Backblaze Q1 Beats Forecast, Stock Soars 70%

Backblaze Q1 2026 revenue $38.7M (+12% YoY) beating forecast $37.79M, EPS $0.04 vs -$0.0043 (1030% surprise).
Gross margin rose to 61% from 56% YoY; Adjusted EBITDA $10M (26% margin) and free cash flow -$1.8M.
Stock surged 70.6% in after‑hours to $7.59, pushing market cap to $449M, though RSI indicates overbought conditions.
Guidance raised FY2026 revenue to $161.5‑$163.5M and Adjusted EBITDA margin to 23‑25%, with B2 pricing update expected to be accretive.