Key Highlights

● Second-quarter 2026 Revenue was $42.7 million, up 18%, with B2 Cloud Storage up 34%.

● Adjusted EBITDA was $12.8 million, a 30% margin, versus 18% a year earlier.

● Full-year revenue guidance rose to $172.0 million to $174.0 million.

● A $175 million convertible notes offering priced on 19 August with a 0.00% coupon.

Latest verified developments

Backblaze, Inc. (NASDAQ:BLZE), a cloud storage and backup provider, announced on 12 October 2026 that it will report third-quarter results on 2 November. Its most substantive recent corporate actions are older: second-quarter results on 3 August and a $175 million convertible notes offering priced on 19 August.

Smaller items include a Mac backup integration with Jamf (1 October) and its quarterly Drive Stats report, published on 29 September, which put the quarterly drive failure rate at 1.73%. None of these changes the financial picture on its own.

Second-quarter results

For the quarter ended 30 June 2026, revenue was $42.7 million, up 18%. B2 Cloud Storage revenue, the faster-growing line, was $26.6 million, up 34%. Annual Recurring Revenue (ARR) was $177.3 million, up 21%, with B2 ARR of $113.3 million, up 39%. B2 therefore accounted for about 62% of second-quarter revenue.

The net loss narrowed to $5.1 million from $7.1 million a year earlier. Adjusted EBITDA was $12.8 million, a 30% margin, versus $6.6 million (18%) in the second quarter of 2025. Chief executive Gleb Budman called it "an amazing quarter" and, discussing a customer agreement with CoreWeave (NASDAQ:CRWV), said: "That is where Backblaze is built to win."

Guidance and the convertible notes

Backblaze raised full-year 2026 revenue guidance to $172.0 million to $174.0 million, from $161.5 million to $163.5 million, and lifted its adjusted EBITDA Margin outlook to 27% to 29% from 23% to 25%. For the third quarter it guided to revenue of $44.4 million to $44.8 million and a margin of 27% to 29%. The midpoint of the third-quarter revenue range, $44.6 million, is about 4% above the second-quarter figure.

The convertible offering was upsized from $150 million to $175 million. The notes carry a 0.00% coupon, mature on 15 August 2031 and convert at about $21.94 a share, a roughly 30% premium to the $16.88 reference price on 19 August. Net proceeds were about $167.2 million, of which about $15.2 million funded capped call transactions with a cap price of $33.76. The remainder is for general corporate purposes, including capital expenditure.

Backblaze cannot redeem the notes before 20 August 2029, and holders may require repurchase at par on a fundamental change. Initial purchasers held an option for up to $26.25 million more, and the private Placement to qualified institutional buyers was expected to settle on 24 August.

Backblaze third-quarter report and B2 growth

The 2 November report will test whether Backblaze delivers within its third-quarter range and whether B2 growth continues to outpace total revenue growth. The raised full-year range implies the company expects continued expansion, but guidance is a forecast and not a reported result.

Other points include the margin outlook of 27% to 29%, the use of the convertible proceeds, and the development of the CoreWeave relationship. Another reference is the roughly $12.8 million of quarterly adjusted EBITDA alongside the Capital Expenditure that the notes are intended to help fund.