Backblaze (BLZE) Q3 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Backblaze posted a standout third quarter, delivering what management described as a "double beat" as the cloud storage provider earned $0.03 per diluted share on a non-GAAP basis, well ahead of the consensus estimate of negative $0.02, representing … Read more Backblaze posted a standout third quarter, delivering what management described as a "double beat" as the cloud storage provider earned $0.03 per diluted share on a non-GAAP basis, well ahead of the consensus estimate of negative $0.02, representing a 275.44% earnings surprise, while revenue climbed 14.0% year-over-year to $37.16 million, edging past the $36.93 million consensus by 0.63%. The primary engine behind the quarter was B2 Cloud Storage, which surged 28% year-over-year to $20.70 million, fueling gross margin expansion of roughly 700 basis points to 62% on a GAAP basis as the platform's cost leverage became increasingly visible at scale. Adjusted EBITDA reached $8.39 million, a 23% margin that arrived a full quarter ahead of the company's own 20%-plus target. The company has also noted that AI-related workflows now account for nearly a quarter of its network traffic, reinforcing B2's positioning as a vendor-lock-in-free alternative to hyperscale providers. Looking ahead, Backblaze guided Q4 revenue to $37.30 million to $37.90 million with Adjusted EBITDA margin of 20% to 22%, while targeting free-cash-flow break-even by year-end.