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Cybersecurity Stocks in Play - BlackBerry Limited (NYSE: BB) (TSX: BB) Stock Spikes - Exceeds quarterly revenue guidance for both IoT and Cybersecurity


June 27, 2024 ( Newswire), a go-to platform for big investing ideas, including cybersecuirty stocks reports on trading and news for BlackBerry Limited (NYSE: BB) (TSX: BB).

The stock is trading at $2.5250, up 0.3150, gaining over 14% on the NYSE in this morning’s trading on volume of over 17 Million shares. On the TSX the stock is trading at $3.4200, gaining 0.3800, up over 12%.

BlackBerry reported financial results for the three months ended May 31, 2024 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

Exceeds quarterly revenue guidance for both IoT and Cybersecurity divisions

IoT achieves 18% year over year revenue growth in the quarter

Delivers sequential improvement in key Cybersecurity ARR and DBNRR metrics

Exceeds guidance for adjusted EBITDA and non-GAAP earnings per share

Makes significant progress in operational separation of IoT and Cybersecurity businesses

"BlackBerry's strategy is delivering results. The Company is making significant progress towards operational independence for our IoT and Cybersecurity businesses, as well as towards profitability. We exceeded our outlook range for both adjusted EBITDA and non-GAAP EPS this quarter and achieved a third consecutive sequential improvement in free cash usage. BlackBerry remains on track to be both profitable on a non-GAAP basis and generating positive cashflow in the fourth quarter," said John J. Giamatteo, CEO, BlackBerry. "Both our IoT and Cybersecurity businesses beat revenue expectations. QNX recorded solid royalty revenue while our Cybersecurity division delivered a second consecutive quarter of ARR growth, as well as further enhancing dollar-based net retention."

First Quarter Fiscal 2025 Financial Highlights

Total company revenue was $144 million.

Total company non-GAAP and GAAP gross margin was 67%.

IoT revenue grew 18% year-over-year and exceeded previously-provided guidance at $53 million; IoT gross margin was 81%.

Cybersecurity exceeded previously-provided guidance at $85 million; Cybersecurity gross margin was 59%.

Cybersecurity ARR increased by 2% sequentially to $285 million; DBNRR increased sequentially for third consecutive quarter to 87%.

Licensing and Other revenue was $6 million.

Non-GAAP operating loss was $12 million and GAAP operating loss was $39 million.

Non-GAAP basic loss per share beat the previously-provided guidance at $0.03 and GAAP basic loss per share was $0.07.

Adjusted EBITDA was negative $7 million.

Total cash, cash equivalents, short-term and long-term investments was $283 million; Operating cash usage was sequentially flat at $15 million, while free cash usage decreased sequentially for the third consecutive quarter to $16 million.

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