BlackBerry reported QQ3 2025 results with revenue of $143.0 million, down -5.92% year over year and -1.38% quarter over quarter. The company delivered a robust gross margin of 78.32% on a $112.0 million gross profit, and positive EBITDA of $33.0 million (EBITDAR 23.08%). However, net income remained negative at -$11.0 million, yielding a net profit margin of -7.69%, and earnings per share of -$0.0186. Operationally, the company generated $3.0 million of cash flow from operations and $1.0 million of free cash flow, while continuing to invest in product development and go-to-market initiatives. The balance sheet shows a strong cash position (cash and cash equivalents plus short-term investments of about $220 million) and moderate leverage (total debt $224 million; net debt $35 million), supporting ongoing R&D, strategic investments, and potential opportunistic licensing activity. Trading metrics reflect a richly valued equity (P/B ~89x; EV/Revenue not disclosed in the data, but price-to-sales ~10.63x) typical of niche software franchises with significant intangible assets, yet with a need to convert profitability into sustained free cash flow and cash-generative growth. The QQ3 2025 results underscore a path toward margin resilience and potential top-line expansion via BlackBerry’s AI cybersecurity offerings and automotive/IoT software platforms, though execution hinges on monetizing growth initiatives and improving net income progression.