Backblaze Q4 revenue $37.8M (+12% YoY); first adjusted FCF positive since IPO

Backblaze, Inc.

2025-FY EPS reported -$0.46 revenue$145,835,000

B2 Cloud Storage revenue $21.3M (+24% YoY); Computer Backup $16.5M (flat).
Net loss narrowed to $5.4M from $14.4M; adjusted EBITDA $10.4M (28% margin).
Adjusted free cash flow $4.1M vs ($4.5M) in Q4 2024, first positive quarter since going public.
Signed record eight-figure TCV neocloud agreement; ARR $154.4M (+13% YoY).
Q1 2026 guidance: revenue $37.6-38.0M; FY 2026 revenue $156.5-158.5M.

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