BLZE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $14.36

P/E (TTM) -42.2

EPS (TTM) $-0.34

Revenue (TTM) $156M

ROE (TTM) -24.3%

52W Range $3–$24

BLZE Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$146M

2020-12-31 → 2025-12-31

EPS$-0.46

2020-12-31 → 2025-12-31

Free Cash Flow$19M

2021-12-31 → 2025-12-31

Net margin-13.1%

2021-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	5Y trend	BLZE	5Y avg	Peer Median	Verdict
P/E (TTM)		-42.25Y avg ≈-7.9	≈-7.9	·	·
Price / Tangible Book		4.15Y avg ≈4.8	≈4.8	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	BLZE	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	62.0%5Y avg ≈53.0%	≈53.0%	61.7%	In line
Operating Margin (TTM)	-11.2%5Y avg ≈-39.3%	≈-39.3%	-13.4%	Top tier
EBITDA Margin (TTM)	5.5%5Y avg ≈-16.9%	≈-16.9%	-13.4%	Top tier
Pretax Margin (TTM)	-13.0%5Y avg ≈-42.1%	≈-42.1%	-12.0%	In line
Net Profit Margin (TTM)	-13.1%5Y avg ≈-42.2%	≈-42.2%	-12.2%	In line
ROA (TTM)	-10.0%5Y avg ≈-27.2%	≈-27.2%	-7.7%	Weak
ROE (TTM)	-24.3%5Y avg ≈-71.4%	≈-71.4%	-31.4%	In line
ROIC	-28.5%5Y avg ≈-61.8%	≈-61.8%	-7.4%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	BLZE	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		1.05Y avg ≈1.4	≈1.4	1.2	Below avg
Quick Ratio (MRQ)		0.85Y avg ≈1.2	≈1.2	0.7	Strong liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	BLZE	5Y avg	Peer Median	Verdict
Revenue YoY	14.3%5Y avg ≈22.2%	≈22.2%	·	·
Revenue CAGR 3Y	19.6%5Y avg ≈22.4%	≈22.4%	·	·
Revenue CAGR 5Y	22.1%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	BLZE	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.465Y avg ≈$-1.18	≈$-1.18	·	·
Revenue / Share	$2.595Y avg ≈$2.86	≈$2.86	·	·
Cash Flow / Share	$0.425Y avg ≈$-0.01	≈$-0.01	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	BLZE	5Y avg	Peer Median	Verdict
Asset Turnover	0.85Y avg ≈0.7	≈0.7	0.8	In line
Receivables Turnover	54.95Y avg ≈146.2	≈146.2	9.5	Top tier
Revenue / Employee	≈$455.7K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 20.6%

Next Report Nov 04, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 11, 2026	$-0.08	$-0.11	25.3%
March 31, 2026	May 13, 2026	$-0.10	$-0.09	-8.9%
Dec. 31, 2025		$-0.09	$-0.11	16.0%
Sept. 30, 2025		$-0.06	$-0.12	51.8%
June 30, 2025		$-0.13	$-0.18	28.5%
March 31, 2025		$-0.17	$-0.19	10.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 17

Metric	2025	2024	2023	2022	2021	2020
Revenue	$146M	$128M	$102M	$85M	$67M	$54M
Cost of Revenue	$57M	$58M	$52M	$41M	$33M	$26M
Gross Profit	$89M	$69M	$50M	$44M	$34M	$28M
R&D Expense	$46M	$42M	$40M	$33M	$21M	$13M
SG&A Expense	$29M	$29M	$27M	$23M	$13M	$7M
Operating Expenses	$112M	$116M	$108M	$92M	$53M	$32M
Operating Income	$-24M	$-46M	$-58M	$-48M	$-19M	$-4M
Interest Expense	·	·	$4M	$4M	$4M	$3M
Interest Income	$2M	$1M	$2M	$965.0K	$0	·
Pretax Income	$-26M	$-49M	$-60M	$-51M	$-22M	$-7M
Income Tax	$84.0K	$6.0K	$0	$-39.0K	$96.0K	$5.0K
Net Income	$-26M	$-49M	$-60M	$-51M	$-22M	$-7M
EPS (Basic)	$-0.46	$-1.11	$-1.66	$-1.62	$-1.07	$-0.36
EPS (Diluted)	$-0.46	$-1.11	$-1.66	$-1.62	$-1.07	$-0.36
Shares (Basic)	56,209,667	43,543,023	36,011,446	31,662,301	20,345,655	18,609,422
Shares (Diluted)	56,209,667	43,543,023	36,011,446	31,662,301	20,345,655	18,609,422
EBITDA	$2M	·	$-33M	$-28M	$-2M	·

Balance Sheet 26

Metric	2025	2024	2023	2022	2021	2020
Cash & Equivalents	$29M	$46M	$13M	$7M	$105M	$6M
Short-term Investments	$22M	$9M	$17M	$59M	$0	·
Receivables	$3M	$2M	$800.0K	$856.0K	$309.0K	$209.0K
Prepaid Expense	$4M	$3M	$8M	$8M	$6M	$3M
Other Current Assets	$7M	$6M	·	·	·	·
Current Assets	$66M	$66M	$39M	$74M	$111M	$9M
PP&E (Net)	·	·	·	·	$43M	$39M
PP&E (Gross)	·	·	·	·	$86M	$71M
Accum. Depreciation	·	·	·	·	$43M	$32M
Intangibles	$41M	·	·	·	·	·
Other Non-current Assets	$5M	$2M	$944.0K	$793.0K	$2M	$809.0K
Total Assets	$192M	$169M	$132M	$152M	$164M	$54M
Accounts Payable	$2M	$1M	$2M	$3M	$2M	$2M
Accrued Liabilities	$2M	$1M	$1M	$3M	$2M	$1M
Current Liabilities	$62M	$60M	$57M	$56M	$45M	$36M
Capital Leases	$20M	$13M	$8M	$5M	$0	·
Other Non-current Liabilities	·	·	·	$0	$298.0K	$820.0K
Total Liabilities	$109M	$91M	$87M	$84M	$68M	$59M
Total Debt	·	·	·	·	$0	·
Common Stock	·	·	·	·	·	$5.0K
Paid-in Capital	$307M	$274M	$192M	$156M	$132M	$8M
Retained Earnings	$-222M	$-196M	$-147M	$-88M	$-36M	$-15M
Treasury Stock	$2M	$0	·	·	·	·
Stockholders' Equity	$83M	$78M	$45M	$69M	$95M	$-7M
Liabilities + Equity	$192M	$169M	$132M	$152M	$164M	$54M
Shares Outstanding	·	53,375,770	39,150,610	33,393,737	30,384,834	18,614,905

Cash Flow 14

Metric	2025	2024	2023	2022	2021	2020
D&A	$26M	$28M	$25M	$20M	$16M	$13M
Stock-based Comp	$26M	$29M	$25M	$17M	$6M	$2M
Deferred Tax	$0	$0	$0	$-38.0K	$38.0K	$0
Restructuring	$2M	$5M	$4M	·	·	·
Other Non-cash	$-3M	·	$2M	$455.0K	$3M	·
Operating Cash Flow	$24M	$13M	$-7M	$-14M	$4M	$13M
CapEx	$5M	$2M	$6M	$7M	$8M	$2M
Investing Cash Flow	$-25M	$-6M	$22M	$-74M	$-11M	$-5M
Stock Repurchased	$2M	$0	$0	·	·	·
Net Stock Activity	$-2M	·	·	·	·	·
Financing Cash Flow	$-15M	$23M	$-9M	$-6M	$107M	$-9M
Net Change in Cash	$-17M	$29M	$5M	$-94M	$99M	$-902.0K
Free Cash Flow	$19M	·	$-13M	$-21M	$-4M	·
Levered FCF	·	·	$-17M	$-25M	$-8M	·

Profitability 8

Metric	2025	2024	2023	2022	2021	2020
Gross Margin	60.9%	·	48.9%	51.5%	50.9%	·
Operating Margin	-16.2%	·	-56.8%	-56.5%	-27.9%	·
Net Margin	-17.6%	·	-58.5%	-60.4%	-32.2%	·
Pretax Margin	-17.5%	·	-58.5%	-60.4%	-32.0%	·
EBITDA Margin	1.4%	·	-32.3%	-32.8%	-3.7%	·
ROA	-14.2%	·	-42.0%	-32.5%	-19.9%	·
ROE	-31.4%	·	-129.4%	-70.8%	-53.9%	·
ROIC	-28.5%	·	-128.9%	-69.9%	-19.8%	·

Liquidity & Solvency 4

Metric	2025	2024	2023	2022	2021	2020
Current Ratio	1.1	·	0.7	1.3	2.5	·
Quick Ratio	0.9	·	0.5	1.2	2.3	·
Debt / Equity	·	·	·	·	0.0	·
Interest Coverage	·	·	-15.3	-11.2	-5.1	·

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020
Asset Turnover		0.8	·	0.7	0.5	0.6	·
Receivables Turnover		54.9	·	123.2	146.2	260.5	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020
Book Value / Share	·	·	$1.15	$2.06	$3.14	·
Revenue / Share	$2.59	·	$2.83	$2.69	$3.32	·
Cash Flow / Share	$0.42	·	$-0.20	$-0.44	$0.17	·
Cash / Share	·	·	$0.32	$0.20	$3.45	·
EPS (TTM)	$-0.46	$-1.11	$-1.66	$-1.62	$-1.07	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020
Revenue YoY	14.3%	25.1%	19.8%	26.2%	25.5%	·
Revenue CAGR 3Y	19.6%	23.7%	23.8%	·	·	·
Revenue CAGR 5Y	22.1%	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020
Revenue TTM	$146M	$128M	$102M	$85M	$67M	·
Net Income TTM	$-26M	$-49M	$-60M	$-51M	$-22M	·
Market Cap	·	·	$297M	$205M	$513M	·
Enterprise Value	·	·	·	·	$408M	·
P/E	-10.1	-5.4	-4.6	-3.8	-15.8	·
P/S	·	·	2.9	2.4	7.6	·
P/B	·	·	6.6	3.0	5.4	·
P / Tangible Book	·	4.1	6.6	3.0	5.4	·
P / Cash Flow	·	·	-40.4	-14.9	145.8	·
P / FCF	·	·	-23.1	-9.7	-126.4	·
EV / EBITDA	·	·	·	·	-165.2	·
EV / FCF	·	·	·	·	-100.6	·
EV / Revenue	·	·	·	·	6.1	·
Earnings Yield	-9.9%	-18.4%	-21.9%	-26.3%	-6.3%	·

Income Statement 18

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$43M	$39M	$38M	$37M	$36M	$35M	$34M	$33M	$31M	$30M	$29M	$25M	$25M	$23M	$23M	$22M
Cost of Revenue	$16M	$15M	$14M	$14M	$13M	$15M	$15M	$15M	$14M	$14M	$14M	$14M	$13M	$12M	$11M	$11M
Gross Profit	$27M	$24M	$23M	$23M	$23M	$19M	$19M	$18M	$17M	$16M	$15M	$12M	$12M	$11M	$12M	$11M
R&D Expense	$11M	$11M	$11M	$11M	$12M	$12M	$12M	$11M	$10M	$10M	$9M	$10M	$10M	$11M	$9M	$8M
SG&A Expense	$10M	$7M	$8M	$6M	$7M	$7M	$9M	$8M	$6M	$7M	$7M	$7M	$6M	$7M	$7M	$5M
Operating Expenses	$31M	$29M	$28M	$26M	$29M	$28M	$32M	$30M	$27M	$26M	$27M	$27M	$26M	$28M	$25M	$23M
Operating Income	$-4M	$-5M	$-5M	$-3M	$-6M	$-9M	$-14M	$-12M	$-10M	$-11M	$-12M	$-16M	$-14M	$-17M	$-14M	$-12M
Interest Expense	·	·	·	·	·	·	·	·	·	$921.0K	·	$936.0K	$942.0K	$923.0K	$1M	$950.0K
Interest Income	$381.0K	$404.0K	$451.0K	$477.0K	$500.0K	$533.0K	$363.0K	$313.0K	$362.0K	$384.0K	$408.0K	$447.0K	$519.0K	$610.0K	$560.0K	$210.0K
Other Non-op	$7.0K	$39.0K	·	·	$-477.0K	$-149.0K	·	·	·	·	·	·	·	·	·	·
Pretax Income	$-5M	$-6M	$-5M	$-4M	$-7M	$-9M	$-14M	$-13M	$-10M	$-11M	$-12M	$-16M	$-14M	$-17M	$-14M	$-13M
Income Tax	$40.0K	$28.0K	$0	$0	$0	$84.0K	$0	$0	$0	$6.0K	$0	$0	$0	$0	$30.0K	$0
Net Income	$-5M	$-6M	$-5M	$-4M	$-7M	$-9M	$-14M	$-13M	$-10M	$-11M	$-12M	$-16M	$-14M	$-17M	$-14M	$-13M
EPS (Basic)	$-0.08	$-0.10	$-0.09	$-0.07	$-0.13	$-0.17	$-0.30	$-0.29	$-0.25	$-0.27	$-0.31	$-0.44	$-0.41	$-0.50	$-0.44	$-0.40
EPS (Diluted)	$-0.08	$-0.10	$-0.09	$-0.07	$-0.13	$-0.17	$-0.30	$-0.29	$-0.25	$-0.27	$-0.31	$-0.44	$-0.41	$-0.50	$-0.44	$-0.40
Shares (Basic)	60,793,955	59,290,195	·	56,977,764	55,627,214	54,060,249	·	43,515,110	42,151,850	40,225,239	·	36,665,195	35,149,000	33,922,683	·	31,994,391
Shares (Diluted)	60,793,955	59,290,195	·	56,977,764	55,627,214	54,060,249	·	43,515,110	42,151,850	40,225,239	·	36,665,195	35,149,000	33,922,683	·	31,994,391
EBITDA	$-4M	$1M	·	$-3M	$-7M	$-1M	·	$-12M	$-10M	$-4M	·	$-16M	$-14M	$-11M	·	$-12M

Balance Sheet 22

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$32M	$26M	$29M	$29M	$32M	$41M	$46M	$3M	$9M	$6M	$13M	$9M	$6M	$4M	$7M	$25M
Short-term Investments	$17M	$19M	$22M	$21M	$18M	$13M	$9M	$18M	$14M	$22M	·	$21M	$31M	$46M	$59M	$53M
Receivables	$5M	$4M	$3M	$3M	$3M	$2M	$2M	$3M	$2M	$2M	·	$2M	$826.0K	$789.0K	$856.0K	$720.0K
Prepaid Expense	$4M	$6M	$4M	$4M	$3M	$10M	$3M	$8M	$8M	$9M	·	$7M	$7M	$8M	$8M	$6M
Other Current Assets	$9M	$7M	$7M	$7M	$7M	·	$6M	·	·	·	·	·	·	·	·	·
Current Assets	$69M	$63M	$66M	$65M	$64M	$65M	$66M	$32M	$34M	$39M	·	$45M	$45M	$58M	$74M	$85M
Intangibles	$42M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$10M	$6M	$5M	$4M	$4M	$2M	$2M	$1M	$1M	$963.0K	·	$868.0K	$483.0K	$595.0K	$793.0K	$2M
Total Assets	$224M	$193M	$192M	$192M	$186M	$170M	$169M	$136M	$128M	$132M	·	$135M	$135M	$143M	$152M	$157M
Accounts Payable	·	·	$2M	·	·	·	$1M	$2M	$1M	$1M	·	$2M	$2M	$3M	$3M	$3M
Accrued Liabilities	·	·	$2M	·	·	·	$1M	$1M	$1M	$1M	·	$2M	$1M	$2M	$3M	$2M
Current Liabilities	$69M	$60M	$62M	$59M	$60M	$59M	$60M	$59M	$55M	$56M	·	$61M	$51M	$53M	$56M	$54M
Capital Leases	$31M	$19M	$20M	$21M	$22M	$12M	$13M	$12M	$8M	$8M	·	$9M	$4M	$5M	$5M	$3M
Other Non-current Liabilities	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
Total Liabilities	$135M	$108M	$109M	$109M	$106M	$92M	$91M	$93M	$83M	$84M	·	$87M	$80M	$82M	$84M	$80M
Total Debt	·	·	·	·	·	·	·	·	·	·	·	$6M	·	·	·	·
Paid-in Capital	$325M	$315M	$307M	$300M	$292M	$283M	$274M	$224M	$214M	$206M	·	$183M	$173M	$165M	$156M	$150M
Retained Earnings	$-233M	$-228M	$-222M	$-216M	$-212M	$-205M	$-196M	$-182M	$-169M	$-159M	·	$-135M	$-119M	$-105M	$-88M	$-73M
Treasury Stock	$3M	$3M	$2M	$1M	·	·	$0	·	·	·	·	·	·	·	·	·
Stockholders' Equity	$89M	$85M	$83M	$83M	$80M	$78M	$78M	$43M	$45M	$47M	$45M	$47M	$54M	$61M	$69M	$77M
Liabilities + Equity	$224M	$193M	$192M	$192M	$186M	$170M	$169M	$136M	$128M	$132M	·	$135M	$135M	$143M	$152M	$157M
Shares Outstanding	·	·	·	·	56,462,752	54,869,647	·	44,265,173	42,886,281	41,469,779	·	37,464,639	35,984,501	34,517,414	33,393,737	32,436,389

Cash Flow 14

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$7M	$7M	$6M	$6M	$5M	$8M	$7M	$7M	$7M	$7M	$7M	$6M	$6M	$6M	$5M	$5M
Stock-based Comp	$9M	$7M	$6M	$5M	$7M	$7M	$9M	$8M	$6M	$6M	$7M	$8M	$5M	$6M	$4M	$5M
Amort. of Intangibles	$3M	·	·	·	$2M	·	·	·	·	·	·	·	·	·	·	·
Restructuring	·	·	·	·	·	·	·	·	·	·	$0	$12.0K	$1M	$2M	·	·
Other Non-cash	·	$-4M	·	·	·	$-856.0K	·	·	·	$2M	·	·	·	$361.0K	·	·
Operating Cash Flow	$10M	$3M	$9M	$6M	$4M	$5M	$2M	$5M	$2M	$3M	$3M	$-170.0K	$-5M	$-5M	$-3M	$-2M
CapEx	$802.0K	$651.0K	$265.0K	$3M	$784.0K	$503.0K	$826.0K	$191.0K	$271.0K	$423.0K	$446.0K	$347.0K	$2M	$3M	$3M	$3M
Investing Cash Flow	$-2M	$289.0K	$-3M	$-8M	$-9M	$-6M	$6M	$-7M	$4M	$-9M	$-423.0K	$5M	$10M	$7M	$-12M	$23M
Stock Repurchased	$566.0K	$809.0K	$798.0K	$1M	$0	$0	$0	·	·	·	·	·	·	·	·	·
Net Stock Activity	·	$-809.0K	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Financing Cash Flow	$-2M	$-7M	$-6M	$-1M	$-3M	$-4M	$30M	$-4M	$-3M	$-264.0K	$-1M	$-4M	$-2M	$-2M	$-1M	$-471.0K
Net Change in Cash	$6M	$-3M	$105.0K	$-3M	$-8M	$-5M	$38M	$-6M	$3M	$-6M	$2M	$1M	$2M	$352.0K	$-16M	$20M
Free Cash Flow	·	$3M	·	·	·	$4M	·	·	·	$3M	·	·	·	$-8M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$2M	·	·	·	$-9M	·	·

Profitability 8

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Gross Margin	62.8%	60.9%	·	62.1%	63.5%	55.6%	·	54.6%	55.1%	52.8%	·	46.5%	49.0%	46.9%	·	50.9%
Operating Margin	-9.8%	-13.8%	·	-8.9%	-18.5%	-25.8%	·	-37.4%	-31.4%	-35.1%	·	-61.5%	-56.6%	-71.8%	·	-54.7%
Net Margin	-11.9%	-15.9%	·	-10.2%	-19.6%	-26.9%	·	-39.1%	-33.1%	-36.9%	·	-63.5%	-58.3%	-73.2%	·	-58.1%
Pretax Margin	-11.8%	-15.8%	·	-10.2%	-19.6%	-26.7%	·	-39.1%	-33.1%	-36.9%	·	-63.5%	-58.3%	-73.2%	·	-58.1%
EBITDA Margin	-9.8%	3.6%	·	-8.9%	-18.5%	-3.3%	·	-37.4%	-31.4%	-12.0%	·	-61.5%	-56.6%	-47.3%	·	-54.7%
ROA	-2.5%	-3.4%	·	-2.3%	-4.5%	-6.2%	·	-9.4%	-7.9%	-8.0%	·	-11.0%	-9.7%	-11.1%	·	-11.8%
ROE	-6.0%	-7.6%	·	-6.0%	-11.4%	-14.9%	·	-28.3%	-20.8%	-20.5%	·	-25.9%	-20.9%	-23.1%	·	-41.5%
ROIC	-4.8%	-6.3%	·	-4.0%	-8.4%	-11.6%	·	-28.5%	-21.8%	-22.2%	·	-29.1%	-25.7%	-27.7%	·	-15.8%

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.0	1.0	·	1.1	1.1	1.1	·	0.5	0.6	0.7	·	0.7	0.9	1.1	·	1.6
Quick Ratio	0.8	0.8	·	0.9	0.9	0.9	·	0.4	0.5	0.5	·	0.5	0.7	0.9	·	1.4
Debt / Equity	·	·	·	·	·	·	·	·	·	·	·	0.1	·	·	·	·
Interest Coverage	·	·	·	·	·	·	·	·	·	-11.4	·	-16.6	-14.8	-18.2	·	-12.7

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	0.2
Receivables Turnover		10.0	12.8	·	12.1	14.4	20.4	·	13.7	23.7	24.9	·	18.7	40.4	45.4	·	52.8

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	·	·	·	·	$1.41	$1.42	·	$0.97	$1.05	$1.14	·	$1.26	$1.51	$1.75	·	$2.36
Revenue / Share	$0.70	$0.65	·	$0.65	$0.65	$0.64	·	$0.75	$0.74	$0.74	·	$0.69	$0.70	$0.69	·	$0.69
Cash Flow / Share	·	$0.06	·	·	·	$0.09	·	·	·	$0.08	·	·	·	$-0.15	·	·
Cash / Share	·	·	·	·	$0.57	$0.74	·	$0.07	$0.22	$0.15	·	$0.24	$0.16	$0.12	·	$0.77
EPS (TTM)	$-0.34	$-0.39	·	$-0.67	$-0.89	$-1.01	·	$-1.12	$-1.27	$-1.43	·	$-1.79	$-1.75	$-1.71	·	$-1.60

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$156M	$150M	·	$142M	$137M	$132M	·	$123M	$115M	$109M	·	$96M	$93M	$89M	·	$81M
Net Income TTM	$-20M	$-22M	·	$-35M	$-44M	$-47M	·	$-46M	$-50M	$-54M	·	$-62M	$-59M	$-56M	·	$-47M
Market Cap	·	·	·	·	$311M	$265M	·	$283M	$264M	$424M	·	$206M	$156M	$174M	·	$161M
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	$182M	·	·	·	·
P/E	-46.6	-8.8	·	-13.9	-6.2	-4.8	·	-5.7	-4.9	-7.2	·	-3.1	-2.5	-3.0	·	-3.1
P/S	·	·	·	·	2.3	2.0	·	2.3	2.3	3.9	·	2.1	1.7	2.0	·	2.0
P/B	·	·	·	·	3.9	3.4	·	6.6	5.9	8.9	·	4.4	2.9	2.9	·	2.1
P / Tangible Book	·	·	·	·	3.9	3.4	·	6.6	5.9	8.9	·	4.4	2.9	2.9	·	2.1
P / Cash Flow	·	·	·	·	·	53.6	·	·	·	124.2	·	·	·	-33.6	·	·
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	1.9	·	·	·	·
Earnings Yield	-2.1%	-11.3%	·	-7.2%	-16.2%	-20.9%	·	-17.5%	-20.6%	-14.0%	·	-32.6%	-40.4%	-33.9%	·	-32.2%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$146M	$128M	$102M	$85M	$67M
Gross Margin %	60.9%	·	48.9%	51.5%	50.9%
Operating Margin %	-16.2%	·	-56.8%	-56.5%	-27.9%
Net Income	$-26M	$-49M	$-60M	$-51M	$-22M
Diluted EPS	$-0.46	$-1.11	$-1.66	$-1.62	$-1.07

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	·	·	·	·	0.0
Current Ratio	1.1	·	0.7	1.3	2.5
Quick Ratio	0.9	·	0.5	1.2	2.3

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$19M	·	$-13M	$-21M	$-4M

Institutional owners (13F) 185 filers · $555.6M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 185

Value held $555.6M

New positions 67

Exited positions 23

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
67 (+41 vs prior Q)	23 (-7 vs prior Q)	71 (+29 vs prior Q)	29 (-17 vs prior Q)	+7.5M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
BlackRock, Inc.	$74,898,579	4,722,483	13.48%	Shares
Driehaus Capital Management LLC	$42,632,378	2,688,044	7.67%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$39,882,175	2,514,639	7.18%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$24,194,147	1,525,097	4.35%	Shares
AWM Investment Company, Inc.	$22,206,633	1,400,166	4.00%	Shares
Pillsbury Lake Capital LLC	$21,249,815	1,339,837	3.82%	Shares
STATE STREET CORP	$19,301,588	1,216,998	3.47%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$18,346,087	1,156,752	3.30%	Shares
AQR CAPITAL MANAGEMENT LLC	$16,682,293	1,051,847	3.00%	Shares
VANGUARD GROUP INC	$14,430,710	3,096,719	2.60%	Shares
Qube Research & Technologies Ltd	$12,151,932	766,200	2.19%	Shares
RENAISSANCE TECHNOLOGIES LLC	$12,094,963	762,608	2.18%	Shares
NEXT CENTURY GROWTH INVESTORS LLC	$10,903,718	687,498	1.96%	Shares
DIMENSIONAL FUND ADVISORS LP	$9,966,563	628,636	1.79%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$9,734,614	613,784	1.75%	Shares
Nuveen, LLC	$9,164,559	577,841	1.65%	Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	$8,724,110	550,070	1.57%	Shares
MILLENNIUM MANAGEMENT LLC	$7,857,599	495,435	1.41%	Shares
NORTHERN TRUST CORP	$7,669,865	483,598	1.38%	Shares
Jump Financial, LLC	$7,439,926	469,100	1.34%	Shares
GOLDMAN SACHS GROUP INC	$7,427,714	468,330	1.34%	Shares
Halter Ferguson Financial Inc.	$7,259,963	457,753	1.31%	Shares
VANGUARD FIDUCIARY TRUST CO	$6,718,994	423,644	1.21%	Shares
MORGAN STANLEY	$6,469,469	407,911	1.16%	Shares
FMR LLC	$5,622,265	354,493	1.01%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$5,341,648	336,800	0.96%	Call option
PRELUDE CAPITAL MANAGEMENT, LLC	$5,025,257	316,851	0.90%	Shares
MARSHALL WACE, LLP	$5,017,168	316,341	0.90%	Shares
PERKINS CAPITAL MANAGEMENT INC	$4,896,378	308,725	0.88%	Shares
LAZARD ASSET MANAGEMENT LLC	$4,712,609	297,138	0.85%	Shares
RAYMOND JAMES FINANCIAL INC	$3,960,019	249,686	0.71%	Shares
TUDOR INVESTMENT CORP ET AL	$3,884,162	244,903	0.70%	Shares
BOOTHBAY FUND MANAGEMENT, LLC	$3,844,242	242,386	0.69%	Shares
JPMORGAN CHASE & CO	$3,642,815	243,341	0.66%	Shares
JANE STREET GROUP, LLC	$3,589,118	226,300	0.65%	Call option
Trexquant Investment LP	$3,585,867	226,095	0.65%	Shares
UBS Group AG	$3,421,335	215,721	0.62%	Shares
NORGES BANK	$3,416,244	215,400	0.61%	Shares
Bank of New York Mellon Corp	$3,073,852	193,812	0.55%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$2,691,727	169,718	0.48%	Shares
Kultura Capital Management LP	$2,650,206	167,100	0.48%	Call option
Regal Partners Ltd	$2,586,385	163,076	0.47%	Shares
AMERIPRISE FINANCIAL INC	$2,488,863	156,927	0.45%	Shares
Squarepoint Ops LLC	$2,464,914	155,417	0.44%	Shares
Cerity Partners LLC	$2,342,396	147,692	0.42%	Shares
IEQ CAPITAL, LLC	$2,100,118	132,416	0.38%	Shares
FRANKLIN RESOURCES INC	$2,043,593	128,852	0.37%	Shares
TWO SIGMA INVESTMENTS, LP	$1,954,158	123,213	0.35%	Shares
Scientech Research LLC	$1,783,790	112,471	0.32%	Shares
Cubist Systematic Strategies, LLC	$1,704,263	183,649	0.31%	Shares

Show all 185 institutional owners →

Company insiders 15 insiders · 5 officers · 7 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Gleb Budman	CEO and Chairperson	Aug. 21, 2026 S	2,192,103	1	$-203,366
Marc Suidan	Chief Financial Officer	Aug. 21, 2026 S	349,518	1	$-33,380
Francis P Patchel	Chief Financial Officer	Aug. 23, 2024 S	148,245	0	$0
Daniel Spraggins	Senior VP of Engineering	March 10, 2026 A	234,220	0	$0
Tina Cessna	Senior VP, Engineering	Aug. 20, 2025 F	184,776	0	$0
An Evelyn D	Director	May 26, 2026 A	118,307	0	$0
Barbara H Nelson	Director	May 26, 2026 A	106,862	0	$0
Earl E Fry	Director	May 26, 2026 A	118,307	0	$0
Miller Joycelyn Carter	Director	May 26, 2026 A	122,862	0	$0
Jocelyn Carter-Miller	Director	May 27, 2025 A	103,556	0	$0
Timothy M Nufire	Director	June 5, 2023 S	1,026,000	0	$0
TMT INVESTMENTS PLC	10% owner	Sept. 1, 2023 S	3,594,030	0	$0
Charles J. Jones	10% owner	Feb. 24, 2023 S	1,164,000	0	$0
Brian K Wilson	10% owner	Feb. 24, 2023 S	1,164,000	0	$0
Kwok Hang Ng	10% owner	Feb. 23, 2023 S	1,169,128	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 18 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
JSML · Janus Detroit Street Trust	0.56%	146,720 NS	July 31, 2026	N-PORT
IWC · iShares Trust	0.17%	199,369 SH	Sept. 11, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.05%	62,866 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.05%	550,829 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.03%	337,430 SH	Aug. 19, 2026	Daily
RSSL · Global X Funds	0.03%	28,023 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.02%	1,514,123 SH	Sept. 11, 2026	Daily
DFAS · Dimensional ETF Trust	0.02%	198,202 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	688,048 SH	Aug. 19, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	4,513 NS	July 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.00%	2,829 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	90,890 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	15,721 SH	Sept. 10, 2026	Daily
DFAU · Dimensional ETF Trust	0.00%	6,769 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	11,141 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	8,211 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	1,768,455 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	5,311 SH	Aug. 19, 2026	Daily

BLZE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 13 analysts BUY

Median target $23.00 +60.2%

3 23.1% Strong Buy

8 61.5% Buy

2 15.4% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

6 analysts · 2026-09-27

Mean target $22.83 +59.0%

← Below all targets Current price $14.36

Low$21.00 Mean$22.83 High$25.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
BLZE	·	-10.1	14.3%	-17.6%	-31.4%	60.9%
SHAZ	·	·	257.4%	-2529.2%	-401.0%	6.4%
SHAZ	·	·	257.4%	-2529.2%	-401.0%	6.4%
RXT	$238M	-1.0	-1.9%	-8.4%	19.3%	18.9%
WYFI	$606M	-20.3	66.2%	-31.2%	-6.2%	60.2%
USDE	·	·	·	·	·	·
CMRC	$336M	-17.2	2.8%	-5.7%	-49.5%	78.8%
CXDO	$201M	40.4	12.0%	7.4%	8.3%	·
NET	·	-679.8	29.8%	·	·	·

Latest News Recent headlines mentioning this company

23

Backblaze Sees AI Boom Fueling Cloud Storage Demand and Neocloud Deals Yahoo Finance · 3 months, 3 weeks ago Why Backblaze Stock Jumped 81% This Morning Nasdaq · 4 months, 3 weeks ago

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26

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BLZE Backblaze, Inc. - Common Stock