Backblaze Inc. Class A Common Stock Q2 2026 Earnings Recap

Backblaze’s Q2 results materially outperformed expectations, driving a 44.2% stock gain as revenue, margins, and AI-related customer growth all accelerated, highlighted by a landmark $335 million multi-year contract with CoreWeave.

Key Takeaways

• Revenue reached $42.7 million, beating the high end of guidance by $2.5 million.
• Adjusted EBITDA margin came in at 30%, 700 basis points above the high end of guidance, reflecting improved operational leverage.
• B2 segment growth accelerated to 34% year-over-year, demonstrating strong underlying momentum.
• The $335 million multi-year contract with CoreWeave—the largest in company history—validates Backblaze's positioning as critical infrastructure for AI storage needs.
• Customer base expansion notable with 235 customers now contributing over $50,000 ARR each, up 57% year-over-year; this cohort grew ARR by 67%, underscoring increasing reliance on Backblaze by enterprise clients.