Backblaze (BLZE) Planet MicroCap Las Vegas 2026 summary

Business overview and revenue segments

• Operates as a pure-play cloud storage provider, focusing on storage rather than compute or networking.

• Offers storage at approximately 80% below hyperscaler prices, with an innovative software layer managing data efficiently.

• Revenue split: 60% from B2 cloud storage (growing 24% annually), 40% from legacy computer backup (flat to slightly declining).

• B2 cloud storage has about 120,000 customers; computer backup serves around 400,000 customers.

Growth drivers and customer trends

• Data proliferation and the AI boom are fueling rapid growth in cloud storage demand.

• Increasing focus on larger customers, with 187 customers generating over $50,000 ARR, up 51% year-over-year in Q1.

• Average deal size for large customers now exceeds six figures, with some deals reaching $1 million ARR and one recent $15 million TCV commitment.

• Targeting AI startups and neocloud providers as key growth segments.

Go-to-market strategy and sales evolution

• Transitioned from a product-led, self-serve model to building a direct sales motion for larger customers.

• Large customer deals are now disclosed as a proportion of ARR, with deal sizes and frequency increasing.

• Guidance remains conservative, not factoring in large deals until repeatability is established.