321blze10-k20231231.htm (EX-32.1) — 5KB
• ex322blze10-k20231231.htm (EX-32.2) — 5KB
• ex971blze10-k20231231.htm (EX-97.1) — 24KB
• 0001462056-24-000033.txt (&nbsp;) — 9977KB
• blze-20231231.xsd (EX-101.SCH) — 72KB
• blze-20231231_cal.xml (EX-101.CAL) — 113KB
• blze-20231231_def.xml (EX-101.DEF) — 367KB
• blze-20231231_lab.xml (EX-101.LAB) — 843KB
• blze-20231231_pre.xml (EX-101.PRE) — 610KB
• blze-20231231_htm.xml (XML) — 1342KB

Risk Factors

Item 1A. Risk Factors 7

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 30 I tem 1C. Cybersecurity 30

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

Reserved

Item 6. Reserved 33

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 52

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 53

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 88

Disclosure Regarding Foreign Jurisdiction That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspections 88 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 89

Executive Compensation

Item 11. Executive Compensation 89

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 89

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 89

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 89 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 90

Form 10-K Summary

Item 16. Form 10-K Summary 92

Signatures

Signatures 93 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that are in some cases beyond our control and may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our ability to sell our platform offerings to new customers; our ability to retain and expand use of our platform by our existing customers; our ability to effectively manage our growth; our ability to successfully obtain timely returns on our investments in initiatives relating to sales and marketing, research and development, and other areas; our ability to maintain our competitive advantages; our ability to maintain and expand our partner ecosystem; our ability to maintain the security of our platform and the security and privacy of customer data; our ability to successfully expand in our existing markets and into new markets; the attraction and retention of qualified employees an

Business

Item 1. Business We are a leading specialized storage cloud platform, providing cloud services to store, use, and protect data in an easy and affordable manner. We provide these cloud services through a purpose-built, web-scale software infrastructure built on commodity hardware. We believe that by offering an easy to use, cost-effective cloud storage solution, and thereby substantially reducing the cost, complexity and frustration of storing, using, and protecting data, we can empower customers to focus on their core business operations. Through our blog and culture of transparency, we have built a community of millions of readers and brand advocates. Referrals from our community of brand advocates, com bined with our highly efficient and primarily self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed us to attract more than 500,000 customers as of December 31, 2023, and our sales and channel efforts have supported us acquiring larger customers. These customers use our Storage Cloud platform across more than 175 countries to grow and protect their business data on our over 3 billion gigabytes , of data storage under management. At its founding, Backblaze set out to dramatically simplify the process of storing, using, and protecting data. Over the following years we focused relentlessly on cutting away the complexity common among traditional cloud vendors' services and legacy on-premises system vendors. Today, we believe our solutions are differentiated by their ease of use and affordability. We believe that focusing on storage use cases and promoting an open cloud ecosystem helps position us to integrate well with a broad range of partners. From our straightforward pricing model, to our transparent communication with customers, to the popular and insightful content on our blog—we believe we have established ourselves as an open and trusted provider and partner. The Backblaze Storage Cloud organizes, safeguards, and keeps o

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View this 10-K filing on SEC EDGAR