13 Best Canadian Penny Stocks to Invest in Now

6. BlackBerry Limited (NYSE:BB)

Closing Stock Price as of April 17^th: $3.17

Number of Hedge Fund Holders: 23

​BlackBerry Limited (NYSE:BB) was a notorious leader in mobile devices during the 2000s, but the company’s market share quickly eroded with the emergence of iPhones and other touch-screen smartphones. In response, BB shifted its focus from hardware to software, currently providing cybersecurity and Internet of Things (IoT) solutions for various industries, including automotive and government sectors.

BlackBerry Limited (NYSE:BB) delivered a transformative fiscal year 2025, with total company revenues reaching $534.9 million and beating expectations across all divisions. The company significantly improved its profitability with total company adjusted EBITDA of $39.3 million, representing a $54 million improvement YoY. A major strategic achievement was the successful closure of the Cylance transaction with Arctic Wolf, which brought in approximately $80 million in cash and 5.5 million common shares. The company strengthened its balance sheet considerably, with cash and investments increasing by $144 million to $410 million, resulting in a solid net cash position exceeding $200 million.

Looking ahead, BlackBerry Limited (NYSE:BB) has successfully repositioned itself through several strategic initiatives, including exceeding its target of removing $150 million in costs from its run rate. The QNX division continues to demonstrate strong market leadership with its royalty backlog growing to approximately $865 million, indicating robust future revenue potential. The Secure Communications division has been streamlined to focus on its core customer base, delivering solid profitability with adjusted EBITDA of 19% of revenue at $52.3 million. For fiscal year 2026, the company expects to generate positive operating cash flow of around $35 million, demonstrating its transformation into a profitable, cash flow positive enterprise. Despite a tumultuous past, BB has demonstrated its ability to adapt, securing its place on our list of the best Canadian penny stocks to invest in.