Backblaze became public in November 2021 and increase $ 100 million. Morpheus said that since then, “Backblaze has reported losses every quarter, its pending shares count has grown by 80 percent and its price of shares has decreased by 71 percent.”
Following the Morpheus report, Investment Thursday reported that Backblaze’s shares fell 8.3 percent.
Beyond the financial implications for shareholders, the Morpheus report has caused some concern for small businesses and people who depend on support for data backup. Today, for example, Geek as To He informed that “backblaz backup copies can be in trouble,” in reference to the Morpheus report. The publication said that if Morpheus’s reports were precise, Backblaze does not seem to go towards profitability. In your profits of the fourth quarter of 2024 [PDF]Backblaze reported a net loss of $ 48.5 million. In 2023, a net loss of $ 59.7 million reported.
“If the setback suddenly closes, customers can lose access to existing backups,” Geek said.
Backblaze responds
Ars Technica contacted to go back about his response to concerns about the company’s finances, which resulted in lost backs. Patrick Thomas, Vice President of Marketing from Backblaze, described Morpheus’s statements “without foundation.” Added:
The report is inaccurate and misleading, based largely on the dispute of the same nature, and a clear attempt of short vendors to manipulate the price of our actions to obtain financial profits.
Thomas also said that “independent and third -party reviews” have already discovered that there have been no “problems or problems” with the public financial results of Backblaze.
“Our storage cloud continues to provide reliable and high performance services in which customers go back, and we continue to promote innovation and create a long -term value for our customers, employees and investors,” said Thomas.
Backblaze will announce its results of the first quarter of 2025 on May 7. Regardless of what is ahead of the company’s finances and litigation, commitment to The 3-2-1 support rule is still prudent.
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