Shares of Backblaze rose after the storage platform raised its fiscal-year revenue guidance, as second-quarter revenue increased and loss narrowed.

The stock was up 40% to $21.82 in recent trading, and more than quadrupled since the start of the year.

The company posted a net loss of $5.09 million, or eight cents a share, compared with a loss of $7.1 million, or 13 cents a share, a year earlier.

Revenue rose 18% to $42.7 million. Analysts polled by FactSet expected $39.9 million.

B2 cloud storage revenue was $26.6 million and computer backup revenue was $16.1 million.

For the fiscal year, the company raised its revenue outlook to between $172 million and $174 million from between $161.5 million and $163.5 million. Analysts polled by FactSet are expecting revenue of $173 million.

For the third quarter, the company forecast revenue between $44.4 million and $44.8 million. Analysts polled by FactSet are expecting $44.6 million.