{"id":112079,"date":"2025-05-02T14:33:00","date_gmt":"2025-05-02T21:33:00","guid":{"rendered":"https:\/\/www.backblaze.com\/blog\/?p=112079"},"modified":"2026-03-11T08:39:19","modified_gmt":"2026-03-11T15:39:19","slug":"setting-the-record-straight","status":"publish","type":"post","link":"https:\/\/www.backblaze.com\/blog\/setting-the-record-straight\/","title":{"rendered":"Setting the Record Straight"},"content":{"rendered":"\r\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1440\" height=\"820\" class=\"wp-image-112045\" src=\"https:\/\/www.backblaze.com\/blog\/wp-content\/uploads\/2025\/04\/Scheduled-Maintenance.png\" alt=\"A decorative image showing the Backblaze logo on a cloud.\" srcset=\"https:\/\/backblazeprod.wpenginepowered.com\/wp-content\/uploads\/2025\/04\/Scheduled-Maintenance.png 1440w, https:\/\/backblazeprod.wpenginepowered.com\/wp-content\/uploads\/2025\/04\/Scheduled-Maintenance-300x171.png 300w, https:\/\/backblazeprod.wpenginepowered.com\/wp-content\/uploads\/2025\/04\/Scheduled-Maintenance-1024x583.png 1024w, https:\/\/backblazeprod.wpenginepowered.com\/wp-content\/uploads\/2025\/04\/Scheduled-Maintenance-768x437.png 768w\" sizes=\"auto, (max-width: 1440px) 100vw, 1440px\" \/><\/figure>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 15px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Recently, a short seller made claims about Backblaze that were factually inaccurate, misleading, and filled with errors.<br \/><br \/>Short sellers frequently spread false or misleading information to manipulate a company\u2019s stock price for their personal financial gain at the expense of other stockholders. Nevertheless, we want to set the record straight.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Whether you\u2019re a Backblaze customer, investor, or you\u2019re just getting to know us, here\u2019s what you need to know:<\/p>\r\n\r\n\r\n\r\n<p>The short seller largely rehashed baseless claims made by two disgruntled former employees last year.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Out of an abundance of caution, and following industry best practices, our Audit Committee hired an <strong>independent third party law firm and forensic accounting firm, which confirmed there was no wrongdoing <\/strong>or issues with Backblaze\u2019s public financial results. Since then, we have publicly filed two annual financial statements, which were fully audited and which are <a href=\"https:\/\/www.sec.gov\/edgar\/browse\/?CIK=1462056&amp;owner=exclude\" target=\"_blank\" rel=\"noreferrer noopener\">available on the SEC EDGAR site<\/a>.\u00a0 <strong>\u00a0<\/strong><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>In an effort to enrich themselves, the short seller questioned the health of Backblaze.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>We have never been stronger.<\/strong> As reported in our last earnings call, we continue to <a href=\"https:\/\/ir.backblaze.com\/news\/news-details\/2025\/Backblaze-Announces-Fourth-Quarter-and-Full-Year-2024-Financial-Results\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">demonstrate financial strength<\/a>. Our revenue is over $127 million per year and growing. Our balance sheet is strong with over $50 million in cash and short-term investments as of December 31, 2024.<\/li>\r\n\r\n\r\n\r\n<li><strong>Wall Street analysts report that the company is strong.<\/strong> For example, a respected analyst who has closely watched Backblaze since the IPO in November 2021, released an analysis of Backblaze after the short seller report was published. TipRanks, summarizing the report, finds the short seller claims to be unsubstantiated.\u00a0\u00a0<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>The short seller tried to push some other false narratives about Backblaze. Here are the facts:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><strong>Your data is safe. <\/strong>We have successfully safeguarded customer data for more than 17 years, and continue to focus on delivering reliable, high-performance cloud solutions for our customers.\u00a0\u00a0<\/li>\r\n\r\n\r\n\r\n<li><strong>Leading cloud storage provider. <\/strong>We are driving business growth by providing high value to customers. We have a track record of customer success stories that highlight how we help them improve performance, reduce costs, and transition to us from competitors, unlocking efficiencies in the process.\u00a0<\/li>\r\n\r\n\r\n\r\n<li><strong>Continued innovation. <\/strong>We continue to innovate to best serve the needs of our customers. We recently announced <a href=\"https:\/\/www.backblaze.com\/blog\/b2-overdrive-announcement\/\" target=\"_blank\" rel=\"noreferrer noopener\">B2 Overdrive<\/a>, a high-performance offering designed to power customers\u2019 massive AI needs, as well as <a href=\"https:\/\/www.backblaze.com\/blog\/using-b2-event-notifications\/\" target=\"_blank\" rel=\"noreferrer noopener\">Event Notifications<\/a>, <a href=\"https:\/\/www.backblaze.com\/blog\/announcing-b2-live-read\/\" target=\"_blank\" rel=\"noreferrer noopener\">Live Read<\/a>, and <a href=\"https:\/\/www.backblaze.com\/blog\/introducing-scalable-application-keys-for-enhanced-security-and-performance\/\" target=\"_blank\" rel=\"noreferrer noopener\">Scalable Application Keys<\/a>, amongst others.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>If you want to hear more about how we\u2019re doing and what we\u2019re working on, check out our <a href=\"https:\/\/ir.backblaze.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">investor relations section<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Recently, a short seller made claims about Backblaze that were factually inaccurate, misleading, and filled with errors. Nevertheless, we want to set the record straight. <\/p>\n","protected":false},"author":168,"featured_media":112045,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[131],"tags":[],"class_list":["post-112079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-backblaze-bits","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Setting the Record Straight<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.backblaze.com\/blog\/setting-the-record-straight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Setting the Record Straight\" \/>\n<meta property=\"og:description\" content=\"Recently, a short seller made claims about Backblaze that were factually inaccurate, misleading, and filled with errors. 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