After wrapping up 2024 with a modest 16% gain, BlackBerry (TSX:BB) has stumbled out of the gate in 2025, shedding roughly 8% year to date. Trading near $5 per share with a $3 billion market cap, the company finds itself at a crossroads once again. Once known for its iconic smartphones, BlackBerry has been reinventing itself as a cybersecurity and Internet of Things (IoT) software provider, but the transition has been far from smooth. With macro headwinds like global trade disruptions and geopolitical instability rattling investor confidence, many investors are now wondering what the next four years will look like...