But Cloudflare plans to offer egress traffic for free as it can leverage cross-selling opportunities between its cloud storage solution and its various other products. Get Acronis Cyber Protect Home Offic e for as little as 4.17 a month.
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For instance, Backblaze prices egress traffic (the network traffic you generate when you download a file) from its platform at an attractive 80% discount to AWS. Protect up to 5 computers with 1 TB of free cloud storage. More importantly, Cloudflare will be competing on price. Indeed, Cloudflare's new cloud storage solution will most likely address the company's vast customer base of individuals and small businesses, which corresponds to Backblaze's core customers. The shares closed out the day at 19.90, 24.37 above the 16.00 IPO price.
(NASDAQ:BLZE), a leading cloud storage platform. Candy Crush Built: Casual Gamer King Files For IPO Gaming, Mobile, IPO. Here's an illustration: In addition to the existing competition, the high-growth cloud delivery network specialist Cloudflare recently announced it has been developing a new cloud storage offering that should compete with Backblaze's. Off to a blazing start The venture capital company investing in high-growth technology companies yesterday saw shares start trading on NASDAQ in its portfolio company Backblaze, Inc. To Compete With Amazon Amazon, Cisco, Cloud, (NASDAQ:AMZN), (NASDAQ:CSCO). However, investors should realize the company remains exposed to intensifying competition, given the low barrier to entry simplified cloud storage capabilities represent. With the surge in the stock price over the last several days, the company's market cap sits at roughly $912 million, which corresponds to 16.7 times trailing-12-month sales.Īt such a rich valuation, the market is already anticipating Backblaze will provide flawless execution over the next several years to match or exceed the growth of its markets while improving profitability. 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.
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