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Side-by-side financial comparison of Backblaze, Inc. (BLZE) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
Target Hospitality Corp. is the larger business by last-quarter revenue ($73.5M vs $37.8M, roughly 1.9× Backblaze, Inc.). Backblaze, Inc. runs the higher net margin — -14.3% vs -20.3%, a 6.0% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 11.8%). Over the past eight quarters, Backblaze, Inc.'s revenue compounded faster (12.3% CAGR vs 0.7%).
Backblaze, Inc. is an American cloud storage and data backup company based in San Mateo, California. It was founded in 2007 by Gleb Budman and others. Its services are intended for both business and personal markets.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
BLZE vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $37.8M | $73.5M |
| Net Profit | $-5.4M | $-14.9M |
| Gross Margin | 62.0% | 9.6% |
| Operating Margin | -12.4% | -22.9% |
| Net Margin | -14.3% | -20.3% |
| Revenue YoY | 11.8% | 22.0% |
| Net Profit YoY | 62.3% | -219.1% |
| EPS (diluted) | $-0.09 | $-0.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $37.8M | $73.5M | ||
| Q3 25 | $37.2M | $91.6M | ||
| Q2 25 | $36.3M | $54.9M | ||
| Q1 25 | $34.6M | $54.9M | ||
| Q4 24 | $33.8M | $60.2M | ||
| Q3 24 | $32.6M | $65.8M | ||
| Q2 24 | $31.3M | $67.5M | ||
| Q1 24 | $30.0M | $72.4M |
| Q4 25 | $-5.4M | $-14.9M | ||
| Q3 25 | $-3.8M | $-795.0K | ||
| Q2 25 | $-7.1M | $-14.9M | ||
| Q1 25 | $-9.3M | $-6.5M | ||
| Q4 24 | $-14.4M | $12.5M | ||
| Q3 24 | $-12.8M | $20.0M | ||
| Q2 24 | $-10.3M | $18.4M | ||
| Q1 24 | $-11.1M | $20.4M |
| Q4 25 | 62.0% | 9.6% | ||
| Q3 25 | 62.1% | 19.6% | ||
| Q2 25 | 63.5% | -0.6% | ||
| Q1 25 | 55.6% | 32.7% | ||
| Q4 24 | 54.8% | 61.5% | ||
| Q3 24 | 54.6% | 68.7% | ||
| Q2 24 | 55.1% | 69.4% | ||
| Q1 24 | 52.8% | 67.8% |
| Q4 25 | -12.4% | -22.9% | ||
| Q3 25 | -8.9% | 0.1% | ||
| Q2 25 | -18.5% | -30.8% | ||
| Q1 25 | -25.8% | -2.0% | ||
| Q4 24 | -40.8% | 34.5% | ||
| Q3 24 | -37.4% | 42.5% | ||
| Q2 24 | -31.4% | 43.8% | ||
| Q1 24 | -35.1% | 42.0% |
| Q4 25 | -14.3% | -20.3% | ||
| Q3 25 | -10.2% | -0.9% | ||
| Q2 25 | -19.6% | -27.2% | ||
| Q1 25 | -26.9% | -11.8% | ||
| Q4 24 | -42.6% | 20.8% | ||
| Q3 24 | -39.1% | 30.4% | ||
| Q2 24 | -33.1% | 27.2% | ||
| Q1 24 | -36.9% | 28.2% |
| Q4 25 | $-0.09 | $-0.14 | ||
| Q3 25 | $-0.07 | $-0.01 | ||
| Q2 25 | $-0.13 | $-0.15 | ||
| Q1 25 | $-0.17 | $-0.07 | ||
| Q4 24 | $-0.30 | $0.12 | ||
| Q3 24 | $-0.29 | $0.20 | ||
| Q2 24 | $-0.25 | $0.18 | ||
| Q1 24 | $-0.27 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $51.4M | $8.3M |
| Total DebtLower is stronger | — | $1.7M |
| Stockholders' EquityBook value | $83.2M | $389.3M |
| Total Assets | $191.8M | $530.2M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $51.4M | $8.3M | ||
| Q3 25 | $50.3M | $30.4M | ||
| Q2 25 | $50.5M | $19.2M | ||
| Q1 25 | $53.2M | $34.5M | ||
| Q4 24 | $54.9M | $190.7M | ||
| Q3 24 | $20.9M | $177.7M | ||
| Q2 24 | $23.6M | $154.3M | ||
| Q1 24 | $28.2M | $124.3M |
| Q4 25 | — | $1.7M | ||
| Q3 25 | — | $2.0M | ||
| Q2 25 | — | $26.3M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | — | $1.5M | ||
| Q3 24 | — | $994.0K | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $179.9M |
| Q4 25 | $83.2M | $389.3M | ||
| Q3 25 | $82.8M | $402.4M | ||
| Q2 25 | $79.6M | $401.3M | ||
| Q1 25 | $77.8M | $415.3M | ||
| Q4 24 | $77.6M | $421.1M | ||
| Q3 24 | $42.8M | $417.6M | ||
| Q2 24 | $45.1M | $397.2M | ||
| Q1 24 | $47.5M | $375.5M |
| Q4 25 | $191.8M | $530.2M | ||
| Q3 25 | $191.5M | $541.2M | ||
| Q2 25 | $186.0M | $533.7M | ||
| Q1 25 | $170.2M | $562.5M | ||
| Q4 24 | $168.6M | $725.8M | ||
| Q3 24 | $136.2M | $709.8M | ||
| Q2 24 | $127.8M | $697.0M | ||
| Q1 24 | $131.9M | $687.2M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $9.3M | $5.7M |
| Free Cash FlowOCF − Capex | $9.0M | — |
| FCF MarginFCF / Revenue | 24.0% | — |
| Capex IntensityCapex / Revenue | 0.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $18.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.3M | $5.7M | ||
| Q3 25 | $5.7M | $53.4M | ||
| Q2 25 | $3.5M | $11.1M | ||
| Q1 25 | $4.9M | $3.9M | ||
| Q4 24 | $2.2M | $30.6M | ||
| Q3 24 | $4.6M | $31.4M | ||
| Q2 24 | $2.2M | $39.1M | ||
| Q1 24 | $3.4M | $50.6M |
| Q4 25 | $9.0M | — | ||
| Q3 25 | $2.6M | — | ||
| Q2 25 | $2.8M | — | ||
| Q1 25 | $4.4M | $-11.6M | ||
| Q4 24 | $1.4M | — | ||
| Q3 24 | $4.4M | — | ||
| Q2 24 | $2.0M | — | ||
| Q1 24 | $3.0M | — |
| Q4 25 | 24.0% | — | ||
| Q3 25 | 7.0% | — | ||
| Q2 25 | 7.6% | — | ||
| Q1 25 | 12.8% | -21.1% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 13.6% | — | ||
| Q2 24 | 6.3% | — | ||
| Q1 24 | 10.0% | — |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 1.5% | 28.2% | ||
| Q4 24 | 2.4% | — | ||
| Q3 24 | 0.6% | — | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLZE
Segment breakdown not available.
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
