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Backblaze: Fiscal 3Q26 Financial Results Generating $46.7 million, up 9.3% QoQ and up 25.5% YoY This is a Press Release edited by StorageNewsletter.com on November 10, 2026 at 2:02 pm Backblaze, Inc., a high-performance capacity storage layer for AI, announced results for its third quarter ended September 30, 2026.“Q3 2026 was another strong quarter, with B2 revenue growth accelerating to 47% year over year, up from 28% a year ago, reflecting broad-based momentum across our customer base,” said Gleb Budman, cofounder and CEO, Backblaze. “We added a record number of net new B2 self-serve customers, four times as many as in the same period last year. The number of customers contributing more than $50,000 each in ARR grew 57% year over year to 254. We also signed four large agreements across AI and core workloads. As AI customers scale, we are solidifying Backblaze’s role as the capacity tier for AI infrastructure companies and AI builders.” Third Quarter 2026 Financial Highlights(1) Revenue of $46.7 million, an increase of 26% year-over-year YoY B2 Cloud Storage revenue was $30.5 million, an increase of 47% YoY Computer Backup revenue was $16.2 million, a decrease of 2% YoY Gross profit of $29.8 million, or 64% of revenue, compared to $23.1 million, or 62% of revenue, in Q3 2025 Net loss was $2.4 million compared to a net loss of $3.8 million in Q3 2025 Net loss per share was $0.04 compared to a net loss per share of $0.07 in Q3 2025 Adjusted EBITDA was $15.2 million, or 33% of revenue, compared to $8.4 million, or 23% of revenue, in Q3 2025 Non-GAAP net income of $6.7 million compared to non-GAAP net income of $1.9 million in Q3 2025 Cash flow from operations during the nine months ended September 30, 2026 was $22.8 million, compared to $14.2 million for the same period in 2025 Adjusted free cash flow during the nine months ended September 30, 2026 was $1.9 million, compared to $(9.5) million for the same period in 2025 Cash, cash equivalents, and marketable securities totaled $230.2 million as of September 30, 2026 (1) Some amounts may not sum due to rounding Click to enlarge Third Quarter 2026 Operational Highlights Annual recurring revenue (ARR) was $190.7 million, an increase of 29% YoY B2 Cloud Storage ARR was $126.8 million, an increase of 53% YoY Computer Backup ARR was $63.9 million, a decrease of 2% YoY Net revenue retention rate (NRR) was 105% compared to 107% in Q3 2025 B2 Cloud Storage NRR was 115% compared to 116% in Q3 2025 Computer Backup NRR was 94% compared to 96% in Q3 2025 Gross customer retention rate was 91% in both Q3 2026 and Q3 2025 B2 Cloud Storage gross customer retention rate was 89% in both Q3 2026 and Q3 2025 Computer Backup gross customer retention rate was 91% compared to 90% in Q3 2025 Click to enlarge Recent Business Highlights Signed four large agreements, including a $4 million AI builder expansion: Three agreements supported AI workloads, while the fourth supported a core workload Delivered broad-based customer growth: Net new B2 self-serve customer additions reached a record, quadrupling year over year, while the number of customers each contributing over $50,000 in ARR grew 57% year over year to 254 Established a collaboration with WEKA, the AI data and memory infrastructure company: Pairs WEKA’s high-performance data storage with extended GPU memory with Backblaze B2’s scalable capacity to simplify AI storage and reduce integration work for customers Introduced the Backblaze B2 MCP Server: Enables AI agents to use B2 storage directly within developers’ existing tools, positioning Backblaze for the growth of agent-driven workflows Completed a $201 million convertible notes offering: Backblaze issued 0% convertible senior notes due 2031 and entered into related capped call transactions. The company expects to use the proceeds for capital expenditures supporting contracted growth and for general corporate purposes Financial Outlook Based on information available as of the date of this press release For the fourth quarter of 2026, we expect Revenue between $49.8 million and $50.2 million Adjusted EBITDA margin between 32% and 34% Basic weighted average shares outstanding of 63.6 million to 63.8 million shares For full-year 2026, we have raised our outlook Revenue between $177.8 million and $178.2 million, raised from $172.0 million to $174.0 million Adjusted EBITDA margin range of 30% to 31%, raised from 27% to 29%