BlackBerry Reports Preliminary Fourth Quarter and Full Fiscal Year 2023 Results.

WATERLOO, ON: BlackBerry Limited (NYSE: BB; TSX: BB) today provided a business update and announced selected, unaudited preliminary financial results for the three months ended February 28, 2023 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

"Macro challenges were a key factor for BlackBerry's Cybersecurity business unit this quarter, with elongated sales cycles in government causing some large deals to slip into later quarters," said John Chen, Executive Chairman & CEO, BlackBerry. "The IoT business unit closed the year strongly, and we expect to deliver year over year revenue growth of approximately 16%, in line with outlook. Given the current macro backdrop, BlackBerry's management has taken proactive steps this quarter to both balance investments and manage costs to drive towards profitable growth."

Preliminary Fourth Quarter Fiscal 2023 Financial Results:

Total company revenue expected to be approximately $151 million.

IoT revenue expected to be approximately $53 million.

Cybersecurity revenue expected to be approximately $88 million.

Cybersecurity billings expected to increase sequentially for third quarter in a row to approximately $107 million.

Licensing and Other revenue expected to be approximately $10 million.

BlackBerry's results are expected to include a material non-cash, one-time goodwill impairment charge for the Spark reporting unit. The amount is currently being determined but is expected to be up to $440 million. This assessment is required in accordance with accounting rules and is primarily driven by the broad-based stock market decline this past calendar year and corresponding impact on our market capitalization at the test date.

Preliminary Fiscal Year 2023 Financial Results:

Total company revenue expected to be approximately $656 million.

IoT revenue expected to be approximately $206 million.

Cybersecurity revenue expected to be approximately $418 million.

Cybersecurity billings expected to be approximately $401 million.

Licensing and Other revenue expected to be approximately $32 million.

Fourth quarter and full-year fiscal year 2023 revenue for BlackBerry's IoT business unit is expected to be in line with the outlook provided previously, representing approximately 16% year-over-year revenue growth.

Fourth quarter and full-year fiscal year 2023 revenue for BlackBerry's...