Backblaze Inc (NAS:BLZE)

Q2 2026 Backblaze Inc Earnings Call Transcript

Aug 3, 2026 / 09:00 PM GMT

Release Date Price: $15.59 (+13.63%)

Transcript 10-Q8-K

Key Points

Positve

Revenue of $42.7 million exceeded guidance by $2.5 million, with adjusted EBITDA margin of 30%, 700 basis points above the high end of guidance.
B2 growth accelerated to 34% year-over-year, the strongest rate in seven quarters, with B2 ARR reaching $113 million, up 39% year-over-year.
Signed the largest contract in company history: a $335 million multi-year agreement with Coreweave, including a capital-light managed storage component.
Upmarket momentum continued with 235 customers contributing over $50,000 in ARR, up 57% year-over-year, and four deals over $500,000 closed in the quarter.
Raised full-year 2026 revenue guidance to $172-$174 million (from $161.5-$163.5 million) and adjusted EBITDA margin to 27%-29% (from 23%-25%), with early 2027 B2 growth expected to exceed 40%.
Adjusted free cash flow margin improved to 8% for the quarter, and the company achieved a rule of 40 score of approximately 42, up from 18 a year ago.

Negative

Computer backup revenue declined 2% year-over-year, though better than expected, and remains a single-digit declining business.
Gross margin may face a few hundred basis points setback due to accelerated CapEx and depreciation before revenue ramps on new capacity.
The Coreweave deal includes warrants valued at $22 million, which will be treated as a contra revenue, reducing reported revenue from the agreement.
CapEx is expected to be 55%-65% of revenue for 2026, increasing financial burden despite using capital leases.
The company's guidance excludes variable usage above contracted minimums and potential large deals, indicating potential upside but also uncertainty in forecasting.
The price increase on May 1 contributed 8 percentage points to B2 growth, but churn from the increase was anticipated, though it did not materialize.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BLZE.OQ - Backblaze Inc
Q2 2026 Backblaze Inc Earnings Call
Aug 03, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, everyone.

Thank you for joining us and welcome to the Back Bay's second quarter 2026 financial earnings call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Mimi Kong, Director of Investor Relations. Mimi, please go ahead.

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Unidentified_2 [2]
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Thank you. Good afternoon, and welcome to Backblaze's second quarter 2026 earnings call. On the call with me today are

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