Research Reports

总营收：$129.6M，同比增长3%，超出指引上限 (CEO)
QNX 营收：$63.1M，同比增长15%，超出指引上限；调整后 EBITDA 利润率 32%，实现“40法则”季度 (CEO, CFO)
安全通信营收：$59.9M，超出指引上限；年化经常性收入 (ARR) 达 $213M，环比增加 $4M；基于美元的净留存率 (DBNRR) 改善至 93% (CEO)
许可业务营收：$6.6M，超出预期，包含一笔新的一次性交易 (CEO, CFO)
总调整后毛利率：75%，同比扩大 4 个百分点 (CFO)
调整后营业费用：$74.8M，同比下降约 5% (CFO)
总调整后 EBITDA：$25.9M，同比增长 72%，占营收 20% (CEO, CFO)
GAAP 净利润：$13.3M，连续第二个季度为正 (CEO, CFO)
调整后每股收益 (EPS)：$0.04，超出指引 (CEO, CFO)
经营现金流：$3.4M，自由现金流：$2.6M，均提前转正 (CEO, CFO)
现金及投资总额：$363.5M，环比减少 $18.4M，因本季度回购约 $20M 股票（约 5M 股，均价 $3.97） (CFO)

“Q2 was another strong quarter for BlackBerry, with all three of our divisions meeting the top end of guidance.” (CEO)
“QNX delivered a rule of 40 quarter with 15% revenue growth and 32% adjusted EBITDA margin.” (CEO)
“Operating leverage driven by the strong top line, combined with tight cost control, enabled us to deliver expanded profit margins.” (CFO)
“We’re very pleased to be able to raise expectations for both revenue and adjusted EBITDA for the full year as a result.” (CFO)
“We expect to be cash flow positive for the remainder of fiscal 2026.” (CFO)

Topic: QNX operating leverage and China market strategy
Key points:
- QNX gross margins already at 83%, expected to improve as royalty mix increases from larger programs moving into production.
- Q2 OpEx included a $4 million benefit from CIF funding; R&D investment expected to stabilize, sales & marketing investment will continue but not at top-line growth scale.
- China market shifting toward safety-critical software due to high-profile accidents, opening demand for high-performance capabilities like SDP8.
Mgmt stance: Bullish on QNX leverage (strong gross margins + OpEx control → improving adjusted EBITDA margins); positive on China opportunity (differentiated SDP8 capability, partnerships with Qualcomm and NVIDIA).

Topic: QNX back-end loaded outlook and auto OEM program status
Key points:
- QNX revenue pattern is consistently back-end loaded: Q1 lowest, Q4 highest, driven by seasonality of design work and development seat licenses starting later in the year.
- Royalties are also growing quarter-over-quarter as programs come online.
- OEM programs have shifted to the right, not fully back on track; tariff uncertainty has become a more certain headwind, and software development complexity remains.
- S&P increased global light vehicle production forecast; OEMs maintaining guidance suggests stabilization; "pause button" pressed in Apr-May-Jun is being "unpressed" with more momentum in H2.
Mgmt stance: Cautiously optimistic (programs starting to come online, more certainty than at beginning of year, but not totally out of the woods).

Topic: QNX backlog and growth sustainability
Key points:
- Backlog is measured annually due to quarterly volatility in design win timing; Q1 was weaker (OEM reluctance to commit), but Q2 came back "ahead of plan."
- H2 pipeline of opportunities looks "really solid"; guidance implies double-digit growth in H2.
- Growth drivers: new programs coming online, vehicle platform initiative, SDP8 adoption, QNX Sound win, diversification into GEM (robotics wins).
Mgmt stance: Bullish (optimistic about maintaining momentum into H2 and next year, based on booked progress and pipeline).