BlackBerry Limited's (TSX:BB) three November investor events are most likely to give updates on QNX demand, its Royalty Backlog and the Secure Communications outlook, not new financial guidance. On November 11, 2026, the Waterloo, Ontario-based company said senior executives will meet investors at the BMO Technology and Innovation Leaders Conference on November 12, the RBC Capital Markets Global TIMT Conference on November 17 and the TD Cowen Canadian Technology Conference on November 24. All three fall before the fiscal third quarter closes on November 30, 2026. The comments will be measured against guidance BlackBerry raised in September and a share price that was up 136 per cent in 2026 as of November 9.

The Conference Schedule and Who Is Speaking

According to the November 11 release, Grant Courville, senior vice-president of products and strategy at QNX, will hold one-on-one meetings with institutional investors at the BMO conference in New York. That event has no formal presentation or webcast. Chief financial officer Tim Foote and QNX president John Wall will do a fireside chat at the RBC conference in New York at 2:40 p.m. ET on November 17, and another at the TD Cowen event in Toronto at 3 p.m. ET on November 24. BlackBerry said both fireside chats will be webcast on its Investor relations website, with replays to follow.

The speakers point to where the focus will be. Two of the three participants are from QNX, the embedded software Business that has become BlackBerry's main growth engine, and the CFO will be the one to address margins, Cash Flow and capital allocation.

Where BlackBerry's Numbers Stand Going In

BlackBerry reports in U.S. dollars. For the second quarter of fiscal 2027, ended August 31, 2026, Revenue rose 26 per cent to US$163.3 million and total adjusted EBITDA rose 81 per cent to US$47 million, according to the company's September 24 release. QNX revenue was a record US$80.3 million, up 27 per cent, with segment adjusted EBITDA of US$29 million. Secure Communications revenue rose two per cent to US$60.9 million, and Licensing contributed US$22.1 million. Management said that Licensing figure included a new arrangement and should not be taken as a quarterly run rate. GAAP Net Income was US$33.9 million, and cash and investments totalled US$447.1 million at quarter-end.

For the third quarter, BlackBerry guided to total revenue of US$143 million to US$154 million, QNX revenue of US$82 million to US$88 million, and adjusted EBITDA of US$28 million to US$37 million. For fiscal 2027, ending February 28, 2027, it raised its outlook to revenue of US$616 million to US$636 million and adjusted EBITDA of US$141 million to US$158 million, with QNX revenue of US$315 million to US$325 million and Operating Cash Flow of about US$115 million.

The step down from second-quarter revenue to third-quarter guidance comes mostly from Licensing, which is expected to fall to about US$6 million. That is worth keeping in mind when reading the headline numbers later.

The QNX Backlog Story So Far

On October 20, BlackBerry said the QNX royalty backlog had passed US$1.2 billion, up more than US$250 million, or over 26 per cent, from about US$950 million at the end of fiscal 2026. The company credited adoption of its Software Development Platform 8.0 in centralized vehicle computing, design wins in robotics, industrial automation and medical devices, and the first design win for Alloy Kore, its foundational automotive operating system, which carries estimated future royalties of more than US$100 million. That customer is Coretura, the commercial truck joint venture of Volvo Group and Daimler Truck.

Wall said customers are "increasingly adopting SDP 8.0" for high-performance compute architectures. More recently, a QNX and Valeo smart front-camera platform secured design wins with several Chinese automakers. Investors at the RBC and TD Cowen events can be expected to ask how quickly those wins become royalties.

BlackBerry's own release notes that backlog is an estimate of future royalties based on forecast production volumes and can change if programs are modified or cancelled. Royalties generally start only when vehicles reach production, often years after a design win.

Questions Facing Secure Communications

The other segment faces a harder conversation. In September, BlackBerry trimmed its Secure Communications outlook, citing the timing of government deals and U.S.-Canada trade tensions. The segment's dollar-based net retention rate fell to 91 per cent from 93 per cent, while annual Recurring Revenue held at about US$221 million. Full-year Secure Communications revenue is guided at US$260 million to US$270 million. Any update on government procurement in Canada, the U.S. or allied markets would affect how investors view the segment.

Risks and Where BlackBerry Trades

BlackBerry's rally has raised expectations. The U.S.-listed shares were near US$8.94 on November 9, a valuation described as rich. Automotive production cycles, Chinese automaker exposure, tariffs and competition in vehicle software could all affect how much of the royalty backlog becomes revenue. Secure Communications depends heavily on government budgets. And the Licensing boost in the second quarter will not recur at the same level.

Conference remarks are not guidance, and companies often restate previously disclosed outlooks at these events. Any material change would normally come in a formal news release.

BlackBerry trades on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BB. Webcasts of the RBC and TD Cowen fireside chats will be available at BlackBerry.com/Investors. The company has not yet announced a date for its fiscal third-quarter report, which will cover the three months ending November 30, 2026.

Conclusion

The November conferences give BlackBerry three opportunities to reinforce its QNX growth story before the fiscal third quarter ends. The numbers going in are a royalty backlog above US$1.2 billion, a raised full-year outlook and a Secure Communications segment under pressure. The key indicators to watch are whether management repeats its guidance, how it describes the conversion of design wins into royalties, and what it says about government demand. The fiscal third-quarter report will then show whether the results matched that message.