$BlackBerry(BB)$ BlackBerry (BB) Analysis: Hidden Value in Enterprise Software Executive Summary BlackBerry has transformed from a smartphone manufacturer into a specialized software company with three core businesses: - QNX: An automotive operating system embedded in over 255M vehicles - IVY: A vehicle data platform developed with AWS - Cybersecurity: A stabilized division generating $350-365M annually The market currently values BlackBerry at roughly 5x sales, significantly undervaluing its software infrastructure potential. Core Investment Thesis 1. QNX: Market-Leading Automotive Software - Powers critical systems in 255M+ vehicles - Growing by 20M+ vehicles annually - $815M backlog (27% YoY growth) - Trusted