BB
BlackBerry
Hybrid Industrial
Price today
$7.70
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See what it is worthcharlieapp.co
The business
QNX is the certified nervous system of 255 million cars.
BlackBerry sells embedded software: QNX, the operating system running in 255 million cars, and SecureComms for governments and defense. QNX charges per-vehicle royalties plus development licenses; a $950M backlog gives 3.5 years of visibility.
QNX is ISO 26262 ASIL-D certified, the automotive functional-safety standard that takes years to earn. Once an OEM integrates it into their platform, switching means recertifying the entire stack. That's why the gross margin is 84%.
Revenue history
From $0.7B to $0.6B in 4 years. Sales are shrinking — the engine is losing steam.
Where each $100 of sales goes
Revenue $549M · FY2026
Of every $100 in sales, $90 goes to costs and operations; $10 is left as net profit (10% margin).
Catalysts and risks
QNX FY2026 guides $268M (+14% YoY) with 27% EBITDA margin.
QNX backlog of $950M converting into revenue 2026-2029.
Operational separation of QNX and SecureComms already executed — pure-play valuation.
Weak auto cycle delays OEM SOP (start-of-production) programs.
SecureComms remains a mature business with no real growth.
Competition from Android Automotive and embedded Linux in non-critical segments.
Charlie's note
“You pay a demanding multiple for a business that took years to earn ASIL-D certification and charges 84% gross margin on top of a recertification moat; with a backlog that provides real visibility, the only virtue required here is waiting for the price to respect that quality.”
Analysis · May 2026
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