UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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(650 ) 352-3738
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Item 7.01 Regulation FD Disclosure.
On August 23, 2023, Backblaze, Inc. (the "Company") announced an update to its annual guidance for 2023 as a result of pricing increases and product updates across the Company's Computer Backup and B2 Cloud Storage products. The Company’s 2023 full-year revenue outlook has been revised to $100 to $102 million from its prior guidance of $98 to $102 million, raising the midpoint to $101 million compared to the previous midpoint of $100 million. The Company’s 2023 full-year outlook range for Adjusted EBITDA margin was also improved to (6.5)% to (4.5)% versus a previous range of (8.5)% to (4.5)%.
The Company also announced that it was targeting a $20 million ending cash balance (which is inclusive of cash equivalents and investments) in 2024 and returning to being cash flow positive by mid-2025.
For the third quarter of 2023, the Company reiterated its prior guidance as of August 8, 2023 (with no changes), which reflects revenue outlook between $25.0 million to $25.4 million and Adjusted EBITDA margin outlook between (8)% to (4)%.
Conference Call
The Company also announced that it would host a conference call on August 23, 2023 at 2:00 p.m. PT (5:00 p.m. ET) to review its updated financial guidance. The webcast link is https://dpregister.com/sreg/10181950/fa3f77d550 and participants can listen by phone at 1-833-636-1326. An archive of the webcast will be available shortly after its completion on the Investor Relations section of the Backblaze website.
This information is intended to be furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | August 23, 2023 | Backblaze, Inc. | |||||||||
| By: | /s/ Frank Patchel | ||||||||||
| Frank Patchel, Chief Financial Officer | |||||||||||