BlackBerry Limited reported QQ3 2025 revenue of $143.0 million with a gross profit of $112.0 million, generating a gross margin of 78.3%. EBITDA stood at $33.0 million and operating income was $19.0 million, while net income remained negative at $(11.0) million, translating to a basic EPS of $(0.0186). The quarter showcased meaningful margin resilience and positive operating leverage, but profitability was still constrained by ongoing investment in R&D and go-to-market activities. Cash flow remained modest but positive, with operating cash flow of $3.0 million and free cash flow of $1.0 million, supporting a cash balance of approximately $200 million at period end. Net debt was a modest $35 million on a capital structure featuring total assets of about $1.31 billion and stockholders’ equity of $725 million. The results underscore BlackBerry’s ongoing transition toward a software-centric security platform, leveraging AI-enabled cybersecurity, with potential upside from QNX/IVY and enterprise/government cybersecurity opportunities.