Blackbird PLC on Wednesday said annual loss narrowed in line with rising revenue, while saying it started 2023 in a strong financial position regarding cash levels and its order book.
Shares in Blackbird were down 21% to 8.45 pence each in London on Wednesday morning.
The London-based cloud-based video editing platform said 2022 pretax loss was £2.0 million, narrowing from £2.2 million in 2021.
This was in line with rising revenue, up 33% to £2.8 million from £2.1 million. Blackbird said this represented the fifth successive year of posting a record revenue.
‘2022 has been a transformational year for the company,’ said Chief Executive Officer Ian McDonough.
‘Firstly, the company delivered against the statement of work for EVS [Broadcast Equipment SA], its first technology licensee. EVS’ resulting product, IPD VIA Create, was subsequently used by a US broadcaster on a major global sporting event towards the end of the year. We have high hopes that this deal will be lucrative for the company in the future as EVS rolls out IPD VIA Create to their customer base.
‘Secondly, the company has continued to serve high-profile customers, with both [world football governing body] FIFA and [US college sports recruiter Next College Student Athlete], amongst others, onboarded during the year, enabling them to have trusted, fast, efficient content creation tools on their valuable content.’
Looking ahead, Blackbird said its ’Powered by Blackbird’ strategy has the potential to significantly increase its addressable markets, adding it enables its partners to license its technology and incorporate it within their ecosystem, ‘driving efficiencies and carbon emissions reductions’ and positioning Blackbird for ‘meaningful growth’.
‘We start 2023 in a strong position financially, with £10.1 million in cash and short-term investments at December 31, a healthy order book of £3.4 million and some exciting conversations around ’Powered by Blackbird’,’ McDonough continued, with cash falling 21% from £12.8 million a year earlier.
‘I am really excited about our future prospects and look forward to working with the Blackbird team to deliver further success.
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