Backblaze, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 25, 2025. The company reported full-year 2024 total revenue of $127.6 million, representing a 25% increase from fiscal year 2023.
Key operational highlights for Q4 2024 included achieving record sales bookings, which reflects the highest amount of customer contractual commitments for B2 in company history. Sales productivity doubled year-over-year, and the company exceeded its B2 sales booking targets for both the quarter and the full year.
Backblaze also secured an over $1 million Annual Contract Value (ACV) customer in Q4 2024 and achieved record B2 Net New Annual Recurring Revenue (ARR) sequential dollar organic growth since its IPO. These achievements demonstrate the effectiveness of its go-to-market transformation.
The company's AI customer base grew by 65% year-over-year in Q4 2024, with the data stored by AI companies increasing approximately 10x year-over-year. As of December 2024, three of Backblaze's top 10 customers were AI companies, underscoring AI as a significant growth driver.
Looking ahead, Backblaze is targeting to be Adjusted Free Cash Flow positive by Q4 2025 and expects B2 Cloud Storage growth to exit at over 30% year-over-year by Q4 2025. These forward-looking statements reflect confidence in continued growth and profitability.
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