Backblaze Intrinsic Stock Value – BACKBLAZE Reports 18.8% Increase in Revenue for Q2 FY2023, Totaling USD 24.6 Million
August 12, 2023
☀️Earnings Overview
BACKBLAZE ($NASDAQ:BLZE)’s earnings results for the second quarter of FY2023, announced on June 30 2023, showed total revenue of USD 24.6 million, a 18.8% rise from the year before. Net income for the quarter, however, declined from the -11.6 million reported in the same quarter a year before, to -14.3 million.
Analysis – Backblaze Intrinsic Stock Value
GoodWhale is a great tool to analyze the fundamentals of BACKBLAZE. By utilizing GoodWhale, investors can gain a comprehensive understanding of BACKBLAZE’s operations and make an informed investment decision. According to GoodWhale, our proprietary Valuation Line suggests that the intrinsic value of a BACKBLAZE share is around $6.8. However, at the time of writing, BACKBLAZE stock is trading at $4.9, which implies that the share is undervalued by 28.1%. This could present an attractive investment opportunity for value-oriented investors. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Backblaze. More…
| Total Revenues | Net Income | Net Margin |
| 92.96 | -58.74 | -64.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Backblaze. More…
| Operations | Investing | Financing |
| -16.02 | 28.18 | -5.68 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Backblaze. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 134.56 | 80.37 | 1.51 |
Key Ratios Snapshot
Some of the financial key ratios for Backblaze are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 27.9% | – | -58.5% |
| FCF Margin | ROE | ROA |
| -42.5% | -59.3% | -25.3% |
Peers
In the cloud storage market, there is fierce competition between Backblaze Inc and its competitors Sovereign Cloud Holdings Ltd, Gawk Inc, and Veritone Inc. All four companies offer cloud storage services that are reliable and secure. However, each company has different features that set them apart from each other.
– Sovereign Cloud Holdings Ltd ($ASX:SOV)
Sovereign Cloud Holdings Ltd is a holding company that provides cloud-based solutions and services. The company has a market cap of 29.7M as of 2022 and a return on equity of -23.6%. Sovereign Cloud Holdings Ltd offers a range of services including cloud-based storage, computing, and networking solutions. The company has a strong focus on the Chinese market and has a number of strategic partnerships in place with leading Chinese companies.
– Gawk Inc ($OTCPK:GAWK)
Gawk Inc. is a publicly traded company with a market capitalization of $26.16 thousand as of 2022. The company’s return on equity is 27.64%.
Gawk Inc. is a provider of real-time media monitoring and analysis services. The company’s services are used by investment professionals, public relations firms, and others to track, monitor, and analyze online media content.
– Veritone Inc ($NASDAQ:VERI)
Veritone Inc. is a publicly traded technology company based in Hermosa Beach, California. The company provides an artificial intelligence platform that helps organizations to make better decisions by analyzing and understanding audio and video content. Veritone’s platform includes a number of modules that can be used for different purposes, such as media monitoring, market research, and law enforcement. The company went public in May 2017 and is currently traded on the NASDAQ stock exchange.
Summary
BACKBLAZE reported their 2nd quarter FY2023 earnings results on June 30th, showing an increase in revenue of 18.8% to USD 24.6 million.
However, net income decreased to -14.3 million from -11.6 million in the previous year’s quarter. Despite the rise in revenue, the stock price reacted negatively and moved down on the same day. Investors should take into consideration the decrease in net income when evaluating the company’s performance. Further analysis of the company’s financial statements are necessary to determine whether BACKBLAZE is a good investment opportunity.
Related Posts
Recent Posts
