TORONTO, June 28, 2026, 13:18 EDT
- BlackBerry shares in the U.S. jumped 32.3% in the last two sessions of last week. Volume on Friday was 195% above its 65-day average, according to .
- The revenue midpoint for fiscal 2027 increased $10 million, and the stock move implied an extra $1.63 billion of equity value.
- Secure Communications had more revenue and adjusted EBITDA than QNX in Q1.
- Next week is chopped by holidays, with the TSX shut July 1 for Canada Day. U.S. markets—NYSE and Nasdaq—close July 3 for Independence Day observed.
BlackBerry Limited (NYSE:BB; TSE:BB) heads into the holiday-shortened week holding its highest level in more than four years, but the stock’s gains are about more than just “QNX and AI.” Markets in Toronto are closed Sunday, and the U.S. price last crossed at $11.40 late Friday.
Shares finished the session Friday at $11.40, up 10.25%, after hitting a 52-week high of $11.49. Nearly 57.81 million shares traded, close to twice the 65-day average. The stock last traded at $11.43 after hours.
This was more than a rebound in a struggling stock. BlackBerry jumped 32.3% in two days, climbing from $8.62 at the close Wednesday to $11.40 Friday, going off historical data. With 586.1 million shares out, the move put about $1.63 billion on the company’s market cap.
BlackBerry raised its fiscal 2027 revenue outlook to $594 million to $621 million, up from $584 million to $611 million. The company also bumped its adjusted EBITDA forecast to a range of $119 million-$139 million from $110 million-$130 million. That adds $10 million to the midpoint of revenue guidance and $9 million to EBITDA. Still, the guide was not as strong as the stock move.
| Metric | Previous / QNX | Recent / Secure Communications | Change or spread |
|---|---|---|---|
| NYSE finished | Traded at $8.62 on June 24 | June 26, $11.40 | up 32.3% |
| Implied market cap | roughly $5.05 billion | roughly $6.68 billion | up $1.63 billion |
| FY2027 revenue at midpoint | The figure came in at $597.5 million | Revenue came in at $607.5 million | up $10.0 million |
| Adjusted EBITDA midpoint for FY2027 | The total came to $120.0 million | $129.0 million | up $9.0 million |
| Segment revenue for Q1 | QNX revenue came in at $72.3 million | Secure Communications brought in $73.6 million | Lock in $1.3 million |
| Adjusted EBITDA from the segment in Q1 | QNX posted $19.3 million | Secure Communications took in $20.2 million | Lock in +$0.9 million |
Secure Communications topped QNX for current-quarter revenue and segment adjusted EBITDA. QNX still has the higher multiple, thanks to exposure to cars, robotics, and expected future royalties, but Secure Communications delivered more profit this quarter. BlackBerry reported a 24% year-over-year revenue increase for Secure Communications. The unit posted annual recurring revenue at $220 million, with dollar-based net retention steady at 92%.
BlackBerry CEO John Giamatteo told Reuters more QNX customers are moving toward next-gen software-defined vehicles, and said demand is “really healthy.” Reuters reported QNX’s backlog now holds nearly $1 billion in future royalties. Reuters
Chief Financial Officer Tim Foote tried to set expectations on timing. “Don’t expect a hockey stick in QNX,” he told the Wall Street Journal. The paper also said management views the embedded market as something that will grow gradually, not all at once. The Wall Street Journal
The timing gap means the stock move matters for investors. The market is focused on QNX royalty trends and whether both core businesses can turn cash positive, instead of just the near-term outlook. BlackBerry posted $4.6 million in operating cash flow for the quarter; last year it used $18.0 million. Free cash flow came in at $1.7 million.
Analysts adjusted their price targets after the move in BlackBerry shares, but didn’t catch up with the stock’s jump. Michael Walkley from Canaccord Genuity reiterated his Hold and bumped his target up to $10.30 from $8.20. Todd Coupland at CIBC kept his Outperformer call and took his target to $13 from $10. On Friday, BlackBerry closed above Walkley’s new target but was still under Coupland’s.
FactSet numbers in the Wall Street Journal show a Hold consensus, with an average target at $9.98 and a median at $9.50, both below where the stock finished at $11.40. Shares are now trading 14.2% above the average target and 20.0% over the median unless targets are updated.
Short interest was 39.15 million shares, or 6.70% of the float, as of June 15. That could spark a two-day bounce, but Friday’s trading volume and the higher price targets point to more than just shorts getting squeezed.
BlackBerry traders get a short week. TSX in Toronto won’t open Wednesday for Canada Day, so the Toronto BlackBerry shares won’t trade. NYSE and Nasdaq will close Friday for the July 4 holiday, stopping trading in the U.S.-listed stock. BlackBerry’s fiscal Q2 2027 earnings are set for Sept. 24, covering results from June 1 to Aug. 31.
