Backblaze Lands First Eight-Figure Neocloud Deal as AI Storage Push Pays Off — Backblaze, Inc.

Event summary

Backblaze closed its first eight-figure TCV neocloud agreement in Q4 2025, marking a strategic milestone.
Q4 revenue grew 12% YoY to $37.8M, with B2 Cloud Storage up 24% and Computer Backup flat.
Adjusted free cash flow turned positive at $4.1M, the first time since going public.
Full-year 2025 revenue hit $145.8M (up 14% YoY), with B2 Cloud Storage growing 26%.
Launched B2 Neo, a neocloud-specific storage solution for AI workloads.

The big picture

Backblaze's Q4 results highlight its strategic pivot toward AI-driven storage solutions, with the neocloud segment emerging as a key growth driver. The company's ability to secure large-scale deals reflects broader industry trends where cloud providers are increasingly specializing in high-performance storage for data-intensive workloads. With adjusted free cash flow turning positive, Backblaze is positioning itself as a critical infrastructure player in the AI era.

What we're watching

Neocloud Expansion: Whether Backblaze can sustain its neocloud momentum with additional high-value deals.
AI Workloads: How the shift toward AI-driven applications will impact B2 Cloud Storage demand.
Profitability Trends: The pace at which Backblaze can maintain adjusted free cash flow positivity amid scaling costs.