Backblaze Heads Into Q2 2026 Earnings Today as Shares Ride a 194% Rally

Backblaze (BLZE) will report its second-quarter 2026 results after the market closes today, August 3, 2026, and management will host a conference call at 5:00 PM EDT to walk investors through the numbers. Notably, the cloud storage company arrives at this report on a remarkable run: the stock has surged roughly 194% year-to-date, and investors are now watching closely to see whether the fundamentals can justify the momentum.

Key Points

• Backblaze reports Q2 2026 earnings today, August 3, 2026, followed by a 5:00 PM EDT conference call.
• Shares closed at $13.72 on July 31, up 8.63% on the day and up about 194% year-to-date.
• The company carries a market cap near $823 million, with trailing-twelve-month revenue of roughly $149.9 million.
• Analysts remain constructive; Citizens recently lifted its price target from $14 to $16 while maintaining a Market Outperform rating.
• A recently announced $335 million AI infrastructure deal has fueled much of the bullish sentiment.

A Stock on a Tear

First and foremost, Backblaze enters this earnings report with serious momentum behind it. The stock closed at $13.72 on July 31, climbing 8.63% in a single session, and it has traded within a 52-week range of $3.26 to $18.25. Furthermore, that year-to-date gain of roughly 194% dramatically outpaces the S&P 500’s 9.41% return over the same stretch. As a result, expectations heading into tonight’s print sit noticeably higher than they did just a few months ago.

The AI Storage Story Driving the Rally

So what has powered this run? In large part, investors have rallied around Backblaze’s growing role in AI data infrastructure. Recently, the company landed a $335 million storage agreement tied to CoreWeave’s AI buildout, and that deal reframed the bull case almost overnight. Moreover, Backblaze recently crossed 340,000 drives as AI-driven demand continues to accelerate, reinforcing the narrative that the company sits in the right place at the right time.

What the Numbers Looked Like Last Quarter

To set the stage, consider where Backblaze stood after its most recent report. In the first quarter of fiscal 2026, the company posted revenue of $38.67 million and a net loss of about $6.15 million. On a trailing-twelve-month basis, revenue reached roughly $149.9 million, while diluted EPS came in at -$0.39. Consequently, the market will focus tonight on two questions: whether revenue growth is accelerating, and whether the path toward profitability is narrowing.

Where Wall Street Stands

Meanwhile, analysts have grown steadily more optimistic. On July 23, Citizens maintained its Market Outperform rating and raised its price target from $14 to $16. In addition, the average analyst price target sits near $15.17, which implies further upside from current levels. Even so, valuation remains a talking point, since the stock trades at a forward P/E near 159 and a price-to-sales ratio above 5.

What to Watch Tonight

Ultimately, tonight’s call will test whether Backblaze can convert its AI momentum into durable financial results. Investors should listen closely for updates on B2 Cloud Storage revenue growth, any commentary on the CoreWeave deal’s contribution, and management’s guidance for the second half of the year. Because the stock has already priced in significant optimism, even a strong report may need to clear a high bar to keep the rally intact.

For more on the company, visit Backblaze’s website, and to track shares in real time, follow the BLZE ticker.