Blackberry Stock Rises on $156 Million Revenue, $36.1 Million EBITDA
BlackBerry stock was trading at $5.09 on April 24 after BlackBerry Limited reported $156 million in revenue and $36.1 million in adjusted EBITDA for Q4 FY2026. The quarter carried a 23% adjusted EBITDA margin and marked the company’s eighth consecutive quarter of improved GAAP profitability. For investors, the question is whether that mix is enough to justify a higher valuation.
Q4 FY2026 Revenue and EBITDA
$156 million in revenue gave the market a fresh read on how BlackBerry’s business is evolving. The company paired that with $36.1 million in adjusted EBITDA, which measures earnings before interest, taxes, depreciation and amortization, showing that the quarter produced real operating profit rather than just top-line growth.
23% adjusted EBITDA margin was the cleaner number inside the release. It suggests the company is keeping more of each sales dollar after operating costs, which matters when the stock already carried a trailing P/E of 56.56 and a forward P/E of 29.67 according to Yahoo Finance.
20% growth from QNX sharpened the case further. That unit runs on a royalty-based model tied to production, and BlackBerry said the platform is embedded in over 275 million vehicles globally. The result is a revenue stream tied to deployments rather than one-time sales, which helps explain why bulls are leaning on the software mix.
QNX and Secure Communications
$950 million in QNX backlog gives the next part of the story more weight. A backlog that size means future work is already in the pipeline, and BlackBerry paired that with 27% EBITDA margins in QNX, a level that supports the idea that the unit is doing more of the heavy lifting inside the company.
24 hedge fund portfolios held BB at the end of the fourth quarter, up from 21 in the previous quarter. That is still below the 40-stock list of the most popular hedge fund holdings, so the name is not yet crowded even after the better operating results.
Nearly 50% of the stock’s decline stood in contrast to the improving figures, and BlackBerry shares were down 8.78% from the prior coverage point. Secure Communications added another layer: the segment was described as stabilizing with stronger demand from government clients, which gives the turnaround thesis a second operating leg beyond QNX.
Cristobal Botanch Thesis
Cristobal Botanch framed the bullish thesis around the idea that BlackBerry is no longer just a legacy handset story. The investment case now centers on QNX, Secure Communications, and possible expansion into robotics, healthcare, and industrial applications, with Alloy Kore positioned as a pre-integrated automotive software platform expected to increase revenue per vehicle.
$5.09 per share on April 24 is the price that forces the market to do the math. If QNX keeps expanding and Secure Communications keeps stabilizing, the current multiple leaves room for the stock to trade on execution rather than on the company’s old identity.
