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Blackbird PLC
(LSE:BIRD)
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Rating:51Neutral
Price Target:
2.00 p
▲(73.91% Upside)
Action:Reiterated
Date:10/01/26
Overall score is held back primarily by weak financial performance (shrinking revenue, persistent losses, and ongoing cash burn), despite a low-debt balance sheet. Technicals are constructive but look overbought, adding near-term risk. The earnings call was encouraging on subscription/conversion/churn and CAC progress, but the very small ARR base and funding/governance uncertainties limit confidence, while valuation lacks support due to negative earnings and no stated dividend yield.
Positive Factors
Low financial leverage
A debt-light balance sheet reduces solvency and refinancing pressure, giving Blackbird more flexibility while it develops its software platform. This financial cushion cannot offset losses indefinitely, but it lowers the risk that near-term obligations constrain product investment or strategic execution.
Negative Factors
Shrinking revenue and persistent losses
A multi-year revenue decline combined with recurring operating and net losses shows that the business has not yet reached a sustainable economic model. Continued underperformance could limit reinvestment, weaken shareholder equity and make future growth dependent on external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial leverage
A debt-light balance sheet reduces solvency and refinancing pressure, giving Blackbird more flexibility while it develops its software platform. This financial cushion cannot offset losses indefinitely, but it lowers the risk that near-term obligations constrain product investment or strategic execution.
Read all positive factors
Blackbird PLC (BIRD) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£8.40M
Dividend YieldN/A
Average Volume (3M)1.43M
Price to Earnings (P/E)―
Beta (1Y)0.23
Revenue Growth-10.28%
EPS Growth9.84%
CountryUK
Employees29
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding480,271,500
10 Day Avg. Volume3,044,401
30 Day Avg. Volume1,433,149
Financial Highlights & Ratios
PEG Ratio-2.26
Price to Book (P/B)1.40
Price to Sales (P/S)6.99
P/FCF Ratio-6.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Blackbird PLC Business Overview & Revenue Model
Company Description
Headquartered in London, UK, Blackbird plc, originally established in 1998 as Forbidden Technologies plc before its renaming in May 2019, offers a proprietary cloud-native platform called Blackbird. This advanced solution empowers users to view, e...
How the Company Makes Money
Blackbird plc generates revenue primarily by licensing its cloud video editing software to customers on a recurring basis. The company’s revenue model is centered on software subscriptions (typically sold as SaaS licenses) where customers pay recu...
Blackbird PLC Earnings Call Summary
Earnings Call Date:Sep 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Positive
The call was predominantly positive about operational momentum, with subscription growth estimated at around 235%, conversion improving to around 3.4%, churn reduced to 11%, CAC down almost 2/3 and substantial product and infrastructure progress. However, management also acknowledged that ARR and subscriber numbers remain small, the cash runway and equity funding situation are important concerns, the share price has fallen sharply, governance and CFO-transition issues remain visible, and several growth initiatives are still in development. Highlights significantly outweighed the stated challenges, but the financial position remains a material risk.Positive Updates
Subscription Growth Accelerated
Q3 subscription growth is estimated at around 235%. Conversion improved from around 1% in March, to 2.4% at the end of June, and around 3.4% at the end of September.
Negative Updates
Cash Position and Funding Requirement
Management acknowledged investor concern about the cash situation and said it was monitoring cash carefully. The company is currently looking to raise funds with equity, while debt would be very unlikely and no definitive further-raise plan had been announced at the time of the call.
Read all updates
Q2-2026 Updates
Positive
Negative
Subscription Growth Accelerated
Q3 subscription growth is estimated at around 235%. Conversion improved from around 1% in March, to 2.4% at the end of June, and around 3.4% at the end of September.
Read all positive updates
Company Guidance
Management estimated Q3 subscription growth at around 235%, with conversion rising from around 1% in March to 2.4% at the end of June and around 3.4% at the end of September, churn down to 11%, and ARR rising from around GBP 30,000 in June to around GBP 90,000 at the end of September; CAC was reduced by almost 2/3 versus February, marketing teams convert to paid at about twice the rate of hobbyists and content creators, and the U.K. opportunity was described as 200,000 teams. For Q4, the company will continue testing paid channels, focus on reestablishing YouTube as a demand gen channel, digital PR, remarketing and AI and LLM discovery, which has produced about 3x the number of sign-ups since June across about 41 keywords; August marketing teams represented about 10% of subscribers, September had over 7,300 videos made and exported, including 2,500 last week, feature drops occur every week, and management said it would expect to see similar growth going forward, while text animation is coming through but not immediately.Blackbird PLC Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
67
Positive
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.34M | 1.38M | 1.61M | 1.94M | 2.85M | 2.07M |
| Gross Profit | 103.85K | 201.17K | 1.47M | 1.23M | 2.70M | 1.91M |
| EBITDA | -1.62M | -1.77M | -1.93M | -2.01M | -1.48M | -1.70M |
| Net Income | -2.54M | -2.61M | -2.35M | -2.49M | -1.92M | -2.13M |
Balance Sheet | ||||||
| Total Assets | 6.45M | 7.72M | 8.44M | 9.90M | 12.53M | 14.72M |
| Cash, Cash Equivalents and Short-Term Investments | 1.90M | 2.72M | 3.77M | 6.47M | 10.10M | 12.84M |
| Total Debt | 0.00 | 0.00 | 0.00 | 29.23K | 123.57K | 213.05K |
| Total Liabilities | 522.92K | 783.66K | 897.20K | 1.11M | 1.33M | 1.78M |
| Stockholders Equity | 5.92M | 6.93M | 7.55M | 8.80M | 11.20M | 12.94M |
Cash Flow | ||||||
| Free Cash Flow | -1.53M | -1.45M | -4.12M | -3.58M | -2.73M | -1.40M |
| Operating Cash Flow | -1.52M | -1.44M | -2.40M | -1.83M | -2.17M | -887.63K |
| Investing Cash Flow | -1.78M | -1.56M | 567.85K | 127.09K | -675.54K | -3.03M |
| Financing Cash Flow | 2.42M | 1.96M | 1.02M | -50.18K | -92.13K | 7.66M |
Blackbird PLC Technical Analysis
Positive
1.15
Price Trends
1.37
Positive
1.55
Positive
1.86
Negative
Market Momentum
0.13
Negative
70.53
Negative
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BIRD, the sentiment is Positive. The current price of 1.15 is below the 20-day moving average (MA) of 1.37, below the 50-day MA of 1.37, and below the 200-day MA of 1.86, indicating a neutral trend. The MACD of 0.13 indicates Negative momentum. The RSI at 70.53 is Negative, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BIRD.
Blackbird PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £10.49M | 8.18 | 16.63% | 2.57% | -0.48% | -34.98% | |
67 Neutral | £40.30M | -65.45 | -0.98% | 9.03% | 19.31% | 64.00% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | £14.99M | -5.31 | -21.37% | ― | -18.66% | 56.03% | |
51 Neutral | £8.40M | -3.18 | -39.59% | ― | -10.28% | 9.84% | |
46 Neutral | £6.54M | -1.27 | -358.93% | ― | -18.11% | 39.58% | |
43 Neutral | £19.66M | -2.58 | -21.57% | 12.50% | 4.57% | -3.85% |
* Technology Sector Average
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Blackbird PLC Corporate Events
Business Operations and StrategyExecutive/Board Changes
Blackbird adds Chief Product Officer Sumit Rai to board as Executive Director
Positive
Sep 28, 2026
Blackbird plc has appointed its Chief Product Officer, Sumit Rai, to the board as an Executive Director, strengthening the governance link between product strategy and top-level leadership. Rai, who has led product at the company since 2022, bring...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Blackbird narrows losses as elevate.io gains traction despite revenue dip
Positive
Sep 28, 2026
Blackbird plc reported interim results showing that while group revenue slipped 8% to £0.53m in the first half of 2026, the company advanced its strategic shift toward elevate.io, its browser-based collaborative editing platform. Management i...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Blackbird Sets Interim Results Date and Launches Search for New Interim CFO
Neutral
Sep 22, 2026
Blackbird plc will report interim results for the six months to 30 June 2026 on 28 September 2026 and will host a live online investor presentation the same day via the Investor Meet Company platform, open to existing and prospective shareholders ...
Business Operations and StrategyExecutive/Board Changes
Blackbird plc Names Adrian Wilding Interim CFO to Support Growth Strategy
Positive
Sep 7, 2026
Blackbird plc has appointed Adrian Wilding as non-board interim Chief Financial Officer, adding experienced financial leadership as it advances its cloud-native video editing and collaborative content platforms. Wilding, an ICAEW-qualified charter...
Business Operations and StrategyFinancial Disclosures
Blackbird’s elevate.io Subscriber Growth Accelerates as Conversion Rates Improve
Positive
Sep 3, 2026
Blackbird plc reported strong early traction for elevate.io, its browser-based collaborative video editing platform, following the deployment of its go-to-market strategy and the resumption of marketing spend in mid-July 2026. The company has seen...
Executive/Board Changes
Blackbird CFO and COO Steve White to Step Down as Company Begins Search for Successor
Neutral
Aug 24, 2026
Blackbird plc, an AIM-listed developer and licensor of cloud-native video editing technology, markets the Blackbird platform to professional media clients and offers elevate.io, a browser-based collaborative content creation tool built on its core...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.