Slide 1: Q2 2026 Results
Q2 2026 Gleb Budman CEO and Co-Founder Backblaze Results August 3, 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 AI Strategy is Working Highlights ● ● B2 growth accelerated to 34% Signed $335M multi-exabyte CoreWeave agreement ● Broad-based AI traction, including a leading frontier model developer win ● Validated as the capacity tier for AI infrastructure Backblaze ©2026 | 4
Slide 5: AI creates active data at every stage
AI creates active data at every stage Training datasets Model checkpoints Inference outputs GenAI assets Raw, curated and Model snapshots Predictions, scores and Generated images, labeled data captured during training generated output video, audio and text Every stage adds data that must be stored,
Slide 6: AI Companies Choose Backblaze For:
AI Companies Choose Backblaze For: GROWTH CHOICE SPEED Scalability Architectural freedom Performance Capacity that keeps pace Ability to move data to the Throughput that supports with fast-growing datasets best suited cloud emerging AI workflows All with efficient economics that make AI sustainable at
Slide 7: Neoclouds need a complete storage stack
Neoclouds need a complete storage stack FLASH BASED TIER For workloads that demand the highest performance Maximum speed Backblaze B2 powered $14B 80% HDD BASED CAPACITY TIER Active data at scale Capacity and performance with estimated neocloud HDD Of data in the cloud is significantly better economi
Slide 8: CoreWeave $335M, 5+ Year Strategic Agreement
CoreWeave $335M, 5+ Year Strategic Agreement SERVICES DELIVERED STRATEGIC ALIGNMENT — WARRANT STRUCTURE B2 Cloud Storage 4,194,876 total shares · $7.60 exercise price BACKBLAZE INFRASTRUCTURE Vesting tied to contract performance and duration Multi-exabyte object storage capacity at the HDD tier B2 C
Slide 9: Q2 AI Wins with >$500K in ARR
Q2 AI Wins with >$500K in ARR GROWTH CHOICE SPEED Scalability Architectural freedom Performance CUSTOMER 1 CUSTOMER 2 CUSTOMER 3 Data Training Provider Conversational AI Developer Frontier AI Model Developer ● Another ~$1M ARR commitment ● Six-figure ARR Win ● Seven-figure ARR Win ● Faster-than-expe
Slide 10: Building for the Builders
Building for the Builders SHIPPED THIS QUARTER BUILDING THE PLATFORM TypeScript SDK Language of choice for AI coding agents A natural platform for developers and AI agents to build on Genblaze SDK GenAI media workflows COMMUNITY ENGAGEMENT Launched Generative Media Hackathon AI agent tools Drove awar
Slide 11: Positioned for durable growth
Positioned for durable growth Capacity As AI scales, data grows. for growth. Economics As AI companies mature, storage efficiency matters. for discipline BACKBLAZE DELIVERS BOTH Backblaze ©2026 | 11
Slide 12: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2026 | 12
Slide 13: Key Financial Highlights
Key ● FY revenue guidance raised by $10M+ ● B2 Rule of 40 Score of 42: B2 Revenue Growth Financial 34% + Adj. FCF Margin of 8% ● Signed commitments enable B2 Revenue Highlights directional growth outlook of 40%+ in 2027 NOTES: The financial information presented above includes forward-looking stateme
Slide 14: B2 Growth Accelerating
B2 Growth Accelerating Backblaze ©2026 | 14
Slide 15: Upmarket Momentum Accelerated
Upmarket Momentum Accelerated $50K+ ARR CUSTOMERS ARR from $50K+ ARR customers +67% y/y Q2 $500K+ ARR WINS +57% y/y customer count growth 4 new deals 3 of 4 were AI-related Backblaze ©2026 | 15
Slide 16: RPO Reaches ~$396M, Providing Greater Visibility
RPO Reaches ~$396M, Providing Greater Visibility CoreWeave drives the step-change, while momentum continues across the broader business TOTAL RPO ($M) CoreWeave contribution +$313M $335M commitment less ~$22M warrant value Broader business strength +$6M A step-change in contracted demand visibility
Slide 17: Financial and Operational Q2 Highlights
Financial and Operational Q2 Highlights REVENUE Y/Y NET REVENUE GROSS ($M) GROWTH RETENTION CUSTOMER RETENTION B2 Cloud $26.6 34% 113% 89% Storage Computer $16.1 -2% 94% 91% Backup Total $42.7 18% 103% 91% Company Note: Some amounts may not sum due to rounding. Backblaze ©2026 | 17
Slide 18: Building A Durable Business
Building A Durable Business Q2 Adj. EBITDA Margin was 30%, and Adj. FCF Margin was 8% Adj. EBITDA Margin Adj. Free Cash Flow Margin 27-29% 22% Neutral 10% 5% IPO 2022 2023 2024 2025 2026E 2021 (4%) IPO 2021 2024 2025 2026E (16%) 2022 2023 (29%) (3%) (42%) (11%) (54%) NOTES: Adjusted EBITDA and Adjus
Slide 19: Q3'26 and Full Year Guidance
Q3’26 and Full Year Guidance Revenue ($M) Adj. EBITDA Margin Q3’26 Q3’26 $44.4 to $44.8 27% to 29% FY 2026 Raised FY 2026 Raised $172.0 to $174.0 27% to 29% NOTES: The above financial information guidance for Q3 of 2026 and fiscal year 2026 are forward-looking statements. The revenue outlook for fiscal
Slide 20: Q&A
Q&A Backblaze ©2026 | 20
Slide 21: Thank You!
Thank You! Backblaze ©2026 | 21
Slide 22: Appendix
Appendix Backblaze ©2026 | 22
Slide 23: Definitions
Definitions ● “ARR” means Annual Recurring Revenue. For subscription-based arrangements, ARR is calculated by multiplying the monthly revenue for the last month of a period by 12. Beginning in the first quarter of 2026, to improve comparability between periods, we revised our methodology for calculati
Slide 24: Definitions
Definitions ● “Customer” means a customer at the end of any period as a distinct end user, as identified by a unique account identifier, which makes up substantially all of our user base. ● “Adjusted EBITDA” is defined as net loss adjusted to exclude depreciation and amortization, stock-based compensati
Slide 25: Definitions
Definitions ● “Non-GAAP Net Income (Loss)” We define non-GAAP net income (loss) as net income (loss) adjusted to exclude stock-based compensation, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, restructuring charges, legal settlement costs,
Slide 26: Reconciliation of Non-GAAP Measures: Adjusted Gross Margin
Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q2’26 Q2’25 Gross Profit $26.834 $23.041 Gross Margin 63% 63% Adjustments for Cost of Revenue: Stock Based Compensation 0.531 0.432 Depreciation & Amortization(1) 6.799 5.384 Restructuring Charges 0.135 (0.013) Adjusted G
Slide 27: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q2’26 Q2’25 Net Loss $(5.089) $(7.097) Net Loss Margin -12% -20% Adjustments: Stock Based Compensation(1) 8.759 7.304 Foreign Exchange Loss (Gain) (0.007) 0.477 Litigation settlement costs - 0.138 Restructuring charges 1.321 (0.066) Non
Slide 28: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q2’26 Q2’25 Net Loss $(5.089) $(7.097) Net Loss Margin -12% -20% Adjustments: Depreciation & Amortization(1) 6.892 5.474 Stock Based Compensation(2) 8.759 7.304 Interest Expense & Investment Income, Net 0.882 0.380 Income tax provision 0.040 - For
Slide 29: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow QTD QTD Q2’26 Q2’25 YTD Q2’26 YTD Q2’25 Net Cash Provided by Operating $10.427 $3.545 $13.787 $8.488 Activities Capital Expenditures (3.852) (2.845) (6.615) (5.471) Principal Payments on Finance Leases and Lease Financing (4.271) (4.734) (