1. Backblaze maintains a 'Buy' rating due to strong demand for its data storage solutions, driven by data center growth and AI-related opportunities; 2. The B2 Cloud Storage segment grew 29% YoY in Q2, with Q4 growth projected to exceed 30%, supported by AI customer expansion; 3. Despite recent stock gains, valuation remains attractive at 3.3x EV/FY25 revenue and 14.5x EV/FY26 EBITDA, alongside improving margins and enterprise client traction.