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BlackBerry | 8-K: BlackBerry Reports Fourth Quarter and Full Fiscal Year 2024 Results

SEC announcement ·  Apr 3 17:24
Summary by Moomoo AI
On April 3, 2024, BlackBerry Limited reported its financial results for the fourth quarter and full fiscal year ended February 29, 2024. The company announced year-over-year revenue growth in both its IoT and Cybersecurity divisions, with the IoT division achieving a record revenue quarter and a QNX royalty backlog of $815 million. The Cybersecurity division showed a stabilization in ARR, sequential growth, and an improvement in DBNRR. BlackBerry also reported a significant sequential improvement in operating cash usage and anticipates being cash flow and adjusted EBITDA positive for FY25. The non-GAAP earnings per share exceeded expectations. For the fourth quarter, total company revenue was $173 million with a non-GAAP and GAAP gross margin of 75%. The IoT revenue hit a record $66 million, marking a...Show More
On April 3, 2024, BlackBerry Limited reported its financial results for the fourth quarter and full fiscal year ended February 29, 2024. The company announced year-over-year revenue growth in both its IoT and Cybersecurity divisions, with the IoT division achieving a record revenue quarter and a QNX royalty backlog of $815 million. The Cybersecurity division showed a stabilization in ARR, sequential growth, and an improvement in DBNRR. BlackBerry also reported a significant sequential improvement in operating cash usage and anticipates being cash flow and adjusted EBITDA positive for FY25. The non-GAAP earnings per share exceeded expectations. For the fourth quarter, total company revenue was $173 million with a non-GAAP and GAAP gross margin of 75%. The IoT revenue hit a record $66 million, marking a 25% year-over-year increase, while the Cybersecurity revenue grew by 5% year-over-year to $92 million. The company's non-GAAP operating profit was $16 million, and the GAAP operating loss was $56 million. BlackBerry ended the fiscal year with a total revenue of $853 million, which included $218 million from the sale of a legacy patent portfolio. The company provided guidance for Q1 FY25 with total revenue expected between $130 - $138 million and for the full fiscal year FY25 with revenue projected between $586 - $616 million. BlackBerry's strategic announcements included the launch of QNX Software Development Platform 8.0, collaborations with Stellantis and AWS, the introduction of QNX Sound, and the selection of BlackBerry IVY by the Mobility in Harmony consortium. The company also opened a new Cybersecurity Center of Excellence in Kuala Lumpur and completed a $200 million convertible notes offering.

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