Backblaze, Inc. functions as a cloud storage provider, delivering comprehensive online services for businesses and individual consumers to securely store, manage, and ...
Backblaze, Inc. (NASDAQ: BLZE) is a cloud storage and data backup company headquartered in San Mateo, California. Founded in 2007 by Gleb Budman and a team of co-founders, the company provides a comprehensive suite of cloud services designed to store, manage, and protect data for both businesses and individual consumers. ...Backblaze, Inc. (NASDAQ: BLZE) is a cloud storage and data backup company headquartered in San Mateo, California. Founded in 2007 by Gleb Budman and a team of co-founders, the company provides a comprehensive suite of cloud services designed to store, manage, and protect data for both businesses and individual consumers. Backblaze operates a highly scalable software infrastructure built on cost-effective commercial hardware, enabling it to offer affordable and accessible storage solutions without compromising on performance or security. The company's flagship product, Backblaze B2 Cloud Storage, is a consumption-based Infrastructure-as-a-Service (IaaS) that supports a wide array of use cases, including data backups, multi-cloud environments, application development, and ransomware defense. Additionally, Backblaze offers Computer Backup, an automated subscription-based Software-as-a-Service (SaaS) that safeguards data on laptops and desktops, providing protection against theft, loss, and ransomware while enabling remote access. The company primarily serves the public cloud IaaS storage and Data-Protection-as-a-Service markets. Backblaze went public in November 2021 and as of the latest data has a market capitalization of approximately $1.13 billion. The company employs around 320 to 385 individuals and is recognized as a Great Place to Work. With a gross profit margin of 62% and an emphasis on innovation, Backblaze continues to expand its offerings, catering to customers in over 175 countries with more than an exabyte of data under management. Its leadership team, including CEO Gleb Budman, has guided the company from a startup in a Palo Alto apartment to a publicly traded enterprise, consistently focusing on removing barriers of lock-in, complexity, and cost for its customers.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$145.8M
+14.3%
+10.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-25.6M
+47.2%
+17.2%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+60.9%
+12.1%
+3.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-16.2%
+55.3%
+29.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-17.6%
+53.8%
+25.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$11.3M
+4.6%
+1866.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+7.7%
-8.5%
+1679.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
74.0%
+24.0%
+26.4%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.07x
-3.0%
-4.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us and welcome to the Backblaze second quarter 2026 financial earnings call. After today's prepared remarks, we will host a question and answer session. [Operator Instructions] I will now hand the conference over to Mimi Kong, Director of Investor Relations. Mimi, please go ahead.
Mimi Kong: Thank you, good afternoon, and welcome to Backblaze's second quarter 2026 earnings call. On the call with me today are Gleb Budman, co-founder, CEO, and chairperson of the board, and Marc Suidan, chief financial officer. Today, Backblaze will discuss the financial results that were distributed earlier. Statements on this call include forward-looking statements about our future financial results, the impact of our sales and marketing initiatives, cost savings initiatives, results from new features, the impact of price changes, supply volatility and pricing, our ability to compete effectively and manage our growth, and our strategy to acquire new customers, retain and expand our business with existing customers. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those described in our risk factors that are included in our most recent quarterly report on Form 10-Q and our other financial filings. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today and we undertake no obligation to update them except as required by law. Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to and not as a substitute for our GAAP results. Reconciliation of GAAP to non-GAAP results may be found in our earnings release, which was furnished with our Form 8K filed today with the SEC. You can also find a slide presentation related to our comments in the webcast, which will also be posted to our investor relations page after the call. Please also see our press release or a presentation for definitions of additional metrics such as NRR, gross customer retention rate, and adjusted free cash flows. And finally, we will be hosting an investor day on Wednesday, September 9th in New York City. Please reach out to IR at www.backblaze.com to RSVP for the in-person event. A live webcast will also be accessible from the Backblaze Industrial Relations website. Thank you for joining us. And I will now like to turn the call over to Gleb.
Gleb Budman: Thank you, Mimi. And thank you, everyone, for joining us today. We had a fantastic second quarter. Revenue came in at $42.7 million, $2.5 million above the high end of our guidance range. Adjusted EBITDA margin was 30%, 700 basis points above the high end of our guidance range and B2 growth accelerated to 34% year over year. These results reflect broad momentum across the business. We also signed the largest contract in Backblaze's history, a $335 million multi-year agreement with CoreWeave, which I'll come back to in …
