Blackbird (BIRD) H2 2024 earnings summary

Executive summary

• Achieved positive EBITDA margin and profit for the Blackbird division in 2024 after restructuring in 2023.

• Launched elevate.io creator payment tier in February 2025, gaining 100 subscribers in three weeks across multiple currencies.

• Board restructured with new Chair and three new non-executive directors to align with elevate.io strategy.

• Platform used at major news and sporting events, including the 2024 summer games.

• Focused on scaling elevate.io as a browser-based, collaborative video editing platform for creators and corporate teams.

Financial highlights

• 2024 revenue was £1.61 million, down 17% year-over-year from £1.94 million in 2023 due to A+E Networks contract loss.

• Order book increased 3% year-over-year to £1.83 million.

• Cash burn reduced 1% year-over-year to £3.75 million despite increased investment in elevate.io.

• Ended year with £3.77 million cash and no debt.

• Raised £1.05 million via equity placing in February 2024 to attract high-net-worth individuals.

Outlook and guidance

• Marketing ramp-up planned as new features are released for elevate.io.

• No specific forecasts for elevate.io client numbers until interim results in September.

• Focus on expanding paid subscriber base and active users through product enhancements and targeted marketing.

• Continued investment in elevate.io with tight cost control.