
10 May 2023
Cenkos: Backblaze Inc - Q1 - Accelerating while peers falter
Backblaze Inc has released financial results for the quarter ended 31 March 2023 marginally ahead of market consensus. Most significantly the company achieved accelerated growth and market share gain in the enterprise cloud market. Backblaze has reiterated its revenue and earnings guidance for FY23E. We maintain a BUY rating with $10.1 fair value.

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Cenkos: Backblaze Inc - Q1 - Accelerating while peers falter
Backblaze Inc has released financial results for the quarter ended 31 March 2023 marginally ahead of market consensus. Most significantly the company achieved accelerated growth and market share gain in the enterprise cloud market. Backblaze has reiterated its revenue and earnings guidance for FY23E. We maintain a BUY rating with $10.1 fair value.