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Backblaze (NASDAQ: BLZE) lifts lease covenant limit in Citizens Bank credit deal

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Backblaze, Inc. entered into a material amendment to its existing credit agreement with Citizens Bank, N.A. The change revises a negative covenant governing how much debt the company can incur through capitalized lease transactions.

The amendment expands the indebtedness threshold to permit up to $150 million in capital leases outstanding. This provides Backblaze with greater room to use lease financing while remaining in compliance with the credit agreement. The full terms are contained in the Third Amendment to the Credit Agreement, filed as an exhibit.

Positive

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Negative

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Insights

Backblaze gains more room to use lease financing under its bank credit agreement.

Backblaze amended a negative covenant in its credit agreement with Citizens Bank, N.A. to expand the limit on debt from capitalized lease transactions. The amendment now permits up to $150 million in capital leases outstanding under the covenant.

This change affects how the company can structure financing for equipment or infrastructure without breaching loan terms. The economic impact depends on how much of this capacity Backblaze ultimately uses and on the final lease terms. The detailed mechanics and any related conditions are set out in the Third Amendment to the Credit Agreement dated June 30, 2026.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Capital lease indebtedness threshold $150 million Maximum capital leases outstanding permitted under amended negative covenant
Material Definitive Agreement regulatory
"Item 1.01. Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
negative covenant financial
"amended the negative covenant in its existing credit agreement"
capitalized lease transactions financial
"regarding the Company's ability to undertake capitalized lease transactions"
credit agreement financial
"in its existing credit agreement with Citizens Bank, N.A."
A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.
indebtedness threshold financial
"expand the indebtedness threshold to permit up to $150 million"
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FAQ

What did Backblaze (BLZE) change in its credit agreement?
Backblaze amended a negative covenant in its credit agreement with Citizens Bank, N.A. The change affects how much indebtedness it can incur through capitalized lease transactions, expanding its flexibility to use lease financing while remaining within the agreement’s limits.

How much capital lease indebtedness can Backblaze (BLZE) now have?
The amendment permits Backblaze to have up to $150 million in capital leases outstanding. This higher threshold defines how much lease-based indebtedness is allowed under the credit agreement’s negative covenant with Citizens Bank, N.A., without triggering a covenant breach.

Why is the Backblaze (BLZE) credit agreement amendment considered a material definitive agreement?
It is material because it changes a key negative covenant in Backblaze’s existing credit agreement. By altering the permitted level of capital lease indebtedness, the amendment directly affects the company’s financing flexibility and is therefore disclosed as a material definitive agreement.

Which bank is involved in Backblaze’s (BLZE) amended credit agreement?
The counterparty is Citizens Bank, N.A. Backblaze’s amendment specifically updates a negative covenant in its existing credit agreement with this bank, adjusting how much indebtedness from capitalized lease transactions is allowed under that lending relationship.

Where can investors find the full text of Backblaze’s (BLZE) credit agreement amendment?
The complete Third Amendment to the Credit Agreement is filed as Exhibit 10.1. It is dated June 30, 2026 and provides the detailed legal terms governing the revised capital lease indebtedness threshold and related covenant language.
0001462056FALSE00014620562026-06-302026-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

June 30, 2026
Date of Report (date of earliest event reported)

Backblaze, Inc.
(Exact name of registrant as specified in its charter)

Delaware
001-41026
20-8893125
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
2261 Market Street STE 81006,
San Francisco, California
94114
(Address of Principal Executive Offices)
(Zip Code)
(650) 352-3738
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
BLZE
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐


Item 1.01. Entry into a Material Definitive Agreement.

On June 30, 2026, Backblaze, Inc. (the “Company”) amended the negative covenant in its existing credit agreement with Citizens Bank, N.A. regarding the Company's ability to undertake capitalized lease transactions (the “Credit Agreement Amendment”). The purpose of this amendment is to expand the indebtedness threshold to permit up to $150 million in capital leases outstanding.

The foregoing description of the Credit Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
Number
Description
10.1
Third Amendment to Credit Agreement, dated June 30, 2026, between Backblaze, Inc. and Citizens Bank, N.A.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:
July 2, 2026
Backblaze, Inc.
By:
/s/ Marc Suidan
Marc Suidan, Chief Financial Officer

Source: View Original Filing on SEC EDGAR

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