TLDR
- BlackBerry stock surged over 22% across two days, closing Tuesday at $10.32 USD (+6.17%), with premarket Wednesday showing $11.33 USD
- CFO Tim Foote declared the turnaround “complete” at the Baird 2026 conference, calling BlackBerry “now a growth company”
- QNX embedded software, which runs in 275 million vehicles, posted Q1 revenue of $78.7 million — a 20% year-over-year rise
- The QNX royalty backlog stands at approximately $950 million, giving investors visibility into future software revenue
- BlackBerry is set to report earnings on June 25, where investors will be watching for revenue growth, not just momentum
BlackBerry stock has had a big two days. After gaining 8% on Monday, the stock added another 6.17% Tuesday, closing at $10.32 USD on 48.5 million shares traded. On the Toronto Stock Exchange, it closed at C$14.23, touching C$14.28 intraday — matching its 52-week high. Premarket Wednesday had the stock quoted at $11.33 USD.
The catalyst is a simple one: investors are paying closer attention to QNX.
Speaking at the Baird 2026 Global Consumer, Technology & Services Conference, CFO Tim Foote said the company’s restructuring is “complete” and that BlackBerry is “now a growth company.” That’s a meaningful shift in tone from a company that spent years cutting costs.
Foote said the focus has moved from trimming expenses to growing operating leverage — getting more profit out of each additional dollar of revenue. QNX President John Wall also spoke at the event, pointing to progress with Alloy Kore, a vehicle software platform for software-defined cars.
QNX Numbers Do the Heavy Lifting
The QNX numbers backing the rally aren’t new — but they’re catching fresh eyes. In April, BlackBerry reported first-quarter QNX revenue of $78.7 million, up 20% year over year. That beat the analyst estimate of $129.9 million at the total company level, with guidance coming in between $132 million and $140 million.
The royalty backlog — a measure of contracted future royalties from existing vehicle programs — sits at roughly $950 million. That figure gives investors a clearer line of sight into future revenue than most software companies can offer.
QNX software now runs in over 275 million vehicles. CEO John Giamatteo described the company’s software as built into “highly regulated, complex, mission-critical solutions” — the kind of software that is hard to rip out and replace.
In April, BlackBerry and Nvidia extended their partnership to focus on QNX OS for Safety 8.0 and Nvidia’s IGX Thor platform, targeting robotics, medical, and industrial applications — markets beyond automotive where QNX is trying to expand.
ABI Research placed QNX alongside Wind River, SYSGO, and Green Hills Software as top providers of safety-certified real-time operating systems in a report published that same month.
Risks Haven’t Gone Away
The rally has priced in a lot. One analyst model projects fair value at CA$5.68, a steep discount to where the stock is trading now. Ten community estimates on Simply Wall St range from CA$4.01 to CA$16.22 — a wide spread that reflects genuine uncertainty about BlackBerry’s path.
BlackBerry itself has flagged several risks: government contract volatility, long sales cycles, and possible delays in software-defined vehicle rollouts that could push QNX revenue recognition further out. The company also faces competition from open-source alternatives and carmakers building in-house embedded systems.
The board has authorized a repurchase of up to 26,785,714 shares through May 2027, a signal of confidence — but one that lands against a backdrop of a stock that has moved fast.
Earnings on June 25 will be the next real test. Investors will want to see QNX revenue continuing to grow and secure communications holding steady — not just a management team with a good story.
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