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 raise