Backblaze, Inc. — Form 8-K
Filed November 2, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 68/100
What the filing says
Backblaze reported Q3 2026 revenue of $46.7M (26% YoY growth), with B2 Cloud Storage accelerating to $30.5M (47% YoY). The company raised full-year 2026 guidance to $177.8–$178.2M revenue (from $172–$174M) and Adj. EBITDA margin to 30–31% (from 27–29%). Separately, Backblaze issued $201M in 0% convertible senior notes due 2031 with capped-call hedges, replacing higher-cost capital leases. B2 ARR grew 53% YoY to $126.8M; company booked four large deals including a $4M AI builder expansion. Net loss improved to $2.4M vs. $3.8M YoY; adjusted EBITDA margin expanded to 33% from 23% YoY.
Why this rating
Meaningful progress: 53% B2 ARR growth, expanded margins, and favorable financing ($201M at 0% coupon) are significant relative to $240M market cap. Guidance raise and AI momentum matter, but execution risk on AI adoption and competition remain.
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