SAN MATEO, Calif.--(BUSINESS WIRE)---- $blze #Cloud--Backblaze, Inc. (Nasdaq: BLZE), the high- performance cloud storage platform for the AI era, today announced that Laquie T.N. Campbell, Senior Product Marketing Manager, Media & Entertainment at Backblaze, will speak at NAB Show 2026 in the SMPTE panel session, "From Build to Broadcast to Fan Experience in Live Sports Systems.†The panel will take place Saturday, April 18, from 3:00 to 3:55 p.m. in room N259. Presented as part of the SMPTE Visual Innovatio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41026 _________________________________ BACKBLAZE, INC. _________________________ ...

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Core Insights - Backblaze is focusing on accelerating growth in its B2 Cloud Storage business while improving cash flow generation, transitioning from a "grow at all costs" strategy to one that emphasizes profitable growth [2][5] Financial Performance - The company's "Rule of 40" score improved from 9% to 35% over the past year, indicating better balance between growth and profitability [1][5] - B2 revenue growth decelerated to 21% in Q4 2024 but was subsequently increased to 24%, with free cash flow margin improving from -13% to +11% [1][5] Go-to-Market Strategy - Backblaze is building its B2B sales pipeline, which doubled from $15 million in 2024 to $30 million in 2025, with a target of $60 million for 2026 to support over 30% growth [3][13] - The company is shifting its focus from consumer-oriented demand to a more traditional B2B sales and marketing approach [12] Product Development - Backblaze is enhancing its Computer Backup business to appeal more to businesses, particularly managed service providers (MSPs), with a current customer mix of 75% consumer and 25% business [6][7] - Recent product updates include an Advanced Installer and a command-line interface aimed at making the service more attractive for MSPs [6] Market Opportunities - The company is targeting a $14 billion storage opportunity through its B2 Neo service, which allows for white-labeling B2 for "Neocloud" partners [4][8] - The Neocloud market is expected to grow at 46% annually, with Backblaze already having multiple signed Neoclouds and several more in the pipeline [8][9] Largest Contract Value Deal - Backblaze's largest total contract value (TCV) deal is expected to contribute approximately 300 basis points of growth in fiscal year 2027, with revenue ramping over time due to operational requirements [10][11]

Summary of Backblaze Conference Call Company Overview - **Company**: Backblaze - **Industry**: Cloud Storage and Data Management - **Recent Developments**: Backblaze reported its fourth-quarter results, reflecting significant changes and progress since its IPO in 2021 Key Financial Metrics - **Revenue Growth**: Revenue growth improved from 21% to 24% year-over-year, with a free cash flow margin increasing from -13% to +11% [4][5] - **Rule of 40 Score**: Increased from 9% to 35% within a year, indicating improved financial health [5] - **Customer Growth**: The company aims to stabilize its customer base in the computer backup segment, which currently has a churn rate of about 10% [10] Product Developments - **B2 Cloud Storage**: The primary growth driver for Backblaze, with expectations for faster growth and healthier economics [6] - **Computer Backup Product**: New features like Advanced Installer and Command Line Interface aimed at attracting Managed Service Providers (MSPs) [8] - **B2 Neo**: A white-label service for Neocloud providers, contributing to the largest Total Contract Value (TCV) deal to date [13] - **Market Opportunity**: The Neocloud market is expected to grow at 46% annually, representing a $14 billion opportunity for Backblaze [14] Market Dynamics - **Neocloud Providers**: Many existing solutions are open-source and lack reliability, creating opportunities for Backblaze to offer superior storage solutions [16] - **Competitive Landscape**: Backblaze's performance metrics, such as eleven nines of durability, position it favorably against competitors [16] Sales and Marketing Strategy - **Go-to-Market Transformation**: Aiming to double the sales pipeline from $15 million in 2024 to $60 million by 2026 [48] - **Sales Cycle**: Larger deals (over $500K in ARR) have longer sales cycles due to increased complexity, leading to their exclusion from forward guidance [56] - **Pipeline as an Indicator**: The health of the sales pipeline is viewed as a leading indicator of success, with a focus on both new customer acquisition and expansion within existing accounts [62] Future Outlook - **Expansion Plans**: The company is focused on building a repeatable sales process to capture larger deals while maintaining growth in smaller accounts [60] - **Performance Metrics**: Emphasis on tracking metrics related to advertising effectiveness, site visits, and conversion rates to ensure pipeline growth [62] Additional Insights - **Diversity of Offerings**: Backblaze serves a variety of workloads, including backup, archiving, and live storage, which contributes to its customer base of 119,000 self-serve users [35] - **Brand Repositioning**: The launch of B2 Overdrive has helped re-anchor Backblaze's brand as a high-performance platform, enhancing its market presence [42] This summary encapsulates the key points discussed during the conference call, highlighting Backblaze's financial performance, product developments, market opportunities, and strategic initiatives.

Core Insights - Backblaze, Inc. (NASDAQ: BLZE) is recognized in the cloud storage industry, with Oppenheimer setting a price target of $8.50, indicating a potential upside of approximately 94.51% from its current trading price of $4.37 [1] Financial Performance - In Q4 2025, Backblaze reported earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.01, marking a 351.13% earnings surprise compared to a loss of $0.06 per share in the same quarter last year [2][6] - The company's revenue for the quarter ending December 2025 was $37.76 million, slightly above the Zacks Consensus Estimate by 0.73%, and up from $33.79 million reported a year ago, demonstrating consistent revenue growth [3][6] Strategic Developments - Backblaze achieved a significant milestone by closing its first eight-figure total contract value neocloud agreement, which highlights the strength of its storage cloud platform [4][6] - The launch of B2 Neo, a neocloud-specific storage offering, further showcases Backblaze's capabilities in the AI-driven cloud storage market [4] Market Position - Currently, BLZE is priced at $4.37 with a market capitalization of approximately $252.05 million, and the stock has shown volatility, trading between $4.31 and $4.54 today [5] - Over the past year, BLZE has experienced a high of $10.86 and a low of $3.83, reflecting its fluctuating nature in the market [5]

分组1 - Backblaze, Inc. reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.01 per share, compared to a loss of $0.06 per share a year ago, representing an earnings surprise of +351.13% [1] - The company posted revenues of $37.76 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.73%, and showing an increase from year-ago revenues of $33.79 million [2] - Backblaze has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has underperformed the market, losing about 5.6% since the beginning of the year, while the S&P 500 has gained 0.9% [3] - The current consensus EPS estimate for the coming quarter is -$0.01 on revenues of $37.91 million, and $0.05 on revenues of $159.3 million for the current fiscal year [7] - The Zacks Industry Rank for Internet - Software is currently in the bottom 47% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $37.8 million, in line with guidance, with an adjusted EBITDA margin of 28%, doubling from the previous year [6][20] - Total company revenue grew 14% year-over-year for the full year, with B2 Cloud Storage revenue growing 26% [6][20] - Adjusted free cash flow was positive at $4 million in Q4, representing an 11% margin, exceeding expectations of being neutral [23][20] Business Line Data and Key Metrics Changes - B2 revenue grew 24% year-over-year in Q4, up from 22% in the prior year, although slightly below the expected range [20][21] - The number of customers generating over $50,000 in ARR increased by 35% year-over-year, with their ARR growing 73% to $26 million [10][21] - B2 net revenue retention (NRR) was 111%, down from 116% in the prior quarter, reflecting variability from a large customer [21][22] Market Data and Key Metrics Changes - The company ended the year with 168 customers generating more than $50,000 in ARR, indicating strong market demand [10] - The neocloud market is projected to reach $237 billion within the next five years, representing a significant opportunity for the company [16] - The company estimates that neocloud storage alone represents a $14 billion opportunity by 2030 [17] Company Strategy and Development Direction - The company is focusing on a go-to-market transformation to drive growth, including initiatives to increase awareness and expand revenue within the existing customer base [9][11] - The launch of B2 Neo, a high-performance white label storage offering for neoclouds, is aimed at capturing the growing demand for AI-related storage solutions [17][19] - The company is positioning itself as a storage backbone for AI workflows, leveraging its technology to meet the needs of neoclouds and AI developers [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by AI, despite short-term market volatility [14][19] - The company anticipates some pressure on gross margins due to increased costs but is implementing a gross margin optimization initiative [22][20] - For 2026, the company expects revenue in the range of $156.5 million to $158.5 million, with adjusted EBITDA margins of 19% to 21% [25][26] Other Important Information - The company achieved adjusted free cash flow profitability for the first time as a public company, marking a significant milestone [6][20] - The company is actively hiring to strengthen its leadership team to support growth initiatives [12][19] Q&A Session Summary Question: Can you explain how B2 Neo differs from B2 and the demand patterns? - B2 Neo is a white label offering designed for neoclouds, allowing them to manage storage for their customers through APIs, while B2 is sold directly to end customers [32][30] Question: What is the duration of the $50 million contract and its margin profile? - The contract is a three-year deal, and there may be upfront costs impacting margins as the company ramps up capacity [35][21] Question: What is the outlook for the computer backup business? - The computer backup business is expected to decline by 5% year-over-year, with efforts in place to stabilize it [36][37] Question: What drove the deceleration in B2 growth? - The deceleration is largely attributed to variability from a large customer, but underlying trends remain stable [44][21] Question: Can you elaborate on the competitive landscape for the large neocloud win? - The neocloud provider chose the company due to its strong reputation for providing a reliable storage platform that meets their technical requirements [50][51]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $37.8 million, in line with guidance, and adjusted EBITDA margin reached 28%, doubling from the prior year [6][17] - Full year revenue grew 14% year-over-year, with B2 Cloud Storage growing 26% [6][17] - Adjusted Free Cash Flow was positive $4 million in Q4, representing a margin of 11% [20][23] Business Line Data and Key Metrics Changes - B2 revenue grew 24% year-over-year in Q4, up from 22% in the prior year [17] - B2 net revenue retention (NRR) was 111%, down from 116% in the prior quarter, reflecting variability from a large customer [18] - The number of customers generating over $50,000 in ARR increased by 35% year-over-year, with their ARR growing 73% year-over-year to $26 million [8][18] Market Data and Key Metrics Changes - The market for NeoClouds is projected to reach $237 billion within the next five years, with Backblaze estimating a $14 billion opportunity in NeoCloud storage by 2030 [13] - The company added 12,000 customers in its self-serve platform this year, indicating strong demand from AI developers [15] Company Strategy and Development Direction - Backblaze is focusing on a go-to-market transformation to drive growth, including initiatives to increase awareness, drive pipeline consistency, and expand revenue within the existing customer base [9][10] - The company is positioning itself to take advantage of the AI opportunity by becoming the storage backbone for AI workflows [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth opportunity presented by AI, despite potential market volatility [11] - The company anticipates some pressure on gross margins due to increased costs but is launching a gross margin optimization initiative [19] Other Important Information - The company closed its largest contract in history with over $15 million in total contract value, validating product-market fit at scale [17] - Management is shifting part of compensation to Performance-Based Stock Units to align incentives with shareholders [21] Q&A Session Summary Question: Can you explain how B2 Neo differs from B2 and the demand patterns? - B2 Neo is a white label offering designed for NeoClouds, allowing them to manage storage for their customers through APIs, while B2 is sold directly to end customers [27][28] Question: What is the duration of the $50 million contract? - The contract is a three-year deal [75] Question: What is the expected decline in the computer backup business? - The computer backup business is expected to decline by 5% year-over-year, with a -3% decline in Q1 [32] Question: What factors are affecting gross margins? - Increased data center costs and the need to accelerate capital expenditures are expected to reduce gross margins by a few hundred basis points [52] Question: What is the outlook for NRR in 2026? - NRR could drop to around 100% for 1 or 2 quarters due to the lumpiness of a large customer, but is expected to stabilize around 110% by year-end [61][63]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue was $37.8 million, in line with guidance, and adjusted EBITDA margin reached 28%, doubling from the previous year [5][16] - For the full year, total company revenue grew 14% year-over-year, with B2 Cloud Storage growing 26% [5][16] - Adjusted Free Cash Flow was positive $4 million in Q4, representing a margin of 11%, exceeding the outlook of being neutral [18][22] Business Line Data and Key Metrics Changes - B2 revenue grew 24% year-over-year in Q4, up from 22% in the prior year [16] - B2 net revenue retention (NRR) was 111%, down from 116% in the prior quarter, reflecting variability from a large customer [17] - The number of customers generating over $50,000 in annual recurring revenue (ARR) increased by 35% year-over-year, reaching 168 customers [7] Market Data and Key Metrics Changes - The company is positioned to capitalize on the growing AI market, with estimates suggesting a $14 billion opportunity in NeoCloud storage by 2030 [12] - The NeoCloud market is projected to reach $237 billion within the next five years, with Backblaze already signing multiple significant deals [12] Company Strategy and Development Direction - The company is focusing on a go-to-market transformation to enhance sales and marketing initiatives, aiming to stabilize and grow its core business [6][9] - Backblaze launched B2 Neo, a high-performance white label storage offering designed for NeoClouds, to capture the growing demand for AI-related storage solutions [13] - The company is investing in leadership and talent to support its growth initiatives, including hiring experienced professionals from notable firms [10][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential driven by AI, despite short-term market volatility [11] - The company anticipates some pressure on gross margins due to increased costs but is proactively launching a gross margin optimization initiative [18] - For 2026, the company expects revenue in the range of $156.5 million to $158.5 million, with adjusted EBITDA margins of 19% to 21% [21] Other Important Information - The company achieved Adjusted Free Cash Flow profitability for the first time as a public company, marking a significant milestone [5] - Management is shifting part of compensation to Performance-Based Stock Units to align incentives with shareholders [19] Q&A Session Summary Question: Can you explain how B2 Neo differs from B2? - B2 Neo is a white label offering that allows NeoClouds to integrate storage directly into their services, providing high performance and low cost [27] Question: Why will it take a year before revenue from the large NeoCloud deal is realized? - The delay is due to necessary work on both sides to ensure a smooth transition from their existing storage solution to B2 Neo [28] Question: What is the expected growth rate for the computer backup business? - The computer backup business is expected to decline by 5% year-over-year, with efforts in place to stabilize it [32] Question: What factors are affecting gross margins? - Increased data center costs and the need for accelerated capital expenditures are expected to reduce gross margins by a few hundred basis points [52] Question: What is the outlook for NRR in 2026? - NRR could drop to around 100% for a couple of quarters due to the impact of a large customer, but is expected to stabilize around 110% by year-end [60][61]