11 Best Data Storage Stocks to Invest in According to Analysts

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2. Backblaze Inc. (NASDAQ:BLZE)

Average Upside Potential as of March 28: 122.22%

Number of Hedge Fund Holders: 20

Backblaze Inc. (NASDAQ:BLZE) provides a scalable and affordable cloud storage platform that offers both B2 Cloud Storage for developers and businesses, and Computer Backup for individuals and organizations. Its services cater to data storage needs that range from application development and media management to secure backup and archiving.

The company’s B2 Cloud Storage represents over 50% of its Q4 2025 revenue. B2 revenue grew 22% year-over-year in Q4. B2 ARR reached $70 million, which was a $5 million sequential increase from Q3, which is the largest sequential increase since the company’s 2021 IPO. The company anticipates B2 growth to exceed 30% by the end of 2025. It’s seeing growth in the AI customer segment.

The company is acquiring larger enterprise clients, which include those in application development, social media, and digital media. Existing customers are expanding their usage. A significant deal involved a customer using the company’s Powered by Backblaze white-label product for over $1 million in annual contract value. In Q4, the total revenue was $33.8 million, which was up 18% year-over-year. B2 revenue was $17.1 million, which marked a 22% increase. The company expects 2025 revenue to be between $144 million and $146 million.

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