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Backblaze, Inc. (NASDAQ:BLZE), a cloud storage company with a market capitalization of $327 million, saw its CEO and Chairperson Gleb Budman recently report the sale of 10,321 shares of Class A Common Stock, valued at approximately $66,260. The shares were sold at a weighted average price of $6.42 per share. According to InvestingPro data, the stock is currently trading near its Fair Value, with analysts maintaining a strong buy consensus.
The transaction, which occurred on November 26, 2024, was executed to cover tax withholding obligations related to the vesting and settlement of restricted stock units, as outlined in the company's equity incentive plans. Following this transaction, Budman holds 1,864,646 shares directly.
These sales were not discretionary but mandated by Backblaze's policies, ensuring compliance with tax obligations through a "sell to cover" arrangement.
In other recent news, Backblaze Inc. exhibited strong growth in its Third Quarter 2024 Earnings Call. The company reported a 29% increase in revenue, reaching $32.6 million, and a record adjusted EBITDA margin of 12%. Particularly noteworthy was the B2 Cloud Storage segment's revenue, which rose by 39% to $16.2 million. The company's projections for the fourth quarter are between $33.5 million and $33.9 million in revenue, with a full-year forecast of $127 million to $128 million.
These are part of the recent developments that show the company's robust expansion plans. Backblaze is set to launch a new data center in Canada in Q1 2025 and has doubled the data stored by AI customers year-over-year. By Q4 2025, the company aims to achieve an adjusted EBITDA margin of approximately 20% and positive adjusted free cash flow.
However, the company also noted challenges, including a 12% workforce reduction, mainly in marketing, and negative adjusted free cash flow for the year-to-date, which was negative $16 million. Despite these challenges, the company remains optimistic about its future performance.
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