BlackBerry Overview - BlackBerry has 3 divisions: QNX, Secure Communications, and Licensing[12] - The company's 2025 revenue was approximately $532 million[12] - BlackBerry has significantly enhanced its cash flow profile, with operating cash flow increasing from -$262 million in FY23 to $17 million in FY25[12] - BlackBerry's QNX is on a path to a "Rule of 40" division[50] QNX Performance and Market - QNX is a leader in automotive and other embedded systems[15] - QNX is experiencing double-digit revenue growth[15] - QNX's serviceable addressable market (SAM) is projected to grow from $1.8 billion in CY2024 to $2.9 billion in CY2028, with a core CAGR of approximately 8-14%[18] - QNX total CAGR is projected to be ~34% from '24 to '28[18] - QNX royalty backlog was up to $865 million in Q4 FY'25, compared to $460 million in Q4 FY'22[50] Strategic Initiatives - BlackBerry is focused on solution innovation, including product and technology bundles and flexible pricing strategies[35] - BlackBerry is strategically collaborating with Vector to transform the traditional automotive value chain[36] - BlackBerry is expanding QNX access to more developers through the QNX Everywhere program, with over 12,000 SDP 8.0 licenses deployed for non-commercial use[48]

Financial Highlights - BlackBerry's Q2 FY26 revenue reached $129.6 million[8] - The company achieved a 75% adjusted gross margin[8] - Non-GAAP earnings per share were $0.04[8] - GAAP net income was $13.3 million[8] - Adjusted EBITDA amounted to $25.9 million[8] - The company's total ending cash and investments stood at $363.5 million[8] - Operating cash flow was $3.4 million[8] - Adjusted OPEX totaled $74.8 million[8] QNX Segment Performance - QNX revenue reached $63.1 million, representing a 15% year-over-year growth[14] - QNX segment adjusted EBITDA margin was 32% of revenue[14]

Financial Highlights - Revenue for Q4 FY25 was $141.7 million[9] - Non-GAAP earnings per share for Q4 FY25 were $0.03[9] - Total ending cash and investments reached $410 million[9] - Non-GAAP operating expenses (OPEX) were $87.4 million[9] - Adjusted EBITDA was $21.1 million[9] - QNX Royalty Backlog was $865 million[9] - Non-GAAP Gross Margin was 74%[9] QNX Segment - QNX segment revenue for FY25 was $236.0 million[13] - QNX segment gross margin for FY25 was 84%[13] - QNX Adjusted EBITDA was $59.1 million, with a margin of 25%[13] Secure Communications Segment - Secure Communications revenue for FY25 was $272.6 million[24] - Secure Communications ARR grew 3% year-over-year to $208 million[15] - Secure Communications DBNRR was 93%[15] Licensing Segment - Licensing segment revenue for FY25 was $26.3 million[17] - Licensing segment gross margin was 77%[17] - Licensing Segment Adjusted EBITDA was $15.8 million[17] FY26 Outlook - The company projects total revenue between $504 million and $534 million for FY26[18] - The company projects total adjusted EBITDA between $69 million and $84 million for FY26[18]