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Paid 200/month subscription for this shit AI DD better be worth it:
I know most people still hear “BlackBerry” and think old phones, but that is not what this company is anymore. The real story is QNX, embedded software, secure communications, auto, robotics, industrial systems, and mission-critical operating systems.
BlackBerry is starting to look less like a dead phone company and more like a high-margin software turnaround that the market may finally be waking up to.
**1. The latest quarter was actually strong**
BlackBerry’s most recent quarter showed real progress.
Revenue was about **$153M**, up roughly **26% year-over-year**. Adjusted EBITDA was up massively, and the company posted positive GAAP net income again. That matters because this is no longer just a “maybe one day they turn it around” story. They are already showing profitability and operating improvement.
The big thing for me is that the business is becoming cleaner, leaner, and more software-focused.
**2. QNX is the crown jewel**
QNX is the part of BlackBerry that I think people are still underpricing.
QNX is already in **more than 275 million vehicles worldwide**. For context, there are roughly **1.7 billion vehicles** on the road globally. That means QNX is in around **16% of all vehicles on Earth**, or about **1 in every 6 vehicles**.
That is not some tiny niche product. That is massive embedded software distribution.
And this is before the full software-defined vehicle trend really plays out. Cars are becoming computers on wheels, and QNX is already sitting inside a huge part of that market.
**3. QNX revenue and margins are strong**
QNX revenue grew around **26% year-over-year** in the latest quarter.
Even better, the margins are very high. QNX had around **86% adjusted gross margin** and about **27% segment EBITDA margin**.
That is exactly what you want to see in a software business. High-margin, mission-critical software with a huge installed base and long-term auto/industrial demand.
**4. This is not just cars anymore**
The bull case is bigger than just automotive.
QNX is being positioned for software-defined vehicles, robotics, medical devices, industrial systems, defense, edge AI, and other safety-critical environments.
That matters because QNX is not random consumer software. It is built for systems where reliability actually matters. If the software fails, it can create serious real-world problems. That gives BlackBerry a different kind of moat.
**5. The NASA / spacecraft angle is real, but needs to be worded correctly**
QNX now has support in NASA’s core Flight System ecosystem through QNX SDP 8.0.
That does **not** mean every NASA spacecraft is suddenly running QNX. The accurate way to say it is that QNX is now supported as an operating system option within NASA’s cFS framework.
That is still very bullish, in my opinion.
NASA’s core Flight System has been used across many missions, and QNX being added to that environment strengthens the idea that this software belongs in serious mission-critical systems, not just cars.
So the clean bull takeaway is:
**QNX is already deeply embedded in vehicles, and now it has a stronger story in aerospace, defense, robotics, and other high-reliability systems.**
**6. The backlog gives visibility**
BlackBerry has close to a **$1B QNX royalty backlog**.
That is important because it gives some visibility into future revenue. This is not just a one-quarter hype spike. The company has long-term royalty revenue tied to vehicles and embedded systems already in the pipeline.
**7. Secure Communications is also improving**
QNX gets most of the attention, but Secure Communications also had a strong quarter.
That segment grew around **24% year-over-year**, with strong margins as well. So the bull case is not only “QNX saves the company.” The cyber/secure communications side is also contributing.
That makes the overall turnaround more believable.
**8. Guidance was raised**
Management raised full-year guidance.
They are now expecting roughly **$594M to $621M in revenue**, **$119M to $139M in adjusted EBITDA**, positive non-GAAP EPS, and around **$100M in operating cash flow**.
Raised guidance after a strong quarter is usually a big signal. It tells me management is seeing better demand and better execution than previously expected.
**9. Balance sheet is not scary**
BlackBerry ended the quarter with over **$400M in cash and investments**.
They also bought back shares and renewed a buyback program. That matters because the company is not acting like it is in survival mode. They have liquidity, improving profitability, and are returning capital through buybacks.
**10. The market may be repricing the whole company**
For years, BB traded like a failed turnaround or an old phone/cybersecurity name.
But if investors start valuing it more like a high-margin embedded software company with exposure to software-defined vehicles, edge AI, robotics, aerospace, and mission-critical systems, the multiple could expand.
That is the real upside case.
The stock does not need people to believe BlackBerry phones are coming back. It needs people to understand that QNX is already everywhere and that the company is finally showing profitable growth.
**My bull thesis**
BlackBerry is turning into a profitable embedded software and secure communications company.
QNX is already in **275M+ vehicles**, which is about **1 in 6 vehicles globally**. It has high margins, a large royalty backlog, and exposure to some of the biggest future themes: software-defined vehicles, robotics, industrial automation, edge AI, aerospace, and defense.
The company just delivered strong revenue growth, improved EBITDA, positive net income, raised guidance, and still has a solid cash position.
To me, the market is only starting to realize that BB is not the old phone company anymore.
Ps not financial advice, just fuck load of factual data, looking like the next Nokia
My PT is $30 before EOY