Seeking Alpha
22 Oct 2026, 03:14 UTC · 2h ago
BlackBerry: QNX Royalties Drive The Earnings Inflection
Impact · against what's priced in
The QNX revenue growth and backlog expansion are positive but largely confirm existing expectations for the current slow-growth trajectory. Because the market is not yet paying for the hyper-growth acceleration needed to reach the 26.6% CAGR implied by valuation, these results are incremental rather than a fundamental catalyst.
- BB+0.10
Already priced in
- The price assumes
The existing $950 million QNX backlog converting to revenue on its current timeline
The record $1.2B royalty backlog and 27% YoY growth confirm the stability and growth of the QNX segment, which the market already assumes as the core driver of the current price.
What BB's price assumes · Aug 27
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