Backblaze, Inc. · NASDAQ:BLZE
Backblaze — Q3 2026 Earnings Presentation
29 slides from Backblaze's earnings presentation, Nov 2, 2026
Slide 1: Q3 2026 Results
Backblaze ©2026 | 1 November 2, 2026 Q3 2026 Results Gleb Budman CEO and Co-Founder Backblaze Marc Suidan CFO
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Backblaze ©2026 | 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on managemen
Slide 3: Our Mission
Backblaze ©2026 | 3 Our Mission To make customers unstoppable by solving their toughest data storage challenges.
Slide 4: Key Highlights
Backblaze ©2026 | 4 Key Highlights ● 47% B2 revenue growth year over year ● Broad-based customer adoption ○ 4x net new B2 self-serve customers vs last year ○ 254 customers contributing more than $50K in ARR ○ 4 deals greater than $500K in ARR booked AI strategy drives growth
Slide 5: Backblaze B2 is built for this moment
Backblaze ©2026 | 5 Backblaze B2 is built for this moment Rapidly expanding storage needs INDUSTRY THEMES Greater focus on AI ROI Backblaze delivers the scale and economics AI needs. THE OPPORTUNITY Note: This slide contains forward-looking statements, which are subject to risks and uncertainties. A
Slide 6: Connecting with more AI builders
Backblaze ©2026 | 6 Connecting with more AI builders AI builders we reach include How we’re reaching them Foundation model developers AI search visibility Physical AI companies AI ecosystem relationships Generative media companies Developer and agent tools The number of new AI builders entering our
Slide 7: AI search visibility drives customer acquisition
Backblaze ©2026 | 7 AI search visibility drives customer acquisition +230% AI referral traffic y/y Roughly twice the market growth rate of 117%* >2x Conversion vs. organic search Self-serve account creation or contacting sales Trusted content builds authority in AI search *Source: similarweb 2026 Ge
Slide 8: Building relationships across the AI ecosystem
Backblaze ©2026 | 8 Building relationships across the AI ecosystem Hundreds of startups participating in FLAMETHROWER our startup program VC relationships Connect through investor networks Startup communities Meet builders as their businesses develop Industry events TechCrunch and Coast-to-Coast Sta
Slide 9: Building for developers and AI agents
Backblaze ©2026 | 9 Building for developers and AI agents Open-source B2 MCP server Enables AI agents to use B2 storage within customer-defined permissions AI reference architectures Showing how B2 fits into AI workloads Note: This slide contains forward-looking statements, which are subject to risk
Slide 10: Large customer wins with ARR > $500K
Backblaze ©2026 | 10 4 large customer wins with ARR > $500K CUSTOMER 1 EXPANSION AI training data provider AI BUILDER $4M+ expansion to add a new workload on B2 CUSTOMER 2 EXPANSION Generative AI media customer AI BUILDER Increased training activity generating more data CUSTOMER 3 EXPANSION AI audio
Slide 11: Customer 1 case study
Backblaze ©2026 | 11 DISCOVER Customer Referral LAND Q1 FY26 Nearly $1M EXPAND Q2 FY26 $1M+ expansion EXPAND $4M+ expansion 11 days TRIAL TO SIGNED DEAL 12 weeks LAND TO FIRST EXPANSION 7.0x CAPACITY VS. INITIAL LAND Data Collection & Data Processing AI WORKLOAD AI builder expanded into a new worklo
Slide 12: AI growth accelerates demand for our capacity tier
Backblaze ©2026 | 12 AI growth accelerates demand for our capacity tier • The AI storage opportunity keeps broadening. • Agents accelerate data access and use. • Scale and ROI strengthen the case for B2. Note: This slide contains forward-looking statements, which are subject to risks and uncertainti
Slide 13: Financial Overview
Backblaze ©2026 | 13 Financial Overview Marc Suidan CFO
Slide 14: Key Financial Highlights
Backblaze ©2026 | 14 Key Financial Highlights ● B2 ARR: $127M, up 53% year over year ● B2 Rule of 40 Score*: 48 ● Guidance for FY’26: Raised ● Expected Q4 B2 growth: ~60% NOTES: The financial information presented above includes forward-looking statements and non-GAAP financial measures. Forward-loo
Slide 15: B2 growth accelerating
Backblaze ©2026 | 15 23% Q1’25 29% Q2’25 28% Q3’25 24% Q4’25 24% Q1’26 34% Q2’26 47% Q3’26 B2 growth accelerating B2 REVENUE GROWTH REVENUE DRIVERS DEFINED New Direct Sales Direct-sales-led new-logo acquisition New Self-Serve Product-led new-logo acquisition Direct Cross-Sell / Upsell Direct-sales-l
Slide 16: Upmarket momentum
Backblaze ©2026 | 16 Upmarket momentum $50K+ ARR CUSTOMERS +109% y/y ARR from $50K+ ARR customers +57% y/y customer count growth Q3 $500K+ ARR WINS 4 new deals ARR from $50K+ ARR customers $50M NOTES: The financial information presented above includes forward-looking statements and non-GAAP financia
Slide 17: Financial and operational Q3 highlights
Backblaze ©2026 | 17 Financial and operational Q3 highlights REVENUE ($M) Y/Y GROWTH NET REVENUE RETENTION GROSS CUSTOMER RETENTION B2 Cloud Storage $30.5 47% 115% 89% Computer Backup $16.2 -2% 94% 91% Total Company $46.7 26% 105% 91% Note: Some amounts may not sum due to rounding.
Slide 18: Building a durable business
Backblaze ©2026 | 18 22% Building a durable business (3%) (11%) Adj. EBITDA Margin 5% IPO 2021 2022 2023 Adj. Free Cash Flow Margin 2024 IPO 2021 2022 2023 2024 (54%) (42%) (29%) YTD 2026 30% YTD 2026 10% (16%)2025 2025 (4%) 1% NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins shown for the
Slide 19: Q4'26 and full year guidance
Backblaze ©2026 | 19 Q4’26 and full year guidance Q4’26 $49.8 to $50.2 FY 2026 Raised $177.8 to $178.2 Q4’26 32% to 34% FY 2026 Raised 30% to 31% NOTES: The above financial information guidance for Q4 of 2026 and fiscal year 2026 are forward-looking statements. The revenue outlook for fiscal year 20
Slide 20: Lower funding costs with capped-call protection
Backblaze ©2026 | 20 Lower funding costs with capped-call protection $201M 0% Capital raised Coupon Illustrative dilution after capped calls, if principal paid in cash. Stock price Net shares issued (millions) Equity dilution Up to $33.76 0 0% $35 0.32 0.5% $41 1.62 2.6% $45 2.29 3.6% 0% coupon fina
Slide 21: Capex & Free Cash Flow Reconciliation
Backblaze ©2026 | 21 Capex & Free Cash Flow Reconciliation ($M) Q1’26 Q2’26 Q3’26 2026 YTD Net cash provided by operating activities 3.4 10.4 9.0 22.8 Capital Expenditures* (2.8) (3.9) (5.6) (12.3) Principal payments on finance leases and lease financing obligations (4.2) (4.3) (4.5) (13.0) Adjustme
Slide 22: Appendix
Backblaze ©2026 | 22 Appendix
Slide 23: Definitions: ARR and Gross Customer Retention
Backblaze ©2026 | 23 ● “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 fo
Slide 24: Definitions: Customer and Adjusted EBITDA
Backblaze ©2026 | 24 ● “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-bas
Slide 25: Definitions: Non-GAAP Net Income (Loss)
Backblaze ©2026 | 25 ● “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, litigation se
Slide 26: Reconciliation: Adjusted Gross Margin
Backblaze ©2026 | 26 Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q3’26 Q3’25 Gross Profit $29.838 $23.071 Gross Margin 64% 62% Adjustments for Cost of Revenue: Stock Based Compensation 0.425 0.318 Depreciation & Amortization(1) 7.442 5.970 Restructuring Charges 0
Slide 27: Reconciliation: Non-GAAP Net Income (Loss)
Backblaze ©2026 | 27 Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q3’26 Q3’25 Net Loss $(2.364) $(3.778) Adjustments: Stock Based Compensation(1) 7.304 5.445 Foreign Exchange (Gain) Loss (0.063) (0.189) Litigation settlement costs - 0.150 Restructuring charges 1.723 - Stock-based
Slide 28: Reconciliation: Adjusted EBITDA
Backblaze ©2026 | 28 Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q3’26 Q3’25 Net Loss $(2.364) $(3.778) Net Loss Margin -5% -10% Adjustments: Depreciation & Amortization(1) 7.560 6.044 Stock Based Compensation(2) 7.304 5.445 Interest Expense & Investment Income, Net 0.957 0.457 Income tax p
Slide 29: Reconciliation: Adjusted Free Cash Flow
Backblaze ©2026 | 29 Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow QTD Q3’26 QTD Q3’25 YTD Q3’26 YTD Q3’25 Net Cash Provided by Operating Activities $9.002 $5.743 $22.789 $14.231 Capital Expenditures (5.647) (4.848) (12.262) (10.319) Principal Payments on Finance Leases and Lease Fina