Blackbird (BIRD) H2 2025 earnings summary

Executive summary

• Elevate remains in the product-market fit stage, with disciplined spending and a focus on long-term strategies rather than direct marketing until product-led growth and retention are achieved.

• Blackbird reported a GBP 380,000 profit, retaining high-value customers in sports and news, and recently executed the Winter Games in Cortina.

• The company has about 12 months of cash runway and maintains a disciplined cost base.

• Elevate has 138,000 sign-ups, over 1,000 paid users, and 388 retained customers, with annual plans gaining traction and customer lifetime increasing from 5.5 to 8.4 months.

• Collaboration and review features are key differentiators, with steady growth in collaborative usage since the review process was introduced.

Financial highlights

• Blackbird achieved a GBP 380,000 profit for the year.

• A small fundraise was completed before Christmas to ensure sufficient capitalization and reserves for future marketing.

• The company has a 12-month cash runway at current burn rates.

Outlook and guidance

• Focus remains on achieving product-market fit for Elevate before ramping up direct marketing spend.

• Product-led growth and organic adoption are being prioritized, with further feature development and integrations planned.

• No forecasts will be provided until a repeatable revenue engine and scalable marketing route are established.