Backblaze (BLZE) Q3 FY26 earnings call

Backblaze is shifting from a self-serve storage story to an AI capacity-tier story, with broad-based demand now supplemented by contracted NeoCloud ramps. The trade-off is explicit: an aggressive, largely cash-funded capacity build that precedes revenue will pressure gross margin and free cash flow before payback. Management's tone is confident, and the 2027 outlook depends heavily on timely ramp execution.