BlackBerry Limited delivered QQ2 2025 revenue of USD 145.0 million, up 9.85% year over year and 0.72% quarter over quarter, driven by ongoing demand for its cybersecurity and software offerings. However, the quarter culminated in a net loss of USD 19.0 million and an operating loss of USD 21.0 million, reflecting continued investment in growth initiatives (R&D and go-to-market activities) that suppress near-term profitability despite a solid gross margin of 64.8%.
The company ended the quarter with a robust liquidity position. Cash and cash equivalents plus short-term investments totaled USD 211.0 million, and net debt stood at USD 79.0 million. Operating cash flow was negative at USD 13.0 million, largely due to working capital movements and the timing of collections, while capex was modest at USD 5.0 million, resulting in negative free cash flow of USD 18.0 million. Management commentary remains focused on leveraging BlackBerry’s three-pronged platform — Cybersecurity, IoT, and Licensing & Other — to drive higher-margin recurring revenue over time, supported by new product initiatives (including Cylance AI-based protections and ZTNA/UEBA capabilities) and potential licensing of IP assets.
Overall, the QQ2 2025 result underscores a growth trajectory in revenue and product adoption but highlights the persistent profitability hurdle tied to early-stage or investment-heavy go-to-market strategies. The balance sheet remains supportive for continued investment, while the market valuation implies confidence in BlackBerry’s long-term monetization of its software platform and IP portfolio.