Backblaze (BLZE) surges as Q1 results beat expectations and full-year guidance rises on AI-driven B2 growth

Backblaze, Inc. (BLZE) is up 55.1% today. Here is some analysis on what might have caused this price movement.

Analysis: The sharp move higher appears tied to an earnings-driven “beat-and-raise,” with Backblaze reporting strong Q1 performance and increasing its full-year 2026 outlook. Investors also seemed to focus on accelerating AI-related momentum within B2 Cloud Storage and improving profitability metrics.

Details:

Backblaze reported Q1 2026 revenue of $38.7 million (+12% year over year), including B2 Cloud Storage revenue of $22.4 million (+24% year over year).

Profitability metrics improved, with adjusted EBITDA of $10.1 million (26% of revenue), alongside non-GAAP net income of $2.7 million (non-GAAP EPS of $0.04).

The company raised full-year 2026 revenue guidance to $161.5 million–$163.5 million (from $156.5 million–$158.5 million) and lifted its adjusted EBITDA margin outlook to 23%–25% (from 19%–21%).

Backblaze highlighted stronger AI traction, including 76% year-over-year growth in AI customers, plus pricing/packaging actions (effective May 1) that increased pay-as-you-go storage pricing while eliminating API transaction fees.

Sources:

Backblaze Investor Relations, SEC, The Motley Fool

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$BLZE Hedge Fund Activity

We have seen 86 institutional investors add shares of $BLZE stock to their portfolio, and 71 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

WASATCH ADVISORS LP removed 1,834,205 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $8,547,395
FIRST EAGLE INVESTMENT MANAGEMENT, LLC removed 1,133,740 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $5,283,228
ACADIAN ASSET MANAGEMENT LLC added 835,007 shares (+249.4%) to their portfolio in Q4 2025, for an estimated $3,891,132
POINT72 ASSET MANAGEMENT, L.P. added 567,803 shares (+inf%) to their portfolio in Q4 2025, for an estimated $2,645,961
PRELUDE CAPITAL MANAGEMENT, LLC added 516,311 shares (+inf%) to their portfolio in Q4 2025, for an estimated $2,406,009
VANGUARD GROUP INC added 403,211 shares (+15.0%) to their portfolio in Q4 2025, for an estimated $1,878,963
RENAISSANCE TECHNOLOGIES LLC added 393,936 shares (+94.5%) to their portfolio in Q4 2025, for an estimated $1,835,741

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.

$BLZE Analyst Ratings

Wall Street analysts have issued reports on $BLZE in the last several months. We have seen 1 firms issue buy ratings on the stock, and 1 firms issue sell ratings.

Here are some recent analyst ratings:

William Blair issued a "Underperform" rating on 03/23/2026
Lake Street issued a "Buy" rating on 02/24/2026

To track analyst ratings and price targets for $BLZE, check out Quiver Quantitative's $BLZE forecast page.

$BLZE Price Targets

Multiple analysts have issued price targets for $BLZE recently. We have seen 5 analysts offer price targets for $BLZE in the last 6 months, with a median target of $8.0.

Here are some recent targets:

Mike Cikos from Needham set a target price of $8.5 on 05/05/2026
Rustam Kanga from Citizens set a target price of $8.0 on 05/05/2026
Ittai Kidron from Oppenheimer set a target price of $8.5 on 02/24/2026
Zach Cummins from B. Riley Securities set a target price of $7.5 on 02/24/2026
Eric Martinuzzi from Lake Street set a target price of $8.0 on 02/24/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.