Backblaze, Inc.(NASDAQ:BLZE) 
Backblaze, Inc., a storage cloud platform, provides businesses and consumers with solutions to store, use, and protect the data worldwide. The company offers cloud services through a web-scale software infrastructure built on commodity hardware. It also provides Backblaze B2 Cloud Storage, which ena...
Website: http://www.backblaze.com
Founded: 2007
IPO Price: $16 (Nov 11, 2021)
Founder: Gleb Budman, Brian Wilson, Billy Ng, Casey Jones, Damon Uyeda, Tim Nufire, Nilay Patel
CEO: Gleb Budman
Sector: Technology
Industry: Software—Infrastructure
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 38,666,000 | 37,762,000 | 37,162,000 | 36,298,000 | 34,613,000 | 33,786,000 | 32,589,000 | 31,285,000 | 29,968,000 | 28,737,000 | 25,299,000 | 24,589,000 | 23,394,000 | 22,926,000 | 22,051,000 | 20,688,000 | 19,490,000 | 18,697,000 | 17,320,000 |
yoy | 11.71% | 11.77% | 14.03% | 16.02% | 15.50% | 17.57% | 28.82% | 27.23% | 28.10% | 25.35% | 14.73% | 18.86% | 20.03% | 22.62% | 27.32% | ||||
qoq | 2.39% | 1.61% | 2.38% | 4.87% | 2.45% | 3.67% | 4.17% | 4.39% | 4.28% | 13.59% | 2.89% | 5.11% | 2.04% | 3.97% | 6.59% | 6.15% | 4.24% | 7.95% | |
cost of revenue | 15,137,000 | 14,337,000 | 14,091,000 | 13,257,000 | 15,357,000 | 15,283,000 | 14,789,000 | 14,056,000 | 14,157,000 | 13,653,000 | 13,546,000 | 12,538,000 | 12,425,000 | 11,219,000 | 10,836,000 | 9,556,000 | 9,681,000 | 8,863,000 | 8,519,000 |
gross profit | 23,529,000 | 23,425,000 | 23,071,000 | 23,041,000 | 19,256,000 | 18,503,000 | 17,800,000 | 17,229,000 | 15,811,000 | 15,084,000 | 11,753,000 | 12,051,000 | 10,969,000 | 11,707,000 | 11,215,000 | 11,132,000 | 9,809,000 | 9,834,000 | 8,801,000 |
yoy | 22.19% | 26.60% | 29.61% | 33.73% | 21.79% | 22.67% | 51.45% | 42.97% | 44.14% | 28.85% | 4.80% | 8.26% | 11.83% | 19.05% | 27.43% | ||||
qoq | 0.44% | 1.53% | 0.13% | 19.66% | 4.07% | 3.95% | 3.31% | 8.97% | 4.82% | 28.34% | -2.47% | 9.86% | -6.30% | 4.39% | 0.75% | 13.49% | -0.25% | 11.74% | |
gross margin % | 60.85% | 62.03% | 62.08% | 63.48% | 55.63% | 54.77% | 54.62% | 55.07% | 52.76% | 52.49% | 46.46% | 49.01% | 46.89% | 51.06% | 50.86% | 53.81% | 50.33% | 52.60% | 50.81% |
operating expenses: | |||||||||||||||||||
research and development | 11,286,000 | 11,141,000 | 11,235,000 | 11,878,000 | 11,855,000 | 12,029,000 | 10,734,000 | 9,589,000 | 9,746,000 | 9,430,000 | 9,639,000 | 9,925,000 | 10,533,000 | 8,614,000 | 8,152,000 | 8,400,000 | 7,941,000 | 6,222,000 | 5,338,000 |
sales and marketing | 10,284,000 | 8,966,000 | 8,996,000 | 10,172,000 | 9,263,000 | 11,704,000 | 11,723,000 | 10,991,000 | 10,022,000 | 10,100,000 | 10,736,000 | 9,875,000 | 10,559,000 | 9,274,000 | 9,727,000 | 8,369,000 | 8,029,000 | 6,549,000 | 5,025,000 |
general and administrative | 7,312,000 | 7,983,000 | 6,161,000 | 7,708,000 | 7,058,000 | 8,542,000 | 7,541,000 | 6,458,000 | 6,553,000 | 7,179,000 | 6,944,000 | 6,165,000 | 6,677,000 | 7,364,000 | 5,396,000 | 5,182,000 | 5,528,000 | 4,640,000 | 3,104,000 |
total operating expenses | 28,882,000 | 28,090,000 | 26,392,000 | 29,758,000 | 28,176,000 | 32,275,000 | 29,998,000 | 27,038,000 | 26,321,000 | 26,709,000 | 27,319,000 | 25,965,000 | 27,769,000 | 25,252,000 | 23,275,000 | 21,951,000 | 21,498,000 | 17,411,000 | 13,467,000 |
income from operations | -5,353,000 | -4,665,000 | -3,321,000 | -6,717,000 | -8,920,000 | -13,772,000 | -12,198,000 | -9,809,000 | -10,510,000 | -11,625,000 | -15,566,000 | -13,914,000 | -16,800,000 | -13,545,000 | -12,060,000 | -10,819,000 | -11,689,000 | -7,577,000 | -4,666,000 |
yoy | -39.99% | -66.13% | -72.77% | -31.52% | -15.13% | 18.47% | -21.64% | -29.50% | -37.44% | -14.17% | 29.07% | 28.61% | 43.72% | 78.76% | 158.47% | ||||
qoq | 14.75% | 40.47% | -50.56% | -24.70% | -35.23% | 12.90% | 24.36% | -6.67% | -9.59% | -25.32% | 11.87% | -17.18% | 24.03% | 12.31% | 11.47% | -7.44% | 54.27% | 62.39% | |
operating margin % | -13.84% | -12.35% | -8.94% | -18.51% | -25.77% | -40.76% | -37.43% | -31.35% | -35.07% | -40.45% | -61.53% | -56.59% | -71.81% | -59.08% | -54.69% | -52.30% | -59.97% | -40.53% | -26.94% |
investment income | 404,000 | 451,000 | 477,000 | 500,000 | 533,000 | 363,000 | 313,000 | 362,000 | 384,000 | 408,000 | 447,000 | 519,000 | 610,000 | 560,000 | 210,000 | ||||
interest expense | -1,209,000 | -1,199,000 | -934,000 | -880,000 | -853,000 | -968,000 | -868,000 | -901,000 | -921,000 | -991,000 | -936,000 | -942,000 | -923,000 | -1,478,000 | -950,000 | -913,000 | -948,000 | -991,000 | -968,000 |
other income | 39,000 | ||||||||||||||||||
income before provision for income taxes | -6,119,000 | -5,413,000 | -3,778,000 | -7,097,000 | -9,240,000 | -14,377,000 | -12,753,000 | -10,348,000 | -11,047,000 | -12,208,000 | -16,055,000 | -14,337,000 | -17,113,000 | -14,463,000 | -12,800,000 | -11,612,000 | -9,645,000 | -5,993,000 | |
income tax provision | 28,000 | 84,000 | 6,000 | 30,000 | -37,000 | 232,000 | |||||||||||||
net income | -6,147,000 | -5,413,000 | -3,778,000 | -7,097,000 | -9,324,000 | -14,377,000 | -12,753,000 | -10,348,000 | -11,053,000 | -12,208,000 | -16,055,000 | -14,337,000 | -17,113,000 | -14,493,000 | -12,800,000 | -11,575,000 | -12,530,000 | -9,605,000 | -5,993,000 |
yoy | -34.07% | -62.35% | -70.38% | -31.42% | -15.64% | 17.77% | -20.57% | -27.82% | -35.41% | -15.77% | 25.43% | 23.86% | 36.58% | 50.89% | 113.58% | ||||
qoq | 13.56% | 43.28% | -46.77% | -23.88% | -35.15% | 12.73% | 23.24% | -6.38% | -9.46% | -23.96% | 11.98% | -16.22% | 18.08% | 13.23% | 10.58% | -7.62% | 30.45% | 60.27% | |
net income margin % | -15.90% | -14.33% | -10.17% | -19.55% | -26.94% | -42.55% | -39.13% | -33.08% | -36.88% | -42.48% | -63.46% | -58.31% | -73.15% | -63.22% | -58.05% | -55.95% | -64.29% | -51.37% | -34.60% |
net income per share | -0.1 | -0.1 | -0.07 | -0.13 | -0.17 | -0.3 | -0.29 | -0.25 | -0.27 | -0.31 | -0.44 | -0.41 | -0.5 | -0.44 | -0.4 | -0.37 | -0.41 | -0.43 | -0.32 |
weighted-average common shares outstanding, basic and diluted | 59,290,195 | 56,977,764 | 55,627,214 | 54,060,249 | 43,543,023 | 43,515,110 | 42,151,850 | 40,225,239 | 36,011,446 | 36,665,195 | 35,149,000 | 33,922,683 | 31,662,301 | 31,994,391 | 31,182,914 | 30,541,942 | 20,345,655 | 18,936,698 | |
income tax benefit | -32,000 | ||||||||||||||||||
gain on extinguishment of debt | |||||||||||||||||||
unrealized loss on safe | -89,750 | -359,000 | |||||||||||||||||
interest income | 120,000 | 75,000 | |||||||||||||||||
loss before benefit for income taxes | -12,562,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 26,276,000 | 29,182,000 | 29,077,000 | 32,187,000 | 40,606,000 | 45,776,000 | 2,950,000 | 9,273,000 | 6,319,000 | 12,502,000 | 9,016,000 | 5,886,000 | 4,047,000 | 6,690,000 | 19,290,000 | 104,843,000 | 4,684,000 | ||
marketable securities | 19,207,000 | 22,199,000 | 21,195,000 | 18,354,000 | 12,626,000 | ||||||||||||||
accounts receivable | 4,261,000 | 3,482,000 | 3,362,000 | 3,240,000 | 1,770,000 | 1,831,000 | 2,762,000 | 1,814,000 | 1,621,000 | 800,000 | 1,991,000 | 826,000 | 789,000 | 856,000 | 720,000 | 391,000 | 241,000 | 309,000 | 115,000 |
prepaid expenses | 5,687,000 | 4,195,000 | 4,182,000 | 3,258,000 | |||||||||||||||
other current assets | 7,405,000 | 6,630,000 | 7,174,000 | 7,414,000 | |||||||||||||||
total current assets | 62,836,000 | 65,688,000 | 64,990,000 | 64,453,000 | 65,016,000 | 65,748,000 | 31,897,000 | 33,712,000 | 38,719,000 | 38,514,000 | 44,883,000 | 44,726,000 | 57,972,000 | 74,399,000 | 84,532,000 | 94,605,000 | 105,287,000 | 111,082,000 | 8,803,000 |
property and equipment | 61,305,000 | 57,310,000 | 55,755,000 | 49,938,000 | 45,661,000 | 42,949,000 | 41,532,000 | 41,037,000 | 42,585,000 | 45,600,000 | 49,573,000 | 51,581,000 | 50,315,000 | 49,375,000 | 49,814,000 | 48,303,000 | 43,678,000 | 43,068,000 | 40,395,000 |
operating lease right-of-use assets | 21,403,000 | 22,713,000 | 24,929,000 | 25,873,000 | 14,965,000 | 15,873,000 | 15,729,000 | 8,962,000 | 9,470,000 | 9,980,000 | 10,482,000 | 5,672,000 | 6,318,000 | 6,881,000 | 4,753,000 | 5,085,000 | 4,677,000 | ||
capitalized internal-use software | 40,857,000 | 40,825,000 | 41,460,000 | 42,183,000 | 42,153,000 | 41,801,000 | 41,037,000 | 38,335,000 | 35,467,000 | 32,521,000 | 28,943,000 | 24,260,000 | 20,424,000 | 16,704,000 | 7,719,000 | ||||
other assets | 6,265,000 | 5,290,000 | 4,396,000 | 3,598,000 | 2,369,000 | 2,187,000 | 1,367,000 | 1,048,000 | 963,000 | 944,000 | 868,000 | 483,000 | 595,000 | 793,000 | 1,622,000 | 1,934,000 | 1,873,000 | 1,794,000 | 3,480,000 |
total assets | 192,666,000 | 191,826,000 | 191,530,000 | 186,045,000 | 170,164,000 | 168,558,000 | 136,244,000 | 127,776,000 | 131,886,000 | 131,687,000 | 134,749,000 | 134,555,000 | 142,925,000 | 152,458,000 | 156,913,000 | 160,477,000 | 164,204,000 | 163,581,000 | 60,397,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable, accrued expenses and other current liabilities | 9,227,000 | 8,714,000 | 9,164,000 | 8,203,000 | |||||||||||||||
finance lease liabilities and lease financing obligations, current | 15,181,000 | 14,873,000 | 15,208,000 | 15,250,000 | 16,364,000 | 16,327,000 | 16,520,000 | 16,951,000 | 17,352,000 | 18,492,000 | 19,077,000 | 18,179,000 | 17,446,000 | 18,531,000 | 18,796,000 | 17,643,000 | 15,107,000 | ||
operating lease liabilities, current | 4,530,000 | 5,253,000 | 4,973,000 | 4,970,000 | 3,552,000 | 4,026,000 | 3,853,000 | 1,668,000 | 1,808,000 | 1,878,000 | 1,998,000 | 1,372,000 | 1,763,000 | 2,130,000 | 2,058,000 | 2,616,000 | 1,953,000 | ||
deferred revenue, current | 30,999,000 | 30,498,000 | 30,386,000 | 30,530,000 | 31,356,000 | 30,407,000 | 30,139,000 | 29,438,000 | 28,684,000 | 25,976,000 | 23,589,000 | 23,230,000 | 22,912,000 | 22,705,000 | 22,398,000 | 22,571,000 | 21,722,000 | 21,127,000 | |
total current liabilities | 59,937,000 | 61,618,000 | 59,281,000 | 59,914,000 | 59,475,000 | 59,803,000 | 59,198,000 | 55,058,000 | 55,658,000 | 57,087,000 | 60,975,000 | 51,042,000 | 53,368,000 | 56,274,000 | 54,221,000 | 52,010,000 | 51,254,000 | 45,062,000 | 40,860,000 |
finance lease liabilities and lease financing obligations, non-current | 23,627,000 | 21,292,000 | 20,252,000 | 19,180,000 | 16,096,000 | 13,142,000 | 11,881,000 | 10,763,000 | 11,598,000 | 13,310,000 | 14,265,000 | 14,585,000 | 14,246,000 | 15,487,000 | 17,981,000 | 19,570,000 | 18,984,000 | ||
operating lease liabilities, non-current | 19,016,000 | 20,166,000 | 21,248,000 | 22,197,000 | 11,829,000 | 12,844,000 | 12,442,000 | 7,570,000 | 7,954,000 | 8,151,000 | 8,518,000 | 4,358,000 | 4,754,000 | 5,032,000 | 2,862,000 | 2,936,000 | 3,165,000 | ||
deferred revenue and other liabilities, non-current | 5,443,000 | 5,529,000 | |||||||||||||||||
total liabilities | 108,023,000 | 108,605,000 | 108,701,000 | 106,403,000 | 92,396,000 | 90,936,000 | 93,413,000 | 82,678,000 | 84,432,000 | 86,749,000 | 87,391,000 | 80,370,000 | 82,356,000 | 83,710,000 | 80,391,000 | 77,491,000 | 76,636,000 | 68,095,000 | 72,522,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||
class a common stock, 0.0001 par value... | 6,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
class b common stock, 0.0001 par value... | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |||||||||||||
treasury stock | -2,792,000 | -1,983,000 | -1,185,000 | ||||||||||||||||
additional paid-in capital | 315,173,000 | 306,795,000 | 300,192,000 | 292,042,000 | 283,072,000 | 273,602,000 | 224,435,000 | 213,949,000 | 205,957,000 | 192,388,000 | 182,600,000 | 173,372,000 | 165,419,000 | 156,485,000 | 149,767,000 | 143,431,000 | 136,438,000 | 131,826,000 | 11,824,000 |
accumulated deficit | -227,744,000 | -221,597,000 | -216,184,000 | -212,406,000 | -205,309,000 | -195,985,000 | -181,608,000 | -168,855,000 | -158,507,000 | -147,454,000 | -135,246,000 | -119,191,000 | -104,854,000 | -87,741,000 | -73,248,000 | -60,448,000 | -48,873,000 | -36,343,000 | -26,738,000 |
total stockholders’ equity | 84,643,000 | 83,221,000 | 82,829,000 | 79,642,000 | 77,768,000 | 77,622,000 | 42,831,000 | 45,098,000 | 47,454,000 | 44,938,000 | 47,358,000 | 54,185,000 | 60,569,000 | 68,748,000 | 76,522,000 | 82,986,000 | 87,568,000 | 95,486,000 | |
total liabilities and stockholders’ equity | 192,666,000 | 191,826,000 | 191,530,000 | 186,045,000 | 170,164,000 | 168,558,000 | 136,244,000 | 127,776,000 | 131,886,000 | 131,687,000 | 134,749,000 | 134,555,000 | 142,925,000 | 152,458,000 | 156,913,000 | 160,477,000 | 164,204,000 | ||
accounts payable | 1,588,000 | 1,459,000 | 1,670,000 | 1,147,000 | 1,441,000 | 2,281,000 | 1,985,000 | 2,456,000 | 3,352,000 | 3,283,000 | 2,718,000 | 1,969,000 | 2,528,000 | 2,075,000 | 1,403,000 | ||||
accrued expenses and other current liabilities | 9,406,000 | 7,584,000 | 7,016,000 | 5,854,000 | 6,373,000 | 8,460,000 | 8,248,000 | 5,805,000 | 7,014,000 | 9,418,000 | 7,944,000 | 7,384,000 | 6,138,000 | 5,109,000 | 4,089,000 | ||||
deferred revenue, non-current and other liabilities, non-current | 5,466,000 | 5,112,000 | 4,996,000 | 5,147,000 | 5,210,000 | 4,605,000 | 4,540,000 | 4,073,000 | 3,633,000 | 2,552,000 | 23,793,000 | 2,611,000 | 2,784,000 | 2,975,000 | 3,195,000 | 3,132,000 | 3,367,000 | ||
debt facility, non-current | 2,454,000 | 4,682,000 | 4,682,000 | 4,682,000 | 4,128,000 | 7,833,000 | 7,301,000 | 4,306,000 | 2,543,000 | ||||||||||
preferred stock, 0.001 par value... | |||||||||||||||||||
prepaid expenses and other current assets | 10,014,000 | 9,002,000 | 8,254,000 | 8,252,000 | 8,938,000 | 8,413,000 | 7,066,000 | 7,081,000 | 7,628,000 | 8,120,000 | 6,373,000 | 6,138,000 | 5,913,000 | 5,930,000 | 4,004,000 | ||||
short-term investments | 9,139,000 | 17,931,000 | 14,373,000 | 21,841,000 | 16,799,000 | 20,732,000 | 30,933,000 | 45,508,000 | 58,733,000 | 52,626,000 | 80,839,000 | 79,843,000 | |||||||
restricted cash, non-current | 4,682,000 | 4,682,000 | 4,682,000 | 4,128,000 | 7,833,000 | 7,301,000 | 4,306,000 | 2,544,000 | |||||||||||
restricted cash, current | 6,078,000 | ||||||||||||||||||
debt facility, current | 6,078,000 | ||||||||||||||||||
other long-term liabilities | 38,000 | 298,000 | 698,000 | ||||||||||||||||
cash | 24,813,000 | 7,237,000 | |||||||||||||||||
capitalized software | 13,648,000 | 10,550,000 | 8,689,000 | ||||||||||||||||
accrued value-added tax (“vat”) liability | 2,957,000 | 2,511,000 | 2,275,000 | ||||||||||||||||
capitalized internally-developed software | 7,637,000 | ||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ equity | |||||||||||||||||||
capital lease liability and lease financing obligation, current | 13,645,000 | 11,966,000 | |||||||||||||||||
debt, current | |||||||||||||||||||
capital lease liability and lease financing obligation, non-current | 19,603,000 | 17,238,000 | |||||||||||||||||
debt, non-current | |||||||||||||||||||
convertible preferred stock | |||||||||||||||||||
class b common stock | 2,000 | ||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 163,581,000 | ||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ deficit | |||||||||||||||||||
simple agreement for future equity (“safe”) notes | 10,359,000 | ||||||||||||||||||
convertible preferred stock, 0.001 par value... | 2,784,000 | ||||||||||||||||||
stockholders’ deficit | |||||||||||||||||||
common stock, 0.001 par value... | 5,000 | ||||||||||||||||||
total stockholders’ deficit | -14,909,000 | ||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ deficit | 60,397,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net loss | -6,147,000 | -5,413,000 | -3,778,000 | -7,097,000 | -9,324,000 | -14,377,000 | -12,753,000 | -10,348,000 | -11,053,000 | -12,208,000 | -16,055,000 | -14,337,000 | -17,113,000 | -14,493,000 | -12,800,000 | -11,575,000 | -12,530,000 | -9,605,000 |
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
noncash lease expense on operating leases | 1,310,000 | 1,579,000 | 1,401,000 | 1,039,000 | 925,000 | 1,019,000 | 690,000 | 508,000 | 510,000 | 511,000 | 546,000 | 646,000 | 647,000 | 637,000 | 691,000 | 588,000 | 541,000 | |
depreciation and amortization | 6,740,000 | 6,309,000 | 6,044,000 | 5,474,000 | 7,764,000 | 7,060,000 | 7,331,000 | 7,025,000 | 6,912,000 | 6,575,000 | 6,473,000 | 6,131,000 | 5,733,000 | 5,462,000 | 5,328,000 | 4,498,000 | 4,863,000 | 4,281,000 |
stock-based compensation | 6,901,000 | 6,328,000 | 5,445,000 | 7,304,000 | 7,359,000 | 9,133,000 | 8,438,000 | 5,528,000 | 5,529,000 | 6,507,000 | 7,958,000 | 4,884,000 | 5,828,000 | 4,038,000 | 4,830,000 | 4,346,000 | 3,835,000 | 2,018,000 |
gain on disposal of property and equipment | -13,000 | |||||||||||||||||
other | -35,000 | 261,000 | 18,000 | 235,000 | 172,000 | 31,000 | ||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | -779,000 | -120,000 | -122,000 | -1,470,000 | 61,000 | 931,000 | -948,000 | -193,000 | -821,000 | 1,191,000 | -1,165,000 | -37,000 | 67,000 | -136,000 | -329,000 | -150,000 | 68,000 | -194,000 |
prepaid expenses and other current assets | -2,275,000 | -1,102,000 | -601,000 | -81,000 | 509,000 | -568,000 | -1,312,000 | -74,000 | 467,000 | 474,000 | -145,000 | -23,000 | -58,000 | -153,000 | -1,929,000 | |||
other assets | -1,049,000 | -969,000 | -877,000 | -698,000 | -129,000 | -923,000 | -319,000 | -85,000 | -19,000 | -76,000 | -447,000 | 112,000 | 22,000 | 945,000 | 105,000 | -140,000 | 91,000 | -285,000 |
accounts payable, accrued expenses and other current liabilities | 111,000 | -434,000 | 242,000 | 199,000 | ||||||||||||||
deferred revenue and other liabilities, non-current | 415,000 | 175,000 | 210,000 | |||||||||||||||
operating lease liabilities | -1,819,000 | -1,003,000 | -1,365,000 | -493,000 | -1,606,000 | -1,322,000 | -475,000 | -524,000 | -267,000 | -496,000 | -569,000 | -746,000 | -653,000 | -694,000 | -764,000 | -561,000 | -528,000 | |
net cash from operating activities | 3,360,000 | 9,313,000 | 5,743,000 | 3,545,000 | 4,943,000 | 2,233,000 | 4,629,000 | 2,227,000 | 3,416,000 | 3,248,000 | -170,000 | -5,237,000 | -5,191,000 | -3,139,000 | -2,450,000 | -7,292,000 | -900,000 | -2,444,000 |
capital expenditures | -2,536,000 | -1,939,000 | -4,848,000 | -2,845,000 | -2,626,000 | -3,062,000 | -3,522,000 | -3,787,000 | -3,717,000 | -4,172,000 | -4,403,000 | -6,022,000 | -5,571,000 | -3,467,000 | -5,728,000 | -2,069,000 | -1,572,000 | -772,000 |
free cash flows | 824,000 | 7,374,000 | 895,000 | 700,000 | 2,317,000 | -829,000 | 1,107,000 | -1,560,000 | -301,000 | -924,000 | -4,573,000 | -11,259,000 | -10,762,000 | -6,606,000 | -8,178,000 | -9,361,000 | -2,472,000 | -3,216,000 |
cash flows from investing activities | ||||||||||||||||||
purchases of marketable securities | -4,965,000 | -5,134,000 | -6,264,000 | -9,847,000 | -18,285,000 | -5,596,000 | -8,374,000 | -9,349,000 | -14,778,000 | -6,866,000 | -9,758,000 | 0 | -9,734,000 | -32,612,000 | -20,592,000 | -12,885,000 | -79,782,000 | |
maturities of marketable securities | 8,000,000 | 3,940,000 | 3,457,000 | 4,119,000 | 14,765,000 | 14,291,000 | 4,879,000 | 16,765,000 | 9,758,000 | 10,494,000 | 18,880,000 | 15,000,000 | 23,500,000 | 27,000,000 | 49,000,000 | |||
proceeds from disposal of property and equipment | 17,000 | 13,000 | 124,000 | 16,000 | 14,000 | 118,000 | 153,000 | 199,000 | -15,000 | 50,000 | 241,000 | 1,000 | 0 | |||||
purchases of property and equipment | -651,000 | -265,000 | -3,142,000 | -784,000 | -503,000 | -826,000 | -191,000 | -271,000 | -423,000 | -446,000 | -347,000 | -1,696,000 | -3,023,000 | -3,288,000 | -2,560,000 | -985,000 | -516,000 | -686,000 |
capitalized internal-use software costs | -2,112,000 | -1,674,000 | -1,706,000 | -2,061,000 | -2,123,000 | -2,236,000 | -3,407,000 | -3,505,000 | -3,323,000 | -3,655,000 | -3,963,000 | -3,664,000 | -3,434,000 | |||||
net cash from investing activities | 289,000 | -3,120,000 | -7,531,000 | -8,557,000 | -6,132,000 | 5,751,000 | -6,940,000 | 3,839,000 | -8,781,000 | -423,000 | 5,053,000 | 9,718,000 | 7,309,000 | -11,889,000 | 23,041,000 | -3,529,000 | -81,477,000 | -1,301,000 |
cash flows from financing activities | ||||||||||||||||||
principal payments on finance leases and lease financing obligations | -4,230,000 | -4,621,000 | -4,734,000 | -4,543,000 | -5,044,000 | -4,909,000 | -4,802,000 | -5,144,000 | -4,622,000 | -5,112,000 | -4,390,000 | -3,807,000 | -3,405,000 | |||||
payment of offering costs | 0 | -10,000 | -10,000 | |||||||||||||||
payment of debt issuance costs | 0 | -48,000 | -534,000 | -20,000 | ||||||||||||||
purchase of treasury stock | -809,000 | -798,000 | ||||||||||||||||
proceeds from exercises of stock options | 351,000 | 592,000 | 2,852,000 | 844,000 | 1,050,000 | 1,130,000 | 1,335,000 | 735,000 | 4,277,000 | 1,282,000 | 1,244,000 | 1,323,000 | 859,000 | 813,000 | 1,376,000 | 1,176,000 | 887,000 | 330,000 |
taxes paid for net share settlement of equity awards | -1,778,000 | -324,000 | -774,000 | -361,000 | -458,000 | |||||||||||||
net cash from financing activities | -6,555,000 | -6,088,000 | -1,322,000 | -3,407,000 | -3,981,000 | 30,160,000 | -4,012,000 | -3,112,000 | -264,000 | -1,289,000 | -3,677,000 | -2,110,000 | -1,766,000 | -1,333,000 | -471,000 | -1,232,000 | -3,176,000 | 104,073,000 |
net decrease in cash and cash equivalents | -2,906,000 | |||||||||||||||||
cash and cash equivalents, at beginning of period | 29,182,000 | |||||||||||||||||
cash and cash equivalents, at end of period | 26,276,000 | |||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||
cash paid for interest | 1,129,000 | 1,112,000 | 932,000 | 865,000 | 829,000 | 887,000 | 875,000 | 873,000 | 944,000 | 981,000 | 936,000 | 898,000 | 918,000 | 938,000 | 950,000 | 940,000 | 948,000 | 948,000 |
supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||||
accrued bonus settled in restricted stock units | 4,130,000 | 0 | 0 | 0 | 2,014,000 | 0 | 0 | 3,507,000 | 0 | 0 | 0 | 1,848,000 | ||||||
accruals related to purchases of property and equipment | 227,000 | 76,000 | -11,000 | 29,000 | -71,000 | -93,000 | -662,000 | 886,000 | -179,000 | -361,000 | 574,000 | 124,000 | -86,000 | |||||
impairment loss on long-lived assets | ||||||||||||||||||
accounts payable | -164,000 | 362,000 | -288,000 | -457,000 | 297,000 | -347,000 | -197,000 | -48,000 | 1,764,000 | 620,000 | -1,219,000 | 462,000 | 760,000 | |||||
accrued expenses and other current liabilities | 111,000 | 1,111,000 | -755,000 | 481,000 | -1,056,000 | 1,234,000 | -1,035,000 | -565,000 | -69,000 | -43,000 | -2,045,000 | 1,187,000 | 889,000 | |||||
principal payments on finance lease and lease financing obligations | ||||||||||||||||||
proceeds from issuance of common stock upon public offering, net of underwriting discounts and commission and other offering costs | ||||||||||||||||||
payments of offering costs | ||||||||||||||||||
proceeds from debt facility | 0 | 0 | 0 | 0 | 554,000 | 0 | 744,000 | 533,000 | 2,996,000 | 1,762,000 | ||||||||
repayment of debt facility | -1,950,000 | |||||||||||||||||
proceeds from insurance premium financing | ||||||||||||||||||
principal payments on insurance premium financing | 0 | -303,000 | -297,000 | -293,000 | 0 | -521,000 | -515,000 | -509,000 | ||||||||||
proceeds from lease financing obligations | 1,950,000 | |||||||||||||||||
proceeds from espp | 1,162,000 | 0 | 1,409,000 | 0 | 1,168,000 | 0 | ||||||||||||
net increase in cash and cash equivalents and restricted cash | ||||||||||||||||||
cash and cash equivalents and restricted cash, beginning of period | ||||||||||||||||||
cash and cash equivalents and restricted cash, end of period | ||||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||||||
cash and cash equivalents | 105,000 | -3,110,000 | -8,419,000 | 40,606,000 | 42,826,000 | -6,323,000 | 2,954,000 | 6,319,000 | 19,290,000 | |||||||||
restricted cash, non-current | 0 | 0 | 4,682,000 | 532,000 | 7,301,000 | |||||||||||||
total cash and cash equivalents and restricted cash, non-current | ||||||||||||||||||
supplemental information: | ||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||
impairment loss on right-of-use assets | 0 | |||||||||||||||||
gain on disposal of assets | -115,000 | |||||||||||||||||
prepaid expenses | -712,000 | |||||||||||||||||
other current assets | 28,000 | |||||||||||||||||
net decrease in cash and cash equivalents and restricted cash | -3,110,000 | -8,419,000 | -5,170,000 | |||||||||||||||
cash and cash equivalents and restricted cash, at beginning of period | 0 | 0 | 45,776,000 | 0 | ||||||||||||||
cash and cash equivalents and restricted cash, at end of period | -3,110,000 | -8,419,000 | 40,606,000 | |||||||||||||||
reconciliation of cash and restricted cash | ||||||||||||||||||
total cash and cash equivalents and restricted cash | -3,110,000 | -8,419,000 | 40,606,000 | |||||||||||||||
stock-based compensation included in capitalized internal-use software | 824,000 | 677,000 | 1,197,000 | 916,000 | 1,049,000 | 1,257,000 | 1,673,000 | 1,022,000 | 1,008,000 | |||||||||
loss on disposal of assets | -174,000 | 15,000 | ||||||||||||||||
deferred revenue | 798,000 | 205,000 | 1,306,000 | 819,000 | 3,175,000 | 2,829,000 | 1,438,000 | -698,000 | 957,000 | 35,000 | 116,000 | -393,000 | 912,000 | 359,000 | ||||
bonus plan expense classified as stock-based compensation | 1,100,000 | |||||||||||||||||
net accretion of discount on investment securities and net realized investment gains | 97,000 | -64,000 | 52,000 | -21,000 | ||||||||||||||
impairment of capitalized internal-use software | ||||||||||||||||||
net increase in cash | ||||||||||||||||||
cash paid for income taxes | 0 | 12,000 | 40,000 | 2,000 | 1,000 | 0 | 56,000 | 2,000 | 5,000 | 0 | 0 | 26,000 | ||||||
cash paid for operating lease liabilities | 1,971,000 | 713,000 | 707,000 | 621,000 | 627,000 | 716,000 | 734,000 | 724,000 | 890,000 | 764,000 | 586,000 | 598,000 | ||||||
stock-based compensation included in property and equipment and capitalized internal-use software | ||||||||||||||||||
net increase in cash and restricted cash, non-current | -6,323,000 | 2,954,000 | -5,629,000 | |||||||||||||||
restricted cash, current | ||||||||||||||||||
equipment acquired through finance lease and lease financing obligations | 5,366,000 | 3,773,000 | 2,216,000 | 1,099,000 | 3,290,000 | 5,682,000 | 3,023,000 | 1,357,000 | ||||||||||
assets obtained in exchange for operating lease obligations | 5,300,000 | 85,000 | 183,000 | |||||||||||||||
gain on disposal of assets and other | ||||||||||||||||||
cash, cash equivalents, restricted cash, current and restricted cash, non-current at beginning of period | 0 | 16,630,000 | ||||||||||||||||
cash, restricted cash, current and restricted cash, non-current at end of period | 2,954,000 | 11,001,000 | ||||||||||||||||
2023 bonus plan expense classified as stock-based compensation | 0 | 473,000 | ||||||||||||||||
2024 bonus plan accrual classified as stock-based compensation | 526,000 | 327,000 | ||||||||||||||||
receivable recorded due to stock option exercises pending settlement | -18,000 | 23,000 | 9,000 | -125,000 | 154,000 | |||||||||||||
restricted cash - included in prepaid expenses and other current assets | 0 | 169,000 | ||||||||||||||||
total cash and restricted cash | 2,954,000 | 11,001,000 | ||||||||||||||||
other long-term liabilities | 0 | 0 | -37,000 | -32,000 | -398,000 | |||||||||||||
payments of deferred offering costs | 0 | 0 | 0 | -658,000 | -1,170,000 | |||||||||||||
employee payroll taxes paid related to net settlement of equity awards | 0 | 0 | ||||||||||||||||
net increase in cash, restricted cash and restricted cash, non-current | 1,536,000 | 1,206,000 | 2,371,000 | 352,000 | ||||||||||||||
cash, restricted cash, current and restricted cash, non-current at beginning of period | 0 | |||||||||||||||||
accrued bonus classified as stock-based compensation | 448,000 | 1,657,000 | 339,000 | 590,000 | 673,000 | 550,000 | 493,000 | |||||||||||
financed insurance premiums included in accrued expenses and other current liabilities | ||||||||||||||||||
accretion of discount on investment securities and investment income | ||||||||||||||||||
loss on disposal of assets and other adjustments | -241,000 | 13,000 | 14,000 | 11,000 | -1,000 | |||||||||||||
cash, cash equivalents, restricted cash, current and restricted cash, non-current at end of period | ||||||||||||||||||
lease liabilities arising from right-of-use assets upon adoption of asc 842 | 0 | 0 | 0 | 5,220,000 | ||||||||||||||
total cash, cash equivalents, restricted cash and restricted cash, non-current | ||||||||||||||||||
net accretion of discount on investment securities | -426,000 | -540,000 | -496,000 | -195,000 | -111,000 | -61,000 | ||||||||||||
cash and restricted cash at beginning of period | 0 | 11,165,000 | 0 | 0 | ||||||||||||||
cash, restricted cash and restricted cash, non-current at end of period | 2,371,000 | 11,517,000 | -16,361,000 | |||||||||||||||
cash | 1,839,000 | 4,047,000 | 17,576,000 | |||||||||||||||
restricted cash - included in other assets | 0 | 169,000 | ||||||||||||||||
total cash, restricted cash and restricted cash, non-current | 2,371,000 | 11,517,000 | ||||||||||||||||
gain on extinguishment of paycheck protection program (“ppp”) loan | 0 | |||||||||||||||||
realized loss and interest expense on safe | ||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs | ||||||||||||||||||
proceeds from safe | 0 | |||||||||||||||||
proceeds from employee stock purchase plan | 982,000 | 0 | ||||||||||||||||
gain on extinguishment of paycheck protection program ("ppp") loan | ||||||||||||||||||
unrealized loss on safe | ||||||||||||||||||
capitalized internally-developed software costs | -2,807,000 | -1,658,000 | -1,180,000 | |||||||||||||||
net decrease in cash, restricted cash and restricted cash, non-current | ||||||||||||||||||
stock-based compensation included in capitalized software | 803,000 | 622,000 | 383,000 | |||||||||||||||
extinguishment of ppp loan | 0 | |||||||||||||||||
net decrease in cash and restricted cash | ||||||||||||||||||
cash and restricted cash at end of period | ||||||||||||||||||
equipment acquired through finance lease obligations | 7,144,000 | 4,451,000 | ||||||||||||||||
accrued vat liability | 446,000 | 236,000 | ||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | -85,553,000 | |||||||||||||||||
cash, cash equivalents and restricted cash at beginning of period | 105,012,000 | |||||||||||||||||
cash, cash equivalents and restricted cash at end of period | 19,459,000 | |||||||||||||||||
total cash, cash equivalents and restricted cash | 19,459,000 | |||||||||||||||||
amortization of deferred contract costs | 204,000 | |||||||||||||||||
loss on disposal of assets and other | 13,000 | |||||||||||||||||
principal payments on capital lease and lease financing obligations | -3,438,000 | |||||||||||||||||
proceeds from ppp | ||||||||||||||||||
proceeds from lease financing | 1,401,000 | |||||||||||||||||
net increase in cash, cash equivalents and restricted cash | ||||||||||||||||||
stock-based compensation capitalized internal-use software | 162,000 | |||||||||||||||||
equipment acquired through capital lease obligations | 7,604,000 | |||||||||||||||||
settlement of safe notes | ||||||||||||||||||
net increase in cash and cash equivalents | ||||||||||||||||||
cash and cash equivalents at beginning of period | ||||||||||||||||||
cash and cash equivalents at end of period |