Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$8.80, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 15x in the Software industry in Canada. Total returns to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$6.49 per share. Live News • May 09
BlackBerry Expands QNX Platform and Approves Share Buyback Targeting 26.8 Million Shares BlackBerry’s QNX software platform now accounts for about half of company revenue and is embedded in more than 275 million vehicles globally.
The QNX division is expanding into areas such as robotics, medical devices, industrial systems and edge AI, supported by an extended partnership with NVIDIA.
BlackBerry renewed its normal course issuer bid, authorizing the repurchase and cancellation of up to 26.8 million shares, or roughly 4.58% of the public float, between May 12, 2026 and May 11, 2027.
For you as an investor, the focus is firmly on BlackBerry as a software and security company rather than its legacy hardware past. QNX sits at the center of that shift, supplying real-time operating systems for advanced driver assistance, infotainment and over-the-air update capabilities in vehicles, while also being applied to other safety-critical and AI-driven systems. The extended NVIDIA collaboration indicates that BlackBerry is working to remain active in automotive and robotics platforms where secure, real-time performance is essential.
The renewed buyback program adds a capital allocation angle. By planning to repurchase up to 26.8 million shares and cancel them, BlackBerry signals confidence in its balance sheet and cash generation outlook, and it also creates a mechanism to offset dilution from equity incentives. When you assess the stock, it is worth considering the software revenue mix, the breadth of QNX’s design wins across sectors and the potential impact of ongoing buybacks on per-share metrics. Buy Or Sell Opportunity • May 06
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 77% to CA$8.18. The fair value is estimated to be CA$6.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$5.65, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 9x in the Software industry in Canada. Total loss to shareholders of 3.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$6.33 per share. New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 09
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: US$0.09 (up from US$0.014 loss in FY 2025). Revenue: US$549.1m (up 2.7% from FY 2025). Net income: US$53.2m (up US$61.7m from FY 2025). Profit margin: 9.7% (up from net loss in FY 2025). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Apr 08
BlackBerry Limited, Annual General Meeting, Jun 25, 2026 BlackBerry Limited, Annual General Meeting, Jun 25, 2026. Buy Or Sell Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to CA$4.84. The fair value is estimated to be CA$6.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 376% in the next 2 years. Buy Or Sell Opportunity • Mar 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to CA$4.67. The fair value is estimated to be CA$5.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 376% in the next 2 years. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to CA$4.85. The fair value is estimated to be CA$6.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 376% in the next 2 years. Reported Earnings • Dec 20
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: US$0.023 (up from US$0.02 in 3Q 2025). Revenue: US$141.8m (flat on 3Q 2025). Net income: US$13.7m (up 14% from 3Q 2025). Profit margin: 9.7% (up from 8.4% in 3Q 2025). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 50%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Nov 18
BlackBerry Limited Announces President Changes at its QNX Division BlackBerry Limited announced the appointment of John Wall as President of its QNX division, effective immediately 17 November 2025. Wall will report to BlackBerry CEO, John J. Giamatteo. Wall, widely recognized as a leading authority in embedded software, has been an integral member of the QNX team since joining in 1993. He has held roles of escalating seniority within the organization, including in product engineering, service delivery and sales, and most recently served as the division's Chief Operating Officer. Wall has overseen the planning, design and development of QNX's product portfolio and played a key role in driving its significant growth in automotive and general embedded systems. Wall holds a Bachelor of Engineering degree from Carleton University. Wall will succeed Mattias Eriksson, who has decided to pursue other opportunities outside of BlackBerry. Eriksson will remain as an advisor to the company until December 31, 2025 to ensure a smooth transition. Major Estimate Revision • Oct 02
Consensus EPS estimates increase by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$519.7m to US$526.3m. EPS estimate increased from US$0.06 to US$0.085 per share. Net income forecast to grow 219% next year vs 25% growth forecast for Software industry in Canada. Consensus price target of CA$5.61 unchanged from last update. Share price rose 12% to CA$6.67 over the past week. Recent Insider Transactions • Oct 01
Insider recently sold CA$201k worth of stock On the 28th of September, Philip Kurtz sold around 29k shares on-market at roughly CA$6.90 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$224k more than they bought in the last 12 months. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Barry Mainz was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jul 02
Now 20% undervalued Over the last 90 days, the stock has risen 30% to CA$5.75. The fair value is estimated to be CA$7.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 102% in 2 years. Earnings are forecast to grow by 542% in the next 2 years. Reported Earnings • Jun 25
First quarter 2026 earnings released: EPS: US$0.003 (vs US$0.071 loss in 1Q 2025) First quarter 2026 results: EPS: US$0.003 (up from US$0.071 loss in 1Q 2025). Revenue: US$121.7m (down 16% from 1Q 2025). Net income: US$1.90m (up US$43.9m from 1Q 2025). Profit margin: 1.6% (up from net loss in 1Q 2025). Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to CA$5.51. The fair value is estimated to be CA$6.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 09
BlackBerry Limited, Annual General Meeting, Jun 25, 2025 BlackBerry Limited, Annual General Meeting, Jun 25, 2025. Reported Earnings • Apr 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: US$0.014 loss per share (improved from US$0.22 loss in FY 2024). Revenue: US$534.9m (down 37% from FY 2024). Net loss: US$8.50m (loss narrowed 94% from FY 2024). Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 08
BlackBerry Limited Announces Step Down of Marjorie Dickman as Chief Government Affairs and Public Policy Officer On February 28, 2025, Marjorie Dickman stepped down from her position as Chief Government Affairs and Public Policy Officer of BlackBerry Limited to pursue corporate board and other opportunities. Ms. Dickman will remain with the Company as Special Advisor to the Chief Executive Officer until May 31, 2025. Ms. Dickman’s departure is not the result of any disagreement with the Company on matters related to its strategy, operations, policies or practices. Announcement • Feb 04
Arctic Wolf Networks, Inc. completed the acquisition of Cylance assets from BlackBerry Limited. Arctic Wolf Networks, Inc. entered into a definitive agreement to acquire Cylance assets from BlackBerry Limited on December 15, 2024. Under the terms of the agreement, Arctic Wolf will acquire the Company’s Cylance® endpoint security assets for a purchase price consisting of $160 million of cash, subject to certain purchase price adjustments set forth in the Equity and Asset Purchase Agreement (the “Cash Consideration”), and 5.5 million common shares in Arctic Wolf (the “Equity Consideration”). After giving effect to the purchase price adjustments to the Cash Consideration, the Company will receive approximately $80 million of the Cash Consideration and the Equity Consideration at closing of the transaction, and approximately $40 million of the Cash Consideration on the one-year anniversary of closing.
In addition, the Equity and Asset Purchase Agreement provides that, on the closing date of the transaction, the Company and Arctic Wolf will enter into (i) a non-exclusive patent license agreement, (ii) a partner agreement pursuant to which the Company will agree to resell certain products and services of Arctic Wolf, and (iii) a strategic customer support agreement, pursuant to which Arctic Wolf will agree to provide certain customer support services to the Company. The proposed transaction is subject to the provision of customary closing deliverables and satisfaction of customary conditions and is expected to close in BlackBerry’s fourth fiscal quarter. Perella Weinberg Partners LP served as exclusive financial adviser to BlackBerry and Chere See and Erik Knudsen of Morrison Foerster LLP served as legal adviser to BlackBerry. Cooley LLP served as legal adviser to Arctic Wolf.
Arctic Wolf Networks, Inc. completed the acquisition of Cylance assets from BlackBerry Limited on February 3, 2025. Announcement • Jan 18
BlackBerry Limited Announces Resignation of Jay Chai as Senior Vice President and Chief Accounting Officer, Effective January 31, 2025 On January 15, 2025, Jay Chai resigned as Senior Vice President and Chief Accounting Officer of BlackBerry Limited (the Company"), with effect as of January 31, 2025. Mr. Chai is leaving the Company to pursue other opportunities and his resignation is not the result of any disagreement with the Company on matters related to its strategy, operations, policies or practices. Recent Insider Transactions Derivative • Jan 07
CEO & Director exercised options and sold CA$828k worth of stock On the 2nd of January, John Giamatteo exercised options to acquire 156k shares at no cost and sold these for an average price of CA$5.31 per share. This trade did not impact their existing holding. For the year to February 2022, John's total compensation was 5% salary and 95% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, John has owned 206.09k shares directly. Company insiders have collectively sold CA$1.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Dec 20
Third quarter 2025 earnings released: EPS: US$0.02 (vs US$0.036 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.02 (up from US$0.036 loss in 3Q 2024). Revenue: US$143.0m (down 18% from 3Q 2024). Net income: US$12.0m (up US$33.0m from 3Q 2024). Profit margin: 8.4% (up from net loss in 3Q 2024). Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Software industry in Canada are expected to grow by 16%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Dec 18
Consensus EPS estimates fall by 246% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$0.13 to -US$0.45 per share. Revenue forecast unchanged at US$597.5m. Software industry in Canada expected to see average net income growth of 42% next year. Consensus price target up from CA$4.03 to CA$4.30. Share price rose 15% to CA$4.56 over the past week. Announcement • Dec 17
Arctic Wolf Networks, Inc. entered into a definitive agreement to acquire Cylance assets from BlackBerry Limited for CAD 160 million. Arctic Wolf Networks, Inc. entered into a definitive agreement to acquire Cylance assets from BlackBerry Limited for CAD 160 million on December 16, 2024. Under the terms of the agreement, BlackBerry will sell its Cylance assets to Arctic Wolf for CAD 160 million of cash, subject to certain adjustments, and approximately 5.5 million common shares of Arctic Wolf. After allowing for the purchase price adjustments, BlackBerry will receive approximately CAD 80 million of cash at closing and approximately CAD 40 million of cash one year following the closing. The proposed transaction is subject to customary closing conditions and is expected to close in BlackBerry’s fourth fiscal quarter. Perella Weinberg Partners LP served as exclusive financial adviser to BlackBerry and Chere See and Erik Knudsen of Morrison Foerster LLP served as legal adviser to BlackBerry. Cooley LLP served as legal adviser to Arctic Wolf. Announcement • Dec 12
BlackBerry Limited and TTTech Auto Launch New MotionWise Scheduling Solution for QNX 8 BlackBerry Limited and TTTech Auto announced a solution that addresses the growing complexities automotive developers are facing as the industry doubles down on its push towards Software Defined Vehicles (SDVs). MotionWise Schedule for QNX®? Software Development Platform (SDP) 8.0 accelerates software development for automakers building SDVs and helps to enable the safe, real-time execution of applications running on QNX®? SDP 8.0. As vehicle software becomes increasingly complex while maintaining real-time system properties, the demand for products that enable safety, reliability, and precise timing execution is growing. MotionWise Schedule forQNX SDP 8.0 addresses this need by providing a high-performance runtime environment with deterministic task scheduling. This enables optimized resource utilization and is supported by a correct-by-design tool-suite, significantly reducing design and configuration efforts for the embedded runtime. Simplifying complex integration tasks to speed up GTM: In SDV projects, manual configuration of schedulers can lead to cumbersome cycles of repeated testing and iterations. With each code alteration, new feature addition or software release, the process re-starts, causing delays in production timelines and in tandem, adding to program costs. MotionWise Schedule for Q NX simplifies the daily work of software developers, replacing countless manual processes by generating scheduling solutions in a single automated step. New software applications can be added incrementally without compromising quality, meaning the time to bring new software to market is significantly reduced, drastically cutting the cost of new vehicle projects, where even a few days of production delay is detrimental. QNX and TTTech Auto will demo MotionWise Schedule for QnX at CES Jan. 7 - 10 2025 at the Las Vegas Convention Center. Visit QNX at Booth #4224 in the West Hall, or schedule a meeting with a spokesperson here. MotionWise Schedule for Quebec SDP 8.0 will be available in early 2025. For more information on how BlackBerry QNX's portfolio of embedded software solutions can help accelerate safety-certification, ensure reliability and reduce development time, visit BlackBerry QNX. Announcement • Oct 02
BlackBerry Limited Appoints Veteran Lisa Bahash to its Board of Directors BlackBerry Limited announced that it has appointed automotive OEM and Tier 1 supplier veteran Lisa Bahash to its Board of Directors, effective September 26, 2024. Ms. Bahash is an executive leader with over 30 years of experience in the automotive OEM. She served as Senior Vice President, Automotive and Transportation with Jabil Inc. Prior to Jabil, Ms. Bahash was Group Vice President and General Manager of Johnson Control's Power Solutions business, leading the OEM and technology strategies including advanced energy storage and lithium-ion technologies. She was also President and CEO of Ride Control, LLC (Gabriel), where she accelerated growth and completed a successful sale of the business. Ms. Bahash began her career at Ford Motor Company where she worked for 10 years in a variety of positions. Most recently, she served as Principal and Operating Partner at Architect Equity LLC. Ms. Bahash holds a Master of Engineering Management degree from Wayne State University and a Bachelor of Science degree in Mechanical Engineering from the University of Michigan. She is a member of the Board of Directors at Syrah Resources Ltd., where she serves as Chair of the Remuneration, Nomination and Governance Committee and as a member of the Sustainability Committee. Ms. Bahash is also a former director of Mattr Corp., formerly Shawcor Ltd. In 2015, Ms. Bahash was recognized as one of Automotive News Top 100 Leading Women in the North American Auto Industry. In connection with the appointment of Ms. Bahash, the Board increased the total number of directors to eight, seven of whom are independent directors, including Ms. Bahash. Reported Earnings • Sep 27
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: US$0.032 loss per share (improved from US$0.072 loss in 2Q 2024). Revenue: US$145.0m (up 9.8% from 2Q 2024). Net loss: US$19.0m (loss narrowed 55% from 2Q 2024). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Sep 27
Blackberry Limited Provides Earnings Guidance for the Third Quarter Ending November 30, 2024 and the Full Fiscal Year Ending February 28, 2025 BlackBerry Limited provided earnings guidance for the third quarter ending November 30, 2024 and the full fiscal year ending February 28, 2025. For the quarter, the company expects Total BlackBerry revenue in the range of $146 million- $154 million.
For the full year, the company expects Total BlackBerry revenue in the range $591 million - $616 million. Announcement • Sep 04
HaleyTek AB and BlackBerry Limited Announce the Launch of Haleytek's Generic Automotive Platform HaleyTek AB and BlackBerry Limited announced the launch of HaleyTek's Generic Automotive Platform (GAP), a cockpit software platform. GAP provides access to a seamless, agile Android Automotive development environment, accelerating the time-to-market for next-generation infotainment systems. BlackBerry QNX is providing the QNX Hypervisor for Safety and QNX Sound platform for GAP, which will offer OEMs access to two long-awaited enabling technologies for next generation automotive cockpits; Software Defined Audio (SDA) and VirtIO. SDA delivers superior software-based acoustic and audio experiences for consumers, while enabling significant Bill-of-Material (BOM) savings and the ability to generate new subscription revenue through personalized audio software features after the sale of the vehicle. It will also extend the lifecycle of these systems, offering over-the-air (OTA) Android™ and security updates to enable a safe, connected future. With a focus on sustainable innovation, HaleyTek and BlackBerry QNX are dedicated to ensuring that their advanced collaborative platforms not only meet but further enable the next generation of cockpit consolidation and better ecosystem and consumer experiences based on software. Announcement • Aug 01
BlackBerry Limited Announces Chief Financial Officer Changes BlackBerry Limited announced Tim Foote has been appointed as the company's Chief Financial Officer, effective 30 July 2024. Foote will report to BlackBerry CEO, John J. Giamatteo. Foote joined the company following BlackBerry's acquisition of Good Technology in 2015 and brings more than 20 years of experience across a number of senior finance leadership positions. While at BlackBerry, Foote's roles have included managing the company's international finance operations, Vice President of Investor Relations and, most recently, CFO for the Cybersecurity division. Foote holds an MBA from Imperial College Business School, London and is a Chartered Accountant. Foote will succeed Steve Rai, who has decided to pursue other opportunities outside of the company. Giamatteo, and the rest of the BlackBerry Board, thank Steve for his contributions to the Company since 2014 and wish him well in his future endeavors. Rai will remain with BlackBerry until September in a consulting role in order to help facilitate a smooth transition. Announcement • Jul 31
BlackBerry Limited Announces Executive Changes BlackBerry Limited has appointed Jay Chai as the company's chief accounting officer. Chai has been Vice President and Corporate Controller at BlackBerry since May 2019 and will leverage his deep expertise in financial reporting and operations for this new, expanded role and responsibilities. Fraser Deziel has been promoted to the role of Corporate Controller. Deziel has been with BlackBerry since November 2009 and was most recently Senior Director of Financial Reporting and Treasury. Reported Earnings • Jun 28
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: US$0.071 loss per share (further deteriorated from US$0.019 loss in 1Q 2024). Revenue: US$144.0m (down 61% from 1Q 2024). Net loss: US$42.0m (loss widened 282% from 1Q 2024). Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Jun 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 14
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to CA$4.73. The fair value is estimated to be CA$3.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 22% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Announcement • May 03
Blackberry Introduces Cylance Assistant, the Next Level of Cybersecurity with Generative AI Capabilities BlackBerry Limited announced the general availability of Cylance Assistant, a generative AI cybersecurity advisor that will help organizations speed up decision-making and stop more threats faster with fewer resources. Cylance Assistant brings together a set of advanced capabilities that leverage the power of Cylance AI to do more with less. These AI-driven features are built into the Cylance cybersecurity platform. Cylance Assistant provides fast, expert guidance and valuable recommendations to security analysts to enhance your security operations center. It simplifies complex cybersecurity issues by analyzing large quantities of data and combining it with our threat research to deliver recommendations in plain language. It virtually looks over the shoulder of each analyst to evaluate, interpret, and suggest the best course of action in real-time. Unlike competitor offerings, there is no need to step away from your workflow to ask a chatbot what you should do. The Cylance Assistant understands the context and provides expert guidance without asking. The result is quicker investigations and reasonable resolution of security threats. With Cylance AI always available on demand, security analysts can now identify and block a broader range of threats, expedite investigations, and make rapid decisions. The introduction of Cylance AI, the industry's longest-running predictive AI, along with Cylance Assistant, empowers security teams to take complete control of their operations, outmaneuvering sophisticated threat actors who employ adversarial AI and polymorphic malware. Cylance Assistant uses privacy-preserved, responsible AI principles and doesn't share customer data to train models. It is included with CylanceENDPOINT to maximize budget and simplify operations. BlackBerry's Cylance Assistant utilizes Amazon Web Services' (AWS) Generative AI service Amazon Bedrock to help organizations greatly enhance their cyber security operations and achieve better outcomes. Amazon Bedrock provides foundation model choice from leading AI providers via a single API for companies to build and scale generative AI applications. Announcement • Apr 06
BlackBerry Limited, Annual General Meeting, Jun 25, 2024 BlackBerry Limited, Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: US$0.22 loss per share (improved from US$1.27 loss in FY 2023). Revenue: US$853.0m (up 30% from FY 2023). Net loss: US$130.0m (loss narrowed 82% from FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to CA$3.83. The fair value is estimated to be CA$4.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to decline by 12% in 2 years. Earnings are forecast to grow by 92% in the next 2 years. Announcement • Feb 08
Blackberry Limited Announces Board and Committee Changes BlackBerry Limited announced that it has appointed IoT technology veteran Philip Brace to its board of directors, effective February 8, 2024. Mr. Brace will serve as a member of the Compensation, Nomination and Governance Committee of the Board. Mr. Brace has an extensive background in the IoT, semiconductor, server and storage industries. His roles over the past 3 decades include a wide array of functions, including software, hardware, engineering, marketing, and sales. Most recently, from July 2021 to January 2023, Mr. Brace served as President and CEO of leading Canadian wireless communications designer, Sierra Wireless Inc., where he led the company through operational improvements that increased profits by more than 100% and grew revenue by more than 40%, culminating in a successful acquisition by Semtech Corporation. Prior to this, Mr. Brace served as Executive Vice President at Veritas Technologies, President of Seagate Technology's Cloud Systems and Electronic Solutions, Executive Vice President at LSI Corporation, and General Manager at Intel Corporation. Mr. Brace holds a Bachelor of Applied Science degree in Computer Engineering from the University of Waterloo and a Master's degree in Electrical Engineering from California State University, Sacramento. He has also participated in the Stanford University Directors' Consortium. Mr. Brace is also a member of the Board of Directors at Lantronix Inc. and Inseego Corp. BlackBerry also announced that Prem Watsa has decided to resign from the BlackBerry Board of Directors as of February 15, 2024, in connection with the Company's repayment at maturity of its $150 million principal amount convertible debentures held by affiliates of Fairfax Financial Holdings Limited, of which Mr. Watsa is Chairman and CEO. Mr. Watsa has served as a director of the Company since November 2013 and was a member of the Compensation, Nomination and Governance Committee of the Board of Directors. He also previously served as a director of the Company from January 2012 to August 2013. Following the appointment of Mr. Brace and the resignation of Mr. Watsa, the Board will have 7 members, 6 of whom are independent directors. Announcement • Dec 21
BlackBerry Limited Provides Earnings Guidance for the Fourth Quarter of Fiscal Year Ending February 29, 2024 BlackBerry Limited provided earnings guidance for the fourth quarter of fiscal year ending February 29, 2024. For the quarter, the company expects total company revenue to be in the range of $150 million - $159 million. Announcement • Nov 15
BlackBerry Limited announced that it expects to receive $150 million in funding from Fairfax Financial Holdings Limited BlackBerry Limited announced that it has entered into an agreement with certain controlled affiliates of Fairfax Financial Holdings Limited to issue 1.75% extendable convertible unsecured debentures for the gross proceeds of $150,000,000 on November 13, 2023. The Extension Debentures will be convertible into Common Shares at a price of $6.00 per Common Share and will be due on or about February 14, 2024, with an option for the parties to extend the maturity date to on or about May 14, 2024, by mutual agreement. The conversion price represents a premium of approximately 64.8% to the closing price of the Common Shares on the New York Stock Exchange on November 10, 2023, and the Common Shares issuable upon conversion of all of the Extension Debentures would represent approximately 4.3% of the current issued and outstanding Common Shares. The closing of the Transaction is subject to customary conditions, including approval from the Toronto Stock Exchange and the New York Stock Exchange. The Transaction is expected to be completed on or before November 17, 2023. The offer and sale of the Extension Debentures, the Subsidiary Guarantees and the Common Shares issuable upon conversion of the Extension Debentures, if any, will be made to accredited investors in reliance on the exemption from registration under Section 4(a)(2) of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and will not be registered pursuant to the Securities Act or any state securities laws. Announcement • Nov 05
Blackberry Limited Announces Chief Executive Officer Changes BlackBerry Limited announced that John Chen, Executive Chair of the Board of Directors will retire from his roles at the Company effective November 4, 2023. Mr. Chen’s retirement is not the result of any disagreement with the Company on matters related to its strategy, operations, policies or practices. In addition, on October 30, 2023, the Company announced that Richard (Dick) Lynch, 75, will succeed Mr. Chen as Chair of the Board and will also serve as Interim Chief Executive Officer while BlackBerry completes its search for a permanent Chief Executive Officer. Mr. Lynch has served as a director of the Company since 2013 and been President of FB Associates, LLC since 2011. Previously, Mr, Lynch served as Chief Technology Officer of Verizon Communications and Verizon Wireless. Mr. Lynch joined the BlackBerry Board in 2013 and serves as a member of its Compensation, Nomination and Governance Committee. He previously served as Executive Vice-President and Chief Technology Officer of Verizon Communications and Verizon Wireless. He is a director of Cohere Technologies and iconectiv and has served as Chairman of Ribbon Communications and as a director of Ruckus Wireless. Announcement • Nov 04
Blackberry Limited Announces Board Changes BlackBerry Limited announced that John Chen, Executive Chair of the Board of Directors will retire from his roles at the Company effective November 4, 2023. Mr. Chen’s retirement is not the result of any disagreement with the Company on matters related to its strategy, operations, policies or practices. In addition, on October 30, 2023, the Company announced that Richard (Dick) Lynch, 75, will succeed Mr. Chen as Chair of the Board and will also serve as Interim Chief Executive Officer while BlackBerry completes its search for a permanent Chief Executive Officer. Mr. Lynch has served as a director of the Company since 2013 and been President of FB Associates, LLC since 2011. Previously, Mr, Lynch served as Chief Technology Officer of Verizon Communications and Verizon Wireless. Mr. Lynch joined the BlackBerry Board in 2013 and serves as a member of its Compensation, Nomination and Governance Committee. He previously served as Executive Vice-President and Chief Technology Officer of Verizon Communications and Verizon Wireless. He is a director of Cohere Technologies and iconectiv and has served as Chairman of Ribbon Communications and as a director of Ruckus Wireless. Announcement • Oct 17
Blackberry Limited Announces Generative AI Powered Cybersecurity Assistant BlackBerry Limited announced its new Generative AI powered assistant for Security Operations Center (SOC) teams. The enterprise-grade solution acts as a SOC Analyst providing Generative AI based cyberthreat analysis and support to enhance CISO operations. It leverages private large language models (LLMs) for greater accuracy and data privacy. The solution, which will be available to BlackBerry's Cylance®? AI customers, predicts customer needs to proactively provide information rather than requiring users to manually ask questions and compresses research hours into seconds. Fully integrated in the Cylance Console, it produces a natural workflow instead of an efficient chatbot experience. Cylance launched as the industry's first AI cybersecurity solution and the industry's first predictive cybersecurity solution. Predictive cybersecurity is a must for emerging cyber risks and seen as the future of cybersecurity. BlackBerry has delivered transformative innovation for almost forty years and continues to set a standard in the technology industry. In the field of AI this is evidenced by the company having more than five times the AI/ML patents than competitors and AI being integrated across the company's product portfolio. Furthermore, BlackBerry earlier this month was one of the first signatories of Canada's voluntary Code of Conduct on the responsible development and management of advanced Generative AI systems. Reported Earnings • Sep 30
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: US$0.072 loss per share (improved from US$0.094 loss in 2Q 2023). Revenue: US$132.0m (down 21% from 2Q 2023). Net loss: US$42.0m (loss narrowed 22% from 2Q 2023). Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 39%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 08
BlackBerry Limited Provides Revenue Guidance for the Second Quarter Fiscal 2024 BlackBerry Limited provided revenue guidance for the second quarter fiscal 2024. For the quarter, Total company revenue expected to be approximately $132 million. Major Estimate Revision • Jul 06
Consensus revenue estimates increase by 23% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$698.2m to US$859.2m. Forecast losses expected to reduce from -US$0.198 to -US$0.178 per share. Software industry in Canada expected to see average net income growth of 5.4% next year. Consensus price target down from CA$5.95 to CA$5.47. Share price rose 3.2% to CA$6.82 over the past week. Reported Earnings • Jun 29
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: US$0.019 loss per share (improved from US$0.31 loss in 1Q 2023). Revenue: US$373.0m (up 122% from 1Q 2023). Net loss: US$11.0m (loss narrowed 94% from 1Q 2023). Revenue exceeded analyst estimates by 134%. Earnings per share (EPS) also surpassed analyst estimates by 74%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 19
BlackBerry Limited Provides Revenue Guidance for the Fiscal Year 2024 BlackBerry Limited provided revenue guidance for the fiscal year 2024. The company expects to report total revenue of $665 million - $700 million for the fiscal year 2024. Major Estimate Revision • Apr 19
Consensus EPS estimates upgraded to US$0.20 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -US$0.22 to -US$0.197 per share. Revenue forecast steady at US$700.9m. Software industry in Canada expected to see average net income growth of 0.2% next year. Consensus price target of CA$6.04 unchanged from last update. Share price fell 3.6% to CA$5.91 over the past week. Reported Earnings • Apr 02
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: US$1.27 loss per share (down from US$0.021 profit in FY 2022). Revenue: US$656.0m (down 8.6% from FY 2022). Net loss: US$734.0m (down US$746.0m from profit in FY 2022). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 133% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$679.3m to US$665.0m. Losses expected to increase from US$0.55 per share to US$1.28. Software industry in Canada expected to see average net income decline 8.0% next year. Consensus price target of CA$6.25 unchanged from last update. Share price fell 4.8% to CA$4.99 over the past week. Buying Opportunity • Mar 07
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be CA$6.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to decline by 67% in the next 2 years. Recent Insider Transactions Derivative • Jan 06
Insider exercised options and sold CA$141k worth of stock On the 3rd of January, John Giamatteo exercised options to acquire 30k shares at no cost and sold these for an average price of CA$4.67 per share. This trade did not impact their existing holding. As of today, John currently holds no shares directly. Company insiders have collectively sold CA$4.7m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Dec 21
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: US$0.007 loss per share (down from US$0.13 profit in 3Q 2022). Revenue: US$169.0m (down 8.2% from 3Q 2022). Net loss: US$4.00m (down 105% from profit in 3Q 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 90%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Lisa Disbrow was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Nov 09
Executive Chairman & CEO exercised options and sold CA$3.3m worth of stock On the 3rd of November, John Chen exercised options to acquire 555k shares at no cost and sold these for an average price of CA$5.88 per share. This trade did not impact their existing holding. For the year to February 2016, John's total compensation was 33% salary and 67% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2022, John's direct individual holding has increased from 9.00m shares to 9.45m. Company insiders have collectively sold CA$4.6m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Sep 28
Chief Financial Officer exercised options and sold CA$105k worth of stock On the 26th of September, Steve Rai exercised options to acquire 15k shares at no cost and sold these for an average price of CA$6.93 per share. This trade did not impact their existing holding. Since September 2021, Steve's direct individual holding has increased from 15.39k shares to 24.50k. Company insiders have collectively sold CA$35m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Sep 24
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 losses forecast to reduce from -US$0.90 to -US$0.77 per share. Revenue forecast steady at US$689.9m. Software industry in Canada expected to see average net income growth of 30% next year. Consensus price target of CA$7.79 unchanged from last update. Share price fell 9.3% to CA$6.89 over the past week. Recent Insider Transactions Derivative • Jul 01
President of IoT Business Unit exercised options and sold CA$89k worth of stock On the 28th of June, Mattias Eriksson exercised options to acquire 12k shares at no cost and sold these for an average price of CA$7.15 per share. This trade did not impact their existing holding. As of today, Mattias currently holds no shares directly. Company insiders have collectively sold CA$38m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jun 24
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: US$0.31 loss per share (down from US$0.11 loss in 1Q 2022). Revenue: US$168.0m (down 3.4% from 1Q 2022). Net loss: US$181.0m (loss widened 192% from 1Q 2022). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 138%. Over the next year, revenue is forecast to stay flat compared to a 24% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jun 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be CA$9.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to decline by 1,771% in the next 2 years.