BlackBerry Reports First Quarter Fiscal Year 2022 Results

all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated). BlackBerry Reports First Quarter Fiscal Year 2022 Results.

BlackBerry Reports First Quarter Fiscal Year 2022 Results
BlackBerry Reports First Quarter Fiscal Year 2022 Results

BlackBerry Limited today reported financial results for the three months ended May 31, 2021 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated). BlackBerry Reports First Quarter Fiscal Year 2022 Results.

"This quarter we aligned the business around the two key market opportunities “ IoT and Cyber Security.  In IoT we are pleased with the strong progress of the auto business, despite global chip shortage headwinds.  Design activity remains strong, the number of vehicles with QNX software embedded has increased to 195 million, and royalty revenue backlog grew by 9% year-over-year.  Tangible progress continues to be made with BlackBerry IVY, including the launch of the IVY Advisory Council and the first investment by the IVY Innovation Fund," said John Chen, Executive Chairman & CEO, BlackBerry. "On the Cyber Security side, we announced two new significant product launches as part of our XDR strategy “ BlackBerry Gateway and Optics 3.0. We continue to see strong pipeline growth for our new UES products."

First Quarter Fiscal 2022 Financial Highlights

  • Total company revenue for the first quarter of fiscal 2022 was $174 million.
  • Total company gross margin was 66%.
  • IoT revenue for the first quarter of fiscal 2022 was $43 million, with gross margin of 84% and ARR of $86 million.
  • BlackBerry QNX royalty revenue backlog increased from $450 million in Q1 FY21 to $490 million in Q1 FY22, a 9% increase year-over-year.
  • Cyber Security revenue for the first quarter of fiscal 2022 was $107 million, with gross margin of 57% and ARR of $364 million.
  • Licensing and Other revenue for the first quarter of fiscal 2022 was $24 million as negotiations for the sale of a portion of the patent portfolio continue.
  • Non-GAAP operating loss was $23 million. GAAP operating loss was $58 million.
  • Non-GAAP loss per share was $0.05 (basic and diluted). GAAP loss per share was $0.11 (basic and diluted).
  • Total cash, cash equivalents, short-term and long-term investments were $769 million.
  • Net cash used by operating activities was $33 million.

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Business Highlights & Strategic Announcements

  • Volvo Group selected BlackBerry® QNX® operating system and hypervisor as foundation for its 'Volvo Dynamic Software Platform', to meet the needs of the 'whole truck'.
  • WM Motor, a Chinese electric carmaker, chose BlackBerry QNX to power its W6 all-electric SUV.
  • BlackBerry QNX and BiTECH Automotive (formerly Bosch Car Multimedia Wuhu Co. Ltd) jointly developed a digital LCD instrument cluster for Changan's UNI-K SUV.
  • BlackBerry QNX is now embedded in over 195 million vehicles, increasing from over 175 million vehicles last year.
  • BlackBerry launched BlackBerry IVY Advisory Council to drive use case generation using BlackBerry IVYâ„¢. Initial members include Geico, Cerence, HERE, Telus and Amazon.
  • BlackBerry's IVY Innovation Fund made its first investment in Electra Vehicles, a start-up that will use data from BlackBerry IVY in its AI-driven platform to optimize battery performance.
  • BlackBerry announced appointment of Mattias Eriksson as President of IoT business unit.
  • BlackBerry announced BlackBerry® Optics 3.0, its next-generation cloud-based endpoint detection and response (EDR) solution.
  • BlackBerry further built out Extended Detection and Response (XDR) strategy with launch of BlackBerry® Gateway, the company's first AI-empowered Zero Trust Network Access (ZTNA) product.
  • BlackBerry's AI-driven, prevention-first BlackBerry® Protect product demonstrated to block both DarkSide ransomware and Conti ransomware, even using the 2015 version of the product.

Outlook
BlackBerry will provide fiscal year 2022 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript will be made available on our website and on SEDAR.

Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them.

Conference Call and Webcast
A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing +1 (877) 682-6267 or by logging on at BlackBerry.com/Investors.

A replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 585-8367 and entering Conference ID #2676452 and at the link above.

About BlackBerry
BlackBerryprovides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 195M vehicles.  Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy, and is a leader in the areas of endpoint security, endpoint management, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust.