BLZE · CIK 0001462056
What Backblaze, Inc. told the SEC could break it.
Backblaze's risks center on its dependence on third parties at both the hardware and software layers. On hardware, it buys infrastructure equipment — hard drives and storage gear — from vendors that may have limited sources (a few represented about 23% of cash disbursements), and because it sources some components abroad, tariffs, export controls and trade tensions could impair its ability to acquire hard drives and semiconductors and raise costs. On software, it relies on third-party SaaS for essential financial and operational functions — including Stripe for customer card payments, plus HubSpot, NetSuite, FireHydrant and Zendesk — so a disruption at any of those could impair its ability to run the business.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- dependence on third-party operational SaaS (Stripe, HubSpot, NetSuite, FireHydrant, Zendesk)medium
Backblaze depends on third-party software for essential financial and operational functions — including Stripe (customer card payments), HubSpot, NetSuite, FireHydrant and Zendesk — so a failure or disruption at these vendors could impair its ability to run the business.
“We rely on third-party software to provide many essential financial, enterprise risk planning and operational services to support our business, including Stripe, HubSpot, NetSuite, FireHydrant, and Zendesk.”
SEC filing →As of 2026 - infrastructure-equipment vendor concentration (limited equipment sources)low
Backblaze buys infrastructure equipment (hard drives, storage hardware) from third-party vendors that may have limited equipment sources; a few vendors represented ~23% of cash disbursements, exposing it to supply-chain disruption.
“The Company acquires infrastructure equipment from third party vendors. Vendors may have limited sources of equipment and supplies, which may expose the Company to potential supply-chain and service disruptions that could harm the Company's business.”
SEC filing →As of 2026
Regulatory & policy
- tariffs/trade restrictions on hard drives and semiconductorsmedium
Backblaze sources some components from foreign countries and relies on global hardware vendors/data-center partners, so tariffs, export controls and trade tensions could impair its ability to acquire hard drives and semiconductors and raise costs.
“While a significant portion of our purchases of material or equipment is purchased from entities located in the United States (or otherwise assembled in the United States), we source some products or components from foreign countries that may be subject to new tariffs.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Toshiba Corporation
“in September 2023, Toshiba Corp., one of our hard drive suppliers, announced the completion of a buy-out”
Cited →Stripe, Inc.
“We rely on third-party software to provide many essential financial, enterprise risk planning and operational services to support our business, including Stripe, HubSpot, NetSuite, FireHydrant, and Zendesk.”
Cited →
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