As it enters the most critical phase of its long turnaround, BlackBerry is all set to launch an unconventional square-shaped smartphone nicknamed 'Passport' on Wednesday.

John Chen, CEO of BlackBerry will have to prove that its new devices and services, the one-time smartphone industry pioneer is still capable of achieving new streams of earnings and return to profitability.

Morningstar analyst Brian Colello said, "BlackBerry is still fighting for survival. They still need to turn around and develop a viable ongoing business model," he added, "Their products are certainly pointing toward that and the new strategy makes sense, but there is still a lot of execution risk at this point in a very competitive market."

BlackBerry is all set to launch Passport on Wednesday in Toronto as well as in London and Dubai in a similar event. Its unlocked version in the U.S. will be priced at $599.

Waterloo, Ontario-based BlackBerry will launch its much awaited new phone Passport, which boasts a big square screen and a unique touch-sensitive tactile keyboard amidst a lot of excited fans. Next in line for being launched is BlackBerry Classic which bears striking similarities to the once popular Bold smartphone. Also, Blackberry will be releasing its fiscal reports about the second-quarter results on Friday.

Brian Colello said, "BlackBerry just needs one hit phone for now," he continued, "It doesn't quite matter whether it is the Passport, the Classic or anything else, but they do need one device to jump-start the hardware business again. The big question really is whether any of these devices will kick-start it."

BlackBerry is hoping the launch of its state-of-the-art mobile device management system, BES 12 (BlackBerry Enterprise Service 12) and the Classic will enable it to retrieve ground ceded to competitors in the hardware as well as services market.

The BES 12 platform will enable IT managers to manage and secure BlackBerry devices along with all Android, iOS and Windows-based devices all on one single platform.

In a note to clients on Tuesday, Scotia Bank analyst said, "BES12 is the most important product launch, as it is needed to stem the service revenue decline."