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Earnings Material +

BlackBerry Reports First Quarter Fiscal Year 2027 Results

BlackBerry crushes estimates and lifts FY outlook, but a 133% pre-print rally means the bar is high.

By The Northwire Desk — AI Analysis Jun 25, 2026 · 06:58 BB · 12.26 BLACKBERRY LIMITED
Executive Summary
  • Q1 FY2027 total revenue $152.9M (+26% YoY), significantly above management's prior implied Q1 guide of $132–$140M.
  • Adjusted EBITDA $36.3M ( +144% YoY); QNX and Secure Communications both posted EBITDA growth of 52% and 110%, respectively.
  • GAAP net income $8.5M, the fifth consecutive quarter of positive GAAP earnings.
  • Operating cash flow turned positive at $4.6M, the first positive Q1 in nine years (excluding a prior patent sale).
  • FY2027 guidance raised: total revenue now $594–$621M (from $584–$611M), adjusted EBITDA $119–$139M (from $110–$130M), non‑GAAP EPS $0.16–$0.20 (from $0.15–$0.19).
  • Segment highlights: QNX revenue $72.3M (+26% YoY); Secure Communications $73.6M (+24% YoY); Licensing $7.0M.
  • Renewed NCIB for up to 26.8M shares; repurchased 2.6M shares for $10M in the quarter.
  • Strategic updates: expanded QNX‑NVIDIA collaboration for edge AI, Leapmotor D19 design win, TKMS submarine partnership, FedRAMP High re‑certification for AtHoc.
Material Impact
  • The Q1 beat is genuine and broad‑based, and the FY raise reinforces the growth narrative. However, the stock’s 133% run since the prior report signals that markets had already priced in an exceptional outcome. The raise itself is modest (revenue midpoint +1.7%, EBITDA +7.5%), and a missed product milestone (Alloy Core) weakens the reliability of forward guidance. Given the extreme valuation, the news is positive but insufficient to drive a further fundamental re‑rating; it largely confirms what the price already assumed. The risk/reward is now tilted to the downside on any disappointment.
BB · Price
Company Overview
  • BlackBerry is a software company with two primary segments: QNX (a real‑time embedded OS for automotive, robotics, medical, and industrial systems) and Secure Communications (encrypted voice/messaging, UEM, AtHoc crisis management, and SecuSUITE for government/enterprise). A small Licensing division generates residual IP royalties. After a multi‑year turnaround, the company returned to revenue growth and GAAP profitability in FY2026.
Read the original news release →

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