Backblaze (BLZE) Q4 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 24 2026
0mins
Should l Buy BLZE?
Source: NASDAQ.COM
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Analyst Views on BLZE
Wall Street analysts forecast BLZE stock price to rise
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.760
Low
8.00
Averages
9.50
High
11.00
Current: 3.760
Low
8.00
Averages
9.50
High
11.00
About BLZE
Backblaze, Inc. is a cloud storage company. The Company's two cloud services that it offers on its Storage Cloud are: Backblaze B2 Cloud Storage and Backblaze Computer Backup. Backblaze B2 Cloud Storage enables customers to store data, developers to build applications, and partners to expand their use cases. The amount of data stored in this cloud service can scale up and down as needed on a pay-as-you-go basis, or can be paid for on a capacity basis or committed contract for greater predictability. This Infrastructure-as-a-Service enables use cases including backups, multi-cloud, application storage, ransomware protection, and storage for artificial intelligence/machine learning workflows. Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. This service is offered as a subscription-based Software-as-a-Service and serves use cases including computer backup, ransomware protection, theft and loss protection, and remote access.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Backblaze Reports Q4 2025 Earnings Highlights
- Strong Financial Performance: Backblaze reported total revenue of $37.8 million in Q4, reflecting a 14% year-over-year growth, with an adjusted EBITDA margin of 28%, doubling from the previous year, marking the company's first achievement of free cash flow profitability, indicating a significant enhancement in its financial health.
- Significant Customer Growth: The company now has 168 customers generating over $50,000 in ARR each, a 35% increase year-over-year, with this cohort's ARR rising 73% to $26 million, showcasing consistent expansion within its customer base and robust market demand.
- New Product Launches: Backblaze introduced its startup program “Flamethrower” aimed at engaging high-growth companies early, alongside the launch of B2 Neo, a high-performance white label storage solution designed for neoclouds, with a projected market opportunity of $14 billion by 2030.
- Solid Future Outlook: The company anticipates total revenue for 2026 to be in the range of $156.5 million to $158.5 million, with adjusted EBITDA margins expected between 19% and 21%, reflecting management's confidence in future growth while actively addressing market challenges.
See More
Backblaze (BLZE) Q4 2025 Earnings Call Transcript
See More
Backblaze Q4 Earnings Exceed Expectations
- Strong Earnings Performance: Backblaze reported a Q4 non-GAAP EPS of $0.06, beating expectations by $0.05, which reflects the company's ongoing improvement in profitability and boosts investor confidence.
- Significant Revenue Growth: The company achieved revenue of $37.8 million in Q4, marking an 11.8% year-over-year increase and surpassing market expectations by $0.26 million, indicating resilience in its business model and strong market demand.
- Hard Drive Failure Rate Insights: Backblaze discussed 2025 annual hard drive failure rates and data trends in its prepared remarks, providing valuable insights for investors to assess long-term risks associated with data storage.
- Market Strategy Adjustment: The company advises investors to “buy the dip” at current prices, highlighting that sharp margin expansion can offset potential deceleration risks, demonstrating management's confidence in future performance.
See More
Backblaze Launches B2 Neo Cloud Storage Solution for Neoclouds
- High-Performance Storage Solution: Backblaze's launch of B2 Neo, designed specifically for neocloud platforms, enables enterprise-grade cloud object storage to be delivered in weeks, significantly reducing capital costs and time investments required to build a storage backend, thereby accelerating the processing of AI and machine learning workloads.
- Massive Market Potential: The neocloud market is projected to grow from $35.22 billion in 2026 to $236.53 billion by 2031, with a CAGR of 46.37%, indicating the strategic importance of high-performance storage solutions in meeting the demands of AI computing.
- Customer Demand Driven: B2 Neo allows neocloud customers to experience storage as a native service via branded endpoints, simplifying account management and billing processes, helping customers control costs and accelerate ROI on AI investments, thus meeting the increasing demand for efficient data pipelines.
- Technological Partnership Advantage: Collaborations with multiple neocloud platforms have enabled Backblaze to secure its largest total contract value (TCV) to date, which not only validates the reliability of its technology but also underscores the importance of having a high-performance storage partner in a competitive market.
See More
Backblaze Launches B2 Neo Cloud Storage Solution for Neoclouds
- High-Performance Storage Solution: Backblaze's B2 Neo, designed for neocloud platforms, enables enterprise-grade cloud object storage to be offered within weeks, addressing the needs of data-heavy AI and machine learning workloads, thereby reducing capital costs and accelerating market responsiveness.
- Significant Market Potential: The neocloud market is projected to grow from $35.22 billion in 2026 to $236.53 billion by 2031, with a CAGR of 46.37%, highlighting the strategic importance of high-performance storage solutions in meeting AI computing demands.
- Customer Demand Driven: B2 Neo allows neocloud customers to experience storage as a native service via branded endpoints, simplifying account management and billing processes, which enhances customer satisfaction and reduces operational complexity, thereby strengthening the platform's market competitiveness.
- Accelerated Time-to-Market: With B2 Neo, neocloud platforms can launch storage services in weeks, avoiding the lengthy development cycles associated with traditional storage solutions, enabling them to focus on scaling GPU infrastructure and improving overall business efficiency.
See More
Backblaze Launches Flamethrower Startup Program for Predictable Cloud Storage
- Program Launch: Backblaze has introduced the Flamethrower program aimed at providing early-stage companies with predictable cloud storage and hands-on support, enabling them to build and scale without being hindered by unpredictable infrastructure costs or complexities.
- Founder-Centric Approach: This initiative is specifically designed for founders and small teams working on data-heavy products, emphasizing real production infrastructure and practical support, thus avoiding the pitfalls of traditional programs that rely on short-term credits and upcharges.
- Support for Diverse Workloads: Flamethrower offers qualifying startups cloud storage credits for Backblaze B2 Cloud Storage, supporting common workloads such as AI/ML training data, media, and gaming assets, ensuring flexibility as businesses scale.
- No Pressure Engagement: The program respects founders' time by eliminating mandatory demos and sales pressure, with applications reviewed by real people, allowing participants to engage with Backblaze at their own pace, making data storage the least complex part of their tech stack.
See More
Backblaze Reports Q4 2025 Earnings Highlights
- Strong Financial Performance: Backblaze reported total revenue of $37.8 million in Q4, reflecting a 14% year-over-year growth, with an adjusted EBITDA margin of 28%, doubling from the previous year, marking the company's first achievement of free cash flow profitability, indicating a significant enhancement in its financial health.
- Significant Customer Growth: The company now has 168 customers generating over $50,000 in ARR each, a 35% increase year-over-year, with this cohort's ARR rising 73% to $26 million, showcasing consistent expansion within its customer base and robust market demand.
- New Product Launches: Backblaze introduced its startup program “Flamethrower” aimed at engaging high-growth companies early, alongside the launch of B2 Neo, a high-performance white label storage solution designed for neoclouds, with a projected market opportunity of $14 billion by 2030.
- Solid Future Outlook: The company anticipates total revenue for 2026 to be in the range of $156.5 million to $158.5 million, with adjusted EBITDA margins expected between 19% and 21%, reflecting management's confidence in future growth while actively addressing market challenges.
See More
Backblaze (BLZE) Q4 2025 Earnings Call Transcript
See More
Backblaze Q4 Earnings Exceed Expectations
- Strong Earnings Performance: Backblaze reported a Q4 non-GAAP EPS of $0.06, beating expectations by $0.05, which reflects the company's ongoing improvement in profitability and boosts investor confidence.
- Significant Revenue Growth: The company achieved revenue of $37.8 million in Q4, marking an 11.8% year-over-year increase and surpassing market expectations by $0.26 million, indicating resilience in its business model and strong market demand.
- Hard Drive Failure Rate Insights: Backblaze discussed 2025 annual hard drive failure rates and data trends in its prepared remarks, providing valuable insights for investors to assess long-term risks associated with data storage.
- Market Strategy Adjustment: The company advises investors to “buy the dip” at current prices, highlighting that sharp margin expansion can offset potential deceleration risks, demonstrating management's confidence in future performance.
See More
Backblaze Launches B2 Neo Cloud Storage Solution for Neoclouds
- High-Performance Storage Solution: Backblaze's launch of B2 Neo, designed specifically for neocloud platforms, enables enterprise-grade cloud object storage to be delivered in weeks, significantly reducing capital costs and time investments required to build a storage backend, thereby accelerating the processing of AI and machine learning workloads.
- Massive Market Potential: The neocloud market is projected to grow from $35.22 billion in 2026 to $236.53 billion by 2031, with a CAGR of 46.37%, indicating the strategic importance of high-performance storage solutions in meeting the demands of AI computing.
- Customer Demand Driven: B2 Neo allows neocloud customers to experience storage as a native service via branded endpoints, simplifying account management and billing processes, helping customers control costs and accelerate ROI on AI investments, thus meeting the increasing demand for efficient data pipelines.
- Technological Partnership Advantage: Collaborations with multiple neocloud platforms have enabled Backblaze to secure its largest total contract value (TCV) to date, which not only validates the reliability of its technology but also underscores the importance of having a high-performance storage partner in a competitive market.
See More
Backblaze Launches B2 Neo Cloud Storage Solution for Neoclouds
- High-Performance Storage Solution: Backblaze's B2 Neo, designed for neocloud platforms, enables enterprise-grade cloud object storage to be offered within weeks, addressing the needs of data-heavy AI and machine learning workloads, thereby reducing capital costs and accelerating market responsiveness.
- Significant Market Potential: The neocloud market is projected to grow from $35.22 billion in 2026 to $236.53 billion by 2031, with a CAGR of 46.37%, highlighting the strategic importance of high-performance storage solutions in meeting AI computing demands.
- Customer Demand Driven: B2 Neo allows neocloud customers to experience storage as a native service via branded endpoints, simplifying account management and billing processes, which enhances customer satisfaction and reduces operational complexity, thereby strengthening the platform's market competitiveness.
- Accelerated Time-to-Market: With B2 Neo, neocloud platforms can launch storage services in weeks, avoiding the lengthy development cycles associated with traditional storage solutions, enabling them to focus on scaling GPU infrastructure and improving overall business efficiency.
See More
Backblaze Launches Flamethrower Startup Program for Predictable Cloud Storage
- Program Launch: Backblaze has introduced the Flamethrower program aimed at providing early-stage companies with predictable cloud storage and hands-on support, enabling them to build and scale without being hindered by unpredictable infrastructure costs or complexities.
- Founder-Centric Approach: This initiative is specifically designed for founders and small teams working on data-heavy products, emphasizing real production infrastructure and practical support, thus avoiding the pitfalls of traditional programs that rely on short-term credits and upcharges.
- Support for Diverse Workloads: Flamethrower offers qualifying startups cloud storage credits for Backblaze B2 Cloud Storage, supporting common workloads such as AI/ML training data, media, and gaming assets, ensuring flexibility as businesses scale.
- No Pressure Engagement: The program respects founders' time by eliminating mandatory demos and sales pressure, with applications reviewed by real people, allowing participants to engage with Backblaze at their own pace, making data storage the least complex part of their tech stack.
See More
