BlackBerry's CFO Says a "New Growth Phase" Has Arrived — But Can the Stock's 40% Weekly Surge Hold Up?

Shares of BlackBerry surged as much as 10% on May 26 to $8.70, capping a remarkable rally from $6.20 just six trading days earlier — a run of roughly 40% — after CFO Tim Foote delivered unusually bullish remarks at the CIBC Technology & Innovation Conference 2026, declaring the company has entered a "new growth phase." BlackBerry's CFO Declares a "New Growth Phase" — but the Stock Has Already Sprinted Past Every Analyst Target. Can Reality Keep Up?

Shares of BlackBerry vaulted 10% to $8.70 on May 26, extending a staggering ~40% rally in six sessions, after CFO Tim Foote told investors the company has flipped from cash-burning turnaround to growth story. Foote told the CIBC Technology & Innovation Conference that BlackBerry "pivoted the company from one which was loss-making, burning significant amount of cash to one that's now solidly profitable," citing eight consecutive quarters of improving profits. The question now is whether the stock, which has blown through every sell-side target, is pricing in a future the financials haven't yet delivered.

Eight Straight Quarters of Profit Improvement Give the Bull Case Real Numbers. Q4 fiscal 2026 revenue hit $156 million, up 10% year-over-year, while adjusted gross margin rose roughly five points to 78.2% and adjusted EBITDA jumped 71% to $36.1 million.

Adjusted net income surged 92% year-over-year to $34 million. Those are real gains, but the full-year revenue of $549 million grew only 2.7% — modest for a stock trading at this momentum.

The QNX Software Business Is the Engine — and It's Expanding Beyond Cars. QNX posted record quarterly revenue of $78.7 million, up 20% year-over-year, with an 84% gross margin.

QNX President John Wall highlighted rising demand in automotive systems, robotics, and physical AI applications — the idea that robots and autonomous machines need ultra-reliable software to operate safely. Foote said BlackBerry plans to increase spending on QNX sales targeting robotics and medical devices , a bet that this division can outgrow its car-centric roots. The QNX royalty backlog — future revenue owed under existing contracts — grew to roughly $950 million.

Wall Street Hasn't Caught Up — or Doesn't Buy It. The consensus analyst rating remains "Hold" with an average price target of just $4.81 — roughly 45% below today's price. The most recent target, from Canaccord Genuity on April 10, was $4.40. That gap means either analysts are badly behind the curve or the stock is pricing in years of growth that hasn't materialized yet.

The Risk: Hype Outrunning Execution. BlackBerry itself flagged steep competition for QNX from embedded-software rivals and open-source alternatives that could undercut on price.

QNX revenue often gets pushed back depending on when automakers and industrial clients ramp production. With earnings due June 25 , the next report will test whether the "growth phase" rhetoric translates into accelerating top-line numbers — the only thing that can justify a stock trading nearly double its consensus target.