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    Is QNX’s 275 Million-Vehicle Milestone Altering The Investment Case For BlackBerry (TSX:BB)?

    Simply Wall St·12/17/2025 14:18:05
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    • In recent days, BlackBerry’s QNX division reported that its automotive software now runs in more than 275 million vehicles worldwide, up 100 million since 2020, as the company heads into its December 18, 2025 earnings release.
    • This rapid expansion in embedded QNX deployments, alongside new offerings like the QNX Cabin digital cockpit platform, is sharpening investor focus on BlackBerry’s role in software-defined vehicles.
    • We’ll explore how QNX’s expanding footprint in software-defined vehicles shapes BlackBerry’s investment narrative and what it may mean for investors.

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    What Is BlackBerry's Investment Narrative?

    To own BlackBerry today, you need to believe that its shift from handsets to software and services will translate into durable earnings, particularly in cybersecurity and automotive. The latest QNX milestone, with software now embedded in more than 275 million vehicles, reinforces the idea that BlackBerry has a real seat at the software‑defined vehicle table, just as the market is watching the December 18 earnings for confirmation of QNX growth and margin progress. In the short term, that QNX traction could strengthen a key catalyst: evidence that automotive software can offset slower overall revenue growth and justify BlackBerry’s rich earnings multiple. At the same time, the stock’s high valuation, low return on equity and history of one‑off items keep execution risk front and center, especially if new QNX deals do not translate cleanly into profits.

    However, one risk many investors overlook is how little room a high valuation leaves for disappointment. Despite retreating, BlackBerry's shares might still be trading above their fair value and there could be some more downside. Discover how much.

    Exploring Other Perspectives

    TSX:BB 1-Year Stock Price Chart
    TSX:BB 1-Year Stock Price Chart
    Simply Wall St Community members put BlackBerry’s fair value anywhere from US$3.46 to well above US$100, based on 20 separate models, underscoring how far apart expectations sit. Set that against QNX’s rapid footprint expansion and the stock’s already demanding earnings multiple, and you can see why different investors may reach very different conclusions about how much of the automotive story is already in the price.

    Explore 20 other fair value estimates on BlackBerry - why the stock might be a potential multi-bagger!

    Build Your Own BlackBerry Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.