BB · BlackBerry Limited

블랙베리, 7거래일 연속 하락 마감

블랙베리, 8% 급등하며 6거래일 연속 하락 마감

내부자 거래: 모건스탠리·골드만삭스·브로드컴 등 주요 종목 주목

중국 AI, 미국 사이버보안 모델 추격...기술 패권 경쟁 격화

이번 주 주목할 만한 State Street 기술주 선택 섹터 SPDR ETF 주요 뉴스: 마이크론, 퀄컴, ON 세미 주목

블랙베리(BlackBerry), FY2027 매출 5억 9,400만~6억 2,100만 달러 전망…QNX 전망 2억 9,500만~3억 1,200만 달러로 상향

블랙베리, 1분기 실적 호조에 힘입어 주가 급등…2027 회계연도 전망 상향

BlackBerry in Charts: QNX and secure communications post major Y/Y gains

실적 스냅샷: 블랙베리(BlackBerry), 1분기 추정치 상회… 연간 전망 상향

블랙베리(BlackBerry) 비GAAP 기준 EPS 0.04달러, 시장 예상치(컨센서스)보다 0.01달러 상회, 매출 1억5,290만 달러, 시장 예상치(컨센서스)보다 1,535만 달러 상회

블랙베리: 사업 전환은 성과를 내고 있지만 밸류에이션은 여전히 부담

• BlackBerry Limited has successfully shifted focus to software, with QNX and Secure Communications driving growth and improved financials.
• QNX's robust revenue beat and $950 million royalty backlog highlight its role as BB's primary long-term growth engine, especially in automotive software.
• Profitability and cash flow are improving, with Q1 FY2027 delivering the first positive operating cash flow in nine years and a 144% adjusted EBITDA increase.
• Despite positive momentum, BB's 42.64x FY1 P/E reflects high-growth expectations, leading to a hold rating until further evidence of sustained profit expansion.

블랙베리: 그 어느 때보다 탄탄해졌지만, 주가에도 반영됐다

• BlackBerry has transitioned into a healthier, focused software company, with profitability, real cash flow, and a net cash balance sheet.
• QNX is BB's high-margin growth engine, boasting a ~$950 million royalty backlog and strong pipeline, but much of its value is years out.
• At ~$8/share, the market prices in multi-year perfect execution, leaving a narrow safety margin and justifying a Hold rating.
• I remain mildly bullish but await sustained margin expansion, ARR growth, and a major Alloy Kore contract for a more constructive stance.

블랙베리: 훌륭한 스토리지만 기대가 앞서간 주가

• BlackBerry has executed a significant business turnaround, transitioning from smartphones to a leading physical AI and cybersecurity player.
• BB operates in high-growth markets, including cybersecurity and physical AI, benefiting from strong secular tailwinds if execution meets expectations.
• With a 120% share price appreciation in six months, BB trades at premium levels, with fundamentals needing to catch up to valuation.
• I initiate coverage with a Hold rating, preferring to watch from the sidelines as the AI narrative remains strong but risks of correction persist.

블랙베리: QNX와 알로이 코어, 투기적 매수 의견 뒷받침

• BlackBerry is rated a speculative Buy, with asymmetric upside potential driven by QNX and the Alloy Kore middleware opportunity.
• QNX’s ~$950m royalty backlog and record development license revenue signal robust forward growth, though much of it is long-dated.
• Valuation sensitivity centers on QNX; Alloy Kore could multiply revenue from existing customers and expand into non-automotive markets.
• Risks include delayed Alloy Kore design wins and execution uncertainty, but the Nvidia partnership and restructuring support the long-term thesis.

블랙베리, 재도약 국면에서 매집 적기

• BlackBerry is undergoing a significant turnaround, driven by robust growth in QNX and Secure Communications businesses.
• Q1 FY2027 revenues surged 26% YoY to $152.9M, with margin expansion and beats on both top and bottom lines.
• FY2027 guidance signals accelerating momentum: 11% revenue growth, 20% adjusted EBITDA growth, and 13% adjusted EPS growth at midpoints.
• Despite a high forward P/S ratio, BlackBerry's long-term AI-driven opportunities and discounted forward PEG justify a Buy rating for patient investors.