TORONTO, June 26, 2026, 09:04 EDT
- BlackBerry’s U.S. shares ended Thursday at $10.34 and slipped to $10.05 in Friday’s premarket.
- The stock’s gain pushed up market value by roughly $1 billion, and the midpoint for fiscal 2027 revenue guidance increased $10 million.
- QNX pulled in $72.3 million in revenue, up 26%. Secure Communications added $73.6 million, rising 24% from a year ago.
- Canaccord is sticking with Hold but raised its target to $10.30. Raymond James also kept Market Perform and moved its target up to $9.50.
BlackBerry Limited (NYSE:BB; TSE:BB) shares jumped in a single session, driving market value to around $6.06 billion at Thursday’s close, as traders shifted away from seeing it as just a slow software turnaround to playing it as an embedded-AI bet. Google Finance pegged the stock at $10.34 on the close, then $10.05 in Friday’s premarket, off 2.8% from that finish.
The scale of the re-rate stands out less. Using Google Finance’s 586.06 million shares count, the $1.71 jump in regular trading put about $1.0 billion onto BlackBerry’s market cap. The company’s updated fiscal 2027 revenue forecast was set at $594 million to $621 million, which is a $10 million increase at the midpoint from the earlier $584 million to $611 million range.
The stock now trades at almost 10 times the updated fiscal-year revenue midpoint before Friday’s close. That multiple isn’t just about a $10 million guidance raise. Investors are betting QNX, BlackBerry’s embedded OS unit, can win a bigger growth premium if software-defined vehicles and physical AI shift from ideas to real sales.
The timing is key. At 09:04 EDT in Toronto, regular trading hadn’t started yet. The Toronto Stock Exchange runs continuous trading from 9:30 a.m. to 4:00 p.m. ET, and its 2026 holiday calendar skips June 26. The NYSE 2026 schedule also shows Juneteenth, June 19, as the nearest June holiday, ahead of the July 3 Independence Day. TSX.com TSX.com
BlackBerry turned in first-quarter revenue of $152.9 million, up 26% from last year. Adjusted EBITDA came in at $36.3 million, a 144% jump. GAAP net income was $8.5 million. Operating cash flow totaled $4.6 million. The company said it was the first time in nine years it posted a cash-positive fiscal first quarter, excluding the fiscal 2024 patent sale.
QNX remains the swing factor. The unit brought in $72.3 million, up 26%, with adjusted gross margin at 86% and adjusted EBITDA at $19.3 million. Secure Communications revenue climbed 24% to $73.6 million. Annual recurring revenue came in at $220 million. Dollar-based net retention was 92%.
BlackBerry CEO John Giamatteo told Reuters demand for QNX is “really healthy,” with more customers moving toward software-defined vehicles and working with BlackBerry on its platform. Giamatteo said the trend is picking up. Reuters also reported QNX has a future royalty backlog near $1 billion. Reuters
Earnings call comments from Giamatteo focused on development licenses. He said development license revenue hit an eight-quarter high, with customers buying these tools to launch new software platforms on QNX.
BlackBerry CFO Tim Foote told investors he sees margin growth ahead. “As higher margin QNX royalties become a larger part of our revenue mix, we expect more of our revenue to translate into margin expansion, profitability, and cash generation,” Foote said. StockAnalysis
The company repurchased 2.6 million shares during the quarter, paying $10.0 million total. That’s about $3.85 per share. With the stock closing at $10.34 on Thursday, those same shares would be valued at roughly $26.9 million. It shows how buyback timing can hit the stock. Investing News Network (INN)
Canaccord Genuity Group (TSE:CF) raised its price target to $10.30 from $8.20 but kept a Hold rating. Analysts said operating leverage hit sooner than expected, and management raised the full-year outlook by about the same amount as the quarterly beat. Still, analysts held back from a full chase.
Raymond James Financial (NYSE:RJF) bumped its target price to $9.50 from $4.75, sticking with Market Perform. The broker said Alloy Kore wins are close and boosted its standalone QNX forecast. They now estimate QNX will log annual revenue growth near 20% over the next few years, up from 15%.
S&P/TSX futures eased 0.2% early Friday, Reuters said, with weaker oil and tech shares taking the edge off the market. The move gives the Canadian rally more backing across the board. BlackBerry’s next session will test if buyers still want to pay up for QNX optionality, after a close where the stock traded at about 10 times the new fiscal-year sales midpoint.
