Backblaze Inc
NASDAQ:BLZE
Backblaze Inc
Backblaze, Inc. operates as a cloud provider for businesses and consumers to store, use, and protect their data. The company is headquartered in San Mateo, California and currently employs 270 full-time employees. The company went IPO on 2021-11-11. The firm provides businesses and consumers cloud services to store, use, and protect their data. The company provides these cloud services through a purpose-built, Web-scale software infrastructure built on commodity hardware. The company allows customers to focus on their core business operations. The company builds a community of millions of readers and brand advocates. Referrals from its community of brand advocates, combined with its self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed it to attract customers. These customers use the Backblaze Storage Cloud platform across countries to grow and protect their business data on its approximately two exabytes, or two trillion megabytes, of data storage under management. Its cloud services offered on its Storage Cloud includes Backblaze B2 Cloud Storage and Backblaze Computer Backup.
Backblaze, Inc. operates as a cloud provider for businesses and consumers to store, use, and protect their data. The company is headquartered in San Mateo, California and currently employs 270 full-time employees. The company went IPO on 2021-11-11. The firm provides businesses and consumers cloud services to store, use, and protect their data. The company provides these cloud services through a purpose-built, Web-scale software infrastructure built on commodity hardware. The company allows customers to focus on their core business operations. The company builds a community of millions of readers and brand advocates. Referrals from its community of brand advocates, combined with its self-serve customer acquisition model and an ecosystem of thousands of partners, have allowed it to attract customers. These customers use the Backblaze Storage Cloud platform across countries to grow and protect their business data on its approximately two exabytes, or two trillion megabytes, of data storage under management. Its cloud services offered on its Storage Cloud includes Backblaze B2 Cloud Storage and Backblaze Computer Backup.
Revenue: Q4 revenue was $37.8 million, in line with guidance; full-year revenue grew 14% year-over-year.
Profitability: Adjusted EBITDA margin in Q4 reached 28%, doubling year-over-year, and adjusted free cash flow was positive for the first time as a public company.
Major Deal: Closed a landmark $15 million+ (8-figure) contract with a publicly traded Neocloud customer, though revenue from this deal will mainly impact 2027 and beyond.
Guidance: 2026 revenue is expected between $156.5 million and $158.5 million; B2 revenue growth guidance is approximately 20% for the full year, with Q2 and Q3 growth between 12% and 19%.
Margins: Q4 gross margin was 62%, up from 55% last year, but management expects some pressure on gross margins in 2026 due to higher data center costs and capital investments.
B2 Cloud Growth: B2 Cloud Storage revenue grew 24% year-over-year in Q4, and B2 net revenue retention was 111%.
Go-to-Market Transformation: Significant progress made, including upmarket moves and new leadership hires; 168 customers now generate over $50,000 in ARR, up 35% year-over-year.
AI Opportunity: Backblaze is aggressively targeting the AI market with new products like B2 Neo and programs like Flamethrower, signing multiple Neocloud deals and targeting a $14 billion addressable market by 2030.
