Backblaze Inc. has announced its financial results for the first quarter of 2025, revealing a 15% increase in revenue year-over-year, totaling $34.6 million. The company's B2 Cloud Storage segment saw a robust 23% growth, with revenue reaching $18.0 million, while the Computer Backup segment grew by 8% to $16.6 million. Gross profit for the quarter was reported at $19.3 million, representing 56% of revenue, an improvement from 53% in the same quarter of the previous year. Adjusted gross profit came in at $27.3 million, or 79% of revenue, up from 77% in Q1 2024. The net loss decreased to $9.3 million from $11.1 million in Q1 2024. In terms of business developments, Backblaze launched the B2 Cloud Storage Overdrive, a high-performance solution tailored to AI customer demands, and signed its largest contractual commitment to date, a multi-million dollar contract over multiple years, indicating a deepening commitment to the AI space and prospects for future growth.
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