Backblaze, Inc. · NASDAQ:BLZE
Backblaze — Q3 2026 Earnings Presentation
29 slides from Backblaze's earnings presentation, Nov 2, 2026
Slide 1: Q3 2026 Results
Q3 2026 Gleb Budman CEO and Co-Founder Backblaze Results November 2, 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 are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking stateme
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 drives growth 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 Backblaze ©2026 | 4
Slide 5: Backblaze B2 is built for this moment
Backblaze B2 is built for this moment INDUSTRY THEMES THE OPPORTUNITY Rapidly expanding storage needs Backblaze delivers the scale and economics AI needs. Greater focus on AI ROI Note: This slide contains forward-looking statements, which are subject to risks and uncertainties. Actual results may di
Slide 6: Connecting with more AI builders
Connecting with more AI builders The number of new AI builders entering our pipeline doubled in Q3 versus Q2. 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 an
Slide 7: AI search visibility drives customer acquisition
AI search visibility drives customer acquisition Trusted content builds authority in AI search +230% >2x AI referral traffic y/y Conversion vs. organic search Roughly twice the market growth Self-serve account creation rate of 117%* or contacting sales *Source: similarweb 2026 Generative AI Landscape
Slide 8: Building relationships across the AI ecosystem
Building relationships across the AI ecosystem Hundreds of startups participating in FLAMETHROWER our startup program VC relationships Startup communities Industry events Connect through Meet builders as their TechCrunch and investor networks businesses develop Coast-to-Coast Startup Lab Backblaze ©
Slide 9: Building for developers and AI agents
Building for developers and AI agents AI reference architectures Showing how B2 fits into AI workloads Open-source B2 MCP server Enables AI agents to use B2 storage within customer-defined permissions Note: This slide contains forward-looking statements, which are subject to risks and uncertainties. A
Slide 10: 4 large customer wins with ARR > $500K
4 large customer wins with ARR > $500K CUSTOMER 1 CUSTOMER 2 CUSTOMER 3 CUSTOMER 4 EXPANSION EXPANSION EXPANSION NEW LOGO AI training data Generative AI AI audio Global networking provider media customer customer technology customer AI BUILDER AI BUILDER AI BUILDER CORE WORKLOAD $4M+ expansion to ad
Slide 11: AI builder expanded into a new workload
AI builder expanded into a new workload Customer 1 case study EXPAND Q3 FY26 $4M+ expansion EXPAND Q2 FY26 Added $1M+ expansion Data Processing Workload LAND Q1 FY26 Nearly $1M DISCOVER Customer Referral TRIAL TO SIGNED DEAL LAND TO FIRST EXPANSION CAPACITY VS. INITIAL LAND AI WORKLOAD Data Collecti
Slide 12: AI growth accelerates demand for our capacity tier
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 uncertainties. Actual results ma
Slide 13: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2026 | 13
Slide 14: Key Financial Highlights
Key ● B2 ARR: $127M, up 53% year over year ● B2 Rule of 40 Score*: 48 Financial ● ● Guidance for FY’26: Raised Expected Q4 B2 growth: ~60% Highlights NOTES: The financial information presented above includes forward-looking statements and non-GAAP financial measures. Forward-looking statements are sub
Slide 15: B2 growth accelerating
B2 growth accelerating B2 REVENUE GROWTH REVENUE DRIVERS DEFINED 47% New Direct Sales Direct-sales-led new-logo acquisition 34% New Self-Serve 29% 28% Product-led 23% 24% 24% new-logo acquisition Direct Cross-Sell / Upsell Direct-sales-led expansion within existing customers Net Organic Growth Organ
Slide 16: Upmarket momentum
Upmarket momentum $50K+ ARR CUSTOMERS ARR from $50K+ ARR customers +109% y/y ARR from $50K+ ARR customers $50M Q3 $500K+ ARR WINS +57% y/y customer count growth 4 new deals NOTES: The financial information presented above includes forward-looking statements and non-GAAP financial measures. Forward-loo
Slide 17: Financial and operational Q3 highlights
Financial and operational Q3 highlights REVENUE Y/Y NET REVENUE GROSS ($M) GROWTH RETENTION CUSTOMER RETENTION B2 Cloud $30.5 47% 115% 89% Storage Computer $16.2 -2% 94% 91% Backup Total $46.7 26% 105% 91% Company Note: Some amounts may not sum due to rounding. Backblaze ©2026 | 17
Slide 18: Building a durable business
Building a durable business Adj. EBITDA Margin 30% Adj. Free Cash Flow Margin 22% 1% 10% 5% IPO 2022 2023 2024 2025 YTD 2021 2026 (4%) IPO YTD 2021 2024 2025 2026 (16%) 2022 2023 (29%) (3%) (42%) (11%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins shown for the years ending Decemb
Slide 19: Q4'26 and full year guidance
Q4’26 and full year guidance Revenue ($M) Adj. EBITDA Margin Q4’26 Q4’26 $49.8 to $50.2 32% to 34% FY 2026 Raised FY 2026 Raised $177.8 to $178.2 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
Slide 20: Lower funding costs with capped-call protection
Lower funding costs with capped-call protection Illustrative dilution after capped calls, if principal paid in cash. 0% coupon financing replaces higher-cost Stock price Net shares issued Equity dilution (millions) capital leases Up to $33.76 0 0% $35 0.32 0.5% $201M 0% $41 1.62 2.6% Capital raised C
Slide 21: Capex & Free Cash Flow Reconciliation
Capex & Free Cash Flow Reconciliation ($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) Adjustments 1.8 0.9 1.7 4.4 Adj
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, litigation settlement co
Slide 26: Reconciliation of Non-GAAP Measures: Adjusted Gross Margin
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 0.114 - Adjusted Gross P
Slide 27: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
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 consideration to a cu
Slide 28: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
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 provision 0.060 - Fore
Slide 29: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow QTD QTD Q3’26 Q3’25 YTD Q3’26 YTD Q3’25 Net Cash Provided by Operating $9.002 $5.743 $22.789 $14.231 Activities Capital Expenditures (5.647) (4.848) (12.262) (10.319) Principal Payments on Finance Leases and Lease Financing (4.529) (4.621)