• A corporate cybersecurity firm, like a specialized Palo Alto Networks or CrowdStrike.
• The 'Intel Inside' for automotive software and critical embedded systems.

• BlackBerry QNX: Provides a real-time operating system (RTOS) and development tools widely used in mission-critical systems, particularly in automotive and industrial applications.
• BlackBerry Cylance: Offers AI-powered endpoint protection, detection, and response solutions designed to prevent cyberattacks before they can execute.
• BlackBerry UEM (Unified Endpoint Management): Enables organizations to securely manage and protect all endpoints (mobile devices, desktops, laptops) and applications, ensuring data security and compliance.
• BlackBerry SecuSUITE: Delivers highly secure, end-to-end encrypted voice and data communications for government agencies and enterprises, protecting against eavesdropping.
• BlackBerry IVY: A cloud-connected, AI-powered software platform that allows automakers to create and deploy new in-vehicle experiences and services using vehicle data.

BlackBerry (BB) Major Customers

BlackBerry (BB) primarily sells its software and services to other companies and organizations (B2B) rather than directly to individual consumers. The company has transformed into a leading provider of enterprise software and cybersecurity solutions, with a significant focus on embedded systems for the automotive industry, advanced cybersecurity, and secure communications for governments and large enterprises.

Major Customer Categories and Examples of Customer Companies:

• Automotive Original Equipment Manufacturers (OEMs) and Tier 1 Suppliers

  BlackBerry QNX software is a foundational technology embedded in millions of vehicles worldwide. It provides critical components for infotainment systems, digital cockpits, telematics, and advanced driver-assistance systems (ADAS). Major customers in this sector include many of the world's leading automakers and automotive suppliers:

  • Ford Motor Company (F)
  • General Motors Company (GM)
  • Volkswagen AG (VWAGY)
  • Stellantis N.V. (STLA)
  • Mercedes-Benz Group AG (MBGAF)
  • Honda Motor Co., Ltd. (HMC)
  • Toyota Motor Corporation (TM)
  • Denso Corporation (DNZOY)
  • Panasonic Holdings Corporation (PCRFY)

• Government Agencies and Public Sector Organizations

  Various government entities, defense organizations, and intelligence agencies globally rely on BlackBerry for highly secure communications solutions (e.g., SecuSUITE for Government), AI-driven cybersecurity products (Cylance), and critical event management systems (AtHoc). Due to the sensitive nature of their operations, specific government agency names are generally not publicly disclosed by BlackBerry as "major customers" in the same manner as commercial clients.

• Enterprise Businesses Across Diverse Industries

  BlackBerry serves a broad range of large enterprise customers across various sectors, including financial services, healthcare, and critical infrastructure. These businesses utilize BlackBerry's AI-driven cybersecurity solutions (Cylance) for advanced endpoint protection, detection, and response, as well as critical event management platforms (AtHoc) to enhance organizational resilience and crisis communication. While BlackBerry maintains a wide customer base in this segment, specific "major" public company names are not consistently highlighted in public disclosures due to the breadth of its clientele.

• Amazon (AMZN)

John Giamatteo
Chief Executive Officer
John Giamatteo serves as BlackBerry's Chief Executive Officer and President of its Secure Communications division, a role he assumed in December 2023. He brings over 30 years of experience in various aspects of global high-technology companies, including P&L, go-to-market strategies, marketing, and customer relationships. Prior to joining BlackBerry, Mr. Giamatteo was President and Chief Revenue Officer at McAfee for over six years. He also served as Chief Operating Officer at AVG Technologies, a leading provider of internet and mobile security. His career also includes leadership positions at Solera, RealNetworks, and Nortel Networks. While at McAfee and Solera, he was involved with companies that had private equity backing or underwent significant private transactions.

Tim Foote
Chief Financial Officer
Tim Foote is BlackBerry's Chief Financial Officer, responsible for financial reporting, compliance, strategy, investor relations, and treasury. He joined BlackBerry following the company's acquisition of Good Technology in 2015. With over two decades of experience, Mr. Foote has held senior finance leadership positions in both public and private multinational companies. His roles at BlackBerry have included managing international finance operations, serving as Vice President of Investor Relations, and most recently, as CFO for the Cybersecurity division.

Philip Kurtz
Chief Legal Officer and Corporate Secretary
Philip Kurtz is BlackBerry's Chief Legal Officer and Corporate Secretary. He oversees the company's worldwide legal affairs, including corporate governance, strategic transactions, securities regulatory and shareholder matters, litigation, privacy, government relations, compliance, and investigations. Mr. Kurtz also leads the company's Licensing business and acts as Chief Risk Officer. He has been with BlackBerry since 2009, holding roles of increasing responsibility, such as Vice President, Deputy General Counsel, and Assistant Corporate Secretary.

Jennifer Armstrong-Owen
Chief People Officer
Jennifer Armstrong-Owen serves as BlackBerry's Chief People Officer. In this role, she is responsible for the company's global human resources strategy and initiatives.

Mattias Eriksson
President, BlackBerry QNX
Mattias Eriksson is the President of BlackBerry QNX. He is responsible for the strategic direction and growth of the IoT division, overseeing product development, market expansion, and operational excellence within the IoT sector. Mr. Eriksson has an extensive professional background, having held significant roles at companies such as HERE Technologies, Nokia, and Motorola Mobile Devices, with experience in product management, business development, and sales.

• Major automotive original equipment manufacturers (OEMs) are making significant investments in developing their own proprietary operating systems and end-to-end software platforms for vehicles. Companies like Volkswagen (CARIAD) and Mercedes-Benz (MB.OS) are pouring billions into these initiatives with the explicit goal of bringing core software development in-house, reducing reliance on third-party suppliers for embedded systems and future software-defined vehicle functionalities. This trend poses a direct threat to BlackBerry's QNX operating system and its IVY edge-to-cloud platform by potentially diminishing their market opportunities as automakers seek to own the entire software stack.
• Hyperscale cloud providers and other well-funded technology giants are aggressively integrating advanced, AI-native capabilities into their cybersecurity platforms. Companies such as Microsoft (with its Copilot for Security) and Google (with AI advancements across its Mandiant and Chronicle offerings) are leveraging vast data sets, immense computational power, and extensive customer bases to offer highly integrated, AI-driven security solutions. This intensifies competition and could displace specialized cybersecurity vendors like BlackBerry, particularly as these large players bundle security offerings with their broader cloud and enterprise solutions.

BlackBerry (BB) operates primarily in the Internet of Things (IoT) and Cybersecurity markets. The addressable markets for its main products and services are substantial and global in scope.

Internet of Things (IoT)

• BlackBerry's QNX software is a leading component within the IoT segment, particularly in the automotive industry. As of October 2024, QNX software is embedded in over 255 million vehicles worldwide.
• The broader global Internet of Things (IoT) market was valued at approximately $595.73 billion in 2023 and is projected to reach $4,062.34 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 24.3%.
• For the automotive sector specifically, the global automotive software market is expected to grow from an estimated $19.0 billion in 2023 to $32.3 billion by 2030, with a CAGR of about 7.8%. This growth is significantly driven by Advanced Driver Assistance Systems (ADAS) and Software-Defined Vehicle (SDV) applications across North America, Europe, and Asia.
• The total addressable market for applications within software-defined vehicles (SDV) is estimated to be $80 billion globally in 2023 and is projected to increase to $230 billion by 2030.
• BlackBerry QNX holds a dominant position in certain regions and domains, with a reported 99% market share in the cockpit domain and about 60% in the intelligent driving domain in Greater China.

Cybersecurity

• BlackBerry's cybersecurity offerings include solutions like BlackBerry UEM (Unified Endpoint Management), secure communications, and other enterprise security software.
• Global cybersecurity spending is projected to increase by 15% in 2025, reaching a total of $212 billion.
• The global Unified Endpoint Management (UEM) market, where BlackBerry UEM competes, was valued at $9.34 billion in 2023 and is forecast to grow to $84.91 billion by 2031, with a CAGR of 31.8%. Another estimate places the global UEM market at $5.5 billion in 2023, with a CAGR of over 18.6% between 2024 and 2032.
• North America accounted for the largest share of the UEM market, holding 40.6% in 2022. The European UEM market alone is anticipated to reach $716.2 million by 2031, growing at an 11.4% CAGR from 2024 to 2031.
• BlackBerry's secure communications segment, a key part of its cybersecurity business, is projected to generate annual revenue between $234 million and $244 million for fiscal year 2026.

BlackBerry (symbol: BB) is expected to drive future revenue growth over the next 2-3 years through several key areas:

1. Continued Growth in IoT (QNX) Division: The QNX business, which provides embedded software for automotive and industrial applications, is a significant growth engine for BlackBerry. Recent earnings reports highlight consistent year-over-year growth in QNX revenue, driven by strong royalty revenue, particularly within the automotive sector, including digital cockpit and Advanced Driver Assistance Systems (ADAS). Strategic partnerships, such as the integration of QNX OS for Safety 8 with NVIDIA's DRIVE AGX Thor platform, are expected to further fuel momentum in autonomous vehicle development and broader adoption in robotics, aerospace, and medical devices.

2. Expansion and Stabilization of Cybersecurity (Secure Communications) Portfolio: BlackBerry anticipates sustained demand for its cybersecurity services due to the increasing incidence of cybercrime. The Secure Communications division has shown resilience with rising recurring revenue and has secured major government contracts. Growth within the Spark product group, including Cylance and Unified Endpoint Management (UEM), as well as performance from AtHoc critical events management and Secusmart encrypted voice and data, are expected to contribute to revenue expansion.

3. Monetization of Intellectual Property (Licensing): While a smaller component of overall revenue, BlackBerry's licensing division contributes to its top line. The company has recently increased its expectations for licensing revenue, anticipating approximately $6 million per quarter.

Share Repurchases

• In May 2025, BlackBerry announced a Normal Course Issuer Bid (NCIB) authorized to repurchase up to 27,855,153 common shares, representing approximately 4.7% of its public float, between May 12, 2025, and May 11, 2026.
• During the second quarter of fiscal year 2026 (ended August 31, 2025), BlackBerry repurchased 7.6 million common shares for a total of $30.0 million under its NCIB, with all repurchased shares canceled.

Share Issuance

• BlackBerry's normal course issuer bid aims to offset the dilutive effect of common shares issued under the company's equity incentive plan.
• The number of shares outstanding increased from 562,634,092 as of December 15, 2020, to 592,938,000 by the end of 2025.
• For the fourth quarter of fiscal year 2025, the issuance of common shares totaled $3.1 million.

Capital Expenditures

• BlackBerry's capital expenditures were $8.00 million in fiscal year 2021 and $8.00 million in fiscal year 2022.
• In fiscal year 2023, capital expenditures were recorded as -$9.80 million, indicating that disposals of assets likely exceeded additions.
• Capital expenditures were $7.10 million in fiscal year 2024 and are projected to be $3.10 million in fiscal year 2025, reflecting a decreasing trend.