Backblaze

Backblaze is issuing senior, unsecured convertible notes with no interest payments in the aggregate principal amount of $175 million, maturing August 15, 2031, in a private placement to qualified investors. The notes are convertible into cash, Class A common stock or a combination thereof; the initial conversion rate corresponds to a price of approximately $21.94 per share (a 30% premium to the closing price). Purchasers have been granted an option to subscribe for up to an additional $26.25 million within 13 days; expected net proceeds are about $167.2 million ($192.7 million if the option is fully exercised). Backblaze plans to use approximately $15.2 million to cover capped‑call costs, the cap price of the capped calls is $33.76, and repurchase rights apply no earlier than August 20, 2029 subject to price conditions; the transaction is expected to close on August 24, 2026. » Más en de.investing.com

Backblaze shares plunged 8.3% in after-hours trading to $17.60 after the company announced a private placement of $150 million in senior, unsecured convertible notes due 2031. The securities are being offered to institutional buyers under Rule 144A and include a 13-day overallotment option of up to $22.5 million, which could raise the total size to about $172.5 million. The prospect of significant dilution and the stock’s more than 60% rally in the prior two weeks made it vulnerable to profit-taking; the broader market showed no significant weakness, making the sell-off company-specific. » Más en de.investing.com

Backblaze reported Q2 2026 revenue of USD 42.7 million and adjusted EPS of USD 0.08, both well above expectations. Adjusted EBITDA margin reached 30% and B2 cloud storage grew 34% to an ARR of USD 113 million. The company closed a strategic agreement with CoreWeave for more than five years worth roughly USD 335 million (including warrants ~USD 22 million) and raised its full-year revenue guidance to USD 172–174 million. Analysts raised the price target to USD 21 and reiterated an outperform rating, sending the stock sharply higher in premarket trading. » Más en de.investing.com