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SEC filingBlackBerry's Q1 FY2026 Notes show $381.9M cash/investments, $195.6M convertible debt, and $10.0M in share repurchases.
As of May 31, 2025, BlackBerry held $276.0M in cash and cash equivalents, $30.6M in short-term investments, and $58.8M in long-term investments, for total cash, cash equivalents, and investments of $381.9M. Restricted cash and cash equivalents were $16.5M. Total assets stood at $1,210.4M, down from $1,295.6M at February 28, 2025. Shareholders' equity was $725.1M, up from $719.9M, driven by net income and other comprehensive income partially offset by share repurchases. The company's long-term notes (3.00% convertible unsecured notes due 2029) had a carrying amount of $195.6M and a fair value of $259.8M.
The Notes disclose $13.5M in collateralized outstanding letters of credit supporting leasing arrangements. A performance bond is also posted for a government contract. The company has recognized $25.0M in funds from claims filed with the Ministry of Innovation, Science and Economic Development Canada relating to its Strategic Innovation Fund program's investment in QNX, a portion of which may be repayable under certain conditions. A litigation settlement for approximately $2.8M (CDN $4.0M) was paid into trust in March 2025, pending court approval.
During the three months ended May 31, 2025, BlackBerry repurchased 2.6 million common shares for $10.0M under a normal course issuer bid (NCIB) announced on May 8, 2025, authorizing up to 27.9 million shares. The company paid $0.9M for property, plant and equipment and $1.2M for intangible assets. No dividends were declared. Debt issuance costs of $0.3M were amortized, increasing the carrying amount of the long-term notes to $195.6M. Interest expense on the notes was $1.5M.
BlackBerry reports three operating segments: QNX ($57.5M revenue, +8.1% YoY), Secure Communications ($59.5M, -7.3% YoY), and Licensing ($4.7M, -21.7% YoY). Segment gross margins were $46.3M, $41.4M, and $3.1M, respectively. Geographically, North America contributed 45.0% of revenue, Europe, Middle East and Africa 34.9%, and other regions 20.1%. Revenue recognized over time was $58.5M, and at a point in time $63.2M. Deferred revenue totaled $145.1M ($136.3M current, $8.8M non-current).