BlackBerry Limited (TSX: BB) released on Wednesday its financial statements for fiscal Q2 2022 ending August 31, 2021. The results highlighted a quarterly revenue of US$175 million compared to fiscal Q1 2022’s revenue of US$174 million and Q2 2021’s revenue of US$259 million.
Breaking down the topline figure, revenue from cybersecurity contributed US$120 million. IoT revenue notched US$40 million while licensing and other revenue completed the figure with an additional US$15 million.
With total operating expenses at US$253 million–larger than the quarterly revenue, the firm recorded an operating loss of US$141 million compared to last quarter’s US$58 million and last year’s US$22 million operating losses.
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The company said that the quarterly operating loss is primarily due to a US$67 million non-cash accounting adjustment to the fair value of the convertible debentures. Recalibrating for this and a number of financial items, the company’s adjusted EBITDA ended at a loss of US$14 million.
The company also ended with a net loss of US$144 million, down from the net losses of US$62 million last quarter and US$23 million last year. The quarterly loss per share came in at US$$0.25.
By the quarter’s end, the firm held a cash and cash equivalents balance of US$291 million. Total current assets ended at US$910 million while total current liabilities came in at US$403 million.
The software firm also announced that former McAfee President John Giamatteo will be taking the role of president of the cybersecurity business unit. BlackBerry President and COO Tom Eacobacci is stepping down starting October 29 to “pursue other opportunities”.
The Ontario-based company was downgraded to ‘sell’ rating in June 2021 by Canaccord.
BlackBerry last traded at $12.21 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
