BLACKBERRY Ltd (BB) SEC Filings & Earnings Calls

Secure Communications Revenue Guidance Cut

“The Company now expects Secure Communications revenue to be in the range of $260 million to $270 million in fiscal 2027 as a whole due to a more cautious outlook for certain government opportunities in the second half of fiscal 2027.” · word for word

Convertible Note Dilution Risk

“In addition, 51.5 million common shares are issuable upon conversion in full of the Notes as described in Note 5.” · word for word

Customer Concentration

“There were two customers that each comprised 10% of the Company’s revenue during the three months ended August 31, 2026.” · word for word

Equity Investment Risk

“The Company has a high concentration of risk associated with a small number of non-marketable equity investments that are impacted by fluctuations in their fair values or by observable changes or impairments.” · word for word

Secure Communications margin decline

“Secure Communications segment adjusted gross margin decreased by 5 percentage points year-over-year to 61%.” · word for word

Licensing revenue volatility

“Licensing revenue expected to drop to ~$6M in Q3 from $22.1M in Q2.”

Insufficient information to assess risk

“Body excerpt only lists exhibit references; no content from press release.”

Convertible note conversion risk

“Subsequent to the three months ended May 31, 2026, the closing price of the Company’s common shares exceeded 130% of the conversion price for at least 20 trading days within a period of 30 consecutive trading days ending on June 30, 2026. The contingent condition permitting holders of Notes to convert their Notes was satisfied on June 15, 2026. Accordingly, ” · word for word

Litigation risk

“The Company is involved in litigation in the normal course of its business, both as a defendant and as a plaintiff. ... A mediation took place on April 21 and 22, 2026, during which no settlement was reached. A pretrial conference has been scheduled for September 16, 2026. Trial is set for January 11, 2027.” · word for word

DBNRR of 92% indicates some customer contraction or churn in Secure Communications, though ARR stable.

“Secure Communications DBNRR was 92%.”

Guidance for Q2 FY27 revenue ($137-$148M) implies sequential decline from Q1 ($152.9M), though typical seasonality.

“Q2 FY27 revenue guidance $137 - $148 million vs Q1 actual $152.9 million.”

Loss of major supportive shareholder

“As of May 4, 2026, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of Shares.” · word for word

Loss of major supportive shareholder

“As of May 4, 2026, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of Shares.” · word for word

Dependence on QNX automotive market; any slowdown in auto production could impact revenue.

“QNX revenue growth driven by automotive; backlog $950M.”

Tariff exposure on automotive customers

“The imposition of tariffs and national security policies relating to technology supply chains or other barriers to trade that directly or indirectly impact the Company’s automotive customers... could have a material adverse effect on the Company’s results of operations.” · word for word

Secure Communications revenue decline

“Secure Communications revenue decreased $13.7 million... primarily due to a decrease of $11.8 million in Secusmart product revenue, and a decrease of $5.2 million in BlackBerry UEM product revenue.”

Dependence on government contracts

“The Company’s Secure Communications business depends, to a significant degree, on sales to government organizations. Government procurement is unpredictable and subject to budgetary uncertainty.” · word for word

Deferred revenue decline

“Deferred revenue, current as at November 30, 2025 was $121.3 million compared to $161.5 million as at February 28, 2025.”

Restructuring execution risk

“Total charges incurred for the nine months ended November 30, 2025 and November 30, 2024 were $12.4 million and $14.7 million, respectively.” · word for word

Customer concentration

“There were three customers that comprised more than 10% of accounts receivable as at November 30, 2025.” · word for word

Secure Communications DBNRR declining YoY and sequentially indicates potential customer churn or down-sell risk.

“Secure Communications DBNRR was down 3 percentage points year-over-year, and decreased by 1 percentage point sequentially to 92%” · word for word

Total company revenue decreased YoY despite sequential growth, suggesting underlying demand may be uneven.

“Total company revenue ... decreasing by $1.8 million year-over-year”