What changed in this filing

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Item 1. Financial Statements

2026-09-24 compared with 2026-06-25 · 218 added, 155 removed, 561 unchanged (40% of the section changed)

4 unchanged sentences

Consolidated Balance Sheets

May 31, 2026 February 28, 2026

August 31, 2026 February 28, 2026

Cash and cash equivalents (note 2) $ 266.2 $ 274.7

4 unchanged sentences

Other current assets (note 3) 36.5 42.2

Restricted cash and cash equivalents (note 2) 14.2 14.2

Restricted cash equivalents (note 2) 14.1 14.2

Long-term investments (note 2) 55.5 58.3

32 unchanged sentences

Consolidated Statements of Shareholders’ Equity

Three Months Ended May 31, 2026

Three Months Ended August 31, 2026

Capital Stock

2 unchanged sentences

Comprehensive Loss Total

Balance as at May 31, 2026 $ 2,919.3 $ ( 2,155.8 ) $ ( 12.8 ) $ 750.7

Net income — 33.9 — 33.9

Other comprehensive loss — — ( 0.5 ) ( 0.5 )

Stock-based compensation 7.5 — — 7.5

Balance as at August 31, 2026 $ 2,926.8 $ ( 2,121.9 ) $ ( 13.3 ) $ 791.6

Three Months Ended August 31, 2025

Capital Stock

and Additional

Paid-in Capital Deficit Accumulated

Comprehensive Loss Total

Balance as at May 31, 2025 $ 2,970.5 $ ( 2,232.6 ) $ ( 12.8 ) $ 725.1

Net income — 13.3 — 13.3

Other comprehensive income — — 0.8 0.8

Stock-based compensation 5.9 — — 5.9

Share repurchase ( 25.1 ) 5.1 — ( 20.0 )

Balance as at August 31, 2025 $ 2,951.3 $ ( 2,214.2 ) $ ( 12.0 ) $ 725.1

See notes to consolidated financial statements.

BlackBerry Limited

(United States dollars, in millions) (unaudited)

Consolidated Statements of Shareholders’ Equity

Six Months Ended August 31, 2026

Capital Stock

and Additional

Paid-in Capital Deficit Accumulated

Comprehensive Loss Total

Balance as at February 28, 2026 $ 2,924.4 $ ( 2,167.2 ) $ ( 11.2 ) $ 746.0

5 unchanged sentences

Employee share purchase plan (note 6) 1.3 — — 1.3

Balance as at May 31, 2026 $ 2,919.3 $ ( 2,155.8 ) $ ( 12.8 ) $ 750.7

Three Months Ended May 31, 2025

Balance as at August 31, 2026 $ 2,926.8 $ ( 2,121.9 ) $ ( 13.3 ) $ 791.6

Six Months Ended August 31, 2025

Capital Stock

9 unchanged sentences

Employee share purchase plan 1.2 — — 1.2

Balance as at May 31, 2025 $ 2,970.5 $ ( 2,232.6 ) $ ( 12.8 ) $ 725.1

Balance as at August 31, 2025 $ 2,951.3 $ ( 2,214.2 ) $ ( 12.0 ) $ 725.1

See notes to consolidated financial statements.

2 unchanged sentences

Consolidated Statements of Operations

Three Months Ended

May 31, 2026 May 31, 2025

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Revenue (note 10) $ 163.3 $ 129.6 $ 316.2 $ 251.3

7 unchanged sentences

Impairment of long-lived assets (note 2) 0.7 0.5 0.8 0.6

93.5 85.1 197.9 173.4

Operating income 33.6 11.5 48.9 13.5

10 unchanged sentences

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended

May 31, 2026 May 31, 2025

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Net income $ 33.9 $ 13.3 $ 42.4 $ 15.2

Other comprehensive income (loss)

Net change in unrealized losses on available-for-sale investments (note 8) ( 0.1 ) —

Net change in fair value and amounts reclassified to net income (loss) from derivatives designated as cash flow hedges during the three months ended, net of income taxes of nil (May 31, 2025 - income taxes of nil) (note 8) ( 0.5 ) 2.4

Net change in unrealized losses on available-for-sale debt securities (note 8) — — ( 0.1 ) —

Net change in fair value and amounts reclassified to net income from derivative instruments designated as cash flow hedges during the period, net of income taxes of nil for the three and six months ended August 31, 2026 and August 31, 2025 (note 8) 0.1 ( 0.2 ) ( 0.4 ) 2.2

Foreign currency translation adjustment ( 0.6 ) 1.0 ( 1.6 ) 5.0

5 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended

May 31, 2026 May 31, 2025

Six Months Ended

August 31, 2026 August 31, 2025

Cash flows from operating activities

3 unchanged sentences

Stock-based compensation 14.0 11.6

Impairment of long-lived assets (note 2) 0.8 0.6

Non-cash consideration received from contracts with customer ( 6.7 ) —

Operating leases ( 0.8 ) ( 5.7 )

21 unchanged sentences

Net cash used in financing activities ( 8.7 ) ( 28.8 )

Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents ( 0.3 ) 0.5

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period ( 17.9 ) 12.2

Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period 288.9 280.3

Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period $ 271.0 $ 292.5

Effect of foreign exchange gain (loss) on cash, cash equivalents, and restricted cash equivalents ( 0.6 ) 0.4

Net increase (decrease) in cash, cash equivalents, and restricted cash equivalents during the period ( 8.6 ) 10.3

Cash, cash equivalents, and restricted cash equivalents, beginning of period 288.9 280.3

Cash, cash equivalents, and restricted cash equivalents, end of period $ 280.3 $ 290.6

See notes to consolidated financial statements.

8 unchanged sentences

In the opinion of management, all normal recurring adjustments considered necessary for fair presentation have been included in these interim consolidated financial statements.

Operating results for the three months ended May 31, 2026 are not necessarily indicative of the results that may be expected for the full year ending February 28, 2027.

Operating results for the three and six months ended August 31, 2026 are not necessarily indicative of the results that may be expected for the full year ending February 28, 2027.

The consolidated balance sheets as at February 28, 2026 were derived from the audited Annual Financial Statements but do not contain all of the footnote disclosures from the Annual Financial Statements.

1 unchanged sentence

Actual results could differ from these estimates and any such differences may be material to the Company’s consolidated financial statements.

Certain of the comparative figures have been reclassified to conform to the current year’s presentation.

The Company is organized and managed as three reportable operating segments:

1 unchanged sentence

Significant Accounting Policies and Critical Accounting Estimates

There have been no material changes to the Company’s accounting policies or critical accounting estimates from those described in the Annual Financial Statements.

There have been no material changes to the Company’s accounting policies or critical accounting estimates from those described in the Annual Financial Statements, with the exception of the below updates:

Revenue recognition

Non-cash consideration received is measured at fair value at contract inception.

The estimated fair value is determined utilizing multiple valuation techniques, principally a discounted cash flow model and a market-based approach.

Key inputs and assumptions include forecasted cash flows over a projection period and a discount rate applied to those cash

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

flows and the market-based approach relies on valuation multiples and quoted prices derived from comparable transactions.

Significant judgments in revenue recognition

Judgment is required to determine the fair value of non-cash consideration at contract inception.

The Company engages an independent third-party valuation specialist to assist in this determination of the fair value of non-cash consideration.

Accounting Standards Adopted During Fiscal 2027

11 unchanged sentences

The Company will adopt this guidance in fiscal 2028 and is in process of evaluating the new requirements.

As a result, the Company has not yet determined the impact this new ASU will have on its disclosures.

The Company expects the adoption of this guidance to result in additional disaggregation and disclosure of certain expenses within the existing expense captions in the consolidated statements of operations and does not expect any impact on its results of operations or consolidated financial position.

In November 2025, the FASB issued ASU 2025-09 to amend the guidance in “Derivatives and Hedging” (Topic 815).

6 unchanged sentences

a deferred income approach or a cost accumulation approach.

The guidance is effective for fiscal

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

years beginning after December 15, 2028, including interim periods within those fiscal years.

The guidance is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years.

The Company will adopt this guidance in fiscal 2030 and has not yet determined the impact on its results of operations, financial position and disclosures.

4 unchanged sentences

• Level 1 - Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

• Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets;

15 unchanged sentences

Investments in privately-held companies are recorded at fair value on a non-recurring basis.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

changes in the equity of an investee resulting from an orderly transaction for identical or similar investments of the same issuer.

The fair values of non-marketable equity investments are classified as Level 3 when the Company estimates fair value using significant unobservable inputs, such as when the investment is remeasured due to impairment or observable price changes in the equity of an investee resulting from an orderly transaction for identical or similar investments of the same issuer.

Impairment of Long-Lived Assets

During the three months ended May 31, 2026, the Company recorded a pre-tax and after-tax impairment charge o f $ 0.1 million , relating to property, plant and equipment associated with exiting certain leased facilities (three months ended May 31, 2025 - $ 0.1 million ).

During the three and six months ended August 31, 2026, the Company recorded a pre-tax and after-tax impairment charge of $ 0.7 million and $ 0.8 million, respectively , relating to operating lease right-of-use (“ROU”) assets and property, plant and equipment associated with exiting certain leased facilities (three and six months ended August 31, 2025 - $ 0.5 million and $ 0.6 million, respectively ).

The impairment was determined by comparing the fair value of the impacted long-lived assets to the carrying value of the asset as of the impairment measurement date, as required under ASC Topic 360, Property, Plant, and Equipment, using Level 3 inputs.

2 unchanged sentences

The fair value measurement of ROU impaired assets is classified as Level 3 of the fair value hierarchy.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Cash, Cash Equivalents and Investments

The components of cash, cash equivalents and investments by fair value level and balance sheet classification as at May 31, 2026 were as follows:

The components of cash, cash equivalents, restricted cash equivalents and investments by fair value level and balance sheet classification as at August 31, 2026 were as follows:

Cost Basis (1)

3 unchanged sentences

Investments Long-term

Investments Restricted Cash and Cash Equivalents

Investments Restricted Cash Equivalents

Bank balances $ 111.8 $ — $ — $ 111.8 $ 111.8 $ — $ — $ —

5 unchanged sentences

promissory notes 44.1 — — 44.1 33.5 10.6 — —

treasury bills 10.7 — — 10.7 — 10.7 — —

279.9 — ( 0.1 ) 279.8 154.4 111.3 — 14.1

Investments in privately-held companies 4.1 — ( 1.8 ) 2.3 — — 2.3 —

$ 440.5 $ 6.7 $ ( 0.1 ) $ 447.1 $ 266.2 $ 111.3 $ 55.5 $ 14.1

4 unchanged sentences

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

The components of cash, cash equivalents and investments by fair value level and balance sheet classification as at February 28, 2026 were as follows:

The components of cash, cash equivalents, restricted cash equivalents and investments by fair value level and balance sheet classification as at February 28, 2026 were as follows:

Cost Basis (1)

3 unchanged sentences

Investments Long-term

Investments Restricted Cash and Cash Equivalents

Investments Restricted Cash Equivalents

Bank balances $ 168.6 $ — $ — $ 168.6 $ 168.6 $ — $ — $ —

11 unchanged sentences

(1) Cost basis for investments in privately-held companies includes the effect of returns of capital and impairment.

As at May 31, 2026, the Company had non-marketable equity investments without readily determinable fair value of $ 57.8 million (February 28, 2026 - $ 58.3 million) including common shares of Arctic Wolf Networks, Inc.

As at August 31, 2026, the Company had non-marketable equity investments without readily determinable fair value of $ 55.5 million (February 28, 2026 - $ 58.3 million) including common shares of Arctic Wolf Networks, Inc.

(“Arctic Wolf”) received as partial consideration for the sale of its Cylance endpoint sec urity assets and liabilities to Arctic Wolf in the fourth quarter of fiscal 2025 .

During the three months ended May 31, 2026, the Company did not record any observable price adjustments to the carrying value of non-marketable equity investments without readily determinable fair value resulting from observable price changes in orderly transactions for identical or similar securities which have been included in investment income, net on the Company’s consolidated statements of operations (three months ended May 31, 2025 - nil ).

During the three months ended May 31, 2026, the Company recorded a $ 0.5 million impairment to non-marketable equity investments without readily determinable fair value (three months ended May 31, 2025 - nil ).

As of May 31, 2026, the Company has recorded a cumulative impairment of $ 5.8 million to the carrying value of the non-marketable equity investments without readily determinable fair value (February 28, 2026 - $ 5.3 million).

There w ere no realize d gains or losses on available-for-sale debt securities for the three months ended May 31, 2026 and May 31, 2025.

The Company has restricted cash and cash equivalents, consisting of cash and securities pledged as collateral to major banking partners in support of the Company’s requirements for letters of credit and a performance bond that the Company was required to post to support a government contract.

These letters of credit support certain leasing arrangements entered in the ordinary course of business and are for terms ranging fro m one month to approximately five years.

During the three and six months ended August 31, 2026 and August 31, 2025, the Company did not record any observable price adjustments to the carrying value of non-marketable equity investments without readily determinable fair value.

During the three and six months ended August 31, 2026, the Company recorded an impairment of nil and $ 0.5 million, respectively, on a certain non-marketable equity investment without readily determinable fair value.

The investment impaired during the first quarter of fiscal 2027 was subsequently sold during the three months ended August 31, 2026, at the carrying amount with no gain or loss recognized ( three and six months ended August 31, 2025 - nil ).

As of August 31, 2026, the Company has recorded a cumulative impairment of nil to the carrying value of the non-marketable equity investments without readily determinable fair value (February 28, 2026 - $ 3.0 million).

There w ere no realize d gains or losses on available-for-sale debt securities for the three and six months ended August 31, 2026 and August 31, 2025.

The Company has restricted cash equivalents, consisting of securities pledged as collateral to major banking partners in support of the Company’s requirements for letters of credit and a performance bond tha t the Company was required to post to support a government contract.

These letters of credit support certa in leasing arrangements entered in the ordinary course of business and are for terms ranging fro m one month to approximately five years.

The Company is contractually restricted from accessing these funds during the term of the leases for which the letters of credit have been issued and during the term of the government contract;

3 unchanged sentences

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

The following table provides a reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents as at May 31, 2026 and February 28, 2026 from the consolidated balance sheets to the consolidated statements of cash flows:

May 31, 2026 February 28, 2026

The following table provides a reconciliation of cash, cash equivalents and restricted cash equivalents as at August 31, 2026 and February 28, 2026 from the consolidated balance sheets to the consolidated statements of cash flows:

August 31, 2026 February 28, 2026

Cash and cash equivalents $ 266.2 $ 274.7

Restricted cash and cash equivalents 14.2 14.2

Total cash, cash equivalents, restricted cash, and restricted cash equivalents presented in the consolidated statements of cash flows

$ 271.0 $ 288.9

The contractual maturities of available-for-sale investments as at May 31, 2026 and February 28, 2026 were as follows:

May 31, 2026 February 28, 2026

Restricted cash equivalents 14.1 14.2

Total cash, cash equivalents and restricted cash equivalents presented in the consolidated statements of cash flows $ 280.3 $ 288.9

The contractual maturities of available-for-sale investments as at August 31, 2026 and February 28, 2026 were as follows:

August 31, 2026 February 28, 2026

Cost Basis Fair Value Cost Basis Fair Value

Due in one year or less $ 279.9 $ 279.8 $ 205.5 $ 205.5

As at May 31, 2026 and February 28, 2026, the Company had no available-for-sale debt securities with con tinuous unrealized losses .

As at August 31, 2026 and February 28, 2026, the Company had no available-for-sale debt securities with con tinuous unrealized losses .

CONSOLIDATED BALANCE SHEET DETAILS

Accounts Receivable, Net of Allowance

The current estimated credit losses (“CECL”) for accounts receivable as at May 31, 2026 was $ 3.6 million (February 28, 2026 - $ 3.4 million).

The current estimated credit losses (“CECL”) for accounts receivable as at August 31, 2026 was $ 3.5 million (February 28, 2026 - $ 3.4 million), which includes $ 2.2 million included in Other long-term assets (February 28, 2026 - $ 2.4 million).

The Company also has long-term accounts receivable included in Other long-term assets.

8 unchanged sentences

Current period provision for expected credit losses 0.2

Ending balance of the allowance for credit loss as at May 31, 2026 $ 3.6

The allowance for credit losses as at May 31, 2026 consists of $ 1.3 million (February 28, 2026 - $ 1.0 million) relating to CECL estimated based on days past due and region and $ 2.3 million (February 28, 2026 - $ 2.4 million) relating to specific customers that were evaluated separately.

There were two customers that comprised more than 10% of accounts receivable as at May 31, 2026 (February 28, 2026 - two customers comprised more than 10%).

Write-offs charged against the allowance ( 0.1 )

Ending balance of the allowance for credit loss as at August 31, 2026 $ 3.5

The allowance for credit losses as at August 31, 2026 consists of $ 1.3 million (February 28, 2026 - $ 1.0 million) relating to CECL estimated based on days past due and region and $ 2.2 million (February 28, 2026 - $ 2.4 million) relating to specific customers that were evaluated separately.

There were three customers that comprised more than 10% of accounts receivable as at August 31, 2026 (February 28, 2026 - two customers comprised more than 10%).

Other Receivables

As at May 31, 2026 and February 28, 2026, other receivables included items such as claims filed by QNX with the Ministry of Innovation, Science and Economic Development Canada relating to its Strategic Innovation Fund (“SIF”), among other ite ms, none of which were greater than 5% of the c urrent assets balance as at balance sheet dates.

As at August 31, 2026, other receivables included items such as proceeds receivable from the sale of a long-term investment , among other items, none of which were greater than 5% of the current assets balance as at the balance sheet date.

BlackBerry Limited

1 unchanged sentence

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

As at February 28, 2026, other receivables included items such as claims filed by QNX with the Ministry of Innovation, Science and Economic Development Canada relating to its Strategic Innovation Fund (“SIF”), among other items, none of which were greater than 5% of the current assets balance as at the balance sheet date.

Other Current Assets

As at May 31, 2026 and February 28, 2026, other current assets included items such as the current portion of deferred commissions and prepaid expenses, among other items , none of which were greater than 5% of the current assets balance as at the balance sheet dates.

As at August 31, 2026 and February 28, 2026, other current assets included items such as the current portion of deferred commissions and prepaid expenses, among other items, none of which were greater than 5% of the current assets balance as at the balance sheet dates.

Property, Plant and Equipment, Net

Property, plant and equipment comprised the following:

May 31, 2026 February 28, 2026

August 31, 2026 February 28, 2026

BlackBerry operations and other information technology $ 79.1 $ 78.0

1 unchanged sentence

Furniture and fixtures 4.4 4.8

Manufacturing, repair and research and development equipment 2.7 2.5

Research and development equipment 2.7 2.5

Accumulated amortization and impairment 87.2 85.9

2 unchanged sentences

Intangible assets comprised the following:

As at May 31, 2026

As at August 31, 2026

Cost Accumulated

11 unchanged sentences

$ 175.5 $ 135.4 $ 40.1

For the three months ended May 31, 2026, amortization expense related to intangible assets amoun ted to $ 2.2 million (three months ended May 31, 2025 - $ 4.2 million).

For the three months ended May 31, 2026, the Company held acquired technology and other acquired intangibles that were fully amortized but still in use.

Total additions to intangible assets for the three months ended May 31, 2026 amounted to $ 1.5 million (three months ended May 31, 2025 - $ 1.2 million).

During the three months ended May 31, 2026, additions to intangible assets primarily consisted of payments for intellectual property relating to patent maintenance and registration fees.

Based on the carrying value of the identified intangible assets as at May 31, 2026, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for the remainder of fiscal 2027 and each of the five succeeding years is expected to be as follows:

For the six months ended August 31, 2026, amortization expense related to intangible assets amoun ted to $ 4.6 million (six months ended August 31, 2025 - $ 7.6 million).

For the six months ended August 31, 2026, the Company held acquired technology and other acquired intangibles that were fully amortized but still in use.

Total additions to intangible assets for the six months ended August 31, 2026 amounted to $ 9.5 million (six months ended August 31, 2025 - $ 2.6 million).

During the six months ended August 31, 2026, additions to intangible assets primarily consisted of patents received as non-cash consideration under a contract with a customer and payments for intellectual property relating to patent maintenance and registration fees.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Based on the carrying value of the identified intangible assets as at August 31, 2026, and assuming no subsequent impairment of the underlying assets, the annual amortization expense for the remainder of fiscal 2027 and each of the five succeeding years is expected to be as follows:

fiscal 2027 - $ 4.7 million;

3 unchanged sentences

fiscal 2031 - $ 4.5 million and fiscal 2032 - $ 3.7 million.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Changes to the carrying amount of goodwill during the three months ended May 31, 2026 were as follows:

Changes to the carrying amount of goodwill during the six months ended August 31, 2026 and fiscal year ended February 28, 2026 were as follows:

Carrying Amount

5 unchanged sentences

dollar denominated goodwill ( 1.1 )

Carrying amount as at May 31, 2026 $ 478.4

Carrying amount as at August 31, 2026 $ 478.0

Other Long-term Assets

As at May 31, 2026 and February 28, 2026, other long-term assets included long-term receivables related to intellectual property sold, long-term receivables relating to minimum royalty commitments from QNX customers, and the long-term portion of deferred commissions, among other items, none of which were greater than 5% of the total assets balance.

As at August 31, 2026 and February 28, 2026, other long-term assets included long-term receivables related to intellectual property sold, Secure Communication contracts and minimum royalty commitments from QNX customers and the long-term portion of deferred commissions, among other items, none of which were greater than 5% of the total assets balance.

Accrued Liabilities

Accrued liabilities is comprised of the following:

May 31, 2026 February 28, 2026

Accrued lia bilities is comprised of the following:

August 31, 2026 February 28, 2026

Variable incentive accrual $ 20.3 $ 36.5

Deferred share unit liability (1)

Indirect taxes accrual 12.3 9.7

Other 53.3 59.5

4 unchanged sentences

These awards are measured at their fair value on the date of issuance and remeasured at each reporting period until settlement.

Other accrued liabilities include the accrued current portion of the operating lease liability, the current portion of the restructuring programs, accrued vendor liabilities, accrued director fees, and payroll withholding taxes, among other items, none of which were greater than 5% of the current liabilities balance in any of the periods presented.

Other accrued liabilities include the accrued current portion of the operating lease liability, the current portion of the restructuring programs, accrued vendor liabilities, and payroll withholding taxes, among other items, none of which were greater than 5% of the current liabilities balance in any of the periods presented.

Restructuring

11 unchanged sentences

Balance as at February 28, 2026 6.3 2.0 8.3

Charges incurred (recovered) 0.8 ( 0.5 ) 0.3

Charges incurred 2.8 0.2 3.0

Cash payments made ( 6.9 ) ( 0.3 ) ( 7.2 )

Balance as at May 31, 2026

Balance as at August 31, 2026

$ 2.2 $ 1.9 $ 4.1

4 unchanged sentences

The restructuring charges included employee termination benefits, facilities and other charges primarily associated with system transformation to streamline corporate functions into QNX and Secure Communications.

Total charges incurred for the three months ended May 31, 2026 and May 31, 2025 were $ 0.3 million and $ 2.9 million, respectively, recorded within General and administrative on the Consolidated Statements of Operations.

For the three months ended May 31, 2026, the Company’s net effective income tax expense rate was approximately 48 % compared to a net effective income tax expense rate of 61 % for the three months ended May 31, 2025.

Total charges incurred for the three and six months ended August 31, 2026 were $ 2.7 million and $ 3.0 million, respectively, recorded within General and administrative on the Consolidated Statements of Operations (three and six months ended August 31, 2025 - $ 3.4 million and $ 6.3 million).

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

For the six months ended August 31, 2026, the Company’s net effective income tax expense rate was approximately 18 % compared to a net effective income tax expense rate of 17 % for the six months ended August 31, 2025.

The Company’s income tax rate reflects the change in unrecognized income tax benefit, if any, and the fact that the Company has a sign ificant valuation allowance against its deferred income tax assets;

9 unchanged sentences

Based on recent operating profits and current forecasts, it is reasonably possible that the Company’s assessment of the realizability of its deferred tax assets may change in a future period, including within the current fiscal year, as additional positive evidence becomes available in relation to the realizability of deferred tax assets.

Such a change could result in the release of a significant portion of the Company’s valuation allowance, which could have a material impact on income tax expense in the period of release.

The Company’s total unrecognized income tax benefits as at May 31, 2026 were $ 19.7 million (February 28, 2026 - $ 19.7 million).

As at May 31, 2026, $ 19.6 million of the unrecognized income tax benefits have been netted against deferred income tax assets and $ 0.1 million has been recorded within income taxes payable on the Company’s consolidated balance sheets.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Such a change could result in the release of a significant portion of the Company’s valuation allowance of $ 1,512.8 million in Canada and the United States, which could have a material impact on income tax expense in the period of release.

The Company’s total unrecognized income tax benefits as at August 31, 2026 were $ 19.8 million (February 28, 2026 - $ 19.7 million).

As at August 31, 2026, $ 19.7 million of the unrecognized income tax benefits have been netted against deferred income tax assets and $ 0.1 million has been recorded within income taxes payable on the Company’s consolidated balance sheets.

The Company is subject to ongoing examination by tax authorities in certain jurisdictions in which it operates.

11 unchanged sentences

On and after November 15, 2028, the Notes may be converted at any time until the close of business on the second scheduled trading day immediately preceding February 15, 2029 , regardless of the foregoing conditions.

The Company may satisfy any conversions of the Notes by paying or delivering, as the case may be, cash, its common shares or a combination of cash and its common shares, at the Company’s election (or, in the case of any Notes called for redemption that are converted during the related redemption period, solely its common shares).

Subsequent to the three months ended May 31, 2026, the closing price of the Company’s common shares exceeded 130 % of the conversion price for at least 20 trading days within a period of 30 consecutive trading days ending on June 30, 2026.

The contingent condition permitting holders of Notes to convert their Notes was satisfied on June 15, 2026.

Accordingly, the Notes are eligible for conversion, at the option of the holders, from July 1, 2026 through September 30, 2026.

The Company may satisfy any conversions of the Notes by paying or

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

delivering, as the case may be, cash, its common shares or a combination of cash and its common shares, at the Company’s election (or, in the case of any Notes called for redemption that are converted during the related redemption period, solely its common shares).

The closing price of the Company’s common shares exceeded 130 % of the conversion price for at least 20 trading days within a period of 30 consecutive trading days ending on June 30, 2026, permitting holders to convert their Notes for a period beginning July 1, 2026 and ending September 30, 2026.

No holders converted their Notes during the three months ended August 31, 2026.

Subsequent to the end of the quarter the contingent condition was again satisfied on September 16, 2026.

Accordingly, the Notes will continue to be eligible for conversion, at the option of the holders, from October 1, 2026 through December 31, 2026.

The Company recorded the Notes, including the debt itself and all embedded derivatives, at cost less debt issuance costs of $ 6.0 million and presents the Notes as a single hybrid financial instrument.

1 unchanged sentence

No portion of the embedded derivatives required bifurcation from the host debt contract.

The following table summarizes the change in the Notes for the three months ended May 31, 2026:

The following table summarizes the change in the Notes for the six months ended August 31, 2026:

Carrying Amount

1 unchanged sentence

Amortization of debt issuance costs 0.6

Balance as at May 31, 2026 $ 196.8

The Company’s estimate of the fair value of the Notes as at May 31, 2026 is $ 441.1 million (February 28, 2026 - $ 241.7 million).

For the three months ended May 31, 2026, the Company recorded interest expense related to the Notes of $ 1.5 million, which has been included in investment income, net on the Company’s consolidated statements of operations (three months ended May 31, 2025 - $ 1.5 million).

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Balance as at August 31, 2026 $ 197.1

The Company’s estimate of the fair value of the Notes as at August 31, 2026 is $ 450.3 million (February 28, 2026 - $ 241.7 million).

For the three and six months ended August 31, 2026, the Company recorded interest expense related to the Notes of $ 1.5 million and $ 3.0 million, respectively, which has been included in investment income, net on the Company’s consolidated statements of operations (three and six months ended August 31, 2025 - $ 1.5 million and $ 3.0 million, respectively).

CAPITAL STOCK

The following details the changes in issued and outstanding common shares for the three months ended May 31, 2026:

The following details the changes in issued and outstanding common shares for the six months ended August 31, 2026:

Capital Stock and

2 unchanged sentences

Common shares outstanding as at February 28, 2026 587,431 $ 2,924.4

Exercise of stock options — —

Common shares issued for restricted share unit settlements 1,788 —

2 unchanged sentences

Share repurchase ( 2,587 ) ( 12.9 )

Common shares outstanding as at May 31, 2026 586,061 2,919.3

The Company had 586 million voting common shares outstanding, 20.0 million restricted share units (“RSUs”) and 1.8 million deferred shared units (“DSUs”) outstanding as at June 22, 2026.

Common shares outstanding as at August 31, 2026 587,032 $ 2,926.8

The Company had 587 million voting common shares outstanding, 18.9 million restricted share units (“RSUs”) and 1.9 million deferred share units (“DSUs”) outstanding as at September 21, 2026.

In addition, 51.5 million common shares are issuable upon conversion in full of the Notes as described in Note 5.

3 unchanged sentences

The 2026 NCIB share buyback program allows for the repurchase of up to 26.8 million of the Company’s common shares, representing approximately 4.58 % of the outstanding public float as of April 30, 2026.

The 2026 NCIB share buyback program commenced on May 12, 2026, and will expire on May 11, 2027, such date as the Company may determine, or the date on which the maximum number of common shares that may be purchased under the 2026 NCIB share buyback program has been reached.

The Company is not obligated to repurchase any common shares under the 2026 NCIB share buyback program .

During the three months ended May 31, 2026, the Company repurchased 2.6 million common shares, at a cost of $ 10.0 million.

All shares were repurchased under the 2025 NCIB share buyback program .

The Company recorded a reduction of $ 12.9 million to capital stock and the amount paid below the per share paid-in capital of the common shares of $ 2.9 million was recorded to deficit.

All common shares repurchased by the Company pursuant to the 2025 NCIB share buyback program have been canceled.

BlackBerry Limited

1 unchanged sentence

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

2026 NCIB share buyback program has been reached.

The Company is not obligated to repurchase any common shares under the 2026 NCIB share buyback program .

During the six months ended August 31, 2026, the Company repurchased 2.6 million common shares, at a cost of $ 10.0 million.

All shares were repurchased under the 2025 NCIB share buyback program.

The Company recorded a reduction of $ 12.9 million to capital stock and the amount paid below the per share paid-in capital of the common shares of $ 2.9 million was recorded to deficit.

All common shares repurchased by the Company pursuant to the 2025 NCIB sha re buyback program have been canceled.

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:

Three Months Ended

May 31, 2026 May 31, 2025

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Net income for basic and diluted earnings per share available to common shareholders $ 33.9 $ 13.3 $ 42.4 $ 15.2

Weighted average number of shares outstanding (000’s) - basic (1)

Interest and amortization of debt issuance cost (2)

1.8 — 3.6 $ —

Adjusted income for diluted earnings per share available to common shareholders $ 35.7 $ 13.3 $ 46.0 $ 15.2

Weighted average number of shares outstanding (000’s) - basic 586,627 592,938 586,684 594,624

Effect of dilutive securities (000’s)

Stock-based compensation (1)

11,482 4,431 9,311 4,073

Conversion of the Notes (2) (3)

51,546 — 51,546 —

Weighted average number of shares and assumed conversions (000’s) diluted 649,655 597,369 647,541 598,697

3 unchanged sentences

______________________________

(1) The Company has not presented the dilutive effect of the Notes using the if-converted method in the calculation of diluted earnings per share for the three months ended May 31, 2026 and May 31, 2025, as to do so would be antidilutive.

(1) The Company has presented the dilutive effect of in-the-money options and RSUs that will be settled upon vesting by the issuance of new common shares in the calculation of diluted earnings per share for the three and six months ended August 31, 2026 and August 31, 2025.

(2) The Company has presented the dilutive effect of the Notes using the if-converted method in the calculation of diluted earnings per share for the three and six months ended August 31, 2026.

Under the if-converted method, interest expense, including amortization of debt issuance costs, net of applicable tax effects, is added back to net income and the weighted-average shares issuable upon conversion are included in diluted weighted-average shares outstanding.

See Note 5 for details on the Notes.

(2) The Company has presented the dilutive effect of in-the-money options and RSUs that will be settled upon vesting by the issuance of new common shares in the calculation of diluted earnings per share for the three months ended May 31, 2026 and May 31, 2025.

(3) The Company has not presented the dilutive effect of the Notes using the if-converted method in the calculation of diluted earnings per share for the three and six months ended August 31, 2025, as to do so would be antidilutive.

See Note 5 for details on the Notes.

BlackBerry Limited

2 unchanged sentences

ACCUMULATED OTHER COMPREHENSIVE LOSS

The changes in AOCL by component, net of tax, for the three months ended May 31, 2026 and May 31, 2025 were as follows:

Three Months Ended

May 31, 2026 May 31, 2025

The changes in AOCL by component, net of tax, for the three and six months ended August 31, 2026 and August 31, 2025 were as follows:

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Available-for-Sale Debt Securities

6 unchanged sentences

Amounts reclassified from AOCL into net income 0.4 ( 0.1 ) 0.4 0.3

Accumulated net unrealized loss on derivative instruments designated as cash flow hedges $ ( 0.2 ) $ 0.5

Accumulated net unrealized income (loss) on derivative instruments designated as cash flow hedges $ ( 0.1 ) $ 0.3 $ ( 0.1 ) $ 0.3

Foreign Currency Cumulative Translation Adjustment

7 unchanged sentences

(a) Letters of Credit

The Company ha d $ 14.2 million in collateralized outstanding letters of credit in support of certain leasing arrangements entered into in the ordinary course of business as of May 31, 2026.

The Company had $ 14.1 million in collateralized outstanding letters of credit in support of certain leasing arrangements entered into in the ordinary course of business as of August 31, 2026.

The Company has posted a performance bond as collateral to support a government contract for the term of the agreement.

See the discussion of restricted cash in Note 2.

See the discussion of restricted cash equivalents in Note 2.

(b) Contingencies

4 unchanged sentences

Litigation has been, and will likely continue to be, necessary to determine the scope, enforceability and validity of third-party proprietary rights or to establish the Company’s proprietary rights.

Regardless of whether claims against the Company have merit, those claims could be time-consuming to evaluate and defend, result in costly litigation, divert management’s attention and resources and subject the Company to significant liabilities.

Management reviews all of the relevant facts for each claim and applies judgment in evaluating the likelihood and, if applicable, the amount of any potential loss.

Where a potential loss is considered probable and the amount is reasonably estimable, provisions for loss are made based on management’s assessment of the likely outcome.

Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum amount in the range.

Regardless of whether claims

BlackBerry Limited

1 unchanged sentence

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

against the Company have merit, those claims could be time-consuming to evaluate and defend, result in costly litigation, divert management’s attention and resources and subject the Company to significant liabilities.

Management reviews all of the relevant facts for each claim and applies judgment in evaluating the likelihood and, if applicable, the amount of any potential loss.

Where a potential loss is considered probable and the amount is reasonably estimable, provisions for loss are made based on management’s assessment of the likely outcome.

Where a range of loss can be reasonably estimated with no best estimate in the range, the Company records the minimum amount in the range.

The Company does not provide for claims for which the outcome is not probable or claims for which the amount of the loss cannot be reasonably estimated.

Any settlements or awards under such claims are provided for when reasonably determinable.

As of May 31, 2026, there are no material claims for which the Company has assessed the potential loss as both probable to result and reasonably estimable;

As of August 31, 2026, there are no material claims for which the Company has assessed the potential loss as both probable to result and reasonably estimable;

therefore, no accrual has been made.

21 unchanged sentences

A mediation took place on April 21 and 22, 2026, during which no settlement was reached.

A pretrial conference has been scheduled for September 16, 2026.

A pretrial conference was held on September 16, 2026.

Trial is set for January 11, 2027.

Other contingencies

As at May 31, 2026, the Company has re cognized $ 28.6 million (February 28, 2026 - $ 28.6 million) in funds from claims filed by QNX with the Ministry of Innovation, Science and Economic Development Canada relating to its SIF.

As at August 31, 2026, the Company has re cogn ized $ 28.6 million (February 28, 2026 - $ 28.6 million) in funds from claims filed by QNX with the Ministry of Innovation, Science and Econ omic Development Canada relating to its SIF.

A portion of this amount may be repayable in the future under certain circumstances if certain terms and conditions are not met by the Company, which is not probable at this time.

7 unchanged sentences

The Company has not encountered material costs as a result of such indemnifications in the current period.

REVENUE AND SEGMENT DISCLOSURES

The Company reports segment information based on the “management” approach.

The management approach designates the internal reporting used by the CODM for making decisions and assessing performance as a source of the Company’s

BlackBerry Limited

1 unchanged sentence

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

reportable operating segments.

REVENUE AND SEGMENT DISCLOSURES

The Company reports segment information based on the “management” approach.

The management approach designates the internal reporting used by the CODM for making decisions and assessing performance as a source of the Company’s reportable operating segments.

The CODM, who is the CEO of the Company, makes decisions and assesses the performance of the Company using three operating segments.

4 unchanged sentences

QNX, Secure Communications, and Licensing.

The following table shows information by reportable operating segment for the three months ended May 31, 2026 and May 31, 2025:

The following tables show information by reportable operating segment for the three and six months ended August 31, 2026 and August 31, 2025:

For the Three Months Ended

QNX Secure Communications Licensing Segment Totals

May 31, May 31, May 31, May 31,

August 31, August 31, August 31, August 31,

2026 2025 2026 2025 2026 2025 2026 2025

3 unchanged sentences

$ 69.7 $ 52.4 $ 37.4 $ 39.7 $ 20.6 $ 5.1 $ 127.7 $ 97.2

For the Six Months Ended

QNX Secure Communications Licensing Segment Totals

August 31, August 31, August 31, August 31,

2026 2025 2026 2025 2026 2025 2026 2025

Segment revenue $ 152.6 $ 120.6 $ 134.5 $ 119.4 $ 29.1 $ 11.3 $ 316.2 $ 251.3

Segment cost of sales 21.0 21.9 44.3 38.3 3.0 3.1

Segment adjusted gross margin (1)

$ 131.6 $ 98.7 $ 90.2 $ 81.1 $ 26.1 $ 8.2 $ 247.9 $ 188.0

______________________________

(1) A reconciliation of total segment adjusted gross margin to consolidated pre-tax income is set forth below.

8 unchanged sentences

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

The following table reconciles total segment adjusted gross margin for the three months ended May 31, 2026 and May 31, 2025 to the Company’s consolidated totals:

Three Months Ended

May 31, 2026 May 31, 2025

The following table reconciles total segment adjusted gross margin for the three and six months ended August 31, 2026 and August 31, 2025 to the Company’s consolidated totals:

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Total segment adjusted gross margin $ 127.7 $ 97.2 $ 247.9 $ 188.0

12 unchanged sentences

The Company’s revenue, classified by major geographic region in which the Company’s customers are located, was as follows:

Three Months Ended

May 31, 2026 May 31, 2025

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

North America (1)

14 unchanged sentences

Revenue, classified by timing of recognition, was as follows:

Three Months Ended

May 31, 2026 May 31, 2025

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Products and services transferred over time $ 59.2 $ 60.2 $ 115.8 $ 118.7

2 unchanged sentences

Revenue contract balances

The following table sets forth the activity in the Company’s revenue contract balances for the three months ended May 31, 2026:

The following table sets forth the activity in the Company’s revenue contract balances for the six months ended August 31, 2026:

Accounts Receivable Deferred Revenue Deferred Commissions

3 unchanged sentences

Increase (decrease), net 5.9 ( 24.2 ) ( 1.5 )

Closing balance as at May 31, 2026 $ 203.6 $ 133.9 $ 14.2

Closing balance as at August 31, 2026 $ 208.5 $ 128.4 $ 12.8

Current portion $ 141.0 $ 116.6 $ 6.6

2 unchanged sentences

Transaction price allocated to the remaining performance obligations

The table below discloses the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied as at May 31, 2026 and the time frame in which the Company expects to recognize this revenue.

The table below discloses the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied as at August 31, 2026 and the time frame in which the Company expects to recognize this revenue.

The disclosure includes estimates of variable consideration, except when the variable consideration is a sales-based or usage-based royalty promised in exchange for a license of intellectual property.

The disclosure excludes estimates of variable consideration relating to future royalty revenues from the sale of certain non-core patent assets to Malikie Innovations Limited in May 2023, which have been constrained based on the Company’s accounting policies and critical accounting estimates.

As at May 31, 2026

As at August 31, 2026

Less than 12 Months 12 to 24 Months Thereafter Total

1 unchanged sentence

Revenue recognized for performance obligations satisfied in prior periods

For the three months ended May 31, 2026, revenue of $ 0.6 million was recognized relating to performance obligations satisfied in a prior period (three months ended May 31, 2025 - nil ).

For the three and six months ended August 31, 2026, revenue of $ 2.3 million and $ 2.8 million, respectively, was recognized relating to performance obligations satisfied in a prior period (three and six months ended August 31, 2025 - nil ).

Information About Major Customers

There was one c ustomer that comprised 13 % of the Company’s revenue in the three months ended May 31, 2026, (three months ended May 31, 2025 - one customer that comprised 13 % of the Company’s revenue).

There were two customers that each comprised 10 % of the Company’s revenue during the three months ended August 31, 2026.

There were no customers that comprised more than 10% of the Company’s revenue during the six months ended August 31, 2026.

(three and six months ended August 31, 2025 - no customer that comprised more than 10% of the Company’s revenue and one customer that comprised 11 % of the Company’s revenue).

BlackBerry Limited

2 unchanged sentences

CASH FLOW AND ADDITIONAL INFORMATION

(a) Certain consolidated statements of cash flow information related to interest and income taxes paid is summarized as follows:

Three Months Ended

May 31, 2026 May 31, 2025

(a) The following table sets forth the supplemental cash flow information for the three and six months ended August 31, 2026 and August 31, 2025:

Three Months Ended Six Months Ended

August 31, 2026 August 31, 2025 August 31, 2026 August 31, 2025

Interest paid during the period $ 1.5 $ 1.5 $ 3.0 $ 3.0

1 unchanged sentence

Income tax refunds received during the period 4.5 0.2 4.7 0.2

Property, plant and equipment included in accounts payable and accrued liabilities 0.2 — 0.4 —

Intangibles included in accounts payable and accrued liabilities 0.5 — 0.5 —

Sale of long-term investment included in other receivables 2.3 — 2.3 —

(b) Additional Information

1 unchanged sentence

The Company is exposed to foreign exchange risk as a result of transactions in currencies other than its functional currency, the U.S.

The majority of the Company’s revenue in the first quarter of fiscal 2027 was transacted in U.S.

The majority of the Company’s revenue in the second quarter of fiscal 2027 was transacted in U.S.

Portions of the revenue were denominated in Canadian dollars, euros and British pounds.

1 unchanged sentence

dollars, euros and British pounds.

At May 31, 2026, approximately 15 % of c ash and cash equiv alents, 38 % of accounts receivable and 66 % of accounts payable were denominated in foreign currencies (February 28, 2026 – 15 %, 22 % and 46 %, respectively).

At August 31, 2026, approximately 10 % of cash and cash equivalents, 44 % of accounts receivable and 71 % of accounts payable were denominated in foreign currencies (February 28, 2026 – 15 %, 22 % and 46 %, respectively).

These foreign currencies primarily include the Canadian dollar, euro and British pound.

12 unchanged sentences

The Company reduces this risk from its investment portfolio by investing in liquid, investment-grade securities and by limiting exposure to any one entity or group of related entities.

As at May 31, 2026, no single issuer represented more than 22 % of the total cash, cash equivalents and investments (February 28, 2026 - no single issuer represented more than 34 % of the total cash, cash equivalents and investments), wi th the largest such issuer representing bearer deposits, term deposits and cash balances with one of the Company’s banking counterparties.

As at August 31, 2026, no single issuer represented more than 19 % of the total c ash, cash equivalents and investments (February 28, 2026 - no single issuer represented more than 34 % of the total cash, cash equivalents and investments), wi th the largest such issuer representing bearer deposits, term deposits and cash balances with one of the Company’s banking counterparties.

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

Liquidity risk

Cash, cash equivalents, and investments were $ 422.9 million as at May 31, 2026.

Cash, cash equivalents, and investments were $ 447.1 million as at August 31, 2026.

The Company holds certain equity investments in privately-held companies that are illiquid securities without a public market and, as such, they cannot be readily sold or exchanged for cash.

1 unchanged sentence

The Company’s management remains focused on efficiently managing working capital balances and managing the liquidity needs of the business.

Based on its current financial projections, the Company believes its financial resources, together with expected future operating cash generating activities, should be sufficient to meet funding requirements for

BlackBerry Limited

Notes to the Consolidated Financial Statements

In millions of United States dollars, except share and per share data, and except as otherwise indicated (unaudited)

current financial commitments and future operating expenditures not yet committed, and should provide the necessary financial capacity for the foreseeable future.

Based on its current financial projections, the Company believes its financial resources, together with expected future operating cash generating activities, are sufficient to meet funding requirements for current financial commitments and future operating expenditures not yet committed, and should provide the necessary financial capacity for the foreseeable future.

Equity Investments Risk

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements