Blackbird (BIRD) H1 2025 earnings summary

Executive summary

• Currently in the product market fit phase, expected to continue until 2026 before scaling up, with a focus on Elevate targeting founders, entrepreneurs, small businesses, and creative teams.

• Launched elevate.io payment gateway and onboarded first paying customers, emphasizing disciplined, data-driven development and user engagement.

• Management expresses strong confidence in vision, product, and timing, highlighting a large global addressable market.

• Completed a £2.1 million fundraise in July 2025 to support elevate.io's product market fit phase.

• Blackbird division achieved positive EBITDA in H1 2025 for the first time, with key contract renewals.

Financial highlights

• H1 2025 revenue was £577k, down 17% year-over-year due to contract losses and a one-off event in H1 2024.

• Achieved a 21% improvement in cash management year-over-year, with cash at £1.5 million for the half.

• EBITDA positive for H1 for the first time, with operating costs decreased to £1,613k from £2,028k.

• Cash and short-term investments at end of June were £2.3 million, with no debt and an additional ~£2 million raised subsequently.

• Contracted but unrecognised revenues rose 19% year-over-year to £1,506k at 30 June 2025.

Outlook and guidance

• Product market fit phase to run until at least February 2026, with scale-up phase to follow.

• Focus remains on improving retention, engagement, and conversion metrics before scaling.

• No plans to sell the business; intent is to grow as a listed company.

• Further funding will be needed for the scale-up phase, with a focus on demonstrating a profitable revenue engine.

• Proceeds from the fundraise will be used to accelerate feature development and marketing for elevate.io.