Backblaze Inc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −6.15%.
Did BLZE Beat Earnings? Q4 2025 Results
Backblaze delivered a standout Q4 2025, posting adjusted EPS of $0.06 against a consensus estimate of negative $0.00 and clearing expectations by more than 3,600%, even as revenue of $37.76 million came in fractionally below the $37.79 million estimate while still growing 9.1% year over year. The earnings inflection was driven in large part by a historic pivot toward enterprise cloud storage, headlined by the company's first eight-figure total contract value neocloud agreement, a deal worth more than $15.00 million that stands as the largest in Backblaze's history. That strategic momentum showed up in the financials, with adjusted EBITDA margin expanding to 28% from 14% a year ago and the company generating positive adjusted free cash flow of $4.06 million for the first time since its IPO. Remaining performance obligations climbed 60% year over year to $66.00 million, underpinning forward visibility. Looking ahead, Backblaze guided Q1 2026 revenue of $37.60 million to $38.00 million and full-year 2026 revenue of $156.50 million to $158.50 million, with adjusted EBITDA margins of 19% to 21%.
- B2 Cloud Storage revenue grew 24% YoY, driving overall 12% revenue growth
- Record direct sales bookings in Q4
- RPO increased to $66M, up 60% YoY
- ARR from $50K+ customers grew 73% YoY to $26 million
- Adjusted EBITDA margin expanded to 28% from 14% YoY
- Achieved positive adjusted free cash flow for the first time since IPO
- Diversified growth across AI, cyber resilience, and application storage use cases
- Total annual ARPU grew to $307 from $268 YoY
“In Q4, we closed our first eight-figure TCV neocloud agreement. This marks yet another neocloud win and, together with the launch of B2 Neo, our neocloud-specific storage offering, demonstrates the strength of our storage cloud platform and our continued progress moving upmarket. We drove diversified growth across AI, cyber resilience, and application storage use cases. At the same time, we achieved 11% in adjusted free cash flow margin in the quarter, reflecting continued operating discipline. Looking ahead, we see Backblaze increasingly serving as the storage backbone for neocloud providers and as a trusted platform for developers building data-intensive and AI-driven applications.”
Backblaze CEO, on the earnings call
Forward Guidance & Outlook
For Q1 2026, Backblaze expects revenue of $37.6 million to $38.0 million, adjusted EBITDA margin of 18% to 20%, and basic weighted average shares outstanding of 59.2 million to 59.4 million shares. For full-year 2026, the company expects revenue of $156.5 million to $158.5 million and adjusted EBITDA margin of 19% to 21%. The full-year revenue outlook reflects a narrowed range from the previously announced outlook.
BLZE YoY Financials
BLZE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.