Backblaze Inc (BLZE)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Whoever buys today pays roughly three-quarters more than the mid-June 2026 signing level (warrant formula price: $7.60) — a substantial advance on a contract whose $335 million is explicitly a usage-dependent estimate, while the dilution and the lease-financed build-out are certain today. Whoever waits checks three lines in every quarterly report (10-Q): B2 growth (does it stay above 20 percent, with retention above 110?), the first actually booked CoreWeave revenue along with the lease liabilities — and the share count on the cover page, Backblaze's quietest but most reliable metric. A momentum rank fades; a dilution percentage stays. The decision is yours.
symbol.quality_note
Backblaze runs one of the cheapest cloud storage platforms in the world — and sits at rank 8 of our in-house Qullamaggie Top Gainers 3M scanner (as of July 18, 2026) because a single contract lit the curve: CoreWeave booked storage worth an estimated $335 million over five to seven years. We read the annual report (10-K) for 2025, the quarterly report as of March 31, 2026, and the June and July filings: 26 percent growth in the cloud storage business, a 61 percent gross margin, a net loss more than cut in half since 2023 — but also more than 18 years without a profit, a second segment that is stalling, and a deal paid for with warrants on roughly 7 percent of the shares. Not investment advice — just the bill for what a momentum rank costs once you buy it as a company.
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Stock Watch
This analysis is as of July 18, 2026. Stock Watch will tell you what's changed at BLZE since then.
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Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 13.70 $ — 72% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIBackblaze verkauft keine KI, sondern Cloud-Speicher — positioniert die Plattform im 10-K 2025 aber ausdrücklich als Speicher für das KI-Zeitalter und belegt zweierlei operativen KI-Bezug: Erstens sind KI-/ML-Workloads dokumentierter Nachfrage-Treiber mit eigenen bepreisten Produkten (B2 Overdrive seit April 2025 mit bis zu 1 Tbps für KI-Trainingsdaten, B2 Neo für Neocloud-Plattformen laut 10-Q zum 31.03.2026); zweitens baut Backblaze KI in die eigenen Produkte ein (u. a. „AI-powered Anomaly Alerts“, 10-K 2025) und benennt das im Risk-Factors-Kapitel als eigene Produktstrategie. Eine KI-Umsatzquelle im Sinne des Kriterienkatalogs (KI-Produkte/-Dienste) liegt nicht vor — Speicher bleibt Speicher —, daher Nutzt KI statt Verkauft KI.
View the full file — quotes, sources, reviewed filings
„Businesses are increasingly incorporating B2 Cloud Storage, including our premium high-throughput offering, B2 Overdrive, into AI and machine learning (“ML”) workflows, ensuring data accessibility, scalability, and efficient network performance."
Unternehmen binden B2 Cloud Storage — einschließlich unseres Premium-Angebots mit hohem Durchsatz, B2 Overdrive — zunehmend in KI- und Machine-Learning-Arbeitsabläufe („ML“) ein und stellen so Datenverfügbarkeit, Skalierbarkeit und effiziente Netzwerkleistung sicher.
„In 2025, we launched several new features that enhance performance, enterprise administration, and security, such as B2 Overdrive, an updated enterprise web console, Bucket Access Logs, AI-powered Anomaly Alerts, Multi-Bucket Application Keys, support for S3 API lifecycle rules and checksums, and Legal Hold for Computer Backup."
2025 haben wir mehrere neue Funktionen für Leistung, Unternehmensverwaltung und Sicherheit eingeführt, darunter B2 Overdrive, eine überarbeitete Enterprise-Web-Konsole, Bucket Access Logs, KI-gestützte Anomalie-Warnungen, Multi-Bucket-Anwendungsschlüssel, Unterstützung für S3-API-Lifecycle-Regeln und Prüfsummen sowie Legal Hold für Computer Backup.
„To continue expanding and accelerating our movement up-market and aligning to emerging AI-related opportunities, we recently launched B2 Neo and the Backblaze Flamethrower startup program."
Um unsere Bewegung ins gehobene Kundensegment weiter auszubauen und zu beschleunigen und uns auf entstehende KI-Chancen auszurichten, haben wir kürzlich B2 Neo und das Backblaze-Startup-Programm Flamethrower gestartet.
Rated on July 18, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 10.7% above the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 6
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.13 | 0.10 – 0.15 | 162 | 78.6% | 6 |
| 12/31/2027 | 0.16 | 0.10 – 0.22 | 189 | 29.6% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.10 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.24 | – | 34 | 17.60 | -42.60 | 2 | 1 |
| 2025: Q1 | -0.16 | – | 35 | 15.50 | -26.90 | 5 | 4 |
| 2025: Q2 | -0.12 | – | 36 | 16.00 | -19.60 | 4 | 1 |
| 2025: Q3 | -0.06 | – | 37 | 14.00 | -10.20 | 6 | 3 |
| 2025: Q4 | -0.09 | – | 38 | 11.80 | -14.30 | 10 | 10 |
| 2026: Q1 | -0.10 | – | 39 | 11.70 | -15.90 | 3 | 1 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 41 | 1 | -1 | -0.05 | 13 | -3 | 39 |
| 2020 | 54 | -4 | -7 | -0.22 | 13 | -7 | 54 |
| 2021 | 67 | -19 | -22 | -0.71 | 4 | 95 | 164 |
| 2022 | 85 | -48 | -51 | -1.62 | -14 | 69 | 152 |
| 2023 | 102 | -58 | -60 | -1.66 | -7 | 45 | 132 |
| 2024 | 128 | -46 | -49 | -1.11 | 13 | 78 | 169 |
| 2025 | 146 | -20 | -26 | -0.46 | 24 | 83 | 192 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Master Strategic Agreement with CoreWeave (effective June 16, 2026) worth an estimated $335 million over terms of five and seven years — more than two years of revenue; plus priced AI products (B2 Overdrive since 04/2025, B2 Neo for neoclouds) instead of a mere AI label (8-K filed 06/23/2026; 10-K 2025).
B2 Cloud Storage up 26 percent (2025) and 24 percent (Q1 2026) at 110 percent net revenue retention; gross margin from 49 to 61 percent (2023–2025), Adjusted EBITDA from −$3.6 million to +$31.8 million (22 percent margin), operating cash flow of +$23.5 million (10-K 2025; 10-Q as of 03/31/2026).
More than 18 years without a profitable year, an accumulated deficit of $221.6 million, a 2025 net loss of $25.6 million — and the company's own statement that it does not expect to be profitable for the foreseeable future (10-K 2025, Item 1A); between cash flow and profit sit mainly $25.5 million of depreciation and $26.4 million of stock-based compensation.
Weighted share count up 56 percent in two years (36.0 to 56.2 million), SBC ≈ 18 percent of 2025 revenue, the November 2024 follow-on at $5.60, CoreWeave warrants for up to 4.2 million shares (≈ 7 percent) at $7.60 — the $10 million repurchase program offsets only a fraction of that.
45 percent of 2025 revenue grows only thanks to a price increase (+3 percent, of which $4.5 million price effect against $3.6 million of license losses) and turns negative in Q1 2026 (−2 percent, net revenue retention 95 percent) — the growth story hangs almost entirely on B2 (10-K 2025; 10-Q as of 03/31/2026).
$51.4 million in cash and securities plus an undrawn $20 million credit line stand against a build-out for which the capital lease limit was expanded to $150 million (8-K dated 07/02/2026) — the CoreWeave order demands hardware investment before it delivers revenue, and it concentrates expectations on a single customer.
Backblaze is the rare momentum candidate whose rally rests on a signed document: a CoreWeave contract worth an estimated $335 million, flanked by 26 percent B2 growth, a 61 percent gross margin and operating cash flow that has been positive since 2024. Against that stand more than 18 years without a profit, 56 percent dilution in two years plus warrants for the new flagship customer, a shrinking second segment, and a hardware build-out that must be pre-financed through leases. Whoever invests here is not buying the scanner rank but the bet that the estimate becomes booked revenue and the revenue becomes a first-ever profit. Not investment advice.
- BLZE made the research list as rank 8 of our in-house Qullamaggie Top Gainers 3M scanner (U.S. selection, 9 hits, as of July 18, 2026) — part of our series on the hits of this momentum scanner.
- Scanner metrics (3-month relative strength of 99, daily range ~8 percent, dollar volume ~$32 million, Piotroski 5 of 9, negative Altman-Z) use data as of July 18, 2026; the Altman Z-score is structurally weak for loss-making software companies and should be read as context here, not as an insolvency forecast.
- Price and market value figures (~$13–14, ~$760 million) from the July 18, 2026 feed, sanity-checked against 60.0 million shares outstanding per the cover page of the 10-Q as of March 31, 2026; analyses are evergreen, daily prices are not a buy argument.
About the Company
Backblaze, Inc., eine Cloud-Speicherplattform, bietet Unternehmen und Verbrauchern Cloud-Dienste zum Speichern, Nutzen und Schützen von Daten in den USA, dem Vereinigten Königreich, Kanada und international an.
| Employees | 320 |
|---|---|
| Headquarters | San Francisco, CA |
| Address | 2261 Market Street, 94114 San Francisco, United States |
| Phone | 650 352 3738 |
| Website | backblaze.com |
| IPO Date | 11. Nov 2021 |
| ISIN | US05637B1052 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Gleb Budman | Co-Founder, CEO & Chairman | 1975 |
| Marc Suidan CPA | Chief Financial Officer | 1973 |
| Tim Nufire | Co-Founder | 1965 |
| Brian Wilson | Co-Founder | 1968 |
| Casey Jones | Co-Founder | – |
| Hang Ng Kwok | Co-Founder | – |
| Nilay Patel | Co-Founder | – |
| Damon Uyeda | Co-Founder | – |
| Dan Spraggins | Chief Technical Officer | – |
| Mimi Kong | Senior Director of Investor Relations & Corporate Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.