The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Daniel Chan - TD Cowen - Analyst
: I wanted to start on the new refocused BlackBerry this year. You guys have done a phenomenal job. It's just been a year since we've had this event,
and it's a completely different BlackBerry. So with your transformation and the dominance in automotive software at a high level, what are your
top objectives right now?
Question: Daniel Chan - TD Cowen - Analyst
: Yeah, can you talk about some of those challenges and opportunities in your end markets? Auto demand is a little bit soft, but you are seeing the
progression or the movement of some of these projects. So maybe talk about how that's an opportunity for you. But then there's also opportunities
in defense spend. So if you could just talk about some of these opportunities you guys see between your two different business units.
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NOVEMBER 25, 2025 / 8:50PM, BB.TO - BlackBerry Ltd at TD Cowen Technology Conference
Question: Daniel Chan - TD Cowen - Analyst
: I want to jump into the QNX opportunity you talked about earlier in just a second, but before we do, we have to ask questions about AI. So we are
just curious on your view about AI. What are the opportunities and threats you guys are thinking about and how you are thinking about addressing
those?
Question: Daniel Chan - TD Cowen - Analyst
: Yeah, diving into QNX, you talked about the pipeline building. You had a significant number of design wins over the last couple of years. Like that
part's been doing really well. Safe to say that there's just a whole bunch of production models are just waiting to start production. Like what kicks
that off? Is it more of a macro decision or is there something else that we should be thinking about?
Question: Daniel Chan - TD Cowen - Analyst
: What exactly does this middleware do? Is there any relation to IV?
Question: Daniel Chan - TD Cowen - Analyst
: Okay, so you're just providing a more comprehensive stack solution. Okay, sticking with this royalties, discussion, over the last couple of years,
you've seen a larger mix of your QNX revenues come from development seats, I believe, just given where they were in the development cycle. But
as we move into production, you start collecting royalty revenues. Your most recent QNX gross margin was about 83%. So can you talk about how
these margins shift as your revenue mix in QNX moves to a higher mix of royalties?
Question: Daniel Chan - TD Cowen - Analyst
: Makes sense. Are there any questions? So given that EVs were pushing the envelope on this new architecture, the overall industry seems to have
pulled back on EV investments recently. Does that change the roadmap and the pipeline for you guys?
Question: Daniel Chan - TD Cowen - Analyst
: There's also a pretty big opportunity outside of automotive that you guys are trying to get into. You call that GEM or general embedded market,
how big is this opportunity and which verticals are you most interested in trying to penetrate?
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NOVEMBER 25, 2025 / 8:50PM, BB.TO - BlackBerry Ltd at TD Cowen Technology Conference
Question: Daniel Chan - TD Cowen - Analyst
: And how do you break into these markets? Can you take a page out of your automotive playbook, or is there something else that needs to be
done? Are there a lot of investments that need to be made still?
Question: Daniel Chan - TD Cowen - Analyst
: Is the competitive landscape any different? You guys enjoy a very good leadership position in auto, but just thinking about educating your customer
base, is there, are you up against other people in this, other players in this space?
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NOVEMBER 25, 2025 / 8:50PM, BB.TO - BlackBerry Ltd at TD Cowen Technology Conference
Question: Daniel Chan - TD Cowen - Analyst
: So it does sound like it's a similar value proposition, a similar change in the overall market. Final question. There was a recent change in leadership
in QNX. John Wall now leading up the position. We know John Wall very well, and he's been with QNX forever. Can you just talk about what John
Wall brings with this promotion?
Question: Daniel Chan - TD Cowen - Analyst
: Excellent, Tim, thank you so much.
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