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Here are 1-2 brief analogies for BlackBerry:

• BlackBerry is like CrowdStrike for enterprise cybersecurity, but also provides the secure software that powers cars and critical IoT systems.
• BlackBerry is like a specialized Microsoft for secure operating systems in cars and industrial IoT, also offering enterprise cybersecurity.

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• BlackBerry Cylance (Cybersecurity Software): Provides AI-powered endpoint protection, detection, and response software to prevent cyberattacks for enterprises and governments.
• BlackBerry QNX (Embedded IoT Software): A real-time operating system and development platform used in mission-critical embedded systems for industries like automotive, medical, and industrial automation.
• BlackBerry UEM (Unified Endpoint Management Software): Offers solutions for enterprises to securely manage and protect all their mobile devices, applications, and content across various operating systems.

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BlackBerry (BB) primarily sells its software and cybersecurity solutions to other companies and government entities, making it a business-to-business (B2B) focused company. It no longer primarily sells mobile phones to individuals.

Its major customers and customer categories include:

• Automotive Original Equipment Manufacturers (OEMs): BlackBerry's QNX operating system is a dominant platform in automotive infotainment, digital cockpits, and advanced driver-assistance systems (ADAS), embedded in millions of vehicles globally. Its BlackBerry IVY platform is also gaining traction for connected vehicle data insights. Major automotive customers include, but are not limited to:
  • Ford Motor Company (F)
  • General Motors (GM)
  • Mercedes-Benz Group AG (MBG.DE)
  • BMW AG (BMW.DE)
  • Honda Motor Co., Ltd. (HMC)
  • Toyota Motor Corporation (TM)
• Government and Public Sector Entities: BlackBerry provides highly secure communications, unified endpoint management (UEM), critical event management (CEM), and cybersecurity solutions to numerous government agencies worldwide. This includes defense departments, intelligence agencies, and public safety organizations across various countries. Specific customer names are often not publicly disclosed for security reasons.
• Large Enterprises Across Diverse Industries: Businesses in sectors such as financial services, healthcare, legal, critical infrastructure, and manufacturing rely on BlackBerry's cybersecurity portfolio (including endpoint security, threat detection, and incident response) and UEM solutions to protect sensitive data, manage devices, and ensure regulatory compliance.

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• Amazon Web Services (AWS) - a subsidiary of Amazon.com, Inc. (AMZN)

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John Giamatteo, Chief Executive Officer and Director

John Giamatteo is BlackBerry's Chief Executive Officer and Director. He brings over 30 years of experience in the technology industry. Prior to joining BlackBerry, he held leadership positions at global high-technology companies including President and Chief Revenue Officer at McAfee, Chief Operating Officer at AVG Technologies, Chief Operating Officer at Solera, Chief Operating Officer at RealNetworks, and President and CEO, Nortel Asia Pacific, at Nortel Networks. Mr. Giamatteo joined BlackBerry in October 2021 as the President of the company's Cybersecurity business unit and became CEO on December 1, 2023.

Tim Foote, Chief Financial Officer

Tim Foote is BlackBerry's Chief Financial Officer. He was appointed to this role effective July 29, 2024. Mr. Foote joined BlackBerry in 2015 following the company's acquisition of Good Technology and has over two decades of experience in senior finance leadership positions in both public and private multinational companies. His previous roles at BlackBerry include managing international finance operations, Vice President of Investor Relations, and CFO for the Cybersecurity division.

Phil Kurtz, Chief Legal Officer and Corporate Secretary

Phil Kurtz serves as BlackBerry's Chief Legal Officer and Corporate Secretary. He is responsible for 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 has been with BlackBerry since 2009, serving in progressively senior roles. He also leads the company's Licensing business and acts as Chief Risk Officer. His expertise includes mergers and acquisitions, corporate law, and technology licensing.

Mattias Eriksson, President, BlackBerry IoT

Mattias Eriksson is the President of BlackBerry IoT (QNX). He brings over 25 years of global experience in high-tech, managing innovation, transformation, and P&L execution. Mr. Eriksson joined BlackBerry in 2021 as President for IoT (QNX). Prior to BlackBerry, he held various leadership roles at HERE Technologies, including SVP of the core location data business group and SVP of product. He began his career in management consulting and spent 15 years in APAC in management roles for Nokia, Motorola, and Siemens.

Neelam Sandhu, Chief Marketing Officer

Neelam Sandhu was appointed as BlackBerry's Chief Marketing Officer in August 2023. She has been with BlackBerry since 2009, holding significant roles in brand management, marketing operations, corporate strategic initiatives, and CEO office business operations across offices in the UK, New York, and California. Ms. Sandhu also serves as BlackBerry's Chief Elite Customer Success Officer, reporting directly to the CEO, and is the Head of Sustainability, leading the company's corporate sustainability efforts. She possesses over 15 years of experience in marketing, product, operations, sales, and business development.

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Key Risks to BlackBerry (BB)

1. Intense Competition in Cybersecurity and IoT Markets: BlackBerry operates in highly competitive cybersecurity and Internet of Things (IoT) markets, facing deeply entrenched tech giants such as Microsoft, CrowdStrike, and Palo Alto Networks with larger research and development budgets and broader product portfolios. In the IoT sector, particularly with its QNX automotive software, the company competes with established embedded systems players and disruptive new platforms. This intense competitive landscape poses significant challenges to BlackBerry's ability to gain substantial market share and achieve significant revenue growth.
2. Reliance on IoT Growth and Vulnerability to Macroeconomic Factors: BlackBerry's future growth heavily relies on its IoT business, particularly the QNX division in the automotive sector. However, this reliance is susceptible to macroeconomic factors, including tariffs and a potential slowdown in demand for new vehicles, which could hinder progress. The company has already experienced delayed program wins for QNX due to U.S.-China trade tensions and challenges faced by automotive original equipment manufacturers (OEMs), impacting its margins.
3. Historical Financial Underperformance and Investor Skepticism: BlackBerry has a history of financial struggles and underperformance, exemplified by the significant write-down of its Cylance acquisition and a stock valuation that reflects market skepticism. The company's financial health is described as "precarious," with outstanding notes, and its revenue guidance has sometimes fallen short of analyst expectations. Although core segments show strong gross margins, the overall GAAP operating margin remains very low, indicating that selling, general, and administrative expenses are disproportionately high relative to its current revenue base. This ongoing financial underperformance and the need for sustained top-line growth contribute to investor caution.

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The increasing trend of major automotive original equipment manufacturers (OEMs) developing their own proprietary operating systems and comprehensive software stacks for their vehicles, potentially reducing reliance on third-party foundational software providers like BlackBerry's QNX.

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BlackBerry Limited (BB) operates in two main segments: Cybersecurity and Internet of Things (IoT). The addressable markets for their key products and services within these segments are as follows:

Cybersecurity

• Endpoint Security: The global endpoint security market size was valued at approximately USD 20.0 billion in 2024 and is projected to reach USD 44.8 billion by 2033. North America held the largest share of this market in 2021, with the U.S. alone accounting for over 82% of the North American market revenue share in 2024.
• Unified Endpoint Management (UEM): The global Unified Endpoint Management market was valued at USD 5.5 billion in 2024 and is expected to grow to USD 23.6 billion by 2033. North America dominated the unified endpoint management market with a 40.6% share in 2022.

Internet of Things (IoT)

• QNX (Embedded Operating Systems for Automotive and other Embedded Systems):
  • Automotive Operating Systems: The global automotive operating systems market size was valued at USD 23.33 billion in 2025 and is projected to reach USD 37.22 billion by 2030. BlackBerry QNX held 38.8% of the automotive operating systems market share in 2024. As of October 2024, QNX software is embedded in over 255 million vehicles worldwide.
  • Automotive Embedded Systems: The global automotive embedded systems market was valued at USD 29.1 billion in 2022 and is projected to grow to USD 59.67 billion by 2034. Asia Pacific accounted for 35% of the revenue share in this market in 2022.
  • Industrial IoT (for QNX applications beyond automotive): The industrial IoT market is projected to reach USD 52 billion by 2030.
• BlackBerry IVY (Automotive Data Platform): The total addressable market for applications in software-defined vehicles (SDV), which BlackBerry IVY targets, is estimated to be USD 80 billion globally in 2023 and is projected to increase to USD 230 billion by 2030. Revenues for BlackBerry IVY are not expected until 2026.

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BlackBerry (BB) is strategically positioning itself for future revenue growth over the next 2-3 years, driven primarily by its core software and services segments. Key expected drivers include the expansion of its QNX business, the commercialization of the BlackBerry IVY platform, continued growth in its cybersecurity offerings, and geographical market expansion.

1. Expansion and Diversification of the QNX Business

   The QNX business, which specializes in embedded operating systems, is a significant driver of BlackBerry's future revenue. Growth is anticipated from its strong position in the automotive sector, particularly due to increasing demand for solutions in advanced driver assistance systems (ADAS) and digital cockpits. The company has secured multi-year deals for QNX Cabin with top global automotive OEMs, and its royalty backlog for QNX grew year-over-year to approximately $865 million, indicating a strong pipeline of future revenue. New product introductions, such as QNX Software Development Platform (SDP) 8.0 and QNX Hypervisor 8.0, are crucial for supporting the evolution of software-defined vehicles (SDVs). Beyond automotive, BlackBerry is actively expanding QNX into other high-growth verticals including aerospace, medical equipment, rail, defense, robotics, and industrial automation, further diversifying its revenue streams. This segment demonstrated robust performance, with QNX revenue growing 15% year-over-year in Q2 FY2026. For the full fiscal year 2026, QNX revenue is projected to be in the range of $256 million to $270 million.

2. Commercialization and Adoption of BlackBerry IVY

   BlackBerry IVY is expected to become a substantial new revenue driver starting in 2026. As a cloud-connected, embedded edge platform, IVY is designed to help automakers and their partners deploy artificial intelligence-powered applications in vehicles more rapidly and cost-effectively, leveraging data from vehicle sensors. This platform is anticipated to generate revenue through licensing fees per vehicle or per API call, or through a pay-per-vehicle model for automakers. Partnerships, such as the one with MIH (Foxconn's electric vehicle division) for production beginning in 2025, signify the platform's growing commercial traction. IVY aims to create a viable ecosystem for in-vehicle applications by standardizing data and facilitating machine learning processing at the vehicle's edge.

3. Growth in Cybersecurity Offerings

   BlackBerry's strategic focus on cybersecurity and enterprise solutions continues to be a key growth area. The company is enhancing its cybersecurity suite with advanced artificial intelligence (AI) and machine learning (ML) capabilities to provide proactive threat detection and response solutions. This aligns with the increasing demand for secure communication and data protection, particularly in the context of remote work environments. The Secure Communications division has shown positive momentum, with reduced customer churn for Unified Endpoint Management (UEM) and improved performance in products like AtHoc and SecuSUITE. BlackBerry is raising its full-year FY2026 revenue guidance for Secure Communications to a range of $239 million to $247 million. Strategic partnerships with leading technology firms further bolster BlackBerry's market presence and reputation as a trusted cybersecurity provider, enabling it to deliver comprehensive security solutions across various platforms.

4. Geographical Market Expansion

   BlackBerry is actively expanding its market reach into new geographical territories to diversify its revenue streams and customer base. A notable example is the scaling of its Asia-Pacific (APAC) Secure Communications division's regional headquarters in Malaysia, which includes new offices and a dedicated Regional Support Centre. This expansion is aimed at supporting regional growth and addressing local security priorities, indicating a targeted approach to capturing demand in emerging markets for its secure communication and enterprise solutions.

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Share Repurchases

• BlackBerry received approval for a Normal Course Issuer Bid (NCIB) to repurchase up to 27,855,153 common shares, approximately 4.7% of its public float as of May 5, 2025. This program commenced on May 12, 2025, and is set to conclude by May 11, 2026.
• The company had not repurchased any securities in the 12 months prior to May 8, 2025.
• During the second quarter of fiscal year 2025 (ended August 31, 2025), BlackBerry repurchased 7.6 million common shares for a total of $30.0 million under its NCIB.

Share Issuance

• As of March 28, 2025, BlackBerry had 596,233,826 common shares issued and outstanding.
• As of February 28, 2025, 14,002,813 common shares were allocated to Restricted Stock Units (RSUs), representing approximately 2.35% of outstanding common shares.
• No additional common shares are available for future issuance under the BlackBerry-Cylance Plan as of February 28, 2025.

Inbound Investments

• BlackBerry's investment in longer-term research, particularly for BlackBerry QNX, is partially supported by government financial assistance programs, such as the Strategic Innovation Fund program from the Ministry of Innovation, Science and Economic Development Canada.
• The company engages in inbound licensing agreements to acquire technology and intellectual property rights.

Outbound Investments

• BlackBerry focuses on extending its secure BlackBerry Spark software platform through organic investments, strategic acquisitions, and partnerships.
• Research and Development (R&D) investments in BlackBerry QNX are increasingly directed towards software innovations for autonomous and connected vehicles.
• BlackBerry actively pursues strategic partnerships to enhance its technological capabilities and market reach, including collaborations with AMD for adaptive computing devices in robotics and Advantech for embedded systems development.

Capital Expenditures

• BlackBerry's capital expenditure for the trailing twelve months (TTM) ended August 2025 was -$8.70 million.
• Capital expenditures were reported as $7.10 million for Q4 2024 and $3.10 million for Q1 2025.
• BlackBerry's Capital Expenditures are projected to decrease significantly based on recent reporting.