BlackBerry Is Back, But This Time It’s About Cars, Robots, and AI

BlackBerry Is Back, But This Time It's About Cars, Robots, and AI

BlackBerry (NYSE:BB) stock is up more than 110% this year, and for the first time in a long time, Wall Street has a real reason to care.

This is no longer the failed smartphone company story. Today, BlackBerry's QNX software powers more than 275 million vehicles worldwide, and the business is finally showing real financial strength.

In Q4 FY2026, revenue reached $156 million, up 10% year over year and ahead of guidance. Adjusted EPS came in at $0.06 which was above expectations. Gross margins improved to 78.2%, while full-year adjusted EBITDA hit $107.1 million.

See how Blackberry's financials compare with its peers, Microsoft, Motorola Solutions, Fastly, BGIN Blockchain, and Beamr Imaging.

The biggest change? BlackBerry actually became profitable again. After losing $79 million the previous year, the company posted full-year GAAP net income of $53.2 million. CEO John Giamatteo summed it up simply: "The turnaround is complete."

The real growth engine is QNX. Quarterly QNX revenue climbed 20% to a record $78.7 million, while full-year revenue hit $268 million. Its royalty backlog - future revenue from signed deals - has exploded from $460 million in 2022 to roughly $950 million today.

Automakers like BMW, Volvo, and Mercedes-Benz are all expanding their use of QNX in next-generation software-defined vehicles.

See also, Plug Power's Hydrogen Bet Is Starting To Look Real Again.

Then came Nvidia.

BlackBerry's expanded partnership with Nvidia in April brought major attention to the stock. QNX is now being integrated with Nvidia's IGX Thor and Halos Safety Stack for robotics, industrial systems, and physical AI applications. Shares jumped 15% on the announcement.

QNX is also quietly becoming important outside cars. About 20% of revenue now comes from non-automotive markets, including robotics companies like Boston Dynamics and Agility Robotics.

Meanwhile, BlackBerry's Secure Communications business is stabilizing, too. Q4 revenue rose 8% to $72.5 million, helped by renewed government demand. The AtHoc platform recently secured FedRAMP High re-certification, a major cloud security standard used by roughly 80% of U.S. federal agencies. That news alone sent shares up nearly 19% in one day.

Looking ahead, BlackBerry expects FY2027 revenue between $584 million and $611 million, adjusted EBITDA of up to $130 million, and operating cash flow around $100 million. The company also has $432 million in cash and recently approved a buyback program for 26.8 million shares.

The next big test comes on June 25 when BlackBerry reports earnings again.

The bull case is pretty clear now: a profitable software company with nearly $1 billion in backlog, growing exposure to AI and robotics, sticky government contracts, and strong automotive partnerships.

The risk is that expectations may now be running ahead of reality. Vehicle production delays, slow government spending, or weaker execution could quickly cool the excitement.

Still, for a company many investors had completely written off, BlackBerry suddenly looks relevant again.

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