BlackBerry Posts $156 Million Revenue, Bb Stock Draws Bullish Thesis
BlackBerry bb stock traded at $5.09 on April 24th. In Q4 FY2026, BlackBerry Limited reported $156 million in revenue and $36.1 million in adjusted EBITDA, a 23% margin. The numbers keep the turnaround case alive, but the share price still reflects a company the market has not fully revalued.
Q4 FY2026 revenue and EBITDA
$156 million in revenue came with $36.1 million in adjusted EBITDA, giving BlackBerry a 23% margin for the quarter. That is the cleanest evidence yet that the software mix is doing the heavy lifting, not the company’s legacy identity. BlackBerry also posted its eighth consecutive quarter of improved GAAP profitability, a sequence that shows the business has been compounding progress rather than producing a one-off quarter.
8 consecutive quarters of improved GAAP profitability is the kind of run that can change how investors frame a stock. Cristobal Botanch, a Substack writer cited in a Yahoo Finance article, presented a bullish thesis on BlackBerry around that improvement, with the emphasis on software operations that are scaling faster than the old handset story ever did.
QNX backlog reaches $950 million
$950 million in QNX order backlog gives the market a concrete measure of future demand. QNX is embedded in over 275 million vehicles globally, and the platform delivered 20% growth with 27% EBITDA margins. Those figures point to a business that is still expanding inside automotive software, even as the stock trades well below where a higher-growth software multiple would usually imply.
20% growth in QNX sits alongside stronger demand in Secure Communications from government clients. Together, those two segments are the core of the bullish thesis now attached to BlackBerry: one is a vehicle software platform with a large installed base, the other is stabilizing enough to support the broader profit picture. The market is still weighing that against the company’s long association with legacy mobile, which helps explain why the shares were down nearly 50% despite improving fundamentals.
BlackBerry valuation and holders
56.56 on trailing P/E and 29.67 on forward P/E show that BlackBerry is not being priced like a distressed hardware name anymore. Those multiples suggest the market is assigning some credibility to the software turnaround, but not enough to erase the discount implied by the nearly 50% decline in the share price.
24 hedge fund portfolios held BB at the end of the fourth quarter, up from 21 in the previous quarter. That shift does not make BlackBerry a consensus trade, but it does show that some professional holders are leaning into the same software-first argument that Botanch laid out. If QNX keeps converting backlog into revenue and Secure Communications keeps stabilizing, the current valuation may have room to move before the market fully catches up.
