What is Backblaze, Inc.'s net debt?

Backblaze, Inc. (BLZE) reported net debt of $35.75M in Q1 2026.

How has Backblaze, Inc.'s net debt changed year-over-year?

Backblaze, Inc.'s net debt increased by 601.4% year-over-year, from $5.1M to $35.75M.

What is the long-term trend for Backblaze, Inc.'s net debt?

Over 5 years (2020 to 2025), Backblaze, Inc.'s net debt has grown at a 42.4% compound annual growth rate (CAGR), from -$5.45M to $31.94M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Backblaze, Inc. BLZE Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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1.1×-0.3×

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6×+1.6×

UnifirstUNF

-0.2×-0.1×

HES

Hess MidstreamHESM

3.1×-0.1×

Helen Of TroyHELE

4.8×+2.6×

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-0.9×—

Other financials

Income statement

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Revenue$38.7M+11.7%

Gross profit$23.5M+22.2%

Operating income-$5.4M+39.0%

Net income-$6.1M+34.1%

EPS (diluted)-$0.10+41.2%

Balance sheet

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Cash & equivalents$26.3M-35.3%

Total debt$62.0M+35.7%

Total equity$84.6M+8.8%

Total assets$192.7M+13.2%

Cash flow

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Operating cash flow$3.4M-32.0%

CapEx$651.0K+29.4%

Free cash flow$2.7M-39.0%

Valuation

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Market cap$805.4M+194%

Enterprise value$841.15M+201%

P/S5.4×+3.3×

Profitability

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Gross margin62.1%+7.1pp

Operating margin-13.4%-5.0pp

Net margin-15%-5.5pp

FCF margin11.4%+2.2pp

Returns & leverage

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Return on equity-27.6%-10.7pp

Debt / equity0.7×+0.1×

Current ratio1×0.0×

Where this comes from

Calculated from Backblaze, Inc.’s reported figures.

$62.0Mtotal debt−$26.3Mcash and equivalents=$35.75M

The official record: Backblaze, Inc.’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Backblaze, Inc.'s net debt?: Backblaze, Inc. (BLZE) reported net debt of $35.75M in Q1 2026.
How has Backblaze, Inc.'s net debt changed year-over-year?: Backblaze, Inc.'s net debt increased by 601.4% year-over-year, from $5.1M to $35.75M.
What is the long-term trend for Backblaze, Inc.'s net debt?: Over 5 years (2020 to 2025), Backblaze, Inc.'s net debt has grown at a 42.4% compound annual growth rate (CAGR), from -$5.45M to $31.94M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.