BLZE

Backblaze earns a Buy rating with a $16 price target, reflecting strong B2 Cloud Storage growth and new AI contracts like CoreWeave. B2 revenue grew 34% in Q2, with core growth around 26% excluding price increases; future revenue visibility improves with large enterprise contracts. Gross margins face near-term pressure as infrastructure investments precede revenue recognition, causing negative free cash flow for several quarters.

Backblaze, Inc. (BLZE) Analyst/Investor Day Transcript

Backblaze is accelerating top line growth, driven by its B2 Cloud Storage segment, now 62% of revenue after 34% YoY growth in Q2'26. AI model training and robotics foundational models are fueling sustained demand for BLZE's cost-effective storage, with broad-based customer growth and increased spending. The CoreWeave contract, worth $313M net over five years, is set to ramp significantly by mid-2027, providing substantial incremental revenue.

SAN FRANCISCO--(BUSINESS WIRE)--Backblaze, Inc. (Nasdaq: BLZE), the storage platform powering AI and data-intensive workloads, today announced the pricing of $175 million aggregate principal amount of 0.00% Convertible Senior Notes due 2031 (the “Notes”) in a private offering (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The size of the offering was increased from the previously announced offering of.

Backblaze's Q2 beat and higher 2026 outlook highlight AI storage growth, with the $335M CoreWeave deal adding multi-year visibility.

Backblaze (BLZE) has surged ~4x YTD, driven by AI infrastructure demand and a transformative multi-year CoreWeave deal. BLZE's Q2 results were strong, with the stock jumping ~25% post-earnings on accelerating revenue and optimism for the contribution from CoreWeave. Backblaze's backlog has quintupled, thanks entirely to CoreWeave.

Backblaze, Inc. (BLZE) Q2 2026 Earnings Call Transcript

SAN MATEO, Calif.--(BUSINESS WIRE)--Backblaze, Inc. (NASDAQ: BLZE), the storage platform powering AI and data-intensive workloads, will exhibit and present as a Platinum sponsor at Ai4 2026, Aug. 4–6 at The Venetian Las Vegas. Ai4 is the largest AI event in North America and convenes roughly 12,000 attendees around applied AI use cases spanning GenAI, agentic AI, physical AI, world models, and AI infrastructure. At Booth #1248, the company will showcase how high-throughput object storage keeps.

SAN FRANCISCO--(BUSINESS WIRE)--Backblaze, Inc. (Nasdaq: BLZE), the storage platform powering AI infrastructure, today published its Q2 2026 Network Stats report. The third installment in its quarterly series, this report highlights a new variance-based view that measures not just how much data moves across Backblaze's network, but how predictably it moves. Using a new time-series dataset built from 10-minute traffic samples, Backblaze modeled ingress and egress behavior against statistical bas.

Backblaze NASDAQ: BLZE reported that its hard drive fleet exceeded 340,000 drives in the first quarter of 2026, with about 1,000 drive failures recorded during the period, according to a company webinar discussing its latest Drive Stats report.