Blackbird PLC (AIM:BIRD, OTCQX:BBRDF) announced record full-year revenues for the fifth consecutive year in 2022 and said it started 2023 in a “strong position financially”.
Sales for the licensor, developer and seller of cloud video editing platform Blackbird said revenues jumped 38% to £2.85mln in the year ended 31 December 2022, according to a statement.
Looking ahead, the group believes its ‘Powered by Blackbird’ strategy, which enables partners to license and incorporate the platform within their own ecosystems, has the potential to “significantly increase” its addressable markets.
"We start 2023 in a strong position financially, with £10.1mln in cash and short-term investments at 31 December 2022, a healthy order book of £3.4mln and some exciting conversations around 'Powered by Blackbird',” said chief executive Ian McDonough.
“I am really excited about our future prospects and look forward to working with the Blackbird team to deliver further success,” he added.
The AIM-listed company said it reduced its full-year net loss after tax to £1.9mln compared to £2.1mln in 2021.
Blackbird added that contracted but unrecognised revenue, as of the end of February, stood at just over £3mln.
Of this, £1.2mln will be recognised throughout 2023, a further £1.06mln in 2024 and the remainder in 2025 and beyond, it said.