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Backblaze Inc

Backblaze Inc

BLZE
$13.22USD↓-3.71%-0.51 today

MARKET CAP

793.2M

P/E (TTM)

—

FWD P/E

—

DAY RANGE

$13 – $14

52W RANGE

$3
$18

AI Summary

Stalk
StalkMedium

BLZE remains in a Stage 2 advancing regime with a clear sequence of higher highs and higher lows supported by rising EMAs and volume expansion. However, the recent Bullish Exhaustion candle at the latest parabolic peak, combined with extreme overbought RSI and Options Score, signals waning momentum and short-term exhaustion. Therefore, while the medium-term bias stays bullish, execution should be deferred until a pullback into the rising EMA support area is accepted and shows confirmation.

  • ↑Q1 revenue $38.7 M, up 12% YoY; B2 Storage drove $22.4 M (+24%)
  • ↑Gross margin expanded to 61% from 56%, demonstrating cost leverage
  • ↓Computer backup segment forecast to decline ~5% YoY, signaling legacy drag
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The case for & against

Bull & Bear analysis

Bullish

Backblaze, Inc. (NASDAQ: BLZE) is a prominent provider of cloud storage solutions, catering primarily to businesses and consumers looking for cost-effective and scalable storage options. The company emphasizes its capabilities in AI-driven data storage, intersecting with the growing demand for high-performance storage solutions as industries increasingly adopt AI workloads. Backblaze holds a competitive position within the cloud storage value chain, focusing on its B2 Cloud Storage segment that has demonstrated significant growth potential fueled by a strategic pivot towards AI technologies. This ongoing transformation is aimed at solidifying its role as an essential player in the burgeoning neocloud market.

Bull says

  • ↑Q1 revenue $38.7 M, up 12% YoY; B2 Storage drove $22.4 M (+24%)
  • ↑Gross margin expanded to 61% from 56%, demonstrating cost leverage
  • ↑AI customer base grew 76% YoY, boosting future ARR potential
  • ↑Customers with >$50 K ARR increased 30% YoY to 187, aiding up-market shift
  • ↑Adjusted EBITDA hit $10 M (26% margin); on track for FCF positivity
  • ↑Strong momentum and earnings-revision factors support upside

Bear says

  • ↓Computer backup segment forecast to decline ~5% YoY, signaling legacy drag
  • ↓Large-deal concentration risks revenue volatility as big contracts shift spend
  • ↓Go-to-market transformation execution remains incomplete, risking growth trajectory
  • ↓Rising hardware costs may pressure gross margins and tighten leverage
  • ↓High stock volatility and AI dependency add unpredictability
  • ↓Weak profitability factors and balance-sheet vulnerabilities challenge returns

Earnings Call · Q4 2025 · Mgmt. Guidance

Updated 04-16-2026neutral

Transcript signals

Bull points

  • We grew revenue while achieving adjusted free cash flow profitability in Q4. This is a significant milestone and an important step forward in our profitability journey.
  • For the quarter, total revenue was in line with guidance at $37.8 million and adjusted EBITDA exceeded the high end of our guidance by approximately 600 basis points.
  • We delivered record bookings this quarter. As Gleb noted, we closed our largest contract in the company's history with over $15 million in total contract value.

Bear points

  • We don't expect to see meaningful revenue in 2026 as we complete certain development work.
  • Looking ahead, we anticipate some pressure on gross margins driven by increased costs.
  • We do have to accelerate some capital expenditures, right? That would impact that and other things happening in the market would impact our gross margin by a few hundred basis points to help us prepare for this because it's obviously a large deal. We need to have the capacity in place.
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