0001070235-25-000198
SEC filingBlackBerry 第三财季营收略降但扭亏为盈，QNX 增长驱动，全年指引上调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $141.8M | $143.6M | -1.3% |
| Gross Profit | $109.9M | $112.2M | -2.0% |
| Gross Margin | 77.5% | 78.1% | -60 bps |
| Operating Income | $11.9M | $19.5M | -39.0% |
| Operating Margin | 8.4% | 13.6% | -520 bps |
| Net Income | $13.7M | ($10.5M) | +$24.2M |
| Diluted EPS | $0.02 | ($0.02) | +$0.04 |
| Adjusted EBITDA | $28.7M | $37.5M | -23.5% |
| Operating Cash Flow | $17.9M | $5.8M | +208.6% |
| Free Cash Flow | $17.0M | $5.0M | +240.0% |
本季度营收 $141.8M 略降 1.3%，主要受 Secure Communications 拖累，但 QNX 增长强劲（+10.3%）。净利 $13.7M 扭亏为盈，主要因去年同期有 $22.8M 的 discontinued operations 亏损不再发生。Non-GAAP EPS $0.05 超指引上限，adjusted EBITDA $28.7M 达指引区间上限。
毛利率下降 60 bps 至 77.5%，主要因 Secusmart 低毛利产品占比下降。经营利润率下降 520 bps 至 8.4%，主要因 Sales & Marketing 费用大增 25.2%（+$5.9M）。经营现金流 $17.9M 大幅改善，主要因应收账款回收和 DSO 降至 88 天。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| QNX | $68.7M | +10.3% | $16.4M | 23.9% | royalty +$2.7M、Radar +$1.9M |
| Secure Communications | $67.0M | -10.2% | $17.3M | 25.8% | Secusmart -$11.9M、AtHoc +$1.6M |
| Licensing | $6.1M | -9.0% | $5.3M | 86.9% | IP 授权收入下降 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $377.5M | -$32.8M |
| Total Debt | $196.2M | +$0.9M |
| Accounts Receivable | $149.5M | -$24.2M |
| Deferred Revenue | $126.1M | -$41.0M |
| Operating Cash Flow | $17.9M | +$12.1M |
| Capex | $0.9M | +$0.1M |
| Free Cash Flow | $17.0M | +$12.0M |
现金及投资降至 $377.5M，主要因 NCIB 回购 $34.0M。应收账款降 $24.2M，DSO 从 102 天降至 88 天。Deferred revenue 降 $41.0M，主要因 UEM 和 QNX 相关递延收入减少。
资本配置：NCIB 回购 8.6M 股耗资 $34.0M，剩余授权 19.3M 股。无分红。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 FY26 | Revenue | $138M-$148M | reported |
| FY26 | Revenue | $531M-$541M | reported |
| Q4 FY26 | Adjusted EBITDA | $22M-$32M | non-GAAP |
| FY26 | Adjusted EBITDA | $94M-$104M | non-GAAP |
| Q4 FY26 | Non-GAAP EPS | $0.03-$0.05 | non-GAAP |
| FY26 | Non-GAAP EPS | $0.14-$0.16 | non-GAAP |
| Q4 FY26 | Operating Cash Flow | $40M-$45M | reported |
| FY26 | Operating Cash Flow | $43M-$48M | reported |
关注点：全年营收、adjusted EBITDA、non-GAAP EPS 指引均上调，反映 Q3 超预期表现。主要风险包括 Secusmart 产品收入持续下滑、客户集中度（3 客户占 AR 超 10%）、以及 Arctic Wolf $38.1M 延迟付款的回收风险。