On Tuesday, BlackBerry Ltd. (TSX:BB)(Nasdaq:BBRY) CEO John Chen had ample opportunity to outline his plans for the company. First came a conference call to discuss Q1 2016 results. Then in the afternoon BlackBerry held its annual general meeting.

Below are the top three takeaways from Mr. Chen’s comments.

1. Profitability is the top priority

During the conference call, Mr. Chen stated very clearly, “those of you who know me know how I hate losing money.” And he also laid out a very clear goal: “sustained profitability,” which is starting sometime in the second half of this fiscal year.

To get there, Mr. Chen is making some big changes in the hardware business, which is still losing money. He has expanded a joint development agreement with Compal and Wistron, two Taiwanese companies. He hopes to reduce spending on hardware by US$100-200 million, diverting those resources into software, and has already put this plan in motion.

The good news is that free cash flow is positive, and there are no concerns about the balance sheet. So, Mr. Chen has a lot of credibility already when it comes to increasing efficiency. Thus when he says he’ll bring profitability, I like his chances.

2. The shift to software is in full swing

Mr. Chen has made us aware that it is no secret that software is BlackBerry’s future, and that point was reaffirmed on Tuesday.

That’s bad news for the hardware business, which is still in steep decline. And on Tuesday, Mr. Chen’s lack of specifics spoke volumes. He gave no sales numbers for the Passport, nor the Classic, and we have no indication of shipments to end users. My guess is these numbers are not strong.

On the software side, the news is much better, and Mr. Chen’s comments echoed that. He is still very committed to the goal of $600 million in software-related revenue for this year (including BBM). To get there, expect a combination of new customer wins, acquisitions, and licensing deals.

3. Being acquired is off the table

I have previously argued that BlackBerry should be taken over. But Mr. Chen strongly disagrees, saying at the AGM, “Oh no. No, no, no. Not at this price.” He strongly believes the company can put up a good fight until the fight is determined, one way or the other.

This shouldn’t be surprising. Mr. Chen, along with BlackBerry’s board, has reportedly rejected a $7.5 billion takeover from Samsung in January. This number was well above where BlackBerry trades today.

Yet Tuesday’s comments were another reminder for BlackBerry shareholders that this is a long-term game. So, if you’re looking for a quick buck, and are unwilling to be patient, you should sell your shares now.

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Fool contributor Benjamin Sinclair has no position in any stocks mentioned.