Blackbird (BIRD) investor relations material

Executive summary

• Significant improvements in product features and user experience drove subscriber conversion rates from 1% in March to 3.4% by end of September, with a focus on scaling elevate.io and targeting in-house corporate marketing teams.

• Marketing investment resumed in mid-July after a freeze, accelerating subscriber growth and reducing CAC by nearly two-thirds compared to February.

• Blackbird platform continued to serve high-profile events, including the global winter games, contributing non-recurring revenue.

• Teams segment converts to paid plans at a higher rate than hobbyists and creators, remaining a key target.

Financial highlights

• Annual recurring revenue (ARR) for elevate.io increased from GBP 30,000 in June to GBP 90,000 by end of September; annualised ARR estimated to reach £91k by September 2026.

• Revenue for H1 2026 was £0.53m, down 8% year-over-year, with Blackbird platform revenue at £512k and elevate.io at £19k.

• Operating costs decreased to £1.43m, EBITDA loss reduced to £0.99m, and net loss after tax narrowed to £1.50m.

• Cash and short-term investments at period end were £1.90m, with no debt.

• Subscriber churn reduced to 11% as of September; 914 paid subscribers as of September 24.

Outlook and guidance

• Blackbird division expected to maintain positive EBITDA in H2 and for the full year 2026.

• elevate.io marketing ramp-up anticipated to drive further user and subscriber growth as product-market fit is achieved.

• Ongoing focus on expanding into new marketing channels, especially YouTube and organic content.

• Directors confident in financial resources to operate into 2027, with ongoing exploration of funding opportunities.

• No immediate plans for debt financing; equity fundraising remains the preferred option.