Is BlackBerry Stock Yesterday’s News?

BlackBerry is trying to reinvent itself as a critical software company, and the market may be slow to notice.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published February 2, 4:30 pm EST

Key Points

BlackBerry now focuses on QNX and Secure Communications, but growth depends on long sales cycles and flawless execution.
Recent results showed revenue beating guidance and positive cash flow, supporting a self-funded turnaround story.
The stock’s rich valuation demands consistent growth, so any QNX slowdown or retention weakness could hit shares fast.

BlackBerry (TSX: BB) still triggers eye-rolls in Canada today, which makes it interesting. If a stock truly belongs to yesterday, the story stops evolving. If the story keeps changing, the market can wake up late. The real question sits right in front of us: Did BlackBerry stock rebuild a business that can grow, or did it just find a new coat of paint? Let’s look at what’s been happening lately.

AI image of a face with chips — Scource: Getty Images

What’s happening today

Today’s BlackBerry sells software, not phones. It runs two engines: QNX, which powers embedded systems in vehicles and other critical devices, and Secure Communications, which sells secure messaging and endpoint management to governments and regulated firms. It aims to sit in the background of “things that must not fail,” like car systems and mission-critical communications. That niche can pay, but it demands long sales cycles and flawless delivery.

Over the last year, BlackBerry stock kept pushing its narrative away from consumer nostalgia and toward industrial software. In February 2025, it closed the sale of its Cylance endpoint security assets to Arctic Wolf, which let it narrow the focus and simplify the message. Investors also watched the stock regain some confidence, with shares down 24% in the last year, but up 21% since 52-week lows. Momentum helps, but it can vanish fast if execution slips.

Leadership and guidance also shaped the storyline. In November 2025, BlackBerry stock appointed John Wall as president of the QNX division, a signal that management wants QNX to carry more of the growth narrative. Earlier in 2025, headlines swung hard when the company warned about softer cybersecurity demand, then later raised its fiscal 2026 revenue outlook as spending held up better than feared. Those turns show a company still searching for repeatable growth.

Earnings support

The latest earnings report gave investors something concrete to chew on. For the third quarter of fiscal 2026, BlackBerry reported total revenue of US$141.8 million, beating its own guidance. It also reported GAAP net income of US$13.7 million and non-GAAP basic earnings per share (EPS) of US$0.05. Operating cash flow landed at US$17.9 million, and cash and investments ended the quarter at about US$378 million. That combination supports the claim that the company can fund itself without constant dilution over time.

The segment split shows where the “new” BlackBerry stock actually lives. QNX delivered record quarterly revenue of US$68.7 million, up 10% year over year, while Secure Communications delivered US$67 million and reached US$216 million in annual recurring revenue. Secure Communications also reported dollar-based net retention at 92%, which hints that some customers still trim usage. Investors should watch QNX design wins, vehicle production ramps, and renewal trends, not slogans.

Guidance and valuation now drive the buy-or-bye debate. BlackBerry stock lifted the lower end of its fiscal 2026 revenue forecast to US$531 million, with the top end at US$541 million, and it guided Q4 revenue to US$138 million to US$148 million. On valuation, it now trades at 97.8 times earnings, with a 1.4 beta and 0.05 trailing EPS. That pricing asks for steady execution, not a one-quarter pop.

Bottom line

So, is BlackBerry stock yesterday’s news? It could be a buy if you want a small, volatile Canadian tech name with improving profitability, real cash generation, and a credible QNX tailwind. It could also stay a “story stock” if QNX growth slows, if Secure Communications keeps leaking demand, or if investors pay up for a comeback that never scales. Treat it like a turnaround in progress, size it like a risk, and let the next few quarters prove whether it earns a permanent spot.