Blackbird PLC - London-based cloud-based video editing platform - Reports £2.1 million loss in 2021, widened from £1.9 million in 2020, despite revenue rising by 32% to £2.1 million from 1.6 million. Operating costs rise by 14% and provision for long-term incentive plan more than triples.
Chief Executive Ian McDonough says ‘2021 has laid the groundwork for the transformation of Blackbird in the long term’. He cites customer wins, the company’s first technology licensing deal, and a £7.5 million equity raise.
Contracted but unrecognised revenue is £3.7 million, up 93% from a year ago, with £1.8 million to be recognised in 2022.
Current stock price: 16.70 pence, down 4.6% on Monday
12-month change: down 29%
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