Financial Performance - Total company revenue for Q1 FY26 was $121.7 million, exceeding guidance[6] - BlackBerry achieved GAAP profitability for the first time since Q4 FY22, reporting a net income of $1.9 million[6] - Net income for the three months ended May 31, 2025, was $1.9 million, a significant improvement compared to a net loss of $41.4 million for the same period in 2024[25] - Total revenue for the three months ended May 31, 2025, was $121.7 million, a decrease from $123.4 million in the same period of 2024[34] - Adjusted EBITDA for the three months ended May 31, 2025, was $16.4 million, up from $10.5 million in 2024, resulting in an adjusted EBITDA margin of 13.5%[37] - The company reported a segment adjusted EBITDA of $26.1 million for the three months ended May 31, 2025, compared to $22.9 million for the same period in 2024, representing a year-over-year increase of 13.9%[27] Revenue Breakdown - QNX revenue grew 8% year-over-year to $57.5 million, with an adjusted EBITDA of $12.7 million, representing 22% of revenue[6] - Secure Communications revenue reached $59.5 million, with an adjusted gross margin increase of 6 percentage points sequentially to 70%[6] - Licensing revenue for Q1 FY26 was $4.7 million, with an adjusted EBITDA of $3.8 million[6] - Segment revenue for QNX Secure Communications was $57.5 million, while Licensing segment revenue was $64.2 million, leading to total segment revenue of $121.7 million, a decrease of 1.7% from $123.4 million in the previous year[27] - Secure Communications Annual Recurring Revenue (ARR) reached $209 million for the three months ended May 31, 2025[40] - The Dollar-Based Net Retention Rate (DBNRR) for Secure Communications was 92% for the three months ended May 31, 2025[40] Cash Flow and Assets - Operating cash flow usage for Q1 FY26 was better than expected at $18 million[10] - Cash flows from operating activities resulted in a net cash used of $18.0 million, compared to $15.1 million in the same quarter of the previous year[25] - Total cash, cash equivalents, and restricted cash increased to $292.5 million as of May 31, 2025, up from $159.7 million a year earlier, reflecting a net increase of $12.2 million during the period[25] - The company’s cash and cash equivalents increased from $266.7 million to $276.0 million during the same period, reflecting a positive cash flow trend[25] Shareholder Returns - The company returned $10 million to shareholders through share buybacks, repurchasing 2.57 million common shares[10] Guidance and Projections - For Q2 FY26, BlackBerry expects total revenue between $115 million and $125 million, with QNX revenue projected at $55 million to $60 million[9] - Secure Communications revenue guidance for FY26 is raised to between $234 million and $244 million[5] Expenses and Liabilities - Research and development expenses for the segment totaled $23.7 million, down from $28.7 million in the previous year, indicating a reduction of 17.4%[27] - Operating expenses for the three months ended May 31, 2025, were $88.3 million, down from $102.9 million in 2024[34] - The company incurred restructuring charges of $2.9 million for the three months ended May 31, 2025, compared to $7.3 million in 2024[35] - Total liabilities decreased to $485.3 million as of May 31, 2025, compared to $575.7 million as of February 28, 2025[23] Asset Management - The company’s total assets decreased to $1,210.4 million as of May 31, 2025, down from $1,295.6 million as of February 28, 2025[23] - The company’s capital stock and additional paid-in capital stood at $2,970.5 million, with a deficit of $2,232.6 million as of May 31, 2025[23]

Group 1 - BlackBerry Limited is set to release its first-quarter earnings results on June 24, with analysts expecting earnings of $0 per share, a significant decrease from $2.73 per share in the same period last year [1] - The projected quarterly revenue for BlackBerry is $112.19 million, down from $144 million a year earlier [1] - BlackBerry's subsidiary QNX has signed a Memorandum of Understanding with Vector Informatik to develop a new software platform for software-defined vehicles [2] Group 2 - BlackBerry shares increased by 2.1%, closing at $4.32 on the day of the announcement regarding the MoU [2] - CIBC analyst Todd Coupland maintained an Outperformer rating but reduced the price target from $7 to $6 [5] - RBC Capital analyst Paul Treiber kept a Sector Perform rating and lowered the price target from $4 to $3.75 [5] - Canaccord Genuity analyst Michael Walkley maintained a Hold rating and cut the price target from $4.75 to $4.25 [5] - TD Cowen analyst Daniel Chan upgraded the stock from Hold to Buy and raised the price target from $3.25 to $4 [5]

Core Insights - BIC's CFO Chad Spooner has announced his resignation effective July 11, 2025, to pursue a new opportunity after five years of service [1][2] - Chris Dayton, Vice-President of Financial Planning and Analysis, will serve as the interim CFO during the transition period until a permanent successor is appointed [2] - CEO Gonzalve Bich expressed gratitude for Spooner's contributions, particularly highlighting his role in the successful execution of the Horizon Plan [3] Company Overview - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of more than 13,000 employees [6] - The company is recognized for its commitment to delivering high-quality, affordable products and has established itself as a symbol of reliability and innovation over its 80-year history [6] - BIC is listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, with a strong focus on sustainability and education [6]

Core Insights - BlackBerry Limited (BB) and Palo Alto Networks (PANW) are both key players in the rapidly growing cybersecurity market, driven by increasing digital threats and the need for advanced security solutions [1][3]. Industry Overview - The global cybersecurity market is projected to grow at a compound annual growth rate (CAGR) of 12.9% from 2025 to 2030, indicating strong momentum in the sector [3]. BlackBerry Overview - BlackBerry has shifted its focus from smartphones to cybersecurity and IoT solutions, with its Secure Communications division encompassing Unified Endpoint Management (UEM), SecuSUITE, and AtHoc solutions [5]. - The demand for UEM solutions is increasing due to the complexity of managing numerous endpoints while ensuring data security and compliance [6]. - BlackBerry has established strong relationships with government agencies, securing over 255 million vehicles and serving 18 of the G20 governments, which provides a stable revenue stream [6]. - The company has successfully cut costs by approximately $150 million and improved its adjusted EBITDA by $54 million for fiscal 2025, reaching $39.3 million [7][10]. - Cash and investments increased by $144 million, driven by strong operating cash flow of $42 million and an $80 million payment from the Cylance deal [8]. - BlackBerry's cautious approach in the Secure Communications division is due to potential instability in government markets, influenced by political changes [9]. Palo Alto Networks Overview - Palo Alto Networks focuses on AI-driven threat detection, next-gen firewalls, and cloud security, with significant growth in its XSIAM platform, which saw over 200% year-over-year annual recurring revenue (ARR) growth [11][12]. - The SASE platform also demonstrated strong performance, with a 36% year-over-year ARR growth and a customer base increase of 22% [12]. - PANW's recent acquisition of Protect AI for $700 million aims to enhance its AI capabilities [13]. - However, PANW faces challenges with shorter contract durations and potential revenue lumpiness due to large deals [14][15]. Financial Performance and Valuation - Over the past month, BB and PANW have seen stock gains of 12.5% and 6.7%, respectively [17]. - BB's forward 12-month price/sales ratio is 4.69X, significantly lower than PANW's 12.86X, indicating a more attractive valuation for BlackBerry [18]. Investment Considerations - BlackBerry presents an appealing investment opportunity due to its strong government ties, improving financials, and focused cybersecurity strategy post-restructuring [25]. - In contrast, PANW's rapid growth and innovation in AI-driven cloud security position it well for long-term growth, but it faces competitive pressures and contract duration concerns [11][14].

Core Insights - The article highlights the investment strategies and performance of Chris Lau, an experienced investor and economist, focusing on undervalued stocks and dividend-growth income stocks [1][2]. Group 1: Investment Strategies - The investment group DIY Value Investing shares top stock picks that are undervalued and have upcoming catalysts that the market does not expect [2]. - The group also provides recommendations for dividend-income stocks that have a long history of dividend growth, including a printable calendar and quantitative scores [2]. - Additionally, there are speculative picks aimed at high-risk allocations with potential for significant returns, described as "moonshot" opportunities [2]. Group 2: Performance Metrics - The average returns from public articles show a significant increase over the years: 2023 average return is 8.4%, 2022 average return is 6.9%, and 2021 average return is 29.9% [2].

Group 1 - The Board of Directors of Société BIC appointed Mr. Rob Versloot as the new Chief Executive Officer effective September 15, 2025 [2] - The remuneration policy for Mr. Versloot for the 2025 fiscal year includes an annual fixed remuneration of €1,060,000, with a variable remuneration target of 100% of the fixed compensation and a maximum of 150% based on performance [4] - Long-term incentives for Mr. Versloot include performance shares valued at €1,590,000 [4] Group 2 - The Board will determine the remuneration policy for the new CEO for the 2026 fiscal year at its year-end meeting, which will be presented to the Annual Shareholders Meeting in 2026 [3] - Mr. Versloot's non-compete agreement includes a 12-month period with an indemnity equal to one year of annual compensation, and termination indemnity is set at one year of fixed and variable compensation if revoked by the Board under certain conditions [4] - BIC is recognized for its commitment to sustainability and education, with a presence in over 160 countries and a diverse portfolio of products [6]

Core Viewpoint - BlackBerry Limited is expected to report its first-quarter fiscal 2026 results on June 24, with revenues projected between $107 million and $115 million, and an adjusted EBITDA of up to $7 million. The Zacks Consensus Estimate indicates breakeven earnings, unchanged over the past 60 days, following a loss of 3 cents per share in the prior-year quarter [1][8]. Financial Performance - BlackBerry has a strong earnings surprise history, having outperformed the Zacks Consensus Estimate in each of the last four quarters, with an average surprise of 93.75% [2][3]. - The company currently has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [4]. Revenue Segments - The QNX segment is anticipated to drive performance, particularly due to demand in advanced driver assistance systems (ADAS) and digital cockpit solutions. The next-generation QNX operating system SDP 8.0 is gaining traction across various verticals [5][8]. - The Secure Communications division is expected to generate revenues between $50 million and $54 million, while Licensing & Other revenues are projected at approximately $6 million. QNX business revenues are expected to range from $51 million to $55 million [11]. Strategic Partnerships - BlackBerry has partnered with Microsoft to enhance its QNX Software Development Platform 8.0 within Microsoft Azure, aiming to support automakers in software development and innovation [6]. Market Conditions - The company anticipates a sequential decline in QNX revenues due to a volatile automotive market backdrop, with previous revenues at $65.8 million. Management has expressed uncertainty regarding the impact of recent tariff changes on business operations [12]. - The Secure Communications division faces challenges due to ongoing turmoil in core government markets, influenced by political changes in various regions [13]. Stock Performance - BlackBerry's shares have increased by 14% over the past six months, outperforming the Internet Software industry's growth of 9.3%, while the broader Computer & Technology sector and S&P 500 have seen declines [15]. - The stock is trading at a discount, with a 12-month price/book multiple of 3.58X compared to the Internet Software industry's 6.38X [20]. Investment Considerations - Despite near-term challenges and geopolitical uncertainties, BlackBerry's effective cost management, strategic divestitures, and ongoing QNX momentum support a stable outlook. The company's strong earnings surprise history and improving fundamentals present a compelling investment case [22].

Core Insights - BlackBerry Limited (BB) is focusing on enterprise software and cybersecurity, with Secure Communications revenues of $67.3 million making up nearly 50% of total revenues in the last quarter, exceeding management's expectations of $62-$66 million [1] Group 1: Secure Communications Division - The Secure Communications division includes encrypted voice, messaging, and critical event management solutions, trusted by governments and enterprises for military-grade protection [2] - Key products such as Secusuite, AtHoc, and UEM are recognized for their competitive advantages, including NSA-certified end-to-end encryption and a wide range of industry certifications [2] - Secusuite is expanding beyond Germany, while AtHoc is increasing its presence in the U.S. government sector, focusing on public safety services [3] Group 2: Financial Performance - Over the past fiscal year, the Secure Communications unit has seen stable revenues and improved profitability, contributing positively to BB's EBITDA and cash flow [4] - The unit is showing positive momentum with healthier annual recurring revenue (ARR) trends, reflecting improving fundamentals and long-term growth potential [4] Group 3: Market Dynamics - Increased defense budgets in the U.S., Europe, and Asia are driving demand for secure communication systems, while hybrid work trends are prompting investments in secure tools to prevent data breaches [5] - However, BB is cautious about the Secure Communications unit due to potential instability from political changes in key markets like the U.S. and Germany [6] Group 4: Competitive Landscape - Competitors like Fortinet and CrowdStrike are advancing in AI-driven cybersecurity, with Fortinet's SecOps business growing 29% year-over-year [7][10] - BB's shares have gained 77.4% over the past year, outperforming the Zacks Internet – Software industry's growth of 33.2% [11] - BB trades at a forward price-to-sales ratio of 4.53X, which is lower than the industry's average of 5.6X [12]

Group 1 - As of May 31, 2025, Société BIC has a total of 41,621,162 issued shares, which represent 58,877,719 voting rights [2] - The number of voting rights excluding shares without voting rights is 58,480,587 [2] - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of over 13,000 employees [4] Group 2 - BIC's product portfolio includes well-known brands such as BIC® 4-Color™, BodyMark®, and Tipp-Ex®, among others [4] - The company is listed on Euronext Paris and is included in the SBF120 and CAC Mid 60 indexes [4] - BIC is recognized for its commitments to sustainability and education [4]

Core Insights - BIC has appointed Rob Versloot as the new CEO, effective September 15, 2025, following a thorough selection process by the Board of Directors [2][3] - The transition period will involve close collaboration between the outgoing CEO Gonzalve Bich and Rob Versloot to ensure business continuity [4] - Rob Versloot brings extensive experience in the FMCG sector, having successfully led transformations and growth in previous roles, particularly at Hero Group [6] Company Overview - BIC is a global leader in stationery, lighters, and shavers, with a presence in over 160 countries and a workforce of more than 13,000 employees [10] - The company is recognized for its commitment to sustainability and education, and its product portfolio includes iconic brands such as BIC® 4-Color™, Cristal®, and Tangle Teezer® [10] - BIC is listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, highlighting its significant market presence [10] Leadership Transition - Edouard Bich, Chair of the Board, expressed optimism about the new chapter of growth and innovation under Rob Versloot's leadership [5] - Rob Versloot emphasized his commitment to building on the legacy of Gonzalve Bich and focusing on consumer needs and sustainable innovation [5]