New York, June 2, 2026, 04:19 EDT
- Backblaze finished Monday at $9.11, gaining 10.02%. The stock last traded at $9.13 in after-hours action.
- CFO Marc Suidan will meet investors at William Blair’s Growth Stock Conference on Tuesday.
- B2 Cloud Storage gains and AI demand are key for the rally, but ongoing losses and pressure from bigger cloud names are still the hurdle.
Backblaze Inc jumped 10% at Monday’s close, with shares extending gains after recent earnings. The cloud storage name on Nasdaq finished at $9.11, and the last after-hours quote was $9.13, according to Google Finance. Two investor events are set for this week.
The timing comes into play. Backblaze said CFO Marc Suidan plans to meet investors one-on-one at William Blair’s Growth Stock Conference in Chicago on Tuesday. CEO Gleb Budman is set to present at a BofA Securities tech event Wednesday.
Backblaze traded well ahead of the broader market Monday. The Nasdaq Composite gained 0.42% and the S&P 500 rose 0.26%, with tech shares lifting the main U.S. indexes, according to Reuters.
Backblaze shares are moving on the company’s May 4 results. First-quarter revenue was up 12% year-on-year to $38.7 million. B2 Cloud Storage revenue, which covers storage for video, images and backups, jumped 24% to $22.4 million.
Backblaze reported ARR up 13% to $158.2 million. AI customer count jumped 76%, and the company said two AI deals brought in about $1.5 million in annual contract value.
Budman told the earnings call that AI is making storage “increasingly important,” pointing to more than a third of new bookings coming from AI customers in the quarter. He mentioned a training-data customer who switched to B2 after running into rate limits and bandwidth constraints with another provider. Stock Insights
Suidan told analysts the quarter was about “stronger sales execution” and more operating leverage. He said pricing and packaging changes made up half of the $5 million bump in full-year revenue guidance. The rest, he said, came from “organic momentum and health of the business.” Stock Insights
Backblaze’s new pricing is key for the stock. The company hiked B2 pay-as-you-go storage rates May 1 and got rid of API transaction charges. That change could support margins if users stick with the higher storage rates and keep growing their spending.
Competitive signs are mixed. Backblaze said in its latest annual report that Amazon Web Services, Google Cloud Platform and Microsoft Azure are among its cloud competitors. It also noted that many of these firms have stronger brands, larger portfolios and more firepower.
But there are risks. Backblaze reported a GAAP net loss of $6.1 million for the first quarter. Adjusted free cash flow came in negative $1.8 million. A slowdown in AI storage demand, lower retention from the May price move, or price cuts from bigger cloud firms could eat into Monday’s premium.
Backblaze directors picked up 19,306 RSUs each, according to Form 4 filings posted Monday, but the filings do not show any open-market insider buys. The RSUs, awarded as equity pay, have a zero dollar cost and will vest at a later date. No shares were bought with cash.
Investors are watching Backblaze as a minor player in cloud storage, with AI chatter and an upcoming management roadshow. The question is if Budman and Suidan will get funds to believe May’s rally was more than a rebound off last quarter’s results.
