BlackBerry Q4 Results Release
BlackBerry Limited unveiled its financial results for the fourth quarter (Q4) and fiscal year ended February 29, 2024. The announcement, marked by robust figures and strategic advancements, has triggered a surge in the company’s stock value, indicating investor confidence in BlackBerry’s trajectory.
As of the time of this publication, the current market data for BlackBerry Limited (NYSE: BB; TSX: BB) is as follows:
– Index: BB
– Symbol: BlackBerry Limited
– Quote: $3.0474
– Change: +0.23740005
– Percentage Change: +8.455623%
– Volume: 10,260,896 shares
– Average Analyst Rating: 2.9 (Hold)
– Book Value: $1.321
BlackBerry Q4 Results – Key Financial Highlights
In the fourth quarter of fiscal 2024, BlackBerry reported:
– Total company revenue of $173 million.
– A significant increase in non-GAAP and GAAP gross margin to 75%.
– All-time high quarterly revenue of $66 million in IoT, marking a 25% year-over-year growth.
– Cybersecurity revenue reached $92 million, up by 5% compared to the previous year.
– Cybersecurity Annual Recurring Revenue (ARR) saw a sequential increase of 3%, reaching $280 million.
Fiscal Year 2024 Results
– Total company revenue amounted to $853 million, inclusive of $218 million from the sale of a legacy patent portfolio in Q1.
– Non-GAAP and GAAP gross margin stood at 61%.
– Non-GAAP operating profit reached $36 million, while GAAP operating loss was $125 million.
Strategic Announcements and Business Highlights
BlackBerry’s fiscal year was marked by several strategic announcements and business highlights:
– General availability of QNX® Software Development Platform (SDP) 8.0, enhancing automotive and IoT systems.
– Collaboration with Stellantis and AWS to launch a virtual cockpit for in-vehicle software engineering.
– Introduction of QNX® Sound, an audio innovation platform for software-defined vehicles.
– Selection by Mobility in Harmony (MIH) consortium to power next-generation electric production vehicles.
– Achievement of BSI clearance for BlackBerry® UEM Brightsite usage with Apple iNDIGO.
– Establishment of a Cybersecurity Center of Excellence (CCoE) in Kuala Lumpur to upskill cyber workforces.
– Completion of a $200 million, 5-year convertible notes private offering and repayment of $150 million of short-term debentures.
– Appointment of IoT technology veteran Philip Brace to the Board of Directors.
Outlook and CEO Statement
Looking ahead, BlackBerry provides guidance for the first quarter of fiscal 2025 and the full fiscal year:
“BlackBerry delivered a solid finish to the fiscal year, setting a number of new records in the process,” remarked John J. Giamatteo, CEO of BlackBerry. “Despite industry delays to automotive software development programs, our IoT division delivered its strongest ever quarter for revenue, as well as its best year for adding new QNX royalty backlog from design wins that resulted in 27% year-over-year growth to approximately $815 million. We also took small, but important steps forward for the Cybersecurity division, with ARR stabilizing and even increasing by 3% sequentially. At a Corporate level, we are making good progress with efforts to both separate the divisions and drive towards profitability, and operating cash usage more than halved sequentially this quarter.”
The Q4 results of BlackBerry underscore its resilience and strategic evolution in key sectors such as IoT and cybersecurity. The company’s focus on innovation and strategic partnerships positions it for continued growth and value creation, as evidenced by its strong financial results and forward-looking initiatives.
