By Ezra Brook, Editor at

On Feb. 4, 2013, online data backup service provider Carbonite, Inc., released its year end financials.

The revenue for 2012 was a whopping $84 million dollars, or 39% increase over its 2011 revenue. Achieving such a record revenue at the time of financial meltdown is amazing. However, looking at the figures closely, you will realize that the company has not made a profit again this year. In fact, it lost about $2.2 million in 2012. The loss was way higher in 2011 though.

David Friend, Carbonite’s CEO, says that he believes that “the market for online backup has just been scratched”. He believes that “most PCs and smart phones will eventually be backed up in the cloud”.

Carbonite Revenue Growth
Carbonite has a classic subscription model: they spend marketing dollars up front to acquire a customer, and then they reap the benefits over the lifetime of the customer. So, marketing expenses to acquire a customer all happen on day one, but revenue comes in over several years. Generally Accepted Accounting Principles (GAAP) only allows a company to recognize the current portion of the subscription revenue. Therefore, the financial reporting might look a bit skewed.

Here are Carbonite’s revenues:

  • 2006: $169,035
  • 2007: $4.0 Million
  • 2008: $8.2 Million
  • 2009: $19.1 Million
  • 2010: $38.6 Million
  • 2011: $60.5 Million
  • 2012: $84.0 Million

Over the past 5 years (2008 to 2012), Carbonite revenue has grown by over 1,025%. Will Carbonite break the $100 Million revenue milestone in 2013? Only time will tell. But, at the rate it is growing, it could possibly achieve thsi milestone.

To read the 2012 financials, click here.

Disclosure: I or any of my team members don’t have any investment in Carbonite.


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