Backblaze, Inc. · NASDAQ:BLZE
Backblaze — Investor Day (September 2026)
53 slides from Backblaze's investor day presentation, Sep 9, 2026
Slide 1: Investor Day 2026
dy Backblaze Investor Day 2026
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, inclu
Slide 3: Introducing Gleb Budman, CEO
INTRODUCING Gleb Budman Chief Executive Officer and Chairperson of the Board Investor Day 2026
Slide 4: Agenda
Gleb Budman – CEO & Co-Founder The AI Storage Opportunity Dan Spraggins – CTO Built to Lead at AI Scale Agenda Anuj Kumar – CRO From Strong Signals to Repeatable Growth Marc Suidan – CFO Turning Financial Strength Into Durable Growth Investor Day 2026
Slide 5: The AI Storage Opportunity
& Backblaze The Al Storage Opportunity
Slide 6: Two Decades of Storage Expertise: A Strategic Advantage
TODAY B2 Cloud Platform 2007 EARLY YEARS 2016 Object storage for developers & enterprise Founded Computer Announced Backup Platform B2 Cloud Storage Two Decades of Storage Expertise: A Strategic Advantage Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 6
Slide 7: AI Is Rewriting the Rules
YESTERDAY TODAY Steady Data Massive Data Data Growth Accumulation Proliferation AI Is Rewriting Cloud Ecosystem Single Hyperscaler Default ~200 Neocloud Reality the Rules Background Critical Storage Priority Utility Performance Layer Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 7
Slide 8: The New Rules Play to Backblaze's Strengths
The New Rules Play to Backblaze's Strengths Massive Data Expands demand for the cost-efficient capacity layer Backblaze Proliferation was built to deliver at scale. ~200 Neocloud Increases the value of Backblaze’s independent storage Reality platform across an open-by-design AI ecosystem. Critical E
Slide 9: Step Change in Data Created Expands Opportunity
Step Change in 700 ZB+ 2030 data created forecast Data Created Expands Opportunity 173 ZB 2024 data created Sou rce : IDC G lobal DataSpher e Forecast, 2025-202 9; IDC Globa l DataSpher e Forecast, 2026-203 0 Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 9
Slide 10: AI Adds a Faster-Growing Layer to a Large Existing Market
$43B 2026 TOTAL CLOUD OBJECT STORAGE TAM AI Adds a Faster-Growing AI WORKLOADS $17B 26% CAGR Layer to a Large Existing Market CORE WORKLOADS $26B 20% CAGR Source : IDC, Worldwide File- and O bject-Based Storag e Mar ket Up date a nd For eca st, 20 25–203 0; Mor dor In tellig ence, Ob ject-Based Stor
Slide 11: Scale and scalability to lead
>5EB has the scale and of data under management scalability to lead 30%+ planned capacity expansion by year-end 2027 Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 11
Slide 12: Backblaze Delivers Architectural Freedom Across a Diversifying AI Ecosystem
Backblaze Delivers Architectural Freedom Across a Diversifying AI Ecosystem Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 12
Slide 13: The Capacity Layer is Key Across AI
The Capacity Layer is Key Across AI Data Collection Data Processing Model Training Inference Monitoring Runs the HDD capacity layer. Massive-scale Fast data Real-time Continuous Keep GPUs fed throughput transformation response capture Every stage consumes, creates and retains data, expanding the sto
Slide 14: The New Rules: Scale of Data
Purpose-Built Over Decades, Difficult to Replicate AI is expanding the role of storage Optimized Platform Creates the Moat infrastructure The New A wide-open opportunity is emerging for an independent capacity tier RulesSCALE of Data PERFORMANCE ECONOMICS Infrastructure Backblaze has the capabilitie
Slide 15: Backblaze Is Already Winning Across the AI Ecosystem
Backblaze Is Already Winning Across the AI Ecosystem AI INFRASTRUCTURE AI BUILDERS MORE $335M Multi-Exabyte 5 of Top 10 B2 Flamethrower Startups Commitment + 4 Others Customers are AI Leading Frontier Model Note: CoreWeave commitment is an agg regate estimated tota l contract value; actua l re ven u
Slide 16: AI is expanding the role of storage infrastructure
AI is expanding the role of storage infrastructure An open opportunity is an independent capacity tier Backblaze has the capabilities and validation to lead Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 16
Slide 17: Introducing Dan Spraggins, CTO
INTRODUCING Dan Spraggins Chief Technology Officer Investor Day 2026
Slide 18: Built to Lead at AI Scale
& Backblaze Built to Lead at Al Scale SS
Slide 19: B2 Storage Architecture
B2 Storage Architecture Durable by Design Linear Growth Speed in Parallel 1 file + 1 request Self-healing storage Exabyte scale enabled Terabit throughput Drive Storage server Vault Cluster BUILDING BLOCKS commodity HDDs up to 60 drives 20 servers as 1 vaults on 1 network Dan Spraggins, CTO | Invest
Slide 20: Object Storage Capacity Tier
Object Storage Capacity Tier NVIDIA Cloud Partner Data Center Reference Architecture NVIDIA publishes the blueprint AI data centers are built to this reference architecture. Object Storage NVIDIA added a Capacity Tier hard drive tier (HDD) Nodes Backblaze operates the capacity tier B2 delivers it at
Slide 21: Storage Media Comparison
Storage Media Comparison SSD HDD Built for speed Built for scale First byte 0.1 ms First byte 5 ms Requests/sec 1M Requests/sec 150 Throughput 7 GB/s Throughput 250 MB/s Cost per TB 6x Cost per TB 1x 15% of data center data 85% of data center data operates here: built for scale and cost Dan Spraggin
Slide 22: The AI Data Lifecycle
The AI Data Lifecycle Data Collection Data Processing Model Training Inference Monitoring SSD high-performance layer Runs the HDD capacity layer. Dan Spraggins, CTO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 22
Slide 23: AI Needs a Complete Storage Stack
AI Needs a Complete Storage Stack Dan Spraggins, CTO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 23
Slide 24: Built for AI Today
Built for AI Today 1 Tbps Milliseconds 11 Nines 5+ EB Per customer, on demand To first byte; always hot Durability; erasure coded On 350K drives in 6 DCs Dan Spraggins, CTO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 24
Slide 25: Exabyte Object Storage for an AI Cloud
CASE STUDY: AI CLOUD PLATFORM Exabyte Object Storage for an AI Cloud Multi-EB 5+ Years Managed Object storage capacity Service commitment Alongside GPUs in their DCs “ Backblaze has built a reputation for making complex, HDD-based storage infrastructure reliable and easy-to-consume at scale. - Nick
Slide 26: Making B2 AI Agent Ready
OUR APPROACH Discover Connect Making B2 Machine-readable docs, pricing, and sign-up that agents can act on. MCP server, agent skills, CLI, SDKs, and event-driven interfaces AI Agent Secure Build Ready Narrow, revocable permissions scoped to the task at hand Integrations and reference designs with th
Slide 27: What's Coming Next
What’s Coming Next THROUGHPUT API REQUESTS DRIVE ECONOMICS 2x increase 5x volume +20% capacity Platform investments in performance, scale, and economics to further differentiate Backblaze with AI workloads. Dan Spraggins, CTO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 27
Slide 28: Introducing Anuj Kumar, CRO
INTRODUCING Anuj Kumar Chief Revenue Officer Investor Day 2026
Slide 29: From Strong Signals to Repeatable Growth
From Strong Signals to Repeatable Growth
Slide 30: AI Customers Win More, Land Bigger and Expand Faster
AI Customers Win More, Land Bigger and Expand Faster WIN MORE LAND BIGGER EXPAND AFTER LANDING +10 pts 7x 2X Higher AI company win rates Average AI deal size Top AI customers 2X their versus non-AI versus non-AI commitments within 12 mo A structural advantage The pattern persists AI Companies grow d
Slide 31: Training Data Provider
CUSTOMER JOURNEY WHY WE WON: 4x contracted throughput vs. the prior Training Data Provider provider—with capacity to scale quickly as data volumes grow. ~50 employees • >$50M in VC funding • Small team, massive data EXPAND NEXT OPPORTUNTITY More workloads EXPAND Q2 FY26 $1M+ expansion LAND Q1 FY26 N
Slide 32: Why Customers Choose Backblaze Has Expanded
Why Customers Choose Backblaze Has Expanded WHAT HAS ALWAYS MATTERED WHAT AI CUSTOMERS ALSO NEED Disruptive Economics High Throughput Approx. 80% lower cost than hyperscalers Rapid Scalability Transparent Pricing Predictable, straightforward invoices Architectural Freedom Efficient economics mean mo
Slide 33: Backblaze has multiple paths to capture and compound growth
Backblaze has multiple paths to capture and compound growth Core Workloads AI Builders AI Infrastructure Expand Accelerate Scale WHO ARE THEY WHO ARE THEY WHO ARE THEY F10,000 companies, 1,000s of AI startups ~200 AI infrastructure Channel led companies WHAT THEY NEED WHAT THEY NEED WHAT THEY NEED E
Slide 34: From Signals to a Repeatable Revenue Engine
From Signals to a Repeatable Revenue Engine EDUCATE PROGRAMS CREATE SIGNALS Create reach and relevance EDUCATE ENGAGE Search visibility: SEO + AEO Turn attention into participation Omnichannel content + paid Stats + performance insights EXPERIENCE Make technical proof easy ENGAGE Social + community
Slide 35: Integrated Routes to Market Drive Repeatable Customer Growth
Integrated Routes to Market Drive Repeatable Customer Growth CORE WORKLOADS AI BUILDERS AI INFRASTRUCTURE SALES MOTION PRODUCT-LED / INBOUND SALES-LED / OUTBOUND SELF-SERVE DIRECT SALES Broad developer reach • Frictionless, low-touch adoption Higher-value AI opportunities • Dedicated, coordinated co
Slide 36: Scaling with the Partner Ecosystem
Scaling with the Partner Ecosystem NEW ECOSYSTEM INVESTMENT CUSTOMER OPPORTUNITY PLATFORM Becoming Part of Integrated Solutions BACKBLAZE AI BUILDERS B2 SELL-THROUGH SELL-WITH Startups and developers INTEGRATOR • MSP • CDN • OEM + ISV MARKETPLACE CLOUD STORAGE CORE PLATFORM WORKLOADS Reference archi
Slide 37: Strong Signals. A Focused Plan to Scale Them
AI customers land bigger and faster. Strong Signals. A Focused Plan Organic reach amplified by targeted segments. to Scale Them Scaling with the ecosystem. Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 37
Slide 38: Building the data and evaluation layer for emotionally intelligent voice AI
Building the data and evaluation layer for emotionally intelligent voice AI. Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 38
Slide 39: Introducing Marc Suidan, CFO
INTRODUCING Marc Suidan Chief Financial Officer Investor Day 2026
Slide 40: Turning Financial Strength Into Durable Growth
Turning Financial Strength Into Durable Growth
Slide 41: We built the Financial Foundation to Invest
We built the Financial Foundation to Invest Our Key Goal Posts Status Original Target Achieved Strengthen the balance sheet Q4-2024 Q4-2024 Reaccelerate B2 growth Q1-25 Q1-25 Deliver B2 growth above 30% Q4-25 Q2-26 Generate positive Adj. FCF, Q4-25 Q4-25 including capital leases B2 growth + Adj FCF
Slide 42: Growth and Operating Leverage
Growth and Operating Leverage NOTES: 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
Slide 43: B2 is the Core of the Revenue Mix
B2 is the Core of the Revenue Mix 62% 2026 YTD Revenue Mix 38% 62% +24pts B2 Revenue Mix Shift ARR growth (y/y) Relatively flat +39% Net Revenue Retention ~94% 113% 39% B2 Cloud Storage Gross Customer 2022 Retention 91% 89% Marc Suidan, CFO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 43
Slide 44: Multi-year Commitments Create a Visible Growth Foundation
Multi-year Commitments Create a Visible Growth Foundation Total RPO ($M) ~$396M 400 Growth begins from a larger contracted base 300 5.2x Visibility extends across multiple 200 years 100 $76.5M The contracted base is not the growth ceiling 0 Q1’26 Q2’26 Marc Suidan, CFO | Investor Day 2026 Backblaze
Slide 45: Positive B2 Customer Economics Over Time
Positive B2 Customer Economics Over Time TOTAL REVENUE OVER 9 YEAR CUSTOMER LIFE Direct costs Hardware depreciation 60–70% Contribution margin over 9 years¹ Profit positive in Year 1 Assumptions: 9 years customer life based on a Gross Customer Retention Rate of 89%, 5% y/y storage usage growth, No a
Slide 46: Optimized Deployment of Capital
Optimized Deployment of Capital Lower the cost of capital Invest behind visible growth Convertible debt replaces higher-cost capital-lease Capital is deployed against customer commitments with clear financing. return thresholds. Capital raised through the Demand visibility before capital is $201M co
Slide 47: The Path From Investment to Cash Generation
The Path From Investment to Cash Generation Adjusted EBITDA margin Underlying profitability continues to improve Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Q1’28 Adjusted free cash flow margin Capacity is funded before Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Q1’28 the cash return is realized CURREN
Slide 48: Near-Term Investment Builds a Stronger, More Scalable Financial Model
Near-Term Investment Builds a Stronger, More Scalable Financial Model METRIC NEAR-TERM INVESTMENT PHASE AS THE MODEL SCALES Excludes new large deals and minimum B2 Revenue growth 40%+ in FY271 commitments overages Higher utilization and managed storage Gross margin Capacity is deployed ahead of reve
Slide 49: Key Takeaways
Key Takeaways Multi-year commitments create larger and more Greater growth visibility durable contracted growth base. Capital is being deployed against visible demand with Demand-backed investment attractive customer economics Greater long-term Near-term investment positions Backblaze for greater ea
Slide 50: Q&A
Q&A Backblaze | NASDAQ: BLZE | Investor Day 2026
Slide 51: Appendix
& Backblaze Appendix
Slide 52: The AI Storage Shift
The AI CUSTOMER DATA TB → PB THROUGHPUT Mbps → Tbps Storage Bulk ingest, longer retention Keeping GPUs fed Shift API REQUESTS MINIMUM DATA RETENTION 3X Kps → Mps Months → None Reads, writes and deletes Deletes as fast as writes DATA ACCESS DATA TRANSFER OUT Offline → Online Rare → Routine AI 18% AI
Slide 53: Reconciliation of Non-GAAP Measures: Adjusted EBITDA Margin
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Margin 2022 2023 2024 2025 Net Loss $(51,398) $(59,713) $(48,531) $(25,612) Net Loss Margin (60)% (59)% (38)% (18)% Adjustments: Depreciation & amortization 20,151 24,912 28,328 25,493 Stock-based compensation 17,049 25,052 26,104 26,425 Interest