Backblaze FY 2025 Earnings Snapshot

Backblaze (BLZE) has closed out FY 2025 with Q4 revenue of US$37.8 million and a basic EPS loss of US$0.09, while the trailing twelve months show revenue of US$145.8 million and a basic EPS loss of US$0.46, keeping the focus squarely on the path toward profitability. The company has seen quarterly revenue move from US$32.6 million in Q3 FY 2024 to US$37.8 million in Q4 FY 2025, with basic EPS losses narrowing from US$0.29 to US$0.09 over the same span as investors weigh modest top line momentum against ongoing earnings pressure. With revenue ticking higher but losses still material, the story here is about how efficiently Backblaze can convert that growth into tighter margins and eventually a more sustainable earnings profile.

See our full analysis for Backblaze.

With the latest numbers on the table, the next step is to see how this mix of revenue progress and persistent losses lines up against the main market narratives around Backblaze and its longer term prospects.

TTM Losses Still Above US$25 Million

• On a trailing twelve month basis to Q4 FY 2025, Backblaze recorded total revenue of US$145.8 million and a net loss of US$25.6 million, compared with a Q4 single quarter net loss of US$5.4 million. The full year picture is still clearly loss making even with a softer loss in the latest quarter.
• Consensus narrative talks about surging AI driven demand and higher value products improving margins over time, and the data here partly pushes back on that because:
  • Trailing losses of US$25.6 million are smaller than the US$46.8 million loss in the TTM to Q1 FY 2025, yet the company is still not close to break even over a full year.
  • Revenue over those same trailing periods moved from US$132.3 million to US$145.8 million, which aligns with the 9.1% annual growth figure but shows that earnings have not yet matched that revenue progress.

Quarterly Loss Per Share Swings Around

• Basic EPS over FY 2025 moved from a loss of US$0.17 in Q1 to a loss of US$0.09 in Q4, with Q3 sitting at a smaller loss of US$0.07. The trailing twelve month EPS loss narrowed from US$1.00 at Q1 to US$0.46 at Q4, so the direction across the year is toward a smaller loss per share rather than steady profitability.
• Bears focus on the point that Backblaze is expected to remain unprofitable over the next three years, and these EPS figures fit that cautious view because:
  • Even with the trailing EPS loss improving from US$1.11 in the TTM to Q4 FY 2024 to US$0.46 in the TTM to Q4 FY 2025, earnings are still negative on every quarterly and trailing basis provided.
  • Net income figures across FY 2025 remain losses in each quarter, from US$9.3 million in Q1 to US$5.4 million in Q4, which means the company has not yet shown a profitable period in the data you can see here.

On the cautious side, some investors argue that even with EPS losses narrowing, the company is still several steps away from consistent profitability and that makes the current story one to watch closely rather than assume a quick turnaround. 🐻 Backblaze Bear Case

9.1% TTM Growth Versus 10.3% Market

• Backblaze’s trailing twelve month revenue growth rate of 9.1% sits just under the cited US market rate of 10.3%, while the quarterly revenue figures show US$32.6 million in Q3 FY 2024 rising to US$37.8 million in Q4 FY 2025. The company is adding revenue but not outpacing the broader growth reference.
• Bulls often highlight the potential for AI driven storage demand to lift growth, and the current numbers give that bullish angle a mixed scorecard because:
  • Revenue over the trailing windows moved from US$122.6 million in the TTM to Q3 FY 2024 to US$145.8 million in the TTM to Q4 FY 2025, which lines up with a steady growth story that could benefit if AI workloads keep contributing.
  • At the same time, losses over those periods, while smaller at US$25.6 million versus US$46.4 million, still sit alongside that 9.1% growth rate, so any bullish thesis built on faster revenue expansion would also need to account for the ongoing absence of profitability in the figures provided.

Supporters of the optimistic view point out that modest growth and smaller losses can still be a base for a stronger AI driven phase, and they look closely at how results like these might feed into that story over the next few years. 🐂 Backblaze Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Backblaze on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this combination of smaller losses and steady revenue leaves you unsure, review the numbers yourself and act promptly to form your own view, starting with 1 important warning sign.

See What Else Is Out There

Backblaze is still posting sizeable annual losses of US$25.6 million alongside a 9.1% revenue growth rate that trails the broader 10.3% market figure.

If persistent losses and uneven progress toward profitability leave you cautious, it could be worth urgently checking companies in 78 resilient stocks with low risk scores that focus on steadier earnings and capital protection.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.