He added: “We do expect B2 to grow faster than Computer Backup. In the earnings call Budman said: “While the Computer Backup business remains the larger of our two cloud service offerings at the moment, our strategy and increasing investments center around capitalizing on the roughly $100 billion total combined 2025 addressable markets for B2 Cloud Storage as projected by IDC.” Backblaze: We ‘expect B2 to eventually overtake backup’ Its customer focus is on the 50 percent of the market that it refers to as the underserved mid-market. B2 Cloud Storage ARR is now over $28 million with Computer Backup ARR being approximately $55 million.īackblaze is a steadily growing business with distinctive “neighbour next door” marketing attributes, like its blog which publishes periodical disk drive and SSD failure statistics, identifying drive models and manufacturers. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. Perhaps Backblaze will grow along with it, and today’s investors will be glad that they got into the name at this still-early stage. Apparently, this market is poised for exponential growth. Still, it’s fine to start accumulating the shares if you like Backblaze’s unique vision for the burgeoning “Infrastructure-as-a-Service” market. The market is still in the process of determining an appropriate price range for BLZE stock. Now we know what it stands for – and which company is seeking to dominate this niche market. So don’t be surprised if you start seeing the term “IaaS” everywhere. The total addressable market for “public cloud Infrastructure-as-a-Service” or “IaaS” is projected by IDC to be $91 billion in 2025, according to Backblaze. There should still be more room for growth, however. Indeed, Backblaze claims that B2 Cloud Storage’s revenue has climbed more than 60% year-over-year. On a financial level, the company appears to be on an upward trajectory. In fact, Backblaze currently works with nearly 500,000 customers in over 175 countries. This “automatically backs up a virtually unlimited amount of data” (according to the company), “protecting customers from ransomware, theft, and data loss, as well as providing remote access and more.” Addressing a Vast MarketĮven if you haven’t heard about Backblaze until today, the company has a sizable market presence. Then there’s the subscription-based Backblaze Computer Backup service. This service is a “pay-as-you-go” (consumption-based) offering intended for application development, ransomware protection, backup, multi-cloud and other use cases. One is called Backblaze B2 Cloud Storage. What really sets Backblaze apart and will potentially disrupt the industry are the company’s two main cloud services. In other words, it’s a whole lot of cloud storage capacity.īut again, it’s not just about big numbers. What’s an exabyte? According to Backblaze, it’s 1 million terabytes, or 1 billion gigabytes. It’s not enough just to have huge storage capacity, though we can still be impressed as Backblaze has nearly two exabytes of data storage under management. Since there are much bigger and more famous companies that offer cloud-based data storage, Backblaze must differentiate itself. Moreover, if BLZE stock crashes down through the $16 IPO price, that would be a sign that the sellers have completely taken control. However, $20 could be a significant technical level if it gets there. It’s still too early to identify a defined range for the stock. Over the next week, BLZE stock backslid somewhat and landed at $26. As the old market saying goes, trees don’t just grow straight to the heavens. 17, the stock peaked at $36.50 before it finally started to cool off. The stock jumped 24% on that first day, and then rose another 12% to $22.31 on the following day. Finally, BLZE stock started trading on the Nasdaq on Nov. In early November, Backblaze planned to price its public offering between $15 and $17.Ībout a week later, the company set an IPO price of $16.
The initial enthusiasm has subsided somewhat, though, so let’s see if we can get a technical reading on BLZE stock. Still, as we’ll discover, Backblaze has a unique vision and approach to servicing this high-demand niche.Īs for the IPO itself, it was a huge success from the outset. This created a need for bold, disruptive businesses to provide powerful, accessible cloud storage services.īackblaze filled this void but admittedly, it’s not the only cloud-storage company out there. In the wake of the Covid-19 pandemic, some businesses have moved their operations online and, more specifically, into the cloud.
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