BlackBerry Limited reported its financial results for the three and six months ended August 31, 2024, showing a mixed performance compared to the previous fiscal period. The company generated total revenue of $145 million for the three months, an increase from $132 million in the same period of 2023. For the six months, revenue was $289 million, down significantly from $505 million in the prior year. This decline was primarily attributed to a $230 million drop in licensing revenue, which included a one-time patent sale in the first quarter of fiscal 2024.

The Cybersecurity segment saw revenue rise to $87 million for the three months ended August 31, 2024, up from $79 million in 2023, driven by increased sales in Secusmart products and professional services. The IoT segment also reported growth, with revenue increasing to $55 million from $49 million. However, the Licensing segment's revenue fell to $3 million from $4 million in the same period last year.

Despite the revenue growth in certain segments, BlackBerry reported a net loss of $19 million for the three months ended August 31, 2024, an improvement from a net loss of $42 million in the same quarter of 2023. For the six months, the net loss increased to $61 million from $53 million in the previous year. The basic loss per share for the three months was $(0.03), compared to $(0.07) in 2023.

The company's gross margin for the three months ended August 31, 2024, was $94 million, up from $85 million in the same period last year. However, for the six months, gross margin decreased to $190 million from $264 million. Operating expenses for the three months were $115 million, down from $132 million in the same period of 2023, reflecting cost-cutting measures and restructuring efforts.

BlackBerry's cash and cash equivalents totaled $171 million as of August 31, 2024, a slight decrease from $175 million at the end of February 2024. The company has been focusing on restructuring its operations, particularly within its Cybersecurity and IoT divisions, aiming to streamline functions and reduce costs. Restructuring charges for the six months ended August 31, 2024, were $9 million, compared to $8 million in the same period of 2023.

Strategically, BlackBerry issued $200 million in senior convertible unsecured notes in January 2024, which is expected to support its ongoing operations and investments. The company continues to face challenges in its Licensing segment but remains focused on enhancing its Cybersecurity and IoT offerings to drive future growth.