The raw capacity of a 1.44MB 3.5” diskette[0] is 2MB, 1MB per side. The FAT12 formatting chews >25% of its usable capacity. I realised this when the ‘backup’ systems for the Super Nintendo could write a 16Mbit cartridge to a single diskette.
This raises the question: Is a console game up to 2MiB eligible?
[0]: 3.5” are diskettes, 5.25” and 8” are floppies.