Blackbird plc (LSE:BIRD) reported its audited results for 2025, highlighting a strategic shift toward elevate.io, its cloud-native, browser-based collaborative video editing platform designed for marketing teams and professional creators. While the company’s legacy Blackbird division improved profitability through tighter cost controls, the group remained loss-making overall as it continues investing in scaling elevate.io and strengthening product-market fit.
Throughout 2025, Blackbird added new capabilities to elevate.io, including AI-powered tools, live review functionality, digital asset management features and other usability improvements. A payment gateway was launched in February 2025 to begin monetising the platform. Following the year-end, the company introduced additional pricing tiers and reported approximately 1,400 monthly returning active users along with 388 paying subscribers. It also secured around £0.97 million in 2026 revenue and holds £1.18 million in contracted but yet-to-be-recognised income, indicating early commercial momentum.
Group revenue declined 14% year-on-year to £1.38 million, primarily reflecting the loss of certain Blackbird contracts and the absence of one-off event revenues recorded in 2024. Contracted but unrecognised revenue also fell as several major agreements approached expiry. However, operating expenses dropped significantly, helping the Blackbird division deliver £0.71 million in adjusted EBITDA and £0.38 million in net profit. At the group level, the adjusted EBITDA loss narrowed to £1.68 million, although the net loss widened to £2.61 million due to amortisation related to elevate.io and lower financial income.
Blackbird ended 2025 with £2.72 million in cash and no debt. This position was supported by a £2.13 million equity raise completed during the year to fund elevate.io through its product-market-fit phase, followed by a further £0.5 million subscription in January 2026 aimed at increasing marketing activity.
Management believes growing demand for collaborative and iterative video production, alongside the increasing role of AI in content creation, supports the company’s cloud-first technology approach. If adoption continues to build, elevate.io could strengthen Blackbird’s competitive position in the evolving video production and content creation market.
Despite strategic progress, the company’s outlook remains constrained by weak financial fundamentals, including ongoing losses, cash burn and declining revenue, alongside bearish technical indicators. This is partly balanced by a more positive tone in recent earnings discussions, which highlighted progress toward EBITDA improvement and tighter cash management, as well as supportive corporate developments. Valuation remains difficult to assess given negative earnings and the absence of dividend support.
More about Blackbird PLC
Blackbird plc is a UK-listed technology company operating in the SaaS, media and entertainment, and content creation sectors. It develops and licenses patented cloud-native video technology that enables frame-accurate navigation, playback, viewing and editing directly in the cloud for broadcasters, sports organisations, news producers, live event operators, post-production studios and corporate users.
Its portfolio includes Blackbird, a cloud-based video editing platform used by major rights holders and media organisations, and elevate.io, a browser-based collaborative content creation platform designed for professional teams and the creator economy. The company also licenses its underlying technology through its “Powered by Blackbird” model, helping media companies transition to cloud-based video workflows.
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