Companies /Technology

Backblaze Inc - Class A

NASDAQ: BLZE Software - Infrastructure
$13.57
▼ $0.56 (−3.94%) today
Markets open · 11:08am ET

Q1 2026 Earnings

Reported May 4, 2026, 4:05pm ET · SEC source
$0.04
Beat +1,112.12%
EPS · est. $0.00
$38.7M
Beat +2.30%
Revenue · est. $37.8M
+0.3%
Beating market
BLZE vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−20%0+20%+40%May 4May 5report 4:05pm ETearnings+1.3%+35.9%
−20%0+20%+40%May 4May 5earnings+1.3%+35.9%
BLZE +35.9%S&P 500 +1.3%
−20%0+20%+40%May 4May 5report 4:05pm ETearnings+2.2%+35.9%
−20%0+20%+40%May 4May 5earnings+2.2%+35.9%
BLZE +35.9%NASDAQ +2.2%
−20%0+20%May 4May 12report 4:05pm ETearnings+2.8%+17.1%
−20%0+20%May 4May 12earnings+2.8%+17.1%
BLZE +17.1%S&P 500 +2.8%
−20%0+20%May 4May 12report 4:05pm ETearnings+5.1%+17.1%
−20%0+20%May 4May 12earnings+5.1%+17.1%
BLZE +17.1%NASDAQ +5.1%
+63.58%
Day of report
−2.50%
Next session
−7.38%
One week
+2.24%
30 days

S&P 500 over the same 30 days: +1.90%.

Did BLZE Beat Earnings? Q1 2026 Results

Backblaze delivered a standout first quarter for fiscal 2026, posting revenue of $38.67 million, up 11.7% year over year and ahead of the $37.80 million consensus estimate, while reporting adjusted EPS of $0.04 against a consensus of just $0.00, a beat of over 1,112% that extended the company's streak of topping EPS estimates to four consecutive quarters. The primary engine behind the results was B2 Cloud Storage, which grew 24% year over year and drew accelerating demand from AI customers, whose count rose 76% year over year; two AI-focused wins alone contributed roughly $1.50 million in combined annual contract value. Gross margin expanded meaningfully to 61% from 56% a year ago, while adjusted EBITDA margin reached 26%, up from 18%, reflecting growing operational leverage. The stock surged sharply following the report as investors responded to a clean beat-and-raise quarter. Management lifted its full-year 2026 revenue outlook to $161.50 million to $163.50 million and raised adjusted EBITDA margin guidance to 23% to 25%, with second-quarter revenue expected between $39.80 million and $40.20 million.

Key Takeaways
  • B2 Cloud Storage revenue grew 24% YoY, driving overall 12% revenue growth
  • AI customer count grew 76% year over year
  • ARR from large customers ($50K+) grew 72% YoY
  • Number of customers generating $50,000+ in ARR increased 51% YoY to 187
  • B2 Cloud Storage NRR improved to 110% from 105% in Q1 2025
  • Gross margin expanded to 61% from 56% in Q1 2025
  • Adjusted EBITDA margin improved to 26% from 18% in Q1 2025

“In Q1, we exceeded the top end of our revenue and Adjusted EBITDA guidance, with B2 growing 24% year over year. We are seeing growing traction with AI customers, including winning a AI training data company and a generative AI video creation company, jointly contributing about $1.5 million in annual contract value, along with a 76% growth in AI customers year over year. As AI models shift from text to multimodal, the volume of data required to train and operate them grows exponentially, and the need for storage that is performant, open, and cost-efficient at scale has never been greater. Backblaze is emerging as a compelling storage platform of choice for the AI economy.”

Backblaze CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2026, Backblaze expects revenue between $39.8 million and $40.2 million with an Adjusted EBITDA margin of 21% to 23%. For full-year 2026, the company raised its revenue outlook to $161.5 million to $163.5 million (from $156.5 million to $158.5 million) and raised its Adjusted EBITDA margin guidance to 23% to 25% (from 19% to 21%). Basic weighted average shares outstanding for Q2 2026 are expected to be 60.5 million to 60.7 million shares.

BLZE YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$20.0M$40.0M$34.6M$38.7MRevenue$19.3M$23.5MGross Profit$-3,823,845$-5,353,000Operating Income$-4,584,918$-6,147,000Net Income
$0$20.0M$40.0MRevenueGross ProfitOperating IncomeNet Income

BLZE Revenue by Segment

B2 Cloud Storage$22.4M+24.0%
Computer Backup$16.2M−2.0%

Figures from SEC filings and company reports. Not investment advice.