BlackBerry Ltd (NYSE: BB) posted revenues of $174 million in Q1 2022. Its Cyber security arm contributed higher revenues of $107 million, followed by IoT with revenues of $43 million in Q1 2022.
Backlog royalty revenues increase 9% YoY
BlackBerry’s EC, John Chen, said the company recognized strong growth in Q1 2022 from its IoT and Cyber Security divisions. Its design activity remains strong. The number of vehicles equipped with embedded QNX Software rose to 195 million helping the company to earn royalty revenues of 9% YoY.
Its backlog royalty revenues surged to $490 million (up 9% YoY) in Q1 2022. The company introduced two new products Optics 3.0 and BlackBerry Gateway, in the Cyber Security arm. It is experiencing strong growth in its innovative UES products.
The company holds long-term and short-term investments, cash equivalents, and a cash balance of $769 million at the end of Q1 2022.
The company spent $33 million on operating activities.
Growth in IoT
BlackBerry is experiencing strong growth in IoT from the auto sector. Volvo Group chose BlackBerry’s QNX OS and Hypervisor for its Volvo Dynamic Software Platform.
The software provided by BlackBerry satisfies the demand for Volvo’s whole truck.
Chinese EV maker – WM Motor chose BlackBerry’s QNX OS for its all-electric SUV – W6.
BiTECH Automotive and BlackBerry collaborated on the development of a digital LCD instrument for the UNI-K SUV.
The embedding of BlackBerry QNX OS has increased to 195 million vehicles compared to 175 million in 2020.
BlackBerry unveiled BlackBerry IVY Advisory Council to support use case generation using its BlackBerry IVY. Its members are Amazon, Telus, HERE, Cerence, and Geico.
IVY Innovation Fund of BlackBerry invested in a startup – Electra Vehicles.
Electra Vehicles would utilize BlackBerry IVY data in its AI-driven platform for improved battery performance.
Inducts a new head for IoT
BlackBerry selected Mattias Eriksson to head its IoT division. He will hold the position of President.
The AI-driven BlackBerry Protect showed its capability to prevent Conti ransomware and Darkside ransomware.
The company is pleased to elect nine nominees (Michael A. Daniels, John Chen, Timothy Dattels, Laurie Smaldone Alsup, Richard Lynch, Lisa Disbrow, Wayne Wouters, V. Prem Watsa, and Barbara Stymiest) to its director board on June 23, 2021.