Backblaze Q4 revenue rises 12%, slightly beats estimates

Backblaze

23/02/2026 21:15

Overview

Cloud storage platform's Q4 revenue grew 12% yr/yr, slightly beating analyst expectations

Adjusted EPS for Q4 beat analyst expectations

Company highlighted growth in B2 Cloud Storage and strategic neocloud market moves

Outlook

Backblaze expects Q1 2026 revenue between $37.6 mln and $38.0 mln

Company anticipates full-year 2026 revenue between $156.5 mln and $158.5 mln

Backblaze projects Q1 2026 adjusted EBITDA margin of 18% to 20%

Result Drivers

NEOCLOUD AGREEMENT - Backblaze closed its first eight-figure TCV neocloud agreement, marking a strategic win in the neocloud market

B2 CLOUD STORAGE GROWTH - B2 Cloud Storage revenue increased 24% YoY, driving overall revenue growth

ADJUSTED FREE CASH FLOW - Achieved 11% adjusted free cash flow margin in Q4, reflecting continued operating discipline

Company press release: ID:nBw13p4zsa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Slight Beat*
$37.80 mln
$37.55 mln (7 Analysts)
Q4 Adjusted EPS
Beat
$0.06
-$0.11 (4 Analysts)
Q4 EPS
-$0.09
Q4 Adjusted Net Income
$3.50 mln
Q4 Net Income
-$5.40 mln
Q4 Adjusted Gross Profit
$30.10 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the it services & consulting peer group is "buy"

Wall Street's median 12-month price target for Backblaze Inc is $9.50, about 115.9% above its February 20 closing price of $4.40

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)