Backblaze Inc (BLZE) 2025 Q4 法說會逐字稿

Good day, everyone. Welcome to the Backblaze fourth quarter and full-year 2025 earnings call. Just a reminder, this call is being recorded.

大家好。歡迎參加 Backblaze 2025 年第四季及全年財報電話會議。提醒一下，本次通話正在錄音。

I would now like to hand the call over to Ms. Mimi Kong. Please go ahead.

現在我將把電話交給孔咪咪女士。請繼續。

Thank you. Good morning, and welcome to Backblaze's fourth quarter and full-year 2025 earnings call.

謝謝。早安，歡迎參加 Backblaze 2025 年第四季及全年財報電話會議。

On the call with me today are Gleb Budman Co-Founder, CEO and Chairperson of the Board; and Marc Suidan, Chief Financial Officer.

今天和我一起通話的是共同創辦人、執行長兼董事會主席 Gleb Budman；以及財務長 Marc Suidan。

Today, Backblaze will discuss the financial results that were distributed earlier. Statements on this call include forward-looking statements about our future financial results, the impact of our go-to-market transformation, sales and marketing initiatives, cost savings initiatives, results from new features, the impact of price changes, our ability to compete effectively and manage our growth and our strategy to acquire new customers pertain, and expand our business with existing customers.

今天，Backblaze 將討論先前公佈的財務業績。本次電話會議中的聲明包括關於我們未來財務業績、市場轉型的影響、銷售和營銷舉措、成本節約舉措、新功能帶來的成果、價格變化的影響、我們有效競爭和管理增長的能力以及我們獲取新客戶和拓展現有客戶業務的戰略等方面的前瞻性聲明。

These statements are subject to risks and uncertainties that could cause actual results to differ materially, including those described in our risk factors that are included in our quarterly report on Form 10-Q and our other financial filings. You should not rely on our forward-looking statements as predictions of future events. All forward-looking statements that we make on this call are based on assumptions and beliefs as of today, and we undertake no obligation to update them, except as required by law.

這些聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異，包括我們在季度報告（10-Q 表格）和其他財務文件中描述的風險因素。您不應將我們的前瞻性聲明視為對未來事件的預測。我們在本次電話會議中所做的所有前瞻性陳述均基於截至今日的假設和信念，除法律要求外，我們不承擔更新這些陳述的義務。

Our discussion today will include non-GAAP financial measures. These non-GAAP measures should be considered in addition to, and not as a substitute for, our GAAP results. Reconciliation of GAAP to non-GAAP results may be found in our earnings release which was furnished with our Form 8-K filed today with the SEC. You can also find a slide presentation related to our comments in the webcast, which will also be posted to our Investor Relations page after the call. Please also see our press release or presentation for definitions of additional metrics such as NRR, growth customer retention rate, and adjusted free cash flows.

我們今天的討論將包括非GAAP財務指標。這些非GAAP指標應作為GAAP績效的補充訊息，而不是取代GAAP績效。有關 GAAP 與非 GAAP 結果的調節表，請參閱我們今天向美國證券交易委員會提交的 8-K 表格中的盈利報告。您還可以在網路直播中找到與我們發言相關的幻燈片演示文稿，該演示文稿將在電話會議結束後發佈到我們的投資者關係頁面上。有關淨收入 (NRR)、成長客戶留存率和調整後自由現金流等其他指標的定義，請參閱我們的新聞稿或簡報。

And finally, we will be participating in the Citizens Technology Conference on March 2 in San Francisco.

最後，我們將參加 3 月 2 日在舊金山舉行的公民科技大會。

Thank you for joining us, and I would now like to turn the call over to Gleb.

謝謝各位的參與，現在我將把電話交給格列布。

Thank you, Mimi, and welcome, everyone, to the call. We finished 2025 with solid fourth quarter results. Revenue came in line with guidance and adjusted EBITDA margin reached 28%, doubling over the prior year. We also delivered adjusted free cash flow profitability for the first time as a public company, a major milestone demonstrating the inherent operating leverage in our business model. For the full year, total company revenue grew 14% year over year with B2 Cloud Storage growing 26%.

謝謝咪咪，也歡迎各位參加通話。2025年第四季業績穩健，為這一年畫下了圓滿的句點。營收符合預期，調整後 EBITDA 利潤率達到 28%，比前一年翻了一番。我們也首次實現了上市公司調整後的自由現金流獲利，這是一個重要的里程碑，證明了我們商業模式中固有的經營槓桿作用。全年來看，公司總營收年增 14%，其中 B2 雲端儲存成長 26%。

Today, I want to focus on three things: first, the strength and durability of our core business; second, an update on the meaningful progress of our go-to-market transformation; and third, how we're positioning Backblaze to take advantage of the AI opportunity.

今天，我想重點談談三件事：第一，我們核心業務的實力和持久性；第二，我們市場轉型取得的實質進展；第三，我們如何定位 Backblaze 以抓住人工智慧帶來的機會。

Let me start with the core of our business. As data creation accelerates exponentially, Backblaze addresses a large and growing market where long-term demand for a scalable, cost-effective storage compounds over time. Our business compounds within that market as we add new customers and retain them for an average of nine years. B2 net revenue retention of 111% reflects consistent expansion within our installed base, reinforcing durable, long-term growth.

讓我先從我們業務的核心說起。隨著數據創建呈指數級增長，Backblaze 滿足了一個龐大且不斷增長的市場需求，該市場對可擴展、經濟高效的儲存的長期需求會隨著時間的推移而不斷增長。隨著我們不斷增加新客戶並平均留住他們九年，我們的業務在該市場中不斷成長。B2 淨收入留存率達到 111%，反映了我們現有客戶群的持續擴張，鞏固了持久的長期成長。

We've proven our ability to grow in that market, delivering an annualized growth rate of 21% since IPO, being a cash-generating business is an important financial milestone. Year over year, we meaningfully improved profitability, demonstrating how we are building a sustainably durable company, one that can invest in growth, while maintaining financial strength.

我們已經證明了我們在該市場中發展的能力，自 IPO 以來實現了 21% 的年化增長率，成為一家能夠產生現金流的企業是一個重要的財務里程碑。我們逐年大幅提高了獲利能力，這表明我們正在打造一家可持續發展的公司，一家能夠在保持財務實力的同時投資於成長的公司。

Now let me talk about our investment in growth and the progress on our go-to-market transformation. While we didn't achieve our budgeted Q4 B2 growth rate, we made meaningful progress and have positioned ourselves for success. More importantly, the underlying fundamentals of the business remain stable and the investments we've made position us for durable growth going forward. Excluding the highly variable growth of the large AI customer we previously mentioned, we stabilized on a baseline of around 20% B2 revenue growth in each of the last five quarters.

現在讓我談談我們對成長的投資以及我們在市場轉型方面的進展。雖然我們沒有達到預算中第四季 B2 成長率的目標，但我們取得了實質進展，並為成功做好了準備。更重要的是，公司的基本面依然穩定，我們所做的投資也為未來的持續成長奠定了基礎。撇開我們先前提到的大型 AI 客戶高度不穩定的成長不談，在過去的五個季度中，我們的 B2 收入成長基本上穩定在 20% 左右。

Now we've shared our goal of moving up market. We ended the year with 168 customers generating more than $50,000 in ARR each, up 35% year on year. The ARR of this cohort increased 73% year-on-year to $26 million of ARR. We're very proud of this upmarket progress. We've also launched three key initiatives: number one, increasing awareness.

現在我們已經分享了進軍高端市場的目標。年底，我們共有 168 位客戶，每位客戶的年度經常性收入 (ARR) 超過 5 萬美元，較去年同期成長 35%。該群體的年度經常性收入年增 73%，達到 2,600 萬美元。我們為這一高端化發展感到非常自豪。我們也推出了三項關鍵措施：第一，提高公眾意識。

We launched Flamethrower, our Startup Program designed to engage high-growth companies early and established Backblaze as their long-term storage infrastructure partner; number two, driving greater pipeline of consistency. We're upgrading our top-of-funnel systems and scaling demand generation programs to drive higher velocity sales motion; number three, expanding revenue within our installed base. We are implementing processes to proactively identify and capture additional share of wallet across our more than 119,000 B2 customers.

我們推出了 Flamethrower，我們的創業計畫旨在儘早與高成長公司合作，並將 Backblaze 確立為他們長期的儲存基礎設施合作夥伴；第二，推動了更穩定的管道。我們正在升級漏斗頂端系統並擴大需求產生計劃，以推動更快的銷售成長；第三，擴大現有客戶群的收入。我們正在實施相關流程，以主動識別和獲取我們超過 119,000 名 B2 客戶的其他錢包份額。

People are the cornerstone of our success and we continue to strengthen our leadership bench to support these initiatives. We have already hired the co-founder of an edge compute company to drive our Flamethrower program, a business systems leader for our systems work and a head of customer success to build out that expansion effort. We will keep up-leveling our leadership and talent. For instance, we are also in the final stages of hiring a sales development leader to drive pipeline and a revenue operations leader to drive tighter coordination and accountability across the entire go-to-market organization.

人才是我們成功的基石，我們將繼續加強領導團隊建設，以支持這些措施。我們已經聘請了一家邊緣運算公司的共同創辦人來推動我們的 Flamethrower 項目，聘請了一位業務系統負責人來負責我們的系統工作，並聘請了一位客戶成功主管來拓展這項擴展工作。我們將不斷提升領導層和人才水準。例如，我們目前也正處於招募銷售開發負責人（負責推動銷售管道）和收入營運負責人（負責推動整個市場推廣組織更緊密的協調和問責）的最後階段。

Scaling into this next phase requires even greater execution discipline to support that, Elias Mendoza joined us as strategic transformation leader. He previously served as partner and COO at private equity firm, Sirius Capital and held leadership roles at IBM and Morgan Stanley. In these roles, he has helped companies drive strong strategy to execution. Under his leadership, we also established a go-to-market advisory committee of operators who have scaled enterprise and platform businesses to a billing and revenue and beyond at companies such as Okta, Snowflake, ZoomInfo, and Carda.

要進入下一階段，就需要更強的執行力來支撐，因此 Elias Mendoza 加入了我們，擔任策略轉型領導者。他曾擔任私募股權公司 Sirius Capital 的合夥人兼營運官，並在 IBM 和摩根士丹利擔任領導職務。在這些職位上，他幫助公司將強而有力的策略付諸實現。在他的領導下，我們還成立了一個市場推廣諮詢委員會，成員包括曾在 Okta、Snowflake、ZoomInfo 和 Carda 等公司將企業和平台業務擴展到計費和收入甚至更高規模的營運人員。

Their role is to bring pattern recognition, pressure test key decisions and provide external perspective as we scale. We have made meaningful progress in our go-to-market transformation, and I'm excited about the team we're putting in place to drive it forward.

他們的作用是引入模式識別，對關鍵決策進行壓力測試，並在我們擴大規模的過程中提供外部視角。我們在市場轉型方面取得了實質進展，我對我們正在組建的推動轉型前進的團隊感到興奮。

Now let's talk about how we're positioning Backblaze to take advantage of the massive AI opportunity ahead. We all understand there's a lot happening in AI today. But sometimes the scale is still hard to fully comprehend. I saw a report recently that capital spending on AI as a percent of GDP by just the hyperscalers in 2026 is forecast to be 5x larger than the entire spend to create the US interstate system, 10x larger than the Apollo Space Program.

現在我們來談談我們將如何定位 Backblaze，以抓住未來人工智慧領域的巨大機會。我們都知道，如今人工智慧領域正在發生許多變化。但有時，這種規模仍然很難完全理解。我最近看到一份報告，預計到 2026 年，僅超大規模資料中心營運商在人工智慧方面的資本支出佔 GDP 的比例，就將是美國州際公路系統建設總支出的 5 倍，是阿波羅太空計畫支出的 10 倍。

AI CapEx spending accounted for 92% of all US GDP growth. It's hard to hyperbolize AI. With AI, a big focus is who's disrupting and who's getting disrupted. We believe Backblaze is one of the disruptors, participating in this infrastructure replatforming as a storage backbone for the next wave of cloud infrastructure. So while like any major new innovation, there will be market volatility, we are firm believers in the long-term growth opportunity and are leaning into it.

人工智慧資本支出占美國GDP成長的92%。很難用誇張的語言來形容人工智慧。在人工智慧領域，人們關注的焦點是誰在顛覆現有格局，以及誰又會被顛覆。我們認為 Backblaze 是顛覆者之一，它參與了此次基礎設施重構，成為下一代雲端基礎設施的儲存骨幹。因此，雖然像任何重大創新一樣，市場將有波動，但我們堅信長期成長機會，並積極把握這一機會。

We're doing that with two growth vectors. Number one, on the supply side of AI, Neoclouds and other AI tooling companies are building the platforms for AI workflows. Our opportunity is to be the storage backbone of those platforms. And number two, on the demand side of AI, companies are using AI to build everything from a anomaly not only detection to zonal forecasting.

我們正在透過兩個成長向量來實現這一點。第一，在人工智慧的供應端，Neoclouds 和其他人工智慧工具公司正在建立人工智慧工作流程平台。我們的機會在於成為這些平台的儲存骨幹。第二，在人工智慧的需求方面，企業正在利用人工智慧建構各種功能，從異常偵測到區域預測，無所不包。

These companies are using and generating large data sets. Our opportunity is to be the storage of choice for their developers and use cases. And we are uniquely positioned to be the glue between these, creating a virtuous cycle, developing a platform that can deliver massive performance with large-scale data sets, while providing that cost efficiently is a significant technical challenge. Backblaze has done that, and AI is driving an increasing need for this technology.

這些公司正在使用和產生大量資料集。我們的機會在於成為他們開發人員和用例的首選儲存方案。我們擁有獨特的優勢，可以成為連接這兩者之間的紐帶，創造良性循環，開發一個能夠處理大規模數據集並提供強大性能的平台，同時以經濟高效的方式提供這種性能，這是一個重大的技術挑戰。Backblaze 已經做到了這一點，而人工智慧正在推動對這項技術日益增長的需求。

On the supply side, roughly 200 Neoclouds have sprung up and industry estimates project that market to reach $237 billion within the next five years. These companies provide GPUs as a service. And most will need Cloud Storage to fully serve with their customers. We've already signed multiple of these multibillion-dollar Neoclouds with not only six- and seven-figure deals, but our company's first eight-figure TCV deal and over $15 million deal. And we believe all of these have material upside potential, and we're in discussion with half a dozen others.

在供應方面，大約已經湧現 200 個新雲端平台，業內人士預計，未來五年內該市場規模將達到 2,370 億美元。這些公司提供GPU服務。而且大多數公司都需要雲端儲存才能為客戶提供全面的服務。我們已經簽署了多份價值數十億美元的Neocloud協議，其中不僅包括六位數和七位數的合同，還包括我們公司首份八位數TCV合同和超過1500萬美元的合同。我們相信所有這些公司都具有巨大的上漲潛力，目前我們正在與其他六家公司洽談。

By our estimates, Neoclouds storage for our solution alone represents a $14 billion opportunity by 2030 -- for Neoclouds. Developed in collaboration with our new cloud customers, B2 Neo allows Neoclouds to offer a top-tier storage solution without the massive capital costs or years of engineering required to build a storage back end from scratch.

據我們估計，到 2030 年，光是我們解決方案的 Neoclouds 儲存就代表著 140 億美元的商機——這對 Neoclouds 而言。B2 Neo 是與我們的新雲端客戶合作開發的，它使 Neoclouds 能夠提供一流的儲存解決方案，而無需從頭開始建立儲存後端所需的巨額資本成本或多年的工程開發。

On the demand side, the growth in AI developers is exponential. GitHub disclosed they were adding, on average, a new developer every second. Hundreds of AI companies and countless individual AI developers already use B2. For example, one of our customers uses AI to generate audio. They just launched a year ago and already have multiple petabytes with us signing a six-figure annual deal with this. As they add new users, and those users generate more audio, that data grows exponentially.

從需求方面來看，人工智慧開發人員的成長呈指數級增長。GitHub透露，他們平均每秒都會新增一名開發者。數百家人工智慧公司和無數個人人工智慧開發者已經在使用 B2。例如，我們的一位客戶使用人工智慧產生音訊。他們一年前才成立，就已經擁有數PB的數據，我們還與他們簽訂了一份六位數的年度合約。隨著新用戶的加入，以及這些用戶產生的音訊越來越多，數據呈指數級增長。

Our self-serve platform, where we added 12,000 customers this year alone is a great enabler for this class of AI developers who just want to get going. We launched our start-up program called Flamethrower and a Developer Relations Initiative to ensure developers are building with Backblaze. To drive our road map forward for the AI opportunity ahead, we strengthened our product and engineering leadership.

我們的自助服務平台，光是今年就新增了 12,000 名客戶，對於只想快速上手的 AI 開發人員來說，是一個極大的助力。我們推出了名為 Flamethrower 的創業計劃和開發者關係計劃，以確保開發者使用 Backblaze 進行開發。為了推進我們抓住人工智慧機會的路線圖，我們加強了產品和工程的領導力量。

Dan Spraggins joined as SVP of Engineering and Rhett Dillingham as SVP of Product, bringing deep experience in AI and high-performance cloud infrastructure. We also added Russ Artzt, Co-Founder and former, Head of R&D at Computer Associates, as an adviser. Together, this team strengthens our ability to scale the platform for larger, more complex AI-driven deployments. We entered 2026 with a strong and growing business, a rapidly improving go-to-market motion and a tremendous AI opportunity with a targeted B2 Neo offering and a strong product team.

Dan Spraggins 加入公司擔任工程高級副總裁，Rhett Dillingham 加入公司擔任產品高級副總裁，他們帶來了人工智慧和高效能雲端基礎設施的豐富經驗。我們也邀請了 Computer Associates 的共同創辦人兼前研發主管 Russ Artzt 擔任顧問。該團隊的共同努力增強了我們擴展平台以進行更大規模、更複雜的 AI 驅動部署的能力。進入 2026 年，我們擁有強勁且不斷成長的業務、快速改進的市場推廣策略以及龐大的 AI 機遇，並推出了有針對性的 B2 Neo 產品和強大的產品團隊。

AI is reshaping how data is created and scaled and storage sits at the center of that transformation. Across Neoclouds platforms and AI native developers, we are building the foundation for the next generation of data infrastructure. Durable growth and massive AI potential are the hallmarks of our opportunity.

人工智慧正在重塑資料的創建和擴展方式，而儲存則是這項變革的核心。我們正在透過 Neoclouds 平台和 AI 原生開發者，為下一代資料基礎設施奠定基礎。永續成長和巨大的人工智慧潛力是我們機會的標誌。

With that, I'll turn the call over to Marc. Marc?

接下來，我將把電話交給馬克。馬克？

Thank you, Gleb, and good afternoon, everyone. We grew revenue while achieving adjusted free cash flow profitability in Q4. This is a significant milestone and an important step forward in our profitability journey. This progress was not driven by short-term cost actions, but by the inherent leverage in our operating model as revenue scales.

謝謝你，格列布，大家下午好。第四季度，我們在實現調整後自由現金流獲利的同時，也實現了營收成長。這是一個重要的里程碑，也是我們獲利道路上的重要一步。這項進展並非由短期成本控制措施所驅動，而是由我們營運模式中隨著收入規模擴大而產生的固有槓桿效應所驅動。

For the quarter, total revenue was in line with guidance at $37.8 million and adjusted EBITDA exceeded the high end of our guidance by approximately 600 basis points. In the fourth quarter, B2 revenue grew 24% year over year, up from 22% in the prior year. This is modestly below the range that we outlined last quarter. We delivered record bookings this quarter.

本季總營收符合預期，為 3,780 萬美元，調整後 EBITDA 比預期上限高出約 600 個基點。第四季度，B2 營收年增 24%，高於上年的 22%。這比我們上季度預計的範圍略低。本季我們實現了創紀錄的預訂量。

As Gleb noted, we closed our largest contract in the company's history with over $15 million in total contract value. We're excited about this eight-figure deal. This deal validates the product market fit at scale. . We don't expect to see meaningful revenue in 2026 as we complete certain development work. In 2027, we expect this customer to contribute over 300 basis points to B2 revenue growth. This customer helped drive our RPO, up 60% year over year to $66 million.

正如格列布所指出的，我們簽訂了公司歷史上最大的合同，合約總價值超過 1500 萬美元。我們對這筆八位數的交易感到非常興奮。這筆交易驗證了該產品在規模化上的市場契合度。。由於我們還有一些開發工作需要完成，因此預計 2026 年不會有實質的收入。預計到 2027 年，該客戶將為 B2 收入成長貢獻 300 多個基點。這位客戶幫助我們實現了 RPO 年成長 60%，達到 6,600 萬美元。

In quarter, B2 NRR was 111% compared to 116% in the prior quarter. The sequential decline reflects variability from the large customer that we mentioned in our past two earnings calls. Factoring out that one customer, the underlying retention and expansion trends remain stable.

本季 B2 NRR 為 111%，而上一季為 116%。環比下降反映了我們在過去兩次財報電話會議中提到的大客戶的波動性。排除掉那一位客戶，客戶留存和擴張的基本趨勢依然穩定。

Moving to the income statement. Q4 gross margin was 62%, flat sequentially, and up from 55% in the same period last year. Adjusted gross margin was 80% compared to 78% last year. Margins remained stable despite higher data center costs, reflecting continued efficiency in our infrastructure and disciplined management of our operating model.

接下來來看損益表。第四季毛利率為 62%，與上一季持平，高於去年同期的 55%。調整後毛利率為 80%，去年同期為 78%。儘管資料中心成本較高，但利潤率保持穩定，這反映出我們基礎設施的持續高效以及我們營運模式的嚴格管理。

Looking ahead, we anticipate some pressure on gross margins driven by increased costs. In response, we are proactively launching a gross margin optimization initiative focus on structural improvements across pricing, packaging and infrastructure. Our Q4 adjusted EBITDA margin was 28%, doubling year over year. The adjusted EBITDA outperformance was primarily driven by nonrecurring items, including variable compensation alignment and office restructuring savings.

展望未來，我們預期成本上升將對毛利率造成一定壓力。為此，我們正在積極啟動毛利率優化計劃，重點從定價、包裝和基礎設施等方面進行結構性改進。我們在第四季度調整後的 EBITDA 利潤率為 28%，年增一倍。調整後 EBITDA 的超額收益主要由非經常性項目推動，包括可變薪酬調整和辦公室重組節省。

Excluding those onetime items, adjusted EBITDA would still have been above the 22% high end of our guidance. Adjusted free cash flow was positive $4 million in the quarter, representing a margin of 11%, exceeding our outlook of being adjusted free cash flow neutral. We ended the quarter with $51 million in cash and marketable securities. Based on our current operating plan, we expect to fund our growth through operating cash flows and capital leases. We do not anticipate a need to raise additional capital. We will continue to evaluate opportunities to optimize our capital structure over time in a disciplined manner.

剔除這些一次性項目後，調整後的 EBITDA 仍將高於我們先前預期的 22% 的上限。本季調整後自由現金流為正 400 萬美元，利潤率為 11%，超過了我們預期的調整後自由現金流為中性的目標。本季末，我們持有現金和有價證券共5,100萬美元。根據我們目前的營運計劃，我們預計將透過營運現金流和資本租賃來為我們的成長提供資金。我們預計不需要籌集額外資金。我們將繼續以嚴謹的方式評估各種機會，以期隨著時間的推移優化我們的資本結構。

To improve accountability and further align management incentives with shareholders, we are shifting part of the compensation to performance-based stock units. These awards are tied to clearly defined performance objectives.

為了提高問責制，並進一步使管理階層的激勵機制與股東的利益保持一致，我們將部分薪酬轉移到以績效為基礎的股票單位。這些獎項與明確設定的績效目標掛鉤。

Turning to our guidance for the year. Our objective is to provide a clear incredible baseline that reflects the most predictable portions of our business. While pipeline activity remains healthy, larger customer wins in usage-driven workloads can introduce variability in timing and revenue recognition.

接下來是本年度的指導方針。我們的目標是提供一個清晰可靠的基準，反映我們業務中最具可預測性的部分。儘管銷售通路活動依然活躍，但在以使用量為導向的工作負載中贏得更多客戶可能會導致時間安排和收入確認出現波動。

To maintain forecast discipline, we have derisked our outlook by excluding large swing deals and the anchoring guidance on opportunities with more predictable demand characteristics. For our customers with high variable usage patterns, our assumptions reflect contractual minimum commitments rather than potential upside consumption.

為了保持預測的嚴謹性，我們透過排除大宗交易和對需求特徵更可預測的機會的錨定指導，降低了預測的風險。對於使用模式波動較大的客戶，我們的假設反映的是合約規定的最低承諾，而不是潛在的額外消費。

Our outlook is therefore based on continued expansion within our existing customer base and steady adoption of B2 across core use cases, consistent with recent operating trends. We believe this approach provides a prudent and reliable foundation for the year, while preserving upside as deployment timing and usage visibility improve.

因此，我們的展望是基於現有客戶群的持續擴張以及 B2 在核心用例中的穩步普及，這與近期的營運趨勢相一致。我們相信，這種方法為今年奠定了謹慎可靠的基礎，同時隨著部署時間和使用情況可見度的提高，還能保留上漲空間。

For the first quarter of 2026, we expect revenue to be in the range of $37.6 million to $38 million, with adjusted EBITDA margins in the range of 18% to 20%. For the full year, we expect revenue to be in the range of $156.5 million to $158.5 million.

我們預計 2026 年第一季的營收將在 3,760 萬美元至 3,800 萬美元之間，調整後的 EBITDA 利潤率將在 18% 至 20% 之間。我們預計全年收入將在 1.565 億美元至 1.585 億美元之間。

Full year adjusted EBITDA margins are expected to be 19% to 21%. We expect adjusted free cash flows to be roughly neutral for the year with normal quarterly variability. Due to the difficult comp from last year's large variable customer, we expect B2 year-over-year growth in Q2 and Q3 to be in the range of 12% to 19% and approximately 20% for the full year.

預計全年調整後 EBITDA 利潤率為 19% 至 21%。我們預計全年調整後的自由現金流大致保持中性，並有正常的季度波動。由於去年同期有大客戶，業績難以比較，我們預計第二季和第三季 B2 業務的同比增長率將在 12% 至 19% 之間，全年約為 20%。

To wrap up, over the past year, we made meaningful progress towards becoming a Rule of 40 company, with our combined B2 revenue growth and free cash flow margin improving from $9 million to $35 million. As we look towards 2027 and beyond, we believe Backblaze is well positioned to grow efficiently.

綜上所述，在過去一年中，我們在成為一家符合「40法則」的公司方面取得了實質進展，我們的B2業務綜合收入成長和自由現金流利潤率從900萬美元提高到3500萬美元。展望 2027 年及以後，我們相信 Backblaze 已做好充分準備，能夠高效發展。

Our platform is already built. Our infrastructure scales with discipline and incremental revenue increasingly translates into profitability and cash generation. This capital-efficient model allows us to pursue the massive AI-driven opportunity ahead, while maintaining financial discipline expanding margins over time and building a durable self-funding business.

我們的平台已經搭建完畢。我們的基礎設施隨著標準化和增量收入的不斷增加而不斷轉化為獲利能力和現金流。這種資本高效的模式使我們能夠抓住未來人工智慧驅動的巨大機遇，同時保持財務紀律，隨著時間的推移擴大利潤率，並建立一個持久的自籌資金業務。

With that, operator, let's open it up for questions.

操作員，那麼，我們開始接受提問吧。

(Operator Instructions) Ittai Kidron, Oppenheimer.

（操作說明）伊泰·基德隆，奧本海默。

Hey, guys. Solid numbers, and thank you very much for derisking the outlook for the year. It's hopefully a very smart move. Gleb, I wanted to dig of course, into the Neoclouds and the large deal First of all, just from a big picture standpoint, are demand patterns any different? Can you explain how Neo -- your B2 Neocloud solution? How is it different in B2?

嘿，夥計們。數據穩健，非常感謝您降低了今年的業績預期風險。希望這是一個非常明智的舉措。Gleb，我當然想深入研究Neoclouds和這筆大交易。首先，從宏觀角度來看，需求模式有什麼不同嗎？你能解釋一下Neo——你們的B2 Neocloud解決方案——是如何運作的嗎？B2 版本有何不同？

And what way are the demands different the pricing difference, the margin different. And if you could elaborate also why this deal is going to take a year before we started seeing revenue, I would appreciate that.

那麼，需求差異、價格差異、利潤率差異又反映在哪些方面呢？如果您還能詳細說明為什麼這項交易需要一年才能開始產生收益，我將不勝感激。

Yeah. Thanks, Ittai. All good questions. So one thing I'll say, first of all, is our pursuit of the Neoclouds is one part of the business pursuit. There are about 200 of these Neoclouds. We do think it's a large and important opportunity for us, right? The -- just our part of the Neocloud opportunity, we view as about $14 billion, so it's important.

是的。謝謝你，伊泰。都是很好的問題。首先我要說的是，我們對 Neoclouds 的追求只是商業追求的一部分。這類新雲大約有200個。我們認為這對我們來說是一個巨大而重要的機遇，對吧？光是我們參與的 Neocloud 項目，我們認為就價值約 140 億美元，所以它非常重要。

And we are really well suited for it. The hyperscalers are not key competitors here because they are competing with the Neoclouds as opposed to being vendors for them the way that we are. So it's a good opportunity, which we're well positioned for.

我們非常適合這項工作。超大規模資料中心營運商在這裡並不是主要競爭對手，因為他們與新雲端競爭，而不是像我們一樣作為新雲端的供應商。所以這是一個很好的機會，而我們已經做好了充分的準備。

In terms of what B2 Neo is, it is a white label offering. So B2 is generally sold directly to the end customer. B2 Neo is a white label offering that they can build in directly into their service. It provides a lot of the same functionality that B2 provides. It's high performance, it's low cost, it's durable, it's scalable. But it also provides them the ability to manage that storage on behalf of their customers through APIs, with API integration, single sign-on, et cetera.

B2 Neo 是一款白標產品。因此，B2 通常直接銷售給最終客戶。B2 Neo 是一款白標產品，使用者可以直接將其整合到自己的服務中。它提供了與 B2 相同的許多功能。它性能高、成本低、經久耐用、可擴展。但它也使他們能夠透過 API 代表其客戶管理存儲，並提供 API 整合、單一登入等功能。

So it's really leveraging all of the technology that we've built over the last years for the company and then layering on top of that technology to make it simpler for them to integrate natively and make it easy for them to manage and offer that storage offer. So that's what B2 Neo is.

所以，這實際上是利用了我們過去幾年為公司開發的所有技術，然後在這些技術之上疊加其他技術，使他們能夠更輕鬆地進行原生集成，並使他們能夠輕鬆地管理和提供存儲服務。這就是B2 Neo。

Now in terms of why it's going to take a year for this one Neocloud provider to start seeing the benefits of it. It's a combination of work we need to do and work they need to do. So they have an existing storage offering that they're going to be switching to use B2 Neo instead. And so it's basically, we have some work to do to make it so that it's even easier and more robust to automate and natively integrate for them.

至於為什麼這家 Neocloud 提供者需要一年的時間才能開始看到它的好處。這是我們需要做的工作和他們需要做的工作的結合。所以他們現有的儲存產品將切換到使用 B2 Neo。所以基本上，我們還有一些工作要做，才能讓自動化和原生整合對他們來說變得更容易、更強大。

One thing I'd like to make clear is all the work that we're doing for them is useful for other new cloud providers and also other companies but not required for most. So we have multiple new clouds that have already signed up that don't need this work, and we think that there's a large number of them that won't need any of this work. But the work that we're doing is broadly useful for others as well.

我想澄清一點，我們為他們所做的一切工作對其他新興雲端服務供應商和其他公司也很有用，但對大多數公司來說並非必要。因此，我們已經有多個新雲端平台簽約，它們不需要這項工作，而且我們認為其中許多平台都不需要這項工作。但我們所做的工作對其他人也具有廣泛的實用價值。

Okay. Appreciate it. And then I guess, first of all, the TCV $50 million, that's great, but can you tell us the duration of the contract? And is the margin profile of this business? As you ramp up the Neocloud, Gleb, is there a potential upfront costs hit to you as they ramp before margin normalizes on these businesses?

好的。謝謝。首先，TCV 為 5000 萬美元，這很棒，但是您能告訴我們合約期限嗎？該企業的利潤率狀況如何？Gleb，隨著你逐步擴大 Neocloud 的業務規模，在這些業務的利潤率恢復正常之前，是否會為你帶來潛在的前期成本衝擊？

Hi, Ittai. This is Marc. I can take that question. We do have to accelerate some capital expenditures that would impact that and other things happening in the market would impact our gross margin by a few hundred basis points to help us prepare for this because it's obviously a large deal, you need to have the capacity in place.

嗨，伊泰。這是馬克。我可以回答這個問題。我們確實需要加快一些資本支出，這將影響到這一點，而市場上的其他一些事情也會使我們的毛利率下降幾百個基點，以幫助我們為此做好準備，因為這顯然是一件大事，你需要有相應的產能。

Okay. And then lastly, on computer backup, Mark, can you comment on the expectation? I mean this business is -- the number of customers is now declining here I guess, help me think about the framework for this business for '26. How should I think about the quarterly cadence and the annual cadence of this business? Is there a different long-term outlook for this?

好的。最後，關於電腦備份，馬克，你能否談談你的預期？我的意思是，這家企業——我猜這裡的顧客數量正在下降，請幫我思考一下這家企業在 2026 年的發展框架。我該如何看待這項業務的季度節奏和年度節奏？長遠來看，這件事還有其他可能嗎？

Yeah. I mean, I'll start off by the coming year, Ittai, we see this business declining 5% year over year. Currently, in Q1, that's more like a minus 3%, that builds up throughout the year and makes an -- averages out for the end of the year at a minus 5%.

是的。我的意思是，就明年而言，Ittai，我們預計這項業務將年減 5%。目前，第一季降幅約為 -3%，全年累積降幅較大，到年底平均降幅為 -5%。

Okay. And longer term, is there any reason we just continue to expect this business to slowly decline?

好的。長遠來看，我們有什麼理由繼續預期這個產業會逐漸衰退呢？

What I would say you, Ittai, on that one is we have programs that we've put in place and are putting in place to stabilize the business. We would like to get it to a place where it is flat and possibly even slowly growing. We don't think this is a fast-growth business, as you know, but it would be good for it to not be a declining business. But it's a little too early for us to have confidence in those programs getting into that place. So for this point, we're estimating it at that shrinking rate, but we are putting effort into getting that to be flat to slightly growing.

伊泰，關於這一點，我想對你說的是，我們已經實施並正在實施一些計劃來穩定業務。我們希望把它移到地勢平坦的地方，甚至可以緩慢地生長。如您所知，我們認為這不是一個快速成長的行業，但最好不要讓它成為一個衰退的行業。但現在就對這些項目能否達到那個水準抱持信心還為時過早。所以目前我們估計它會以這種下降的速度成長，但我們正在努力使它趨於平穩或略有成長。

Jeff Van Rhee, Craig-Hallum Capital Group.

Jeff Van Rhee，克雷格-哈勒姆資本集團。

Congrats on the free cash flow, great to see it. A couple for me. Maybe if you could just start in terms of B2 coming into Q4 came in a bit below expectations. Just expand a bit more on what missed there. And then as you're looking at the annual number, I didn't catch what you had guided it for in Q1.

恭喜獲得如此可觀的自由現金流，真是太好了。給我一對。或許你可以先從B2進入第四季的情況說起，當時B2的表現略低於預期。請再詳細解釋一下剛才遺漏的地方。然後，在查看年度數據時，我沒有註意到你在第一季給出的預期是多少。

So if you could just fill in the gap, I think we can back into it, but maybe you could just share it. So what happened in Q4 and what do you think in Q1.

所以，如果你能填補這個空白，我想我們就能重新開始，但也許你可以分享一下。那麼第四季發生了什麼事？你對第一季有什麼看法？

Yes, Jeff, this is Marc. So on the Q4 '25 we were expecting when we set our guide quite a few deals to close in November. They came in very late in the quarter, so they didn't benefit Q4 that's why we've adjusted our guidance philosophy going forward, where we said going forward, we're going to factor out the swing deals because they're less predictable in timing of closing. So that feeds into the guide going forward. And we said for B2 year-over-year, it will be 20% in 2026.

是的，傑夫，這是馬克。因此，在 2025 年第四季度，我們預計 11 月將會有許多交易達成。這些交易是在本季末才開始的，所以它們沒有為第四季度帶來收益，這就是為什麼我們調整了未來的業績指引策略，我們表示，今後我們將把交割期交易排除在外，因為它們的交割時間更難以預測。所以這為接下來的指南提供了依據。我們曾預測，到 2026 年，B2 年增速將達到 20%。

The ranges that we provided of, 12% to 19%, a lot of that has to do with the comps of that high variable customer in 2025. So Q2 would be the low end of that range, and Q3 would be about the higher end of that range. And overall, the year would average up to 20%. Does that answer your question?

我們提供的範圍是 12% 到 19%，這很大程度上與 2025 年高變動客戶的比較有關。因此，Q2 將是該範圍的下限，而 Q3 將是該範圍的上限。整體而言，全年平均可達 20%。這樣回答了你的問題嗎？

Yeah, I think it does. And so the growth is, if I do the quick maybe in Q1 looks like it's 9%, if I vet, right, on year-over-year and you're decelerating to 8% for the overall year. So it actually looks like maybe you're assuming some deceleration in the year. I'm sure there's a little bit of lumpiness from the large customer.

是的，我覺得是這樣。因此，如果我快速計算一下，第一季的成長率可能是 9%，但如果我仔細核查，年比來看，全年成長率將放緩至 8%。所以看起來你似乎假設今年經濟成長會放緩。我確信大客戶那邊會有些許瑕疵。

But generally speaking, you had some pretty good momentum in sort of Phase 1 of the sales build and build out. And it sounded like you felt like you had some early signs on Phase 2, but the numbers are painting a picture of deceleration. So just help me reconcile the two.

但總的來說，你們在銷售建設和拓展的第一階段取得了相當不錯的勢頭。聽起來你似乎已經看到了第二階段的一些早期跡象，但數據表明，這一階段正在放緩。所以請幫我把這兩件事連結起來。

Yeah. I mean, the deceleration that you're seeing is largely driven by the one monthly customer. If you go to slide 21 of our earnings deck and you factor out that one customer, you could see that it pretty much movement stable around the low-20s. So if you recall, factoring out any price increase, B2 growth rate has always been growing but decelerating for five years. We've managed to stabilize it in the low-20s.

是的。我的意思是，你現在看到的這種放緩主要是由那一個月度客戶造成的。如果你翻到我們收益報告的第 21 頁，並排除掉那一位客戶，你會發現它基本上穩定在 20 左右的低點。所以如果你還記得的話，撇開任何價格上漲不談，B2 的成長率一直都在成長，但五年來一直在放緩。我們已經設法將其穩定在20度出頭。

So now with this new guidance philosophy, we're seeing 20% year over year, and that includes the lumpiness that I described in Q2 and Q3. But -- then with all the Phase 2 changes we're doing, Gleb could elaborate on that, that will then afterwards come drive benefits.

所以現在有了這種新的指導理念，我們看到年增了 20%，這也包括了我在第二季和第三季所描述的波動情況。但是——隨著我們正在進行的所有第二階段的改變，格列布可以詳細闡述這一點，這些改變隨後將帶來實際的好處。

I didn't go out to Jeff, I think you were talking about the whole company, not just B2, right? And so part of what's driving that is that computer backup was growing in part of the price increase before and it's -- as Marc said, we expect it to shrink about 3%. So it's putting some downward pressure on the overall company in Q1.

我沒去找傑夫，我想你指的是整個公司，而不僅僅是B2，對吧？因此，部分原因是電腦備份在先前的價格上漲中有所增長，而正如馬克所說，我們預計它將下降約 3%。因此，這給公司第一季的整體業績帶來了一定的下行壓力。

But on the GTM transformation, I think some of the things that we look at is, in terms of progress, there is progress that we're making in terms of actions, things like we've hired the VP of Revenue Operations, we've made material progress in moving the systems forward and expect that work to be largely completed at the end of this quarter.

但就 GTM 轉型而言，我認為我們關注的一些方面是，就進展而言，我們在行動方面取得了進展，例如我們聘請了收入運營副總裁，我們在推進系統方面取得了實質性進展，預計這項工作將在本季度末基本完成。

We've gotten pretty far in the past with some sales development leaders to bring in. We've made a number of kind of improvements. And then you can also see some of the outcomes like the 73% growth in ARR from customers over $50,000 and the 8 figure deals. So I think we've made progress on the GTM side. Obviously, we all want more work to be done there.

過去，我們在引進一些銷售發展領導者方面取得了相當大的進展。我們做了一些改進。然後，您還可以看到一些成果，例如年收入超過 5 萬美元的客戶 ARR 成長了 73%，以及達成了 8 位數的交易。所以我覺得我們在市場推廣方面取得了進展。顯然，我們都希望那裡能進行更多的工作。

Great. Maybe just one last one, if I could. On the large Neocloud win, can you just expand a bit on what the competitive landscape looks like there? Maybe the finalists, the kind of two or three that it came down to at the end of the day. And if there were specific features, capabilities that were the deciding factors for your win there?

偉大的。如果可以的話，也許就再來一次吧。關於 Neocloud 的巨大勝利，您能否詳細介紹一下該領域的競爭格局？或許是最終入圍的兩三個人，也就是最終決勝負的那一三個。如果說有哪些具體功能或特性是你們最終獲勝的決定性因素的話？

Yeah, it's actually -- it's interesting because this new cloud, they have the own storage. They started realizing from their customers that the source that they had wasn't going to provide what they needed for this next phase of evolution. And so they started thinking about how to handle that.

是的，這其實很有意思，因為這個新的雲端平台擁有自己的儲存空間。他們開始從客戶那裡意識到，他們現有的資源無法滿足他們下一階段發展的需求。於是他們開始思考如何應對這種情況。

A number of their internal engineering and business leaders were actually familiar with Backblaze from prior roles in other places, and they needed Backblaze a really strong reputation for providing a great storage platform that it was trusted. Basically, we built a moat around this idea of high-performance but predictable economics and low-cost storage. And so we were at the top of their list for consideration.

他們內部的一些工程和業務領導之前在其他地方工作時就熟悉 Backblaze，他們需要 Backblaze 在提供值得信賴的出色儲存平台方面擁有非常強大的聲譽。基本上，我們圍繞著高性能但經濟效益可預測和低成本儲存這一理念，構築了一道護城河。因此，我們成為了他們的首選候選對象。

Now when they went and evaluated, they wanted to make sure because they were going to be basically placing their brand on the line for saying they're going to use us for this underlying platform for all of their customers. So they wanted to make sure they absolutely worked. They did detailed technical due diligence and then chose us. So the why it came in part because had established a lot of credibility over many years that we are a great storage platform, and then we met their technical requirements for both performance, scale, affordability and openness.

現在，當他們進行評估時，他們想要確保萬無一失，因為他們基本上是在拿自己的品牌做賭注，因為他們表示將使用我們作為他們所有客戶的基礎平台。所以他們想確保這些方法絕對有效。他們進行了詳細的技術盡職調查，然後選擇了我們。之所以能成功，部分原因是多年來我們建立了良好的信譽，證明我們是一個優秀的儲存平台；此外，我們也滿足了他們對性能、規模、價格和開放性的技術要求。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Thanks for taking questions, guys. If I could just come back to the gross margin comment this expected headwind that we're up against. I guess it's a bit of a two-parter here. But when I think about the headwind we're facing this year, is that really tied to your success initiatives or deployment in advance of recognizing revenue from this large Neocloud agreement that we're talking to today? Or is there potentially an ongoing presence or multiyear factor we need to consider when evaluating corporate gross margins on a go-forward basis.

謝謝各位回答問題。如果我能夠回到毛利率這個主題上來，我想談談我們目前面臨的預期不利因素。我想這有點像是兩個部分的故事。但當我想到我們今年面臨的逆風時，這真的與你們的成功計劃或在確認我們今天正在討論的這項大型 Neocloud 協議的收入之前進行部署有關嗎？或者，在評估公司未來毛利率時，是否需要考慮持續存在或多年因素？

Yeah. Hey, Mike, it's Marc. There's a few factors in there, right? First of all, data center cost and equipment have gone up That, combined with us needing to accelerate some CapEx does reduce our gross margin this coming year by a few hundred basis points. That's why we said we're doing that gross margin optimization initiative to look for opportunities to offset that.

是的。嘿，麥克，我是馬克。這裡面有很多因素，對吧？首先，資料中心成本和設備價格上漲。再加上我們需要加快一些資本支出，這將使我們明年的毛利率下降幾百個基點。這就是為什麼我們說要開展毛利率優化計劃，尋找機會來抵消這一影響。

Now in terms of business model, when you go after a white label, large-scale solution like that, generally speaking, the gross margin will be a bit lower and the OpEx will be lower as well because you have to spend less on sales and marketing. So it nets out to the same economic model for us, but that's the P&L benefit, if that makes sense.

從商業模式的角度來看，當你追求像這樣的白標大規模解決方案時，一般來說，毛利率會略低一些，營運成本也會更低，因為你在銷售和行銷方面的支出會更少。所以對我們來說，最終的經濟模型是一樣的，但這是損益表上的好處，如果這樣說你能理解的話。

It does. And then I just wanted to come back again to the risk guide that we're talking to here. And I appreciate the commentary in the prepared remarks. But just to better understand these sweet factor deals or the idea that we're only going to underwrite minimum contract commitments from customers.

確實如此。然後，我想再回到我們正在討論的風險指南。我很欣賞您在準備好的演講稿中提出的觀點。但為了更好地理解這些優惠條款，或者我們只會為客戶的最低合約承諾提供擔保的想法。

Is that really tied to in the Neoclouds when thinking about those swing factor deals? Or is it maybe the move up market? Anything else you can provide that's creating that dynamic? And then second --

在考慮那些具有決定性影響的交易時，這真的與新雲有關嗎？或者，這可能是高端市場？你還能提供什麼其他因素來營造這種氛圍？然後是第二點--

Yeah.

是的。

Go ahead, go ahead. I just have a follow-up.

請繼續，請繼續。我還有一個後續問題。

Okay. I'll answer this one and then you could ask your next question, if you want. So moving upmarket, I mean, there's different sizes above markets. But when you look at the average deal size of those 168 customers it has grown quite a bit. But I think the even larger ones, and let's call larger ones, $500,000 in ARR and greater they do take longer to close.

好的。我會先回答這個問題，之後如果你願意的話，可以問下一個問題。所以，朝向高端市場發展，我的意思是，高端市場有不同的規模。但如果你看一下這 168 位客戶的平均交易規模，你會發現它成長了不少。但我認為，那些規模更大的交易，我們姑且稱之為規模更大的交易，即 ARR 達到或超過 50 萬美元的交易，它們的成交時間確實會更長。

So there's less predictability for us to factor that into our guide. So that's why we factored them out. Doesn't mean they won't happen. It's just harder for us to guide on that. So I think it's less around the new cloud. I mean the new clouds are big deals, too, and they have similar attributes, right, where you got to take longer to do the technical feasibility and make sure you went over the POCs. So that's what's driving that side of it.

因此，我們很難預測這一點，也就無法將其納入我們的指南中。所以這就是我們把它們排除在外的原因。但這並不意味著它們不會發生。在這方面，我們很難提供指導。所以我覺得這跟新的雲端運算關係不大。我的意思是，新的雲端技術也很重要，它們具有類似的特性，對吧？你需要花更多的時間進行技術可行性研究，並確保你已經完成了概念驗證。這就是推動那方面發展的因素。

And then I guess the final follow-up on my side. But for those, let's say, $0.5 million plus deals that you're signing, can we start bifurcating the extent to which those sales cycles are longer versus a more typical run rate business? And then final fees, but for the calendar '26 guide, is there any way you can give us some pointers as far as the NRR that you're thinking about when we look at this calendar '26 guide? And that's all on my side.

然後，我想這就是我這邊最後的後續工作了。但是，對於你簽署的那些金額超過 50 萬美元的交易，我們能否開始區分這些銷售週期較長的程度與更典型的定期交易業務的程度？然後是最終費用，但是對於 2026 年的日曆指南，您能否就您在查看 2026 年日曆指南時所考慮的 NRR 給我們一些建議？以上都是我方的情況。

Mike, in terms of the bifurcating the size of the deals on the length of time, when we look at those, they certainly are a longer sales cycle ones, but it's interesting because they're not dramatically longer. So some deals like the eight-figure deal that we talked about, that did take the better part of the year, in part because they had to look through their own systems they have to understand what it would take to switch out to a different system, what integration that would require, et cetera.

麥克，就按交易規模和持續時間劃分而言，當我們觀察這些交易時，它們當然屬於銷售週期較長的交易，但有趣的是，它們的持續時間並沒有顯著延長。所以像我們剛才提到的那筆八位數的交易，確實耗費了大半年的時間，部分原因是他們必須審視自己的系統，了解切換到另一個系統需要什麼，需要進行哪些整合等等。

A number of the other Neocloud didn't take anyone near that long and many of the other larger customers, especially ones that are 50,0000, 1000,000, 200,000, we actually moved quite quickly. But certainly some of the largest of those deals they did take, call it, so some of them took six months or so to close, whereas we've seen a lot of the deals close in sub-90 days.

其他一些 Neocloud 客戶的部署時間遠沒有那麼長，而對於其他一些規模較大的客戶，特別是那些規模達到​​ 50 萬、100 萬、20 萬的客戶，我們的部署速度實際上相當快。但可以肯定的是，他們達成的一些最大的交易，比如說，有些交易花了大約六個月的時間才完成，而我們看到很多交易在不到 90 天的時間內就完成了。

Yes. And then I could jump in and discuss the NRR outlook. Due to the lumpiness of that large customer in '25, we factored out any usage above their minimum commitment level and our guide for '26.

是的。然後我就可以加入討論 NRR 的前景了。由於該大客戶在 2025 年表現不穩定，我們剔除了其超過最低承諾水準的任何使用量，並參考了 2026 年的指導方針。

So assuming that, that's what materializes, the NRR, just like the revenue growth rate for B2 and just like the overall growth rate of the company will be lower in Q2 and Q3. NRR could go down to closer to 100% for one or two quarters. But our overall growth rate of 20%, which is where we should be finishing the year and year over year overall should equate to an NRR that's closer to 110%. So pretty much where we are now plus or minus to 300 basis points.

因此，假設這種情況得以實現，那麼 NRR 就像 B2 的營收成長率以及公司的整體成長率一樣，在第二季和第三季將會降低。淨收益率可能會在一兩個季度內降至接近 100%。但我們20%的整體成長率（這是我們今年和去年整體應該達到的成長率）應該相當於接近110%的淨收入率。所以，我們現在的情況大致如此，上下浮動300個基點。

Mike, one thing actually, I'll mention also on NRR I think I find quite exciting. The -- we have a broad base of customers, but we're leaning in heavier to the overall AI customer type, not just the Neoclouds. And we have hundreds of those customers that are using us for AI workflows specifically we've seen a growth rate of 75% in the number of those AI customers.

麥克，其實還有一件事，我也要在 NRR 上提一下，我覺得還挺令人興奮的。我們擁有廣泛的客戶群，但我們更專注於整體人工智慧客戶類型，而不僅僅是Neocloud客戶。我們有數百家客戶專門使用我們的人工智慧工作流程服務，人工智慧客戶數量成長率達到了 75%。

But one of the things that I find even more exciting is that the growth rate of those customers is about 3x faster than the growth rate of our average customer. So as we sign up more of these AI customers, -- we see the opportunity for NRR to go up over time as well, because they are generating data at a faster rate than your average customer.

但我發現更令人興奮的是，這些客戶的成長速度比我們一般客戶的成長速度快了約 3 倍。因此，隨著我們簽署更多此類 AI 客戶，我們看到 NRR 也有機會隨著時間的推移而成長，因為他們產生數據的速度比普通客戶更快。

Thank you, Gleb.

謝謝你，格列布。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

Wanted to first ask about your comment, Gleb, that most Neoclouds don't have storage. I think that's what you said. I just wanted to understand why that might be. And then also your comment that the 8-figure win was with the Neocloud that did have storage, but the storage wasn't going to handle what they needed. Maybe just if you could elaborate on why you wouldn't be able to handle what other customers needed.

Gleb，我想先問一下你之前提到的大多數 Neocloud 沒有儲存空間的問題。我想你就是這麼說的。我只是想弄清楚為什麼會這樣。還有你提到，那筆價值八位數的訂單是與 Neocloud 合作完成的，Neocloud 的確有儲存空間，但其儲存空間無法滿足他們的需求。或許您可以詳細說明為什麼您無法滿足其他客戶的需求。

Yes. Thanks, Jason. Both good questions. So with these 200 Neoclouds that have come up, they almost all started with GPUs. Right. So the need that happened was for these AI use cases, they needed the GPUs first.

是的。謝謝你，傑森。兩個好問題。因此，這 200 台新雲端伺服器幾乎都是從 GPU 開始搭建的。正確的。因此，對於這些人工智慧應用案例來說，首先需要的是GPU。

The second thing that they need is they need a place to keep the data to feed these GPUs. So initially, they setup data centers, a lot of them setup data centers that were more specifically designed for GPUs, which are very power hungry, oftentimes they were in liquid cooled environment.

他們需要的第二件事是需要一個地方來儲存數據，以便為這些 GPU 提供數據。所以最初，他們建立了資料中心，其中許多資料中心是專門為 GPU 設計的，而 GPU 非常耗電，通常情況下，它們都處於液冷環境中。

They don't need nearly the square footage in the data centers that they need, they need more power in the space, et cetera. So they built these -- focused on the GPU opportunity. What they realized then is customers who want to use the GPUs need a place to keep the data. They needed the place to keep that data to build the models. And then they needed to place to keep the data when they're doing inferencing for the outputs. And so what some of them have done, many of them have not done anything on that front yet.

他們並不需要現在所需的資料中心面積，他們需要更多的電力等等。所以他們開發了這些產品——專注於GPU的機會。他們當時意識到，想要使用 GPU 的客戶需要一個地方來儲存資料。他們需要一個地方來保存這些數據，以便建立模型。然後，他們需要一個地方來保存數據，以便在進行輸出推斷時使用。所以，有些人已經做了，但很多人在這方面還沒有採取任何行動。

They've just stood up the GPU side of things. But what some of them have done is said, okay, well, we can do something, and they -- some of them have used open source projects to stand at their own infrastructure where some of them have set up storage infrastructure using flash systems.

他們剛剛完成了GPU部分的建造。但他們中的一些人表示，好吧，我們可以做點什麼，然後他們——他們中的一些人利用開源專案來建立自己的基礎設施，其中一些使用閃存系統建立了儲存基礎設施。

The problem is what they found is the flash systems are incredibly expensive to operate. And so for large-scale data sets that becomes very quickly unaffordable. The open source tooling is difficult to manage. You have to have experts ongoingly working to tune it and operate it, et cetera, and they're really not designed to scale to exabyte scale.

問題在於他們發現，快閃記憶體系統的運作成本極為高昂。因此，對於大規模資料集而言，這種方法很快就會變得難以承受。開源工具難以管理。你需要專家不斷地進行調整和操作等等，而且它們實際上並不是為擴展到EB級規模而設計的。

Most of those open source projects were designed for potentially handling a single enterprise scale. And so once they start seeing some movements of success, they start reaching the limitations of those projects. So the opportunity for us is that there are these 200 providers they've built up the GPUs. They're starting to realize that they need storage. They're not going to get that from the hyperscalers for the most part because those are their direct competitors and the solutions that they have are either really expensive, really complicated or don't scale.

大多數開源專案的設計初衷都是為了因應單一企業規模的需求。因此，一旦他們開始看到一些成功的跡象，他們就會開始遇到這些專案的限制。所以對我們來說，機會在於這 200 家供應商已經建立了 GPU。他們開始意識到自己需要儲物空間。他們大多無法從超大規模資料中心營運商那裡獲得這種解決方案，因為這些營運商是他們的直接競爭對手，而營運商提供的解決方案要么非常昂貴，要么非常複雜，要么無法擴展。

Got you. Okay. And then the Neocloud that you announced that you talked about the 8-figure one. Can you say if that is a publicly traded company?

抓到你了。好的。然後，你宣布了Neocloud項目，你談到了那個價值八位數的項目。請問那是上市公司嗎？

They are a publicly traded company, yes.

是的，他們是一家上市公司。

Yes. Okay. Great. And then last one for me. Just, Gleb, what's your confidence level that you could win additional deals like the one that you announced on the call today?

是的。好的。偉大的。最後，也是我最後一個問題。格列布，你對自己能否贏得更多像今天電話會議上宣布的那種交易有多大信心？

I mean, I'm very confident that we can do additional deals. The timing is obviously always uncertain, but this is -- it's not like this Neocloud is the only new cloud that we have won. We've got others that are 6 figures and seven figures already.

我的意思是，我很有信心我們還能達成更多交易。時機當然總是不確定的，但這也不是說Neocloud是我們贏得的唯一一個新雲端平台。我們還有一些項目已經達到了六位數和七位數。

Those that we have already signed at six- and seven-figure deals I think they themselves have the opportunity to become eight-figure deals because as they roll this out to more of their customers and more scale, they're big enough that they could be coming eight figure deals for us themselves. And we're currently in discussions with about half a dozen other Neocloud providers that are somewhere in this same scale of size of organizational opportunities. So timing is obviously a question for us, but our ability to be a good fit for these kind of customers and the discussions we're in, give me a lot of confidence.

我們已經簽下的那些六位數和七位數合同，我認為它們本身有機會變成八位數合同，因為隨著它們將這項服務推廣到更多客戶和更大規模，它們的規模足夠大，它們本身也可能為我們帶來八位數合同。我們目前正在與大約六家其他 Neocloud 提供者進行洽談，這些提供者在組織規模方面與我們大致相同。所以時機顯然是我們需要考慮的問題，但我們有能力很好地滿足這類客戶的需求，而我們正在進行的討論也讓我很有信心。

And I may have missed it, but did you say how the duration of that 8 figure went was.

我可能錯過了，但你有沒有說過那筆八位數交易持續了多久？

That was a three-year deal. .

那是一份為期三年的合約。。

Eric Martinuzzi, Lake Street Capital Partners.

Eric Martinuzzi，Lake Street Capital Partners。

Yes. You mentioned the revenue impact from the 8-figure transaction really doesn't start to until 2027. Is that -- based on your answer about the three-year duration and over $50 million, is that to say then that we're a small amount, maybe the end of 2026 and the bulk of it split between '27 and '28.

是的。您提到這筆八位數交易帶來的收入影響要到 2027 年才會真正開始顯現。根據您關於三年期限和超過 5000 萬美元的回答，是否意味著我們只有一小部分資金，可能要到 2026 年底才能到位，而且大部分資金將在 2027 年和 2028 年之間分配？

Yes, that's correct, Eric. And for now, honestly, we're not factoring anything into 2026 for that.

是的，沒錯，艾瑞克。坦白說，目前我們還沒有將2026年的情況納入考慮範圍。

Eric, you -- I just want to make sure that it sounds like you said $50 million, it's $15 million-plus, 1-5. I look forward to a $50 million view in the future, but we're not there just yet.

艾瑞克，你——我只是想確認一下，你說的是 5000 萬美元，還是 1500 萬美元以上，1-5。我期待未來能看到價值 5000 萬美元的景色，但我們目前還沒有達到那個目標。

The other thing I wanted to ask about was your comment regarding the adjusted free cash flow, you talked about it being neutral for the year. And I'm just wondering, given the investments you're making, you have the infrastructure in place here, it seems like it's sort of front half loaded. Is that to suggest then that the adjusted free cash flow positive. We're Q4 for sure, and potentially Q3. Is that the right way to think about it quarter-by-quarter.

我還想問一下您關於調整後自由現金流的評論，您提到它今年將保持中性。我只是在想，考慮到你們的投資，你們也已經建立了基礎設施，這似乎有點前期投入過大了。這是否意味著調整後的自由現金流為正？我們肯定能達到第四季度，也有可能達到第三季。以季度來考慮這個問題，這種想法對嗎？

Yes, Eric. I mean, generally speaking, the first half of the year is our cost base increases. It starts kicking into -- and our OpEx lines, honestly should not be really increasing that much other than maybe around 500 basis points, not as a percent of revenue, just off the dollar baseline from last year on a non-GAAP basis as it relates to just basic inflation, salary raises and so on.

是的，埃里克。我的意思是，總的來說，上半年是我們的成本基數增長期。它開始發揮作用——老實說，我們的營運支出應該不會增加太多，可能只會增加大約 500 個基點，不是按收入百分比計算，而是按非 GAAP 準則，以美元為基準，與去年相比，僅僅是由於基本的通貨膨脹、工資上漲等等。

Other than that, we're keeping our OpEx model pretty tight. I spoke about the gross margin being set back by a few hundred basis points. So when you combine all those factors and accelerating some of the expenditures to prepare for these customers, that's why we're free cash flow neutral for 2026. It is lumpy during the year, usually Q2 is also where we have the least of our computer backup renewals. So Q2 is usually the worst set in the second half of the year is in better shape.

除此之外，我們的營運支出模式控制得相當嚴格。我談到了毛利率下降幾百個基點的情況。因此，綜合所有這些因素，並加快一些支出以迎接這些客戶，這就是為什麼我們預計 2026 年的自由現金流將保持中性。一年中業務量波動較大，通常第二季也是我們電腦備份續約業務最少的時期。所以，通常來說，第二季度是一年中最糟糕的時期，而下半年的情況則好得多。

And that would be a nice improvement from the minus $5 million for 2025 as a year and the minus $20 million in 2024. So I think we're pretty well set on exiting the phase of cash burn and our aim is to stay here and get better.

這將比 2025 年虧損 500 萬美元和 2024 年虧損 2,000 萬美元的情況有所改善。所以我覺得我們已經基本擺脫了現金消耗階段，我們的目標是留在這裡並做得更好。

Thank you.

謝謝。

(Operator Instructions) Zach Cummins, B. Riley Securities.

（操作員說明）Zach Cummins，B. Riley Securities。

Hi there. Ethan Widell calling in for Zach Cummins. I guess, to start with Neocloud with their being a high portion of leverage there to AI and HBC. How would you define, I guess, the incremental revenue opportunity or overlap, whether it be like customer base or function or revenue opportunity versus B2 Overdrive.

你好呀。伊森·維德爾代替扎克·卡明斯上場。我想，首先應該關注 Neocloud，因為那裡對人工智慧和 HBC 有很大的利用空間。我想，您會如何定義增量收入機會或重疊部分，無論是客戶群、功能或收入機會與 B2 Overdrive 相比？

Yeah. Thanks, it's a good question. So B2 Overdrive was initially actually developed because we heard from customers saying they wanted to use high-performance storage, high throughput storage that would enable them to send their data to the Neocloud when they meet them or to other hypers, for example. So B2 Overdrive is not a white label offering. It's designed for end customers to actually use themselves.

是的。謝謝，問得好。因此，B2 Overdrive 最初的開發實際上是因為我們從客戶那裡了解到，他們想要使用高效能存儲、高吞吐量存儲，以便能夠在遇到 Neocloud 時將其數據發送到 Neocloud 或其他超空間等。所以B2 Overdrive並非貼牌產品。它的設計初衷是讓最終用戶自行使用。

Neo is specifically designed as a white-label offering for the Neoclouds to them themselves offer storage to customers. So they're largely serving different sides of the market, but both serving the needs of AI and HPC type use cases.

Neo 是專為 Neocloud 設計的白標產品，以便它們能夠自行向客戶提供儲存服務。因此，它們主要服務於市場的不同方面，但都滿足了人工智慧和高效能運算類型的用例需求。

Understood. That's helpful. And then the large TCV deal, can you clarify whether that was from an existing customer? And generally, is the revenue upside from existing customers there based on increasing usage?

明白了。那很有幫助。還有那筆數額龐大的TCV交易，您能澄清一下這筆交易是否來自現有客戶嗎？一般來說，現有客戶帶來的收入成長是基於使用量的增加嗎？

So the $50 million-plus TCV deal is a new customer, completely new to us. However, what I would say is if you look across the $1 million-plus deals that we've had over the last year is it's roughly half-half. Half of them are net new customers to us that came in, evaluated considered tested then signed a 7-figure deal with us. And the other half of our customers that started off small, some of them started off self-serve, some of them came in at just smaller sales deals, got familiar with the platform, like the platform and then expand it into for deals.

所以，這筆價值超過 5000 萬美元的總合約價值的交易，是一筆全新的客戶交易，對我們來說完全是全新的客戶交易。不過，我想說的是，如果你看看我們過去一年達成的超過 100 萬美元的交易，你會發現大約有一半是 100 萬美元。其中一半是我們新引進的客戶，經過評估、考慮、測試後，與我們簽訂了價值七位數的合約。而我們另一半客戶起步規模較小，有些客戶最初是自助服務，有些客戶最初只是小額銷售交易，他們熟悉了平台，喜歡上了這個平台，然後才將其擴展到交易規模。

Ethan, this is Marc, What I would add. If you look at slide 17 of the earnings deck, it breaks down the new versus expansion from the existing and it's at half and half. So it's pretty well distributed because the self-serve product line growth is about half of that as well. And then the larger direct sales customers have. And each one is kind of breaks out into a half by itself of what is expansion versus new logo.

伊森，我是馬克，我還要補充一點。如果你看一下收益報告的第 17 頁，它詳細列出了新增業務與現有業務擴張的情況，兩者各佔一半。所以它的分佈相當均勻，因為自助式產品線的成長也大約佔了其中的一半。然後，規模較大的直銷客戶也擁有。而且每一種又可以細分為兩個部分，一部分是擴張，另一部分是新標誌。

So it's basically that's why if you look at the stacked bar, it's like four quarters, it's pretty well diversified in terms of how it comes through.

所以基本上這就是為什麼如果你看一下堆疊柱狀圖，它就像四個季度，從表現方式來看，它相當多樣化。

Yeah. Maybe one other piece of color just to add in terms of -- so one of the things we look at is as a forward-leading indicator is pipeline. And in 2024, we generated about $15 million of pipeline. And in 2025, we roughly doubled pipeline to about $30 million. Our aim with our continued GTM transformation is to get to a run rate of about double of that.

是的。或許還可以補充一點色彩──我們關注的一個前瞻性指標是管線運輸。到 2024 年，我們創造了約 1500 萬美元的管道價值。到 2025 年，我們的管道建設規模將大致翻一番，達到約 3,000 萬美元。我們持續推動市場轉型的目標是讓目前的運作速度翻倍。

So with our industry-leading win rates, pipeline transfers into AR quite efficiently. And so we're not there yet, but that's -- we made, I think, meaningful progress in '25 and aim to make more meaningful progress on that in 2026.

因此，憑藉我們行業領先的成交率，銷售管道可以非常有效率地轉移到 AR。所以，我們還沒有達到目標，但是——我認為，我們在 2025 年取得了有意義的進展，目標是在 2026 年取得更有意義的進展。

That very helpful. Thank you.

那很有幫助。謝謝。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，市民。

Good afgternoon, Marc and Gelb. Congrats on the RPO acceleration. Just building on another question that you answered, Marc -- Gleb, where you kind of mentioned that to B2 Overdrive versus B2 Neo are serving two different sides of the market. And as we sort of think about the build-out of the pipeline for B2 Neo, is it fair to say that these opportunities are going to be anchored towards larger deals, albeit maybe not as large as this one that you've just put it up in the quarter, but is it fair to say that this is kind of the larger opportunity? And is that likely to sort of lead to higher ASP engagements as you look towards this opportunity?

下午好，馬克和格爾布。恭喜您獲得RPO加速資格。馬克，格列布，我接著你回答的另一個問題繼續說，你提到 B2 Overdrive 與 B2 Neo 服務於市場的兩個不同方面。當我們思考如何建立 B2 Neo 的銷售管道時，是否可以說這些機會將以更大的交易為導向，儘管可能沒有你在本季度提出的這個交易那麼大，但是否可以說這是更大的機會？而這是否意味著，隨著您把握這項機遇，ASP（平均銷售價格）參與度可能會提高？

Yeah. It's a good question, Russ. So one of the ways I would look at it is the market for the Neoclouds, if you take just the hard drive-based storage opportunity inside of those 200 providers. That market is estimated at about $14 billion in the next five years. So with 200 players representing $14 billion of opportunity. Every single one of those deals on average is going to be a large deal. So the short answer to your question is, yes, the B2 Neo deals, we see as large opportunity deals.

是的。問得好，Russ。因此，我看待這個問題的一種方式是，如果你只考慮這 200 家供應商中基於硬碟的儲存機會，那麼新雲端的市場前景如何。預計未來五年該市場規模將達到約140億美元。因此，200 名玩家代表著 140 億美元的機會。平均而言，每一筆交易都將是一筆大交易。所以，對於你的問題，簡短的回答是，是的，我們認為 B2 Neo 的交易是巨大的機會交易。

The ones that we've signed so far are six and seven and now eight-figure opportunities on those. Some of those, I imagine, may start smaller just as they start getting familiar with it. But I think all of them have the opportunity to get quite large.

我們目前簽下的合約都是年薪六位數、七位數，現在還有年薪八位數的機會。我想，他們中的一些人剛開始熟悉這項運動時，可能會從較小的規模開始。但我認為它們都有機會成長。

Great. That's helpful. And then just kind of thinking about the investment cycle for next year, is there any sort of relative color that you can share with us, in terms of the level of CapEx investment that you guys are thinking about for '26?

偉大的。那很有幫助。那麼，在考慮明年的投資週期時，您能否就你們計劃在 2026 年進行的資本支出投資水平，與我們分享一些相對情況？

Yeah, Russ, this is Marc. Goot to hear from you. Our our CapEx will be higher next year. As a percent of revenue, when you look at our PP&E at the end of the year, it should be in the high-20s percentage of revenue. We typically finance our CapEx through capital leases, and we're fully set up to do that. And that would be the principal lease statement on the statement of cash flows, which is around mid-teens of revenue, right, because you're buying today but financing over five years over a growing revenue base.

是的，Russ，我是Marc。很高興收到你的消息。我們的資本支出明年將會更高。從收入百分比來看，到年底我們的固定資產支出應該佔收入的 20% 以上。我們通常透過融資租賃來為資本支出融資，而且我們已經完全做好了這方面的準備。那將是現金流量表中的主要租賃報表，大約佔收入的百分之十幾，對吧，因為你今天購買，但融資期限為五年，收入基礎不斷增長。

That mid-teens, I mean, over the past few years, has actually improved from our side as we continue to optimize our cost of capital.

我的意思是，在過去幾年裡，隨著我們不斷優化資本成本，我們這邊的十幾分的情況實際上已經有所改善。

And everyone, at this time, there are no further questions. I would like to hand the conference back to Gleb for any additional or closing remarks.

各位，此時此刻，沒有其他問題了。我謹將會議交還給格列布，請他作補充或總結發言。

Thank you. We have a strong and durable core business, made meaningful progress in our go-to-market transformation and have a tremendous opportunity in AI. We drove growth while becoming adjusted free cash flow positive, we launched B2 Neo and signed multiple Neoclouds, including this $15 million-plus deal.

謝謝。我們擁有強大且持久的核心業務，在市場轉型方面取得了實質進展，並且在人工智慧領域擁有巨大的機會。我們在實現調整後自由現金流為正的同時推動了成長，我們推出了 B2 Neo 並簽署了多個 Neocloud 協議，其中包括這項價值超過 1500 萬美元的交易。

We also launched Flamethrower our program for high-performance start-ups. In just the last few days since the launch, it's exceeded expectations, growing faster than the kickoffs at other leading companies that are a leader for that has driven. We had about a dozen start-ups that have applied, been evaluated, accepted and given credits, including ones from Andres and Horwitz and Y Combinator, and we've bolstered our team overall to take advantage of this tremendous opportunity.

我們還推出了 Flamethrower，這是我們針對高效能新創公司的專案。自發布以來短短幾天內，它就超出了預期，成長速度超過了其他領先公司推出的產品，而這正是推動這一趨勢的因素。大約有十幾家新創公司申請、評估、接受並獲得資助，其中包括來自 Andres 和 Horwitz 以及 Y Combinator 的公司，我們已經加強了整個團隊，以抓住這個絕佳的機會。

I'm really excited about the year that we have upcoming together. I want to thank our employees, our customers and our investors for taking this journey with us, and we look forward to chatting with you next quarter. Thank you.

我非常期待我們即將共同度過的這一年。我要感謝我們的員工、客戶和投資者與我們一路同行，我們期待下個季度與大家繼續交流。謝謝。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位今天的參與。您現在可以斷開連線了。