BlackBerry Limited reported QQ2 2025 revenue of USD 145.0 million, up modestly on a year-over-year basis but remaining loss-making at the net level. Gross margin stood at a robust 64.8%, underpinning the company’s software-centric model, yet operating and net income remained negative (-$21.0 million and -$19.0 million, respectively). The company continues to invest in growth initiatives across its Cybersecurity, IoT, and Licensing segments, including AI-driven security solutions, which supports a path to higher-margin revenue over time but currently weighs on near-term profitability. Cash generation was limited in the quarter, with free cash flow at -$18.0 million and net cash provided by operating activities at -$13.0 million, though the balance sheet remains liquidity-rich with USD 188 million cash and equivalents and a net debt position of USD 79 million after considering total debt of USD 250 million. Management commentary (where available) highlights strategic emphasis on AI-enabled security and expanded enterprise/government cybersecurity offerings as key growth engines, though formal forward guidance was not provided in the supplied data. The stock continues to trade with a negative earnings multiple and a high price-to-sales ratio, reflecting the market’s view of BlackBerry’s long-term repositioning rather than immediate profitability.