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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

blze-202602230001462056FALSE00014620562026-02-232026-02-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 205490

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 23, 2026 Date of Report (date of earliest event reported)

Backblaze, Inc. (Exact name of registrant as specified in its charter)

Delaware 001-41026 20-8893125

(State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.)

2261 Market Street STE 81006, San Francisco, CA 94114

(Address of Principal Executive Offices) (Zip Code)

(650) 352-3738 Registrant's telephone number, including area code

201 Baldwin Ave., San Mateo, California

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

BLZE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 23, 2026, the Company issued a press release announcing its financial results for the quarter ended December 31, 2025. A copy of the press release and supplemental earnings presentation is attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

This information is intended to be furnished under Item 2.02 and Item 9.01 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press release issued by Backblaze, Inc., dated February 23, 2026

99.2 Supplemental earnings presentation, dated February 23, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 23, 2026 Backblaze, Inc.

By: /s/ Marc Suidan

Marc Suidan, Chief Financial Officer