Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 Gleb Budman CEO and Co-Founder Backblaze Results February 23, 2026 Marc Suidan CFO Backblaze ©2026 | 1
Slide 2: Important Information About This Presentation
Important Information About This Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, includi
Slide 3: Our Mission
Our Mission To make customers unstoppable by solving their toughest data storage challenges. Backblaze ©2026 | 3
Slide 4: Key Highlights
Key ● Building a sustainable, durable business Highlights ● Upgrading our GTM engine for growth ● Leaning into a structural AI opportunity Backblaze ©2026 | 4
Slide 5: Strength and Durability of Our Core Business
Strength and Durability of Our Core Business 9-Year 111% 28% Avg Life B2 NRR Adj EBITDA Margin Long-duration customer Consistent expansion Expanding Leverage Long-Term Operating New Customers Expansion Retention Leverage Backblaze ©2026 | 5
Slide 6: Upmarket Traction
$50,000+ ARR Customer Count Upmarket Traction $50k+ ARR 2023 2024 2025 Customer Year-end ARR $10M $15M $26M % of ARR 9% 11% 17% Backblaze ©2026 | 6
Slide 7: Go-to-Market Transformation Update
Go-to-Market Transformation Update Increasing awareness ● Launched ‘Flamethrower’ startup program to engage with high-growth companies early Driving greater pipeline consistency ● Upgrading top-of-funnel systems ● Scaling demand generation programs Expanding share of wallet ● Formalizing program to
Slide 8: GTM Advisory Committee
Max Altschuler Nicole Baer Founder and general CMO, Carta partner of GTMfund GTM Advisory Committee Colby Greene Elias Mendoza SVP, Data Solutions & Former Sirius Capital Partnerships, ZoomInfo Operating Partner, IBM Corp Dev Experienced GTM leaders shaping how we win, scale, and lead our markets. C
Slide 9: The AI Opportunity
The AI Opportunity Backblaze serving as the storage backbone for the next wave of cloud infrastructure. Supply Side Demand Side ● Neoclouds and other AI tooling ● AI developers and companies companies ● Using and generating large ● Building the platform for AI datasets workflows Backblaze ©2026 | 9
Slide 10: Supply Side: Neocloud Opportunity
Supply Side: Neocloud ● Multiple neoclouds signed as customers ● Roughly 200 neoclouds in the market Opportunity ● Neocloud storage is estimated to be a $14B opportunity by 2030 Backblaze ©2026 | 10
Slide 11: 8-Figure, $15M+ TCV Neocloud Win
8-Figure, $15M+ TCV Neocloud Win ● Largest agreement in company history ● Positions Backblaze as the storage layer for next-generation AI compute platforms Backblaze ©2026 | 11
Slide 12: New B2 Neo Solution
New B2 Neo Solution High performance, white-label storage offering Developed in collaboration with neocloud customers Up to 1 TB/Second throughput speed Backblaze ©2026 | 12
Slide 13: Demand Side: AI Developers
Demand Side: ● Hundreds of AI companies are B2 customers ○ E.g. AI audio (Six-figure annual deal) AI ● 12,000 self-serve B2 customers added in Developers 2025 enables AI growth ● ‘Flamethrower’ startup and developer relations programs to fuel adoption Backblaze ©2026 | 13
Slide 14: Leadership in Place to Build the AI Storage Platform
Leadership in Place to Build the AI Storage Platform Dan Spraggins Rhett Dillingham Russ Artzt ● SVP of Engineering ● SVP of Product ● Advisor ● Expertise in cloud and AI ● Cloud platform product ● Co-founder & former infrastructure and scaling leadership and roadmap Head of R&D, CA ● Previously at
Slide 15: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2026 | 15
Slide 16: Key Financial Highlights
● Durable growth with 24% B2 growth Key ● Margin expansion to 28% adjusted EBITDA margin Financial ● Achieved positive adjusted free cash flow milestone Highlights Backblaze ©2026 | 16
Slide 17: B2 Growth Journey
B2 Growth Journey Backblaze ©2026 | 17
Slide 18: Revenue Drivers Defined
Revenue Drivers Defined New Direct Sales: Direct Sales led new logo acquisition New Self-serve: PLG led new logo acquisition Direct Cross-sell/Upsell: Direct Sales led upsell of existing customers Net Organic Growth: Organic data growth less data contraction NOTES: PLG means Product Led Growth. Backb
Slide 19: Record Bookings and Expanding Backlog
Record Bookings and Expanding Backlog ● Record direct sales bookings in Q4 ● RPO increases to $66M, up 60% YoY ● Strengthening forward revenue visibility Backblaze ©2026 | 19
Slide 20: Financial and Operational Q4 Highlights
Financial and Operational Q4 Highlights Gross Revenue Y/Y Trailing In-Quarter Customer ($M) Growth 4-Qtr NRR NRR Retention B2 Cloud Storage $21.3 24% 111% 111% 89% Computer Backup $16.5 Flat 98% 95% 91% Total Company $37.8 12% 105% 104% 91% NOTES: All financial information is for the quarter ended De
Slide 21: B2 Growth Excluding the Large Variable Customer
B2 Growth Excluding the Large Variable Customer Q1’25A Q2’25A Q3’25A Q4’25A Y/Y B2 Growth 23% 29% 28% 24% Growth Excluding Large 23% 22% 22% 23% Variable Usage Customer Backblaze ©2026 | 21
Slide 22: Achieving Positive Adj. Free Cash Flow
Achieving Positive Adj. Free Cash Flow Adj. EBITDA Margin Adj. Free Cash Flow Margin 28% 22% 11% 10% 5% IPO 2022 2023 2024 2025 Q4 2021 2025 IPO Q4 (4%) 2021 2024 2025 2025 (16%) 2022 2023 (29%) (4%) (42%) (11%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins shown for the years end
Slide 23: Q1'26 and Full Year Guidance
Q1’26 and Full Year Guidance Revenue ($M) Adj. EBITDA Margin Q1’26 Q1’26 $ 37.6 to $38.0 18% to 20% FY 2026 FY 2026 $156.5 to $158.5 19% to 21% NOTES: The above financial information guidance for Q1 of 2026 and fiscal year 2026 are forward-looking statements. The revenue outlook for fiscal year 2026 al
Slide 24: Our Financial Profile is Evolving Fast
Our Financial Profile is Evolving Fast Q4’24A Q1’25A Q2’25A Q3’25A Q4’25A B2 Y/Y Growth 22% 23% 29% 28% 24% Total Company Adj. -13% -6% -11% -9% 11% Free Cash Flow Margin Rule of 40 Score 9% 17% 18% 19% 35% Rule of 40 Score = B2 y/y Revenue Growth + Total Company Adj FCF Margin NOTES: The above Rule
Slide 25: Q&A
Q&A Backblaze ©2026 | 25
Slide 26: Thank You!
Thank You! Backblaze ©2026 | 26
Slide 27: Appendix
Appendix Backblaze ©2026 | 27
Slide 28: Definitions
Definitions ● “ARR” means Annual Recurring Revenue and is based on the monthly revenue from all B2 Cloud Storage and Computer Backup arrangements for the last month of a period and multiplying it by 12. Our annual recurring revenue for each of Computer Backup and B2 Cloud Storage is calculated in the
Slide 29: Definitions
Definitions ● “Adjusted EBITDA” is defined as net loss adjusted to exclude depreciation and amortization, stock-based compensation, interest expense, investment income, income tax provision, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, and
Slide 30: Reconciliation of Non-GAAP Measures: Adjusted Gross Margin
Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q4’25A Q4’24A Gross Profit $23.425 $18.503 Gross Margin 62% 55% Adjustments for Cost of Revenue: Stock Based Compensation 0.387 0.398 Depreciation & Amortization 6.138 6.917 Restructuring Charges .128 .460 Adjusted Gross
Slide 31: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q4’25A Q4’24A Net Loss $(5.413) $(14.377) Net Loss Margin -14% -43% Adjustments: Stock Based Compensation 6.317 6.609 Foreign Exchange Loss (Gain) .014 (0.127) Restructuring charges 2.538 4.861 Non-GAAP Net Income (Loss) 3.456 $(3.034)
Slide 32: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q4’25A Q4’24A Net Loss $(5.413) $(14.377) Net Loss Margin -14% -43% Adjustments: Depreciation & Amortization 6.211 7.060 Stock Based Compensation 6.317 6.609 Interest Expense & Investment Income, Net 0.748 0.605 Foreign Exchange Loss (Gain) 0.014
Slide 33: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow Q4’25A Q4’24A Net Cash Provided by (Used In) Operating $9.313 $2.233 Activities Capital Expenditures (1.939) (3.062) Principal Payments on Finance Leases and (4.266) (4.748) Lease Financing Obligations Litigation settlement payments 0.017