BlackBerry’s QQ2 2025 results show a revenue rise to USD 145.0 million, up 9.9% year over year and 17.5% quarter over quarter, with a robust gross margin of 64.8%. The improvement in top-line occurred alongside continued investments in R&D and go-to-market activities as the company advances its Cybersecurity, IoT, and Licensing franchises. However, the quarter remains unprofitable at the operating level, with operating income of -USD 21.0 million and net income of -USD 19.0 million, contributing to negative EBITDA (-USD 8.2 million) and a negative free cash flow of -USD 18.0 million. The blend of non-cash and working-capital items (e.g., depreciation of USD 12.8 million, stock-based compensation USD 7.0 million, and working-capital timing) underpins the cash-flow dynamics, which show operating cash flow of -USD 13.0 million and a net cash position that remains solid at USD 188.0 million at period end. The balance sheet displays a conservative debt load (total debt USD 250.0 million; net debt USD 79.0 million) alongside a substantial asset base, including goodwill of USD 563.0 million and intangible assets of USD 136.0 million, underscoring continued investment in IP and strategic capabilities. Looking ahead, management’s guidance is not explicitly quantified in the data provided; thus, the outlook rests on ongoing adoption of BlackBerry’s AI-enabled security solutions (Cylance/BlackBerry Cyber Suite), expansion of BlackBerry QNX-based platforms, and licensing revenue progression within a disciplined cost framework. While the near term profitability remains a concern, the company’s strong gross-margin foundation and cash position provide runway for strategic investments that could translate into medium-term earnings resilience if revenue growth accelerates further and cost controls take hold.