What is the 13F Pro Quality Score for BLZE?

13F Pro ranks Backblaze, Inc. (BLZE) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View BLZE's current score at https://13fpro.ai/research/BLZE (free sign-up required for the full ranking).

Which hedge funds own the most BLZE stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of BLZE include BlackRock,, VANGUARD CAPITAL MANAGEMENT, Pillsbury Lake Capital. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/BLZE as soon as new 13F filings post.

Where does 13F Pro source BLZE data?

All Backblaze, Inc. fundamentals and ownership data come directly from SEC EDGAR. Backblaze, Inc. files with the SEC under CIK 1462056. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is BLZE in?

Backblaze, Inc. (BLZE) is classified in the Technology sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/technology.

How often is BLZE research updated on 13F Pro?

BLZE's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Backblaze, Inc.(BLZE)Stock Analysis

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13F Pro Quality Score

36.9/100

Rank #2,078 of 2,879 stocks

View Technology peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

80.2/100

Profitability

20.4/100

Balance Sheet

14.6/100

Earnings Quality

30.0/100

Free Cash Flow

59.7/100

Institutional Flow

10.5/100

Revenue Scale

20.8/100

Dilution Risk

10.1/100

BLZE Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Backblaze, Inc. (BLZE), a Technology sector company. 13F Pro's AI-powered ranking engine scores BLZE at 36.9/100 on a 32-signal composite quality model, placing it at rank #2,078 of 2,879 stocks — the bottom half of the AI-ranked universe. BLZE scores in the top quartile across revenue growth (80.2). Areas of concern include institutional flow (10.5) and balance sheet strength (14.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 10.1/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Backblaze, Inc. reports quarterly revenue of $38.7M, net income of $-6.1M, an operating margin of -13.8%. Top institutional holders of BLZE by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, Pillsbury Lake Capital, based on the most recent SEC filings. BLZE trades on the Nasdaq exchange and files with the SEC under CIK 1462056. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BLZE daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Backblaze, Inc. directly from SEC EDGAR. Backblaze, Inc.'s 13F Pro composite quality score has ranged between 8 and 63 since 2022, currently 36.9 — a declining long-term trajectory across 52 quarterly and live scoring snapshots.

✦

Fun facts about Backblaze, Inc.

Quirks, history, and lore behind BLZE — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. technology company · small-cap · listed on Nasdaq · headquartered in California.
2
The Numbers
Annual revenue in the range of $100–150 million — not exactly a whale, but it stores an almost unfathomable amount of data: exabytes worth, for millions of customers.
3
The History
Founded in 2007, it started as a straightforward online backup service for regular consumers before expanding into business cloud storage.
4
The Secret
It built its own custom storage hardware from scratch — partially because it refused to pay Amazon or Google for cloud storage — and now sells that same infrastructure as a public cloud platform.
5
The Lore
The company famously published a series of "hard drive stats" blog posts revealing real-world failure rates of consumer hard drives — beloved by nerds everywhere and deeply uncomfortable for certain drive manufacturers.
6
The Giveaway
Its name rhymes with a certain fiery catastrophe, and its flagship product promises to be your personal cloud backup for a flat monthly fee — so you never lose a file again, even if your laptop gets run over by a bus.

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Revenue

Q1 2026

$38.7M

Net Income

Q1 2026

$-6.1M

Free Cash Flow

Q1 2026

$2.7M

Operating Margin

Q1 2026

-13.8%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+49.9% YoY

$127.6MFY 2024

FY21 $67.5MFY22 $85.2MFY24 $127.6M

Net Income

+5.6% YoY

$-48.5MFY 2024

FY21 $-21.7MFY22 $-51.4MFY24 $-48.5M

Operating Income

+3.8% YoY

$-46.3MFY 2024

FY21 $-18.8MFY22 $-48.1MFY24 $-46.3M

EPS (Diluted)

+31.5% YoY

$-1.11FY 2024

FY21 $-1.07FY22 $-1.62FY24 $-1.11

Total Assets

+10.6% YoY

$168.6MFY 2024

FY21 $163.6MFY22 $152.5MFY24 $168.6M

Total Debt

—FY 2024

FY21 $0.00FY22 $0.00FY24 —

Op. Cash Flow

+190.7% YoY

$12.5MFY 2024

FY21 $3.5MFY22 $-13.8MFY24 $12.5M

Metric	FY 2024	FY 2022	FY 2021
Revenue	$127.6M +49.9%	$85.2M +26.2%	$67.5M
Net Income	$-48.5M +5.6%	$-51.4M -136.8%	$-21.7M
Operating Income	$-46.3M +3.8%	$-48.1M -156.0%	$-18.8M
EPS (Diluted)	$-1.11 +31.5%	$-1.62 -51.4%	$-1.07
Total Assets	$168.6M +10.6%	$152.5M -6.8%	$163.6M
Total Debt	—	$0.00	$0.00
Operating Cash Flow	$12.5M +190.7%	$-13.8M -491.5%	$3.5M

AI Insight: BLZE Financial Trends

Backblaze's losses are narrowing sharply — net loss improved from -$14M in Q4 2024 to -$5M in Q4 2025 — but profitability remains elusive.

• Revenue grew steadily from $31M in Q2 2024 to $39M in Q1 2026, a 26% increase over seven quarters.

• Net loss narrowed from -$14M in Q4 2024 to -$5M in Q1 2026, signaling meaningful progress toward breakeven.

• Operating cash flow improved from $2M in Q2 2024 to $9M in Q4 2025, though it dipped back to $3M in Q1 2026.

• Equity strengthened from $43M in Q3 2024 to $85M in Q1 2026, partly reflecting capital raises.

⚠ Operating cash flow fell sharply to $3M in Q1 2026 from $9M in Q4 2025 — monitor for seasonal pattern or deterioration.

⚠ Net loss ticked up to -$6M in Q1 2026 from -$5M in Q4 2025, interrupting the improvement trend.

⚠ Total debt data is absent across all periods — debt load and leverage remain unassessable.

AI Insight: BLZE Ratio Trends

Backblaze's operating losses narrowed dramatically through Q3 2025 but have since slightly re-widened, signaling a profitability path that remains fragile.

• Operating margin improved sharply from -40.8% in Q4 2024 to -8.9% in Q3 2025, the best quarterly result in the dataset.

• Operating margin re-widened to -13.8% in Q1 2026 from the Q3 2025 trough, suggesting the improvement stalled.

• ROIC improved from -87.0% in Q2 2024 to -25.3% in Q1 2026, reflecting sustained but still deeply negative capital returns.

⚠ Operating margin deteriorated two consecutive quarters (Q3 2025 to Q1 2026), risking reversal of the 2024–2025 improvement trend.

⚠ D/E data is absent across all periods, limiting leverage visibility — a key gap given persistent negative ROE and ROIC.

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Available Research

13F Pro tracks comprehensive data for Backblaze, Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of BLZE

BlackRock, Inc.
$12.7M3,683,899 sh
VANGUARD CAPITAL MANAGEMENT LLC
$8.1M2,344,447 sh
Pillsbury Lake Capital LLC
$6.8M1,961,283 sh
Whetstone Capital Advisors, LLC
$5.2M1,520,055 sh
AWM Investment Company, Inc.
$4.8M1,400,166 sh
GEODE CAPITAL MANAGEMENT, LLC
$4.6M1,345,193 sh
RENAISSANCE TECHNOLOGIES LLC
$4.0M1,172,657 sh
STATE STREET CORP
$3.8M1,112,650 sh
Connor, Clark & Lunn Investment Management Ltd.
$2.9M833,272 sh
D. E. Shaw & Co., Inc.
$2.5M739,033 sh

Fund	Value	Shares
BlackRock, Inc.	$12.7M	3,683,899
VANGUARD CAPITAL MANAGEMENT LLC	$8.1M	2,344,447
Pillsbury Lake Capital LLC	$6.8M	1,961,283
Whetstone Capital Advisors, LLC	$5.2M	1,520,055
AWM Investment Company, Inc.	$4.8M	1,400,166
GEODE CAPITAL MANAGEMENT, LLC	$4.6M	1,345,193
RENAISSANCE TECHNOLOGIES LLC	$4.0M	1,172,657
STATE STREET CORP	$3.8M	1,112,650
Connor, Clark & Lunn Investment Management Ltd.	$2.9M	833,272
D. E. Shaw & Co., Inc.	$2.5M	739,033

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Is BLZE a good stock to buy?

13F Pro's AI-powered analysis of Backblaze, Inc. (BLZE) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for BLZE are available on the BLZE stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own BLZE?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling BLZE. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Backblaze, Inc.'s investment landscape.