Slides
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Investor Day 2026
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Important Information About This Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward- looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, planned investments and initiatives, prospects, plans, objectives of management and general economic trends and trends in the industry and markets are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements, including that our AI customer revenue is early-stage and widespread adoption is uncertain; we may not achieve the growth rates implied by current trends; estimates of addressable market size and market opportunity are based on internal assumptions and third-party data that may prove inaccurate or may not reflect actual market conditions; our sales and marketing and cost-saving initiatives may not achieve their intended results; new features and price changes may not have the anticipated impact; supply availability, volatility and pricing may adversely affect our business;individual customer experiences are illustrative and may not be repeated;our recently announced strategic agreement with CoreWeave involves a new delivery model and is subject to risks related to customer concentration, ramp timing, consumption levels, and our ability to scale operations, any of which could cause actual revenue to differ from contracted amounts. Additional risks are set forth under “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. These forward-looking statements reflect our views with respect to future events as of the date of this presentation and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation, except as required by applicable law. Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use non-GAAP Adjusted Gross Profit and Margin, non-GAAP Net Income (Loss), non-GAAP Net Income (Loss) per share, Adjusted EBITDA and Margin, and Adjusted Free Cash Flow and Margin. These non-GAAP financial measures exclude certain items and are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. We present these non-GAAP measures because management believes they are a useful measure of the Company’s performance and provide an additional basis for assessing our operating results. Please see the Appendix attached to this presentation for a reconciliation of non-GAAP Adjusted Gross Margin, non-GAAP Net Income, Adjusted EBITDA Margin and Adjusted Free Cash Flow to the most directly comparable GAAP financial measures. Investor Day 2026
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INTRODUCING Investor Day 2026 Gleb Budman Chief Executive Officer and Chairperson of the Board
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Agenda Gleb Budman – CEO & Co-Founder The AI Storage Opportunity Dan Spraggins – CTO Built to Lead at AI Scale Anuj Kumar – CRO From Strong Signals to Repeatable Growth Marc Suidan – CFO Turning Financial Strength Into Durable Growth Investor Day 2026
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The AI Storage Opportunity
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Two Decades of Storage Expertise: A Strategic Advantage Object storage for developers & enterprise B2 Cloud Platform TODAY 2007 Founded EARLY YEARS Computer Backup Platform 2016 Announced B2 Cloud Storage Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 6
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AI Is Rewriting the Rules Data Growth Cloud Ecosystem Storage Priority YESTERDAY TODAY Steady Data Accumulation Massive Data Proliferation Single Hyperscaler Default ~200 Neocloud Reality Background Utility Critical Performance Layer Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 7
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Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 8 The New Rules Play to Backblaze's Strengths Massive Data Proliferation Expands demand for the cost-efficient capacity layer Backblaze was built to deliver at scale. ~200 Neocloud Reality Increases the value of Backblaze’s independent storage platform across an open-by-design AI ecosystem. Critical Performance Layer Elevates performance per dollar as a buying criteria, playing directly to Backblaze's strengths.
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Step Change in Data Created Expands Opportunity Source: IDC Global DataSphere Forecast, 2025 -2029; IDC Global DataSphere Forecast, 2026 -2030 700 ZB+ 2030 data created forecast 173 ZB 2024 data created Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 9
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Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 10 AI Adds a Faster-Growing Layer to a Large Existing Market $43B 2026 TOTAL CLOUD OBJECT STORAGE TAM AI WORKLOADS $17B 26% CAGR CORE WORKLOADS $26B 20% CAGR Source: IDC, Worldwide File - and Object -Based Storage Market Update and Forecast, 2025 –2030; Mordor Intelligence, Object -Based Storage Market Size & Share Analysis - Growth Trends and Forecast (2025 - 2030), Backblaze estimates and analysis, including workload classifications.
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has the scale and scalability to lead >5EB of data under management planned capacity expansion by year-end 2027 30%+ Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 11
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Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 12 Backblaze Delivers Architectural Freedom Across a Diversifying AI Ecosystem
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Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 13 The Capacity Layer is Key Across AI Data Collection Data Processing Model Training Inference Monitoring Runs the HDD capacity layer. Massive-scale throughput Fast data transformation Keep GPUs fed Real-time response Continuous capture Every stage consumes, creates and retains data, expanding the storage footprint over time.
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The New Rules of Data Infrastructure AI is expanding the role of storage infrastructure A wide-open opportunity is emerging for an independent capacity tier Backblaze has the capabilities and validation to lead Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 14 Purpose-Built Over Decades, Difficult to Replicate Optimized Platform Creates the Moat SCALE PERFORMANCE ECONOMICS
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Backblaze Is Already Winning Across the AI Ecosystem $335M Multi-Exabyte Commitment + 4 Others AI INFRASTRUCTURE 5 of Top 10 B2 Customers are AI AI BUILDERS Flamethrower Startups Leading Frontier Model MORE Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 15 Note: CoreWeave commitment is an aggregate estimated total contract value; actual revenue will depend on CoreWeave's usage and ramp
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AI is expanding the role of storage infrastructure An open opportunity is an independent capacity tier Backblaze has the capabilities and validation to lead Gleb Budman, CEO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 16
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INTRODUCING Investor Day 2026 Dan Spraggins Chief Technology Officer
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Built to Lead at AI Scale
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Dan Spraggins, CTO | Investor Day 2026 BUILDING BLOCKS B2 Storage Architecture Self-healing storage Durable by Design 1 file Exabyte scale enabled Linear Growth T erabit throughput Speed in Parallel + Drive commodity HDDs Storage server up to 60 drives Vault 20 servers as 1 Cluster vaults on 1 network 1 request Backblaze (NASDAQ: BLZE) | 19
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Dan Spraggins, CTO | Investor Day 2026 Object Storage Capacity Tier NVIDIA Cloud Partner Data Center Reference Architecture NVIDIA publishes the blueprint AI data centers are built to this reference architecture. NVIDIA added a hard drive tier Object Storage Capacity Tier (HDD) Nodes Backblaze operates the capacity tier B2 delivers it at multi -exabyte scale for CoreWeave and other neoclouds. Backblaze (NASDAQ: BLZE) | 20
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Dan Spraggins, CTO | Investor Day 2026 First byte 0.1 ms Requests/sec 1M Throughput 7 GB/s Cost per TB 6x Storage Media Comparison SSD Built for speed 15% of data center data First byte 5 ms Requests/sec 150 Throughput 250 MB/s Cost per TB 1x HDD Built for scale 85% of data center data operates here: built for scale and cost Backblaze (NASDAQ: BLZE) | 21
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The AI Data Lifecycle Dan Spraggins, CTO | Investor Day 2026 Runs the HDD capacity layer. Data Collection Data Processing Model Training Inference Monitoring SSD high-performance layer Backblaze (NASDAQ: BLZE) | 22
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Dan Spraggins, CTO | Investor Day 2026 AI Needs a Complete Storage Stack Backblaze (NASDAQ: BLZE) | 23
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Dan Spraggins, CTO | Investor Day 2026 Built for AI Today 5+ EB On 350K drives in 6 DCs 11 Nines Durability; erasure coded Milliseconds T o first byte; always hot 1 Tbps Per customer, on demand Backblaze (NASDAQ: BLZE) | 24
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Backblaze has built a reputation for making complex, HDD-based storage infrastructure reliable and easy-to-consume at scale. - Nick Hoover, Vice President, CoreWeave “ Dan Spraggins, CTO | Investor Day 2026 5+ Years Service commitment Multi-EB Object storage capacity Managed Alongside GPUs in their DCs Exabyte Object Storage for an AI Cloud CASE STUDY: AI CLOUD PLATFORM Backblaze (NASDAQ: BLZE) | 25
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Discover Machine-readable docs, pricing, and sign-up that agents can act on. Connect MCP server, agent skills, CLI, SDKs, and event-driven interfaces Secure Narrow, revocable permissions scoped to the task at hand Build Integrations and reference designs with the major AI platforms Making B2 AI Agent Ready OUR APPROACH Automate B2 Management Surface Operational Insights Embed B2 in AI Workflows How customers are using agents
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Dan Spraggins, CTO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 27 What’s Coming Next THROUGHPUT 2x increase API REQUESTS 5x volume DRIVE ECONOMICS +20% capacity Platform investments in performance, scale, and economics to further differentiate Backblaze with AI workloads.
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Investor Day 2026 INTRODUCING Anuj Kumar Chief Revenue Officer
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From Strong Signals to Repeatable Growth
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Anuj Kumar, CRO | Investor Day 2026 AI Customers Win More, Land Bigger and Expand Faster WIN MORE +10 pts Higher AI company win rates versus non-AI A structural advantage in AI opportunities LAND BIGGER 7x Average AI deal size versus non-AI The pattern persists without CoreWeave EXPAND AFTER LANDING 2X Top AI customers 2X their commitments within 12 mo AI Companies grow data much faster All data is from the last 12 monthsSource: Backblaze internal data. Backblaze (NASDAQ: BLZE) | 30
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Anuj Kumar, CRO | Investor Day 2026 CUSTOMER JOURNEY ~50 employees • >$50M in VC funding • Small team, massive data ACTUAL POTENTIAL DISCOVER Customer Referral LAND Q1 FY26 Nearly $1M EXPAND Q2 FY26 $1M+ expansion EXPAND NEXT OPPORTUNTITY More workloads 11 days TRIAL TO SIGNED DEAL 12 weeks LAND TO EXPANSION 2.75x CAPACITY VS. INITIAL LAND Data Collection AI WORKLOAD WHY WE WON: 4x contracted throughput vs. the prior provider—with capacity to scale quickly as data volumes grow. Backblaze (NASDAQ: BLZE) | 31 Training Data Provider
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Anuj Kumar, CRO | Investor Day 2026 Why Customers Choose Backblaze Has Expanded WHAT HAS ALWAYS MATTERED Disruptive Economics Transparent Pricing Approx. 80% lower cost than hyperscalers Predictable, straightforward invoices WHAT AI CUSTOMERS ALSO NEED Rapid Scalability Architectural Freedom Efficient economics mean more performance per dollar Backblaze (NASDAQ: BLZE) | 32 High Throughput Note: The 80% is based on Backblaze's analysis of average FY2025 customer usage compared to AWS S3 published pricing. Actual savings vary by workload.
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Anuj Kumar, CRO | Investor Day 2026 Backblaze has multiple paths to capture and compound growth Core Workloads Expand AI Builders Accelerate Architectural freedom & performance per dollar AI Infrastructure Scale Capacity tier & contracted scale WHO ARE THEY WHO ARE THEY ~200 AI infrastructure companies WHO ARE THEY 1,000s of AI startups Backblaze (NASDAQ: BLZE) | 33 WHAT THEY NEEDWHAT THEY NEED Economic efficiency, durability & security F10,000 companies, Channel led WHAT THEY NEED
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Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 34 From Signals to a Repeatable Revenue Engine PROGRAMS CREATE SIGNALS EDUCATE Search visibility: SEO + AEO Omnichannel content + paid Stats + performance insights ENGAGE Social + community Webinars + industry events Developer outreach + Flamethrower VALIDATE GitHub + Hugging Face Open-source integrations SDKs, MCPs, + agent tools INTEREST Product search + feature requests Marketplace + customer discovery Direct product usage EDUCATE Create reach and relevance ENGAGE Turn attention into participation EXPERIENCE Make technical proof easy INTEREST Recognize growing requirements QUALIFIED INTEREST ACROSS CUSTOMER GROUPS CORE WORKLOADS AI BUILDERS AI INFRASTRUCTURE
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Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 39 Integrated Routes to Market Drive Repeatable Customer Growth CORE WORKLOADS AI BUILDERS AI INFRASTRUCTURE SALES MOTION PRODUCT-LED / INBOUND SELF-SERVE Broad developer reach • Frictionless, low -touch adoption SALES-LED / OUTBOUND DIRECT SALES Higher-value AI opportunities • Dedicated, coordinated coverage PARTNER-ENABLED PARTNER ECOSYSTEM White-label & embedded distribution • Sell–With & Sell -Through coverage CUSTOMER GROWTH MODEL LAND Convert qualified demand ADOPT Activate initial workloads EXPAND Grow usage and use cases RETAIN Sustain value over time SUPPORT Maintain outcomes and enable the next expansion
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Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 40 Scaling with the Partner Ecosystem PLATFORM BACKBLAZE B2 CLOUD STORAGE PLATFORM NEW ECOSYSTEM INVESTMENT Becoming Part of Integrated Solutions SELL-WITH OEM + ISV Reference architectures and integrated solutions SELL-THROUGH INTEGRATOR • MSP • CDN • MARKETPLACE Downstream, embedded and marketplace distribution CUSTOMER OPPORTUNITY AI BUILDERS Startups and developers CORE WORKLOADS SMBs and established businesses Partner investment expands distribution and embeds Backblaze into integrated solutions
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Anuj Kumar, CRO | Investor Day 2026 Strong Signals. A Focused Plan to Scale Them AI customers land bigger and faster. Organic reach amplified by targeted segments. Scaling with the ecosystem. Backblaze (NASDAQ: BLZE) | 37
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Anuj Kumar, CRO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 38 Building the data and evaluation layer for emotionally intelligent voice AI.
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Investor Day 2026 INTRODUCING Marc Suidan Chief Financial Officer
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Turning Financial Strength Into Durable Growth
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Marc Suidan, CFO | Investor Day 2026 We built the Financial Foundation to Invest Our Key Goal Posts Status Original Target Achieved Strengthen the balance sheet Q4-2024 Q4-2024 Reaccelerate B2 growth Q1-25 Q1-25 Deliver B2 growth above 30% Q4-25 Q2-26 Generate positive Adj. FCF, including capital leases Q4-25 Q4-25 B2 growth + Adj FCF Margin exceeded 40% in Q2’26 Backblaze (NASDAQ: BLZE) | 41 NOTES: We define adjusted free cas h flow as net cash provided by operating activities less purchases of property and equipment, capitalize d internal-us e software cos ts, principal payments on finance leases and leas e fi nanc i ng obligations, as reflected in our c onsolidated statements of cash flow s, and excluding payments on restructuri ng charges, legal s e ttlement payments, and payments on other non-recurring charges. Adjusted free cash flow marg in is calculated as adjus ted fre e c ash flow divided by revenue.
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Marc Suidan, CFO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 42 NOTES: Adjus ted EBITDA is defined as ne t loss adjusted to exclude de preciation and amortization, s toc k-based com pensation, intere s t expens e , i nve s tment income, income tax provision, realized and unrealized gai ns and losses on fore i gn currency transac tions, i mpairment of long-lived assets, restructuring charges, legal settle m e nt costs, and other non-recurring charges. Adjusted EBIT DA Marg in is defi ned as Adjusted EBIT DA divided by re venues for the period. We use Adjus ted EBITDA and Adjusted EBITDA Margin to evaluate our ong oing operations and for internal planning and forec asting purposes. We be li e ve that Adjusted EB ITDA and Adjusted EBIT DA Marg in, when taken together w ith our GAAP financial results, provide m eaningful supplemental informati on reg arding our operating performance by excluding certain items that may not be indicative of our business, results of operations, or outlook . W e consider Adjusted EBITDA and Adj usted EBITDA Margin to be im portant m easures because they he lp illustrate unde rlying trends in our busine s s and our histori c al ope rating pe rform ance on a more consis tent basi s. Adjusted EBITDA margin shown for the years ending December 31, 2022, 2023, 2024, and 2025 are based on audited financial data. A reconciliation of non-generally accepted accounting principles (GAAP) guidance measures to corresponding GAAP measures for historical results is provided in the Appendix to this presentation. A reconciliation for estimated future results is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of expenses and other factors in the future. Growth and Operating Leverage
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Marc Suidan, CFO | Investor Day 2026 B2 is the Core of the Revenue Mix Revenue Mix 38% 62% ARR growth (y/y) Relatively flat +39% Net Revenue Retention ~94% 113% Gross Customer Retention 91% 89% +24pts 62% 2026 YTD B2 Revenue Mix Shift 39% 2022 B2 Cloud Storage Backblaze (NASDAQ: BLZE) | 43
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Marc Suidan, CFO | Investor Day 2026 Multi-year Commitments Create a Visible Growth Foundation Total RPO ($M) 0 100 200 300 400 Q1’26 Q2’26 $76.5M ~$396M 5.2x Growth begins from a larger contracted base Visibility extends across multiple years The contracted base is not the growth ceiling Backblaze (NASDAQ: BLZE) | 44
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Marc Suidan, CFO | Investor Day 2026 Positive B2 Customer Economics Over Time Assumptions: 9 years customer life based on a Gross Customer Retention Rate of 89%, 5% y/y storage usage growth, No assumed price increases, 6 year hardware depreciation schedule. Backblaze (NASDAQ: BLZE) | 45 TOTAL REVENUE OVER 9 YEAR CUSTOMER LIFE Direct costs Hardware depreciation 60–70% Contribution margin over 9 years¹ Profit positive in Year 1
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Marc Suidan, CFO | Investor Day 2026 Optimized Deployment of Capital Lower the cost of capital Convertible debt replaces higher-cost capital-lease financing. $201M Capital raised through the convertible offering 0% Coupon on the convertible debt $20M+ Annual interest savings Invest behind visible growth Capital is deployed against customer commitments with clear return thresholds. CONTRACTED Demand visibility before capital is committed 4–5 QTRS Staged deployment of new storage capacity ~2 YEARS Payback period on capacity capex investments Backblaze (NASDAQ: BLZE) | 46
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Marc Suidan, CFO | Investor Day 2026 The Path From Investment to Cash Generation Adjusted EBITDA margin Underlying profitability continues to improve Adjusted free cash flow margin Capacity is funded before the cash return is realized Backblaze (NASDAQ: BLZE) | 47 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Q1’28 Q2’26 Q3’26 Q4’26 Q1’27 Q2’27 Q3’27 Q4’27 Q1’28 CURRENT CAPEX FOR COMMITTED CONTRACTS STRONG CASH GENERATION
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Near-Term Investment Builds a Stronger, More Scalable Financial Model METRIC NEAR-TERM INVESTMENT PHASE AS THE MODEL SCALES B2 Revenue growth 40%+ in FY27 1 Excludes new large deals and minimum commitments overages Gross margin Capacity is deployed ahead of revenue Higher utilization and managed storage drive margin expansion Operating investment Targeted S&M investment; disciplined R&D and G&A Operating leverage on a larger revenue base Adj. Free cash flow Temporary outflow during capacity deployment (4-5 quarters) Meaningful improvement in Adj. FCF under the current trajectory Marc Suidan, CFO | Investor Day 2026 Backblaze (NASDAQ: BLZE) | 48 Note: This growth figure reflects currently contracted minimum commitments and existing customer base trends.
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Marc Suidan, CFO | Investor Day 2026 Key Takeaways Greater growth visibility Multi-year commitments create larger and more durable contracted growth base. Demand-backed investment Capital is being deployed against visible demand with attractive customer economics Greater long-term earnings power Near-term investment positions Backblaze for greater scale and operating leverage. Backblaze (NASDAQ: BLZE) | 49
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Backblaze | NASDAQ: BLZE | Investor Day 2026 Q&A
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Appendix
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The AI Storage Shift Bulk ingest, longer retention TB → PB CUSTOMER DATA Keeping GPUs fed Mbps → Tbps THROUGHPUT Egress follows compute Rare → Routine DATA TRANSFER OUT Reads, writes and deletes Kps → Mps API REQUESTS Deletes as fast as writes Months → None MINIMUM DATA RETENTION Compute moves; Data follows Offline → Online DATA ACCESS 2026 2030 AI 18% AI 58% 3X Total Industry HDD Storage Predictions
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Reconciliation of Non-GAAP Measures: Adjusted EBITDA Margin 2022 2023 2024 2025 Net Loss $(51,398) $(59,713) $(48,531) $(25,612) Net Loss Margin (60)% (59)% (38)% (18)% Adjustments: Depreciation & amortization 20,151 24,912 28,328 25,493 Stock-based compensation 17,049 25,052 26,104 26,425 Interest expense & investment income, net 3,324 1,808 2,236 1,905 Income tax (benefit) provision (39) — 6 84 SAFE holder settlement 1,500 — — — Foreign exchange loss — 123 32 451 Litigation settlement costs — 411 — 288 Impairment loss on long-lived assets — 232 — 258 Restructuring charges — 3,616 4,861 2,472 Adjusted EBITDA $(3,914) $(3,559) $13,036 $31,764 Adjusted EBITDA Margin (11)% (3)% 10% 22% Dollars in Thousands