Backblaze, Inc. (BLZE)

Price$13.46Cached quoteAs of 2026-09-05 11:15 UTC

AI: Overvalued

Cloud-storage growth accelerates, but GAAP profitability remains absentBLZE is Backblaze's Nasdaq-listed Class A common stock, quoted in USD. It operates B2 Cloud Storage and Computer Backup. Latest results and the Form 10-Q, issued August 3, cover June 30, 2026. Quarterly revenue increased 18% to $42.7 million, while GAAP net loss narrowed to $5.1 million.

B2 revenue increased 34% to $26.6 million, but Computer Backup declined 2% to $16.1 million. Annual recurring revenue reached $177.3 million, up 21%. GAAP gross margin was 63%; the 80% adjusted margin excludes depreciation, amortization, stock compensation and restructuring charges. The adjusted figure therefore overstates profitability after the accounting costs of supporting infrastructure.

Valuation depends on profitable conversion of large contractual commitmentsStock Analysis reports 5.22 times trailing sales using its regular-session valuation snapshot. Continuing losses make a positive earnings multiple unavailable. The valuation appears to anticipate substantial improvement in recurring earnings and cash conversion, rather than merely continuation of current results.

The approximately $335 million CoreWeave agreement extends over more than five years; it is not revenue already earned or cash received. Associated warrants cover approximately 4.19 million potential shares and reduce accounting consideration by approximately $22 million. The agreement strengthens revenue visibility but increases dependence on successful capacity deployment and a major customer relationship.

Positive operating cash flow becomes negative after investment and lease paymentsFirst-half operating cash flow was $13.8 million. Deducting $6.6 million of cash capital expenditure, including software, and $8.5 million of finance-lease principal payments produces approximately $1.3 million of cash outflow, calculated. Company-defined adjusted free cash flow was positive $1.4 million after adding back restructuring and legal-settlement payments.

June-end cash and securities totalled $49.9 million, against $46.7 million of finance-lease obligations and $35.7 million of operating-lease liabilities. Management's August assessment supported at least twelve months of funding under its plan. These balances and that assessment predate the subsequent convertible financing; neither establishes current September cash or a guaranteed runway.

Completed financing improves flexibility but adds repayment and dilution exposureOn August 24, Backblaze issued $201.25 million of zero-coupon convertible notes due August 15, 2031. Approximately $17.5 million of capped-call hedges aim to reduce, not eliminate, conversion dilution. Revolving capacity increased to $50 million, maturing April 30, 2030; capacity is not cash already borrowed.

First-half stock-based compensation was $16.1 million, adding further dilution exposure. Hardware costs, data-center availability, service outages, cybersecurity and larger cloud competitors remain execution risks. Stock Analysis reports average volume of 1,744,216 shares over 20 trading days; activity does not guarantee market depth or protection against sharp price moves.

AI: News

September 9: Growth targets accompany a renewed cash-investment phaseAt Investor Day, management projected B2 revenue growth of at least 40% for the remainder of 2026 and through 2027. This applies to B2, not total company revenue, and is a management forecast rather than completed performance.

The CFO expected adjusted free cash flow to turn negative for four to five quarters as financing proceeds fund equipment purchases directly rather than through leases. He also anticipated 300–600 basis points of gross-margin pressure through mid-2027 as depreciation precedes revenue. Expected subsequent recovery remains conditional on successful deployment and customer demand.

September 9–10: WEKA collaboration broadens AI reach, with certification pendingBackblaze announced integration of B2 storage with WEKA's NeuralMesh platform for AI datasets and related workloads. Blocks & Files independently reported the collaboration on September 10.

Formal B2 certification for NeuralMesh was still underway. Neither report quantified incremental purchase commitments, revenue or profitability. The integration provides a potential distribution and technology advantage, but certification, customer adoption and dependable performance remain requirements—not evidence of completed commercial scale.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$145.8M	$127.6M	$102.0M	$85.2M	$67.5M	$53.8M
Gross profit	$88.8M	$69.3M	$49.9M	$43.9M	$34.3M	$28.0M
Gross margin	60.89%	54.33%	48.87%	51.51%	50.89%	52.03%
Research & development	$46.1M	$42.1M	$39.5M	$33.1M	$20.5M	$13.1M
Operating expenses	$112.4M	$115.6M	$107.8M	$92.0M	$53.1M	$31.7M
Operating income	−$23.6M	−$46.3M	−$57.9M	−$48.1M	−$18.8M	−$3.7M
Operating margin	−16.20%	−36.27%	−56.76%	−56.50%	−27.85%	−6.94%
EBITDA	$2.0M	−$18.0M	−$33.0M	−$28.0M	−$2.5M	$9.2M
EBITDA margin	1.35%	−14.07%	−32.34%	−32.84%	−3.66%	17.14%
Net income	−$25.6M	−$48.5M	−$59.7M	−$51.4M	−$21.7M	−$6.6M
Net profit margin	−17.56%	−38.03%	−58.53%	−60.36%	−32.16%	−12.31%
Basic EPSper basic share	-$0.46	-$1.11	-$1.66	-$1.62	-$1.07	-$0.36
Diluted EPSper diluted share	-$0.46	-$1.11	-$1.66	-$1.62	-$1.07	-$0.36

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.64%of listed shares

BlackRock, Inc.4.72M shares · Jun 30, 2026

View holders

Top 20 reported holders of BLZE
Holder	% owned
BlackRock, Inc.	7.64%4.72M shares
Driehaus Capital Management LLC	4.35%2.69M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.07%2.51M shares
Budman Gleb	≈3.59%2.22M shares
ACADIAN ASSET MANAGEMENT LLC	2.89%1.79M shares
GEODE CAPITAL MANAGEMENT, LLC	2.47%1.53M shares
AWM Investment Company, Inc.	2.27%1.4M shares
Pillsbury Lake Capital LLC	2.17%1.34M shares
STATE STREET CORP	1.97%1.22M shares
Connor, Clark & Lunn Investment Management Ltd.	1.87%1.16M shares
AQR CAPITAL MANAGEMENT LLC	1.70%1.05M shares
Qube Research & Technologies Ltd	1.24%766.2K shares
RENAISSANCE TECHNOLOGIES LLC	1.23%762.61K shares
NEXT CENTURY GROWTH INVESTORS LLC	1.11%687.5K shares
DIMENSIONAL FUND ADVISORS LP	1.02%628.64K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.99%613.78K shares
Nuveen, LLC	0.93%577.84K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	0.89%550.07K shares
MILLENNIUM MANAGEMENT LLC	0.80%495.44K shares
NORTHERN TRUST CORP	0.78%483.6K shares

Percentages use 61.8M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)20$626.2K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 3, 2025Form 4	Cessna TinaSenior VP, Engineering	SellClass A Common Stock	3.8K	$6.58	$24.9K	138.1K
Feb 28, 2025Form 4	Budman GlebCEO and Chairperson	SellClass A Common Stock	3.5K	$6.30	$22.0K	1.86M
Feb 28, 2025Form 4	Suidan MarcChief Financial Officer	SellClass A Common Stock	2.4K	$6.30	$15.2K	305.8K
Feb 28, 2025Form 4	Cessna TinaSenior VP, Engineering	SellClass A Common Stock	714	$6.30	$4.5K	141.8K
Feb 27, 2025Form 4	Budman GlebCEO and Chairperson	SellClass A Common Stock	2.9K	$6.61	$18.9K	1.87M