Backblaze CFO Sells Shares to Cover Tax Obligations, Revenue Surges by 27%
Backblaze, Inc. (NASDAQ:BLZE) CFO Patchel Francis P. recently sold 10,871 shares of Class A Common Stock over three days, resulting in approximately $68,997 in proceeds. These sales were to cover tax withholding obligations related to restricted stock units vesting, as per company policy.
Investors should note the price ranges of $6.22 to $6.45 for these sales. Backblaze's Q2 revenue exceeded expectations with a 27% increase, driven by a 43% rise in B2 Cloud Storage revenue. The company also announced executive appointments and raised its annual revenue guidance.
Looking ahead, Backblaze expects Q3 revenue between $32.4 million and $32.8 million. Despite positive revenue growth, concerns remain about profitability, as indicated by a negative P/E ratio. Investors should also consider the company's liquidity situation and recent stock performance.
In conclusion, Backblaze's recent financial performance shows positive growth potential, but profitability remains a concern. Investors should closely monitor the company's financial health and future prospects for potential investment opportunities.