Moreover, Backblaze has managed to keep pace with powerful competitors like Amazon Web Services (AWS) due to their focus on simplicity and cost-effectiveness as well as customer service excellence. High growth stocks often trade at negative earnings ratios as they invest heavily in growth rather than generating profits that are distributed as dividends to shareholders. Looking at its financials, NASDAQ:BLZE opened at $4.33 last Friday with a market cap of $148.52 million and P/E ratio of -2.66, which were down from the previous day’s level of $5. In response to this growing challenge, Backblaze chose to provide cloud services through a web-scale software infrastructure built on commodity hardware that effectively addresses modern data management needs. The cybersecurity landscape has been rapidly evolving in recent years and has become an ever-present threat to businesses and consumers globally. Currently around 1.9% of the firm’s stock is short sold. The short-interest ratio presently stands at two days based on an average daily trading volume of 102,600 shares. This represented a 5.7% decline from the previous filing on March 15 when it was 213,200 shares. (NASDAQ:BLZE), the cloud storage platform provider, witnessed a significant decline in short interest during the month of March, with short interest totalling 201,000 shares as at March 31. In an era of blockbuster market debuts preceded by astronomical private financing rounds, Backblaze is a throwback to a time when sub-billion-dollar companies routinely went public to raise capital and build their profile in an effort to win the trust of customers.Backblaze, Inc. In the year that ended June 30, Backblaze's revenue totaled $59.9 million, with second quarter sales up about 17% to $16.2 million, according to the company's prospectus.īackblaze raised just $100 million in its offering, less than one-twentieth the amount raised this year by companies including GlobalFoundries, Robinhood and Bumble. Backblaze shares climbed 24% in their debut on Thursday and another 12% on Friday, lifting the price to $22.31 and giving the company a market cap of around $650 million. Over 100 technology companies have listed on U.S. There were 1035 IPOs on the US stock market in 2021, an all-time record. exchanges this year and, by the standards of its peers, Backblaze is a micro-cap. It was 120.4 higher than the 480 IPOs in 2020, which was also a record. At least 21 tech companies to debut in 2021 are worth over $10 billion. Coinbase is valued above $70 billion, Roblox is over $50 billion and Affirm topped $40 billion. Those companies all routinely tapped venture investors for hefty amounts of capital on their way to the public exchanges. Rivian raised $2.5 billion in a pre-IPO round in July. Backblaze, by contrast, had raised less than $3 million from outside investors between its formation in 2007 and earlier this year, when it issued $10 million in convertible notes.īut when Amazon went public in 1997, the company was generating $16 million in quarterly revenue. Until about a decade ago, when the private markets started to balloon with new entrants, it was still common for tech companies to go public with valuations below $1 billion.īackblaze executives had other reasons to go public in a highly-competitive market that features the biggest cloud services in the world from Amazon, Microsoft and Google. He said the fresh capital will help the company expand its sales team as it faces off against industry heavyweights.īackblaze currently stores two exabytes of data - that's 2 million terabytes - and has a half-million paying customers.īudman said the IPO presented a clear opportunity to open Backblaze's books to customers and prove that it's mature enough to be a long-term technology provider. Its B2 business, which competes with Amazon's S3 cloud storage offering, grew 61% in the second quarter. Enterprise-grade IT Technology, Built for You and Your Clients. sanjose/news/3/allbirds-public-nasdaq-debut-ipo-shoes-footwear.html. "I actually hope us showing this is possible for a mid-market company opens the path for more companies to do this," Budman said. Datto’s industry-leading MSP tools are designed to optimize your business and expand the services you deliver to clients.ĭatto delivers a single toolbox of easy to use products and services designed specifically for managed service providers and the businesses they serve. com/sanjose/news/0/level-home-raises-100m-buys-a-company.html. "It used to be that other companies went public at other sized scales.
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