Backblaze has reported 2Q25 results ahead of previous guidance, driven by strong growth in its B2 Cloud offering. The company continues to win market share from traditional cloud providers such as AWS or Microsoft Azure and is benefiting from product innovations and growing AI use cases. The company has also announced a $10m share repurchase scheme which runs through until August 2026. We raise our FY25E adj. EBITDA forecast from $25.4m to $27.6m and we maintain our $15.9 target price.
