Why? Can someone explain? What am I missing with this stock beyond what I’ve been missing for the last 7 years.
At this point Zen 🧘 is old hat, but AYFKM

I hold BB and like the QNX story, but at ~$9.70 the market is already paying roughly 14–15x sales for QNX alone (if you value Secure Comms at ~2–3x). Even if QNX grows 30% a year to ~$1.2B by FY32, I get roughly $18–25 a share depending on the exit multiple. Good, but not the 5–10x some posts imply. Genuinely want to hear where my numbers are wrong.

Three things I can't resolve:

1. Backlog vs revenue. QNX revenue is growing ~27%, but the royalty backlog has gone from ~$940M (FY26) to ~$950M now. Isn't that mostly conversion of old wins rather than new ones? What evidence do you see that bookings are growing faster than revenue?

2. Robotics: engagements vs contracts. Management says they're working with 20+ companies on Nvidia-based platforms (humanoids, surgical robots, AMRs, drones). Has anyone seen a named robotics design win with royalty backlog attached, like Coretura was for Alloy Kore? What royalty per robot is realistic, and when do volumes matter if humanoids don't scale until the 2030s?

3. Secure Comms. Some argue it's QNX's security backbone and deserves a QNX-like multiple. But it's sold to governments separately, ARR is flat (~$221M), net retention is 91% and guidance was just cut. Is there any real cross-selling into QNX deals, or is it a separate business?

Bonus: who actually beats QNX in robotics — Linux/ROS stacks, Green Hills, or Nvidia's own software? If QNX wins there, why?

Simply curious to understand more so I can upgrade my conviction

Cheers

Clear indication that Blackberry management has realized the Value of Blackberry not just by retail share holders. Hedge Funds are being kicked out is a good news on one side. Do not underestimate Hedge funds Master though and are buying shares in each and every ETFs they own at give away price provided by Hedge Funds. Not for long February 22, 2027? Voting power within Funds to bypass 5% ownership on the other side?

Dynamic Pairing moves beyond knowing where an asset is located and beyond traditional tractor-to-trailer pairing. When a driver connects to equipment, Radar identifies the asset relationship across tractors, trailers, chassis, flatbeds, containers and other equipment. That pairing intelligence helps operators understand how critical transportation assets are connected, identify incorrect equipment connections earlier and make better decisions across complex transportation networks.

https://feeds.issuerdirect.com/news-release.html?newsid=6218859508575114&symbol=BB,BB:CA

https://www.blackberry.com/en/secure-communications/insights/blog/blackberry-athoc-alerts-whatsapp-microsoft-teams

Quick facts

• The CCDC-SF includes senior executives from private industry representing Bell Canada, BlackBerry, Canadian National Railway, Enbridge, J.D. Irving, Telesat, and WestJet.
• Members were selected based on sector and regional representation, recommendations from Government of Canada stakeholders, and their ability to directly strengthen Canada’s cyber resiliency.

“As cyber threats continue to evolve, so must the way we work together to address them. Today, I attended the first in-person meeting of the Canadian Cyber Defence Collective Strategic Forum Advisory Council, bringing together leaders from across Canada’s cyber community to discuss how we can deepen collaboration and advance policy solutions to better protect the critical infrastructure Canadians rely on every day.”

- The Honourable Ruby Sahota, Secretary of State for Combatting Crime

https://www.canada.ca/en/public-safety-canada/news/2026/09/government-of-canada-advances-cyber-resilience-through-public-private-partnerships.html

picked up some more bb when it fell to $7.60/70 i managed to time it very well and averaged my buy at $7.80 . 10 soon maybe today if the market hypes enough