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Backblaze, Inc.: Business Overview, Financials & Competitive Analysis

Backblaze Inc provides cloud storage services through its Backblaze B2 Cloud Storage platform, which enables customers to store data, developers to build applications, and partners to expand their use cases. The compa...

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7/ 10Strong

Cyborg Score thesis

Backblaze is positioned to grow efficiently with combined B2 revenue growth and free cash flow margin improving from 9 to 35 as...

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Industry Cloud Storage & Data Infrastructure
3 named competitors
4 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: October 19, 2026
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Backblaze, Inc. Overview

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Backblaze Inc provides cloud storage services through its Backblaze B2 Cloud Storage platform, which enables customers to store data, developers to build applications, and partners to expand their use cases. The company drives diversified growth across AI, cyber resilience, and application storage use cases, positioning itself as a strategic player in data infrastructure for the AI era.

Strategic Profile

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Backblaze reported Q4 2025 revenue of $37.8M with 24% B2 growth, a 28% adjusted EBITDA margin and positive adjusted free cash flow, with 2026 guidance calling for higher revenue and 19–21% adjusted EBITDA margins. The company is progressing toward becoming a Rule of 40 company, with infrastructure that scales with discipline and a capital-efficient model allowing pursuit of the massive AI-driven opportunity while maintaining financial discipline and building a durable self-funding business.

Competitive Landscape

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Backblaze faces intense competition from major cloud providers like AWS, Microsoft Azure, and Google Cloud, with heavy reliance on a few large AI-driven customers creating risks for revenue stability and margin pressure. The company differentiates through removing barriers of lock-in, complexity, and cost, with high-performance cloud object storage accelerating AI workflows and providing unparalleled interoperability serving over 500,000 customers across 175 countries.

Industry Context

Backblaze, Inc. operates in Cloud Storage & Data Infrastructure.

Key facts

Founded: 2007 · Headquarters: San Francisco, US · Revenue: $146M · Market cap: $221M

What the AI analysts debated

AI-generated and not independently verified: selected findings from the multi-agent debate on Backblaze, Inc..

  • Company closed its first eight-figure TCV neocloud agreement in Q4 with the launch of B2 Neo, demonstrating strength of the storage cloud platform and progress moving upmarket.
  • AI-focused customers grew 75% with usage expanding approximately three times faster than the average customer base.
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Recent developments

Material events tracked by the AskCyborg corpus.

  • February 2026Q4 2025 earnings: Achieved first positive adjusted free cash flow quarter with 28% EBITDA margin
  • February 2026Closed first eight-figure TCV neocloud deal; launched B2 Neo storage offering
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Named competitors

Pulled from the analyst-debate framework. Click any competitor to see their Cyborg Score.

Amazon S3Cloud object storage from hyperscale provider→Microsoft Azure Blob StorageEnterprise cloud storage solution→Google Cloud StorageHyperscale cloud storage platform→

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Industry context

Backblaze, Inc. operates in Cloud Storage & Data Infrastructure. See how the rest of the sector scores on the Cyborg framework.

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Frequently asked questions

What does Backblaze, Inc. do?+
Backblaze Inc provides cloud storage services through its Backblaze B2 Cloud Storage platform, which enables customers to store data, developers to build applications, and partners to expand their use cases. The compa...
What is Backblaze, Inc.'s Cyborg Score?+
Backblaze, Inc. has a Cyborg Score of 7/10 (Strong). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are Backblaze, Inc.'s main competitors?+
Named competitors include Amazon S3, Microsoft Azure Blob Storage, Google Cloud Storage. The full competitive landscape is in the AskCyborg report.
How can I get the full Backblaze, Inc. research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the Backblaze, Inc. research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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