Research Reports

Q1 2026 revenue of $38.7M, up 12% YoY, above guidance high end of $38M (CEO, CFO)
B2 Cloud Storage revenue $22.4M, up 24% YoY; B2 ARR grew 28% YoY (CFO)
Computer Backup revenue slightly above forecasted decline (CFO)
Q1 gross margin 61% vs 56% YoY (CFO)
Total operating expenses $29M, roughly flat vs Q4, improved ~600 bps YoY as % of revenue (CFO)
Q1 adjusted EBITDA $10M (26% margin), up from $6M (18%) YoY (CFO)
Adjusted free cash flow negative $1.8M in Q1; full-year positive FCF expected, weighted to H2 (CFO)
ARR $158M, up >$5M sequentially; B2 NRR 110% vs 105% a year ago (CFO)
187 customers >$50K ARR, up 51% YoY (CFO)
RPO increased $6M sequentially, $31M YoY under updated methodology (CFO)
More than one third of new bookings from AI; AI customers grew 76% YoY (CEO)
Average sales deal size more than doubled; $50K+ ARR cohort grew 72% YoY (CEO)
Official guidance: Q2 2026 revenue $39.8M–$40.2M; Q2 adjusted EBITDA margin 21%–23% (CFO)
Full-year 2026 guidance: revenue raised to $161.5M–$163.5M (up $5M from prior midpoint); adjusted EBITDA margin raised to 23%–25% (up from 19%–21% previously) (CFO)
Guidance excludes individual deals >$500K, high variable usage above contracted minimum, and incremental upside from go-to-market transformation (CFO)

"Q1 was a strong quarter. We beat revenue and adjusted EBITDA guidance." (CEO)
"AI is making storage increasingly important, and our organization is gelling and executing better than ever to capture that opportunity." (CEO)
"We are becoming the storage infrastructure that powers the AI economy." (CEO)
"The Q1 outperformance reflects stronger sales execution, and the EBITDA beat demonstrates the operating leverage in the model." (CFO)
"We do not anticipate the need to raise additional capital through follow‑on equity." (CFO)

Metric	Value	Speaker/Context
Revenue	$38.7M	Q1 2026, above guidance high end (CFO)
B2 Cloud Storage Revenue	$22.4M	Up 24% YoY (CFO)
Gross Margin	61%	Q1 2026 vs 56% YoY (CFO)
Adjusted EBITDA	$10M (26% margin)	Q1 2026 vs $6M (18%) YoY (CFO)
Adjusted Free Cash Flow	-$1.8M	Q1 2026 (CFO)
ARR	$158M	Up >$5M sequentially (CFO)
B2 Net Revenue Retention	110%	Up from 105% a year ago (CFO)
Customers >$50K ARR	187	Up 51% YoY (CFO)
RPO (sequential increase)	$6M	Under updated methodology (CFO)
Q2 2026 Revenue Guidance	$39.8M–$40.2M	Includes partial benefit from May 1 pricing update (CFO)
Full-Year 2026 Revenue Guidance	$161.5M–$163.5M	Raised $5M from prior midpoint (CFO)
Full-Year 2026 Adjusted EBITDA Margin Guidance	23%–25%	Raised from 19%–21% (CFO)

Topic: Neocloud机会规模、资本支出与FCF指引、毛利率变化
Key points:
- 管理层估算到2030年Neocloud数据湖层市场规模为140亿美元；已签单包括六、七、八位数初始合同，且客户均为知名公司。
- 六、七位数合同有潜力扩展为八位数；八位数合同可在上线后进一步扩大；正在洽谈的其他机会同样为八位数规模。
- 2025全年FCF指引：中性至约1%营收正数（Q1为-180万美元，Q2接近中性），尽管加速资本支出。
- Q1毛利率62%：主因将固定资产折旧年限调整为6年；其他成本行（人工、支付费用）同比绝对值持平，占比改善；价格提升推高毛利率，但加速资本支出会拉低，预计全年毛利率保持相对平稳。
Mgmt stance: 建设性偏乐观（Neocloud机会明确，FCF指引维持正数，毛利率稳定性高；管理层淡化客户内部化风险，强调IP壁垒和客户时间价值）。

Topic: B2提价逻辑、竞争定位、AI推理/训练工作负载趋势
Key points:
- 上次B2提价在2023年10月，本次提价约15–16%/TB/月；原因包括平台性能投资、热用例高吞吐/高IOPS需求、免费出口成本、简化定价（取消交易费）以及组件成本上升。
- 提价后仍显著低于竞争对手：客户此前在竞品处总拥有成本高出5倍以上（含出口费及交易费达存储费3-4倍）。
- 当前较大AI工作负载与模型训练相关；推理侧更平滑、可预测，且客户将推理输出（如视频）长期存储在平台上，正开始增长。
Mgmt stance: 略偏乐观（提价为价值捕获且竞争力不变，推理占比上升将改善业务可预测性及收入稳定性）。