BLZE

EX-99.1

2 ex991blze20260930earningsp.htm

EX-99.1

Document

Exhibit 99.1

Backblaze Announces Third Quarter 2026 Financial Results

47% Revenue Growth in B2 Cloud Storage, 26% Revenue Growth Overall in Q3 2026

San Francisco, CA (November 2, 2026)—Backblaze, Inc. (Nasdaq: BLZE), the high-performance capacity storage layer for AI, today announced results for its third quarter ended September 30, 2026.

“Q3 2026 was another strong quarter, with B2 revenue growth accelerating to 47% year over year, up from 28% a year ago, reflecting broad-based momentum across our customer base,” said Gleb Budman, co-founder and CEO of Backblaze. “We added a record number of net new B2 self-serve customers, four times as many as in the same period last year. The number of customers contributing more than $50,000 each in ARR grew 57% year over year to 254. We also signed four large agreements across AI and core workloads. As AI customers scale, we are solidifying Backblaze’s role as the capacity tier for AI infrastructure companies and AI builders.”

Third Quarter 2026 Financial Highlights:(1)

•Revenue of $46.7 million, an increase of 26% year-over-year (YoY).

•B2 Cloud Storage revenue was $30.5 million, an increase of 47% YoY.

•Computer Backup revenue was $16.2 million, a decrease of 2% YoY.

•Gross profit of $29.8 million, or 64% of revenue, compared to $23.1 million, or 62% of revenue, in Q3 2025.

•Net loss was $2.4 million compared to a net loss of $3.8 million in Q3 2025.

•Net loss per share was $0.04 compared to a net loss per share of $0.07 in Q3 2025.

•Adjusted EBITDA was $15.2 million, or 33% of revenue, compared to $8.4 million, or 23% of revenue, in Q3 2025.

•Non-GAAP net income of $6.7 million compared to non-GAAP net income of $1.9 million in Q3 2025.

•Cash flow from operations during the nine months ended September 30, 2026 was $22.8 million, compared to $14.2 million for the same period in 2025.

•Adjusted free cash flow during the nine months ended September 30, 2026 was $1.9 million, compared to $(9.5) million for the same period in 2025.

•Cash, cash equivalents, and marketable securities totaled $230.2 million as of September 30, 2026.

(1) Some amounts may not sum due to rounding.

1

Third Quarter 2026 Operational Highlights:

•Annual recurring revenue (ARR) was $190.7 million, an increase of 29% YoY.

◦B2 Cloud Storage ARR was $126.8 million, an increase of 53% YoY.

◦Computer Backup ARR was $63.9 million, a decrease of 2% YoY.

•Net revenue retention rate (NRR) was 105% compared to 107% in Q3 2025.

◦B2 Cloud Storage NRR was 115% compared to 116% in Q3 2025.

◦Computer Backup NRR was 94% compared to 96% in Q3 2025.

•Gross customer retention rate was 91% in both Q3 2026 and Q3 2025.

◦B2 Cloud Storage gross customer retention rate was 89% in both Q3 2026 and Q3 2025.

◦Computer Backup gross customer retention rate was 91% compared to 90% in Q3 2025.

Recent Business Highlights:

•Signed four large agreements, including a $4 million AI builder expansion: Three agreements supported AI workloads, while the fourth supported a core workload.

•Delivered broad-based customer growth: Net new B2 self-serve customer additions reached a record, quadrupling year over year, while the number of customers each contributing over $50,000 in ARR grew 57% year over year to 254.

•Established a collaboration with WEKA, the AI data and memory infrastructure company: Pairs WEKA’s high-performance data storage with extended GPU memory with Backblaze B2’s scalable capacity to simplify AI storage and reduce integration work for customers.

•Introduced the Backblaze B2 MCP Server: Enables AI agents to use B2 storage directly within developers’ existing tools, positioning Backblaze for the growth of agent-driven workflows.

•Completed a $201 million convertible notes offering: Backblaze issued 0% convertible senior notes due 2031 and entered into related capped call transactions. The company expects to use the proceeds for capital expenditures supporting contracted growth and for general corporate purposes.

Financial Outlook:

Based on information available as of the date of this press release,

For the fourth quarter of 2026, we expect:

•Revenue between $49.8 million and $50.2 million.

•Adjusted EBITDA margin between 32% and 34%.

•Basic weighted average shares outstanding of 63.6 million to 63.8 million shares.

For full-year 2026, we have raised our outlook:

•Revenue between $177.8 million and $178.2 million, raised from $172.0 million to $174.0 million.

•Adjusted EBITDA margin range of 30% to 31%, raised from 27% to 29%.

2

Conference Call Information:

Backblaze will host a conference call today, November 2, 2026, at 2:00 p.m. PT (5:00 p.m. ET) to review its financial results.

Attend the webcast here: https://events.q4inc.com/attendee/717942152

An archive of the webcast will be available shortly after its completion on the Investor Relations section of the Backblaze website at https://ir.back

SEC.gov | Request Rate Threshold Exceeded

U.S. Securities and Exchange Commission

You’ve Exceeded the SEC’s Traffic Limit

Your request rate has exceeded the SEC’s maximum allowable requests per second. Your access to SEC.gov will be limited for 10 minutes.

Current guidelines limit each user to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. To ensure that SEC.gov remains available to all users, we reserve the right to block IP addresses that submit excessive requests.

The block will be lifted automatically by waiting 10 minutes. Continuing to exceed the SEC’s maximum allowable request rate during the time-out period will extend the duration of the time-out period. To ensure fair access for all users, please reduce the rate of your requests and visit SEC.gov again after the 10 minute time-out period has passed.

For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. For more information, contact opendata@sec.gov.

For more information, please see the SEC’s Web Site Privacy and Security Policy. Thank you for your interest in the U.S. Securities and Exchange Commission.

Reference ID: 0.e618d017.1786364500.c9f3de66

More Information

Internet Security Policy

By using this site, you are agreeing to security monitoring and auditing. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users.

Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. §§ 1001 and 1030).

To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. We reserve the right to block IP addresses that submit excessive requests. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests.

If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website.

Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users.

Note: We do not offer technical support for developing or debugging scripted downloading processes.

EX-99.1

2 ex991blze20260331earningsp.htm

EX-99.1

Document

Exhibit 99.1

Backblaze Announces First Quarter 2026 Financial Results

24% Revenue Growth in B2 Cloud Storage, 12% Revenue Growth Overall in Q1 2026

San Francisco, CA (May 4, 2026)—Backblaze, Inc. (Nasdaq: BLZE), the high-performance cloud storage platform for the AI era, today announced results for its first quarter ended March 31, 2026.

"In Q1, we exceeded the top end of our revenue and Adjusted EBITDA guidance, with B2 growing 24% year over year," said Gleb Budman, co-founder and CEO of Backblaze. "We are seeing growing traction with AI customers, including winning a AI training data company and a generative AI video creation company, jointly contributing about $1.5 million in annual contract value, along with a 76% growth in AI customers year over year. As AI models shift from text to multimodal, the volume of data required to train and operate them grows exponentially, and the need for storage that is performant, open, and cost-efficient at scale has never been greater. Backblaze is emerging as a compelling storage platform of choice for the AI economy."

First Quarter 2026 Financial Highlights:(1)

•Revenue of $38.7 million, an increase of 12% year-over-year (YoY).

•B2 Cloud Storage revenue was $22.4 million, an increase of 24% YoY.

•Computer Backup revenue was $16.2 million, relatively flat YoY.

•Gross profit of $23.5 million, or 61% of revenue, compared to $19.3 million, or 56% of revenue, in Q1 2025.

•Adjusted gross profit of $30.7 million, or 79% of revenue, compared to $27.3 million, or 79% of revenue, in Q1 2025.

•Net loss was $6.1 million compared to a net loss of $9.3 million in Q1 2025.

•Net loss per share was $0.10 compared to a net loss per share of $0.17 in Q1 2025.

•Adjusted EBITDA was $10.1 million, or 26% of revenue, compared to $6.4 million, or 18% of revenue, in Q1 2025.

•Non-GAAP net income of $2.7 million compared to non-GAAP net loss of $1.8 million in Q1 2025.

•Non-GAAP net income per share of $0.04 compared to a non-GAAP net loss per share of $0.03 in Q1 2025.

•Cash flow from operations was $3.4 million, compared to $4.9 million in Q1 2025.

•Adjusted free cash flow was $(1.8) million, compared to $(2.1) million in Q1 2025.

•Cash, cash equivalents, and marketable securities totaled $45.5 million as of March 31, 2026.

(1) Some amounts may not sum due to rounding.

1

First Quarter 2026 Operational Highlights:

•Annual recurring revenue (ARR) was $158.2 million, an increase of 13% YoY.

◦B2 Cloud Storage ARR was $93.0 million, an increase of 28% YoY.

◦Computer Backup ARR was $65.2 million, relatively flat YoY.

•Net revenue retention rate (NRR) was 103% compared to 105% in Q1 2025.

◦B2 Cloud Storage NRR was 110% compared to 105% in Q1 2025.

◦Computer Backup NRR was 95% compared to 103% in Q1 2025.

•Gross customer retention rate was 91% in Q1 2026 compared to 90% in Q1 2025.

◦B2 Cloud Storage gross customer retention rate was 89% in both Q1 2026 and Q1 2025.

◦Computer Backup gross customer retention rate was 91% compared to 90% in Q1 2025.

Recent Business Highlights:

•AI customer count grew 76% year over year: An AI training data company and a generative AI video creation company were among the quarter’s wins and together contributed about $1.5 million in annual contract value, reflecting our growing traction in AI.

•ARR from large customers grew 72% year over year: The number of customers generating $50,000+ in ARR increased 51% year over year, reflecting continued success scaling with larger accounts.

•Appointed Anuj Kumar as Chief Revenue Officer: With senior leadership experience at Rackspace, VMware, Red Hat, and NetApp, Anuj brings a proven track record of scaling cloud infrastructure businesses, strengthening our ability to accelerate revenue growth.

•Leading venture firm a16z selected Backblaze for its founder resource program: Together with our participation in Launch, Startup Grind and other startup programs, this broadens our reach across the startup ecosystem and positions us earlier with high-growth companies as they build and scale.

•Raised B2 pricing and eliminated transaction fees to deliver greater value: Effective May 1st, Backblaze increased pay-as-you-go storage pricing to support our continued investment in performance, while removing API transaction fees to simplify pricing and support customers.

Financial Outlook:

Based on information available as of the date of this press release,

For the second quarter of 2026, we expect:

•Revenue between $39.8 million to $40.2 million.

•Adjusted EBITDA margin between 21% to 23%.

•Basic weighted average shares outstanding of 60.5 million to 60.7 million shares.

For full-year 2026, we have raised our outlook:

•Revenue between $161.5 million to $163.5 million, raised from $156.5 million to $158.5 million.

•Adjusted EBITDA margin range of 23% to 25%, raised from 19% to 21%.

2

Conference Call Information:

Backbla