Backblaze has released Q2/23 results with revenue ahead of guidance whilst Adj EBITDA margin at the upper end of expectations. The company continues to achieve strong growth in ARR predominately driven by its B2 Cloud storage division which delivered a YoY growth of 39%. The Group has revised its FY23E Adj EBITDA margin guidance upwards to (8.5)-(4.5)%, whilst keeping revenue expectations unchanged. We maintain a BUY rating with $10.1 fair value.
