Backblaze Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
CoreWeave contract & AI strategy
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 growth & margins
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).
Profitability
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.
Dilution
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.
Second segment Computer Backup
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).
Balance sheet & capital needs
$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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at BLZE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.30 $ to 20.40 $ · Last price: 13.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Backblaze Inc BLZE | 0.8 | – | 80.8 | 62.3 | – | 14.3 | 44.7 |
| Microsoft Corporation MSFT | 3,632.6 | 30.8 | 17.6 | 67.9 | 46.3 | 14.9 | -1.6 |
| Oracle Corporation ORCL | 435.3 | 24.7 | 14.8 | 64.0 | 36.2 | 17.4 | -49.5 |
| Palantir Technologies Inc. PLTR | 432.5 | 199.0 | 147.5 | 84.8 | 46.2 | 56.2 | 4.7 |
| Palo Alto Networks Inc PANW | 305.7 | 302.6 | 194.0 | 70.4 | -2.5 | 14.9 | 84.7 |
| Crowdstrike Holdings Inc CRWD | 248.2 | – | 490.1 | 75.2 | -2.2 | 21.7 | 120.6 |
| Fortinet Inc FTNT | 124.2 | 61.8 | 39.6 | 80.2 | 31.3 | 14.2 | 115.0 |
| Cloudflare Inc NET | 115.1 | – | 2,805.8 | 72.6 | -9.7 | 29.9 | 56.1 |
| Synopsys Inc SNPS | 73.0 | 77.0 | 22.3 | 82.9 | 10.4 | 15.1 | -10.4 |
| Median of companies shown | 248.2 | 69.4 | 80.8 | 72.6 | 20.8 | 15.1 | 44.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 | -24 | -26 | -0.46 | 24 | 83 | 192 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.30 | – | 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 |
| 2026: Q2 | -0.08 | 33.30 | 43 | 17.60 | -11.90 | 10 | 10 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 23 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
- Mark Minervini: Power Play
- Pocket Pivot
- Pradeep Bonde: 4% Breakout Bullish
- Strong DCR (≥80)
- Tight Weekly Range (WCR≥90)
- Volume Surge
Earnings & Surprises
Momentum & Trend
- Above the 50- & 200-SMA
- Chris Perruna: Within 15% of Highs
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Kathy Donnelly: Liquid Movers Up
- Power Trend
- Qullamaggie: Top Gainers 1M
- Qullamaggie: Top Gainers 3M
- Qullamaggie: Trend Intensity (13/65)
- RS Leader (≥90)
- Richard Moglen: 1 Week Top Performers
- Richard Moglen: Top Performers 3/6 Month
Research
Risk & Weakness
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. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.26 | 0.22 – 0.28 | 173 | 266.7% | 3 |
| 12/31/2027 | 0.27 | 0.09 – 0.37 | 218 | 5.2% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 16.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $20.6M |
|---|---|
| Market cap | $784.0M |
| Free cash flow in year ten | $94.6M |
| Terminal value as a share of market value | 63.5% |
For comparison: over the past five years free cash flow grew by 7.5% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Backblaze 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.
10-K · 2026-03-10 · View SEC filing
„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.
10-K · 2026-03-10 · View SEC filing
„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.
10-Q · 2026-05-04 · View SEC filing
Rated on July 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 19.6%
- More than 10% revenue growth is expected for the coming year 10.0%
- Share count grows by less than 3% a year 21.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 22.0%
- Gross margin at 40% or higher and without meaningful erosion 60.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 2.7 x EBITDA
- Operating cash flow covers the profits of the last three years 163 m
- Return on capital at 15% or higher, or up versus two years ago -18.1%
- Insiders hold at least 10% or are net buyers 4.8%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 23.7%
- Exp. sales growth 3Y > 5% 22.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 22.2%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -60.4%
- ROCE > 15% -18.1%
- Expected return > 10% 23.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Budman Gleb | CEO and Chairperson | Sell | 12,855 | 15.82 | 203,366 |
| Aug 21, 2026 | Suidan Marc | Chief Financial Officer | Sell | 2,110 | 15.82 | 33,380 |
| Aug 20, 2026 | Budman Gleb | CEO and Chairperson | Other | 11,083 | 16.24 | 179,988 |
| Aug 20, 2026 | Suidan Marc | Chief Financial Officer | Other | 11,083 | 16.24 | 179,988 |
The company
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
- 11/11/2021
- 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/24/2026 Backblaze, Inc. (BLZE): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Other Events; Financial Statements and Exhibits SEC ↗
- 08/18/2026 Backblaze, Inc. (BLZE): Other Events; Financial Statements and Exhibits SEC ↗
- 08/03/2026 Backblaze, Inc. (BLZE): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.