Backblaze, Inc. (BLZE) declined in the after-hours market after announcing its fourth quarter and fiscal 2021 results. BLZE values at $9.89, losing more than 28% compared to yesterday’s closing price. The stock closed at $13.87 at the end of the last trading session. The stock volume traded in the last trading session was around 133.41K shares. The current market cap of the company is around $299.67 million.
BLZE: Key Financials
- Backblaze, Inc. (BLZE) revenue in Q4 2021 was $18.7 million. It is a gain of more than 28% compared to the revenue of Q4 in 2020.
- Fiscal year revenue was $67.5 million, and it is an increase of more than 25% compared to the revenue in fiscal 2020.
- The company’s net loss in Q4 2021 was around $9.6 million. The net loss in Q4 2020 was around $3.4 million.
- BLZE net loss in fiscal 2021 was around $21.7 million. Net loss in fiscal 2020 was around $6.6 million.
- The Q4 2021 loss per share was $0.38. Loss per share in Q4 2020 was around $0.18.
- For fiscal 2021, the loss per share was $1.07. Loss per share in fiscal 2020 was around $0.36.
BLZE CEO’s Remarks
Gleb Budman, CEO of Backblaze, said that in Q4, our B2 Cloud Storage service grew by 56%, while our Computer Backup service grew by 16%. In order to take advantage of our enormous market potential, our Q4 growth rate has accelerated.
Aiming to become the top independent cloud for data storage, we think 2022 will be a crucial year. To capitalize on significant B2 Cloud Storage growth possibilities, we are expanding our outbound sales staff, launching our first major advertising campaign, and developing developer evangelism and partner marketing teams.
BLZE 2022 Outlook
Backblaze, Inc. (BLZE) predicts revenue of between $19.0 million and $19.5 million for the first quarter of 2022. In the range of -20% to -16% for adjusted EBITDA margin. They expect a total of 30.5 million to 31.0 million common shares in circulation.
Backblaze, Inc. (BLZE) anticipates revenue of between $83 million and $86 million for the whole year 2022. They also expect adjusted EBITDA margins of -18% to -14% in fiscal 2022.
Conclusion
The company is currently growing. That is why they are focusing on revenue to grab market share. Such a growth strategy focuses on revenue growth first. Profitability is the second phase of such strategies.
