In short: Shares jumped ~50% pre-market on a clean beat and raise — revenue $42.7M vs $39M, B2B cloud storage $26.6M vs $23.9M, EBITDA $12.8M vs $8.9M, "just beat across the board" — plus a new $335M five-year strategic agreement with CoreWeave that "means its earnings could be even higher." Citizens has it at outperform. He flags one open question: "we still have to investigate what that 335 million is."
Backblaze sells cheap cloud storage and backup. It rose about 50% on a quarter that beat on every line — revenue, the business-to-business storage segment, and profitability — and raised guidance.
The bigger news was a $335 million, five-year agreement with CoreWeave, one of the AI data-centre operators. For a company this size, a contract that large changes the earnings trajectory outright. Singh's own caveat: nobody yet knows the exact shape of it — "we still have to investigate what that 335 million is."
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