QNX is in 275M+ vehicles worldwide. With roughly 1.7B vehicles on the road globally, that means QNX is in about 16% of the global vehicle fleet — basically 1 in 6 vehicles.
That is a massive installed base for mission-critical embedded software.
The growth is also finally showing up in the numbers. BB’s latest quarter had revenue up around 26% YoY, and QNX also grew around 26% YoY with very high software margins. This is starting to look less like a dead phone-company turnaround and more like a high-margin embedded software rerating.
The comparison I like is: BB could be the software-layer version of Qualcomm/Nokia.
Qualcomm is the auto chip/platform giant. Nokia became infrastructure after phones. BB could become the overlooked embedded software infrastructure play for vehicles, robotics, industrial systems, defense, aerospace, and edge AI.
QNX is not a monopoly, but it looks like one of the leading safety-critical automotive OS platforms by disclosed vehicle count. That matters because automakers do not casually rip out validated software from vehicle platforms.
The space angle is also interesting: QNX is now supported in NASA’s core Flight System ecosystem. That does not mean every spacecraft runs QNX, but it adds credibility to the mission-critical software story.
Simple thesis: BB is not a phone company anymore. It is a high-margin embedded software play hiding in plain sight.
Made a more in-depth DD last week. Don’t sleep on this stock.
Not financial advice, just factual data