![]() Net losses increased to $6.1 million during the first half of this year, compared to a $1.3 million loss in the prior-year period. ![]() As a result, operating leverage hasn't materialized yet. The company has been investing in its infrastructure and offerings to support its growth and gain scale. Its larger DPaaS business grew only 12.2% year over year to $21.1 million. As a result, the company managed to accumulate approximately 500,000 paying customers at the end of the last quarter.īecause of its low prices, Backblaze generated modest revenue of $31.5 million during the first half of 2021, up 24.7% year over year, boosted by the strong 60.3% growth of its IaaS offering to $10.1 million. Its self-service products also better suit individual users, as well as small- and medium-sized enterprises. But Backblaze developed differentiated offerings thanks to its simplified structure and lower prices relative to competitors. Of course, such attractive markets also involve a strong competitive environment that includes the larger cloud storage players such as Amazon Web Services (AWS) and Microsoft's Azure, among others. IaaS addresses a larger opportunity that should grow at a CAGR of 27% through 2025 to top $54 billion annually. Its other product, B2 cloud storage, allows employees to store their files, develop applications, and collaborate, also known as infrastructure-as-a-service (IaaS). Management anticipates the DPaaS market should grow at a compound annual growth rate (CAGR) of 19% through 2025 to reach $11 billion a year. Its backup solution allows users to back up an unlimited amount of data from their desktops and laptops to the cloud, sometimes referred to as data protection-as-a-service (DPaaS). Backblaze has two products that leverage its cloud storage infrastructure.
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