Blackbird PLC (AIM:BIRD, OTCQX:BBRDF) reported its fourth consecutive year of record revenues and added it had laid the groundwork for its long-term transformation.
Ian McDonough, chief executive of the cloud-based video editing tech specialist, said: “2021 has been transformational in multiple ways for the company with more high-profile customer wins, our first technology licensing deal, the launch of the 'Powered by Blackbird' brand for technology licensing, followed by a successful £8.0 million fundraise in December"
Revenues in the year to December 2021 rose by 32% to £2.1mln with growth in sports and news, two of Blackbird's core target sectors, up by 28% year on year.
The company added it had also recognised £137,000 revenue in the year from its first 'Powered by Blackbird'. technology licensing deal.
Contracted but unrecognised revenues for 2022 and beyond were up by 93% to £3.73mln of which £1.42mln is scheduled to be recognised in the coming year.
McDonough also highlighted the work the company has been doing to boost its profile within its sector.
"Blackbird published two strategic white papers in the year. The first one was on sustainability highlighting the impact of the media industry on the environment and how using cloud-native solutions, such as Blackbird, can dramatically reduce carbon emissions.
"The second one was on Total Cost of Ownership showing that although Blackbird takes up to a 10x share of wallet compared to traditional editing software it is still up to 35% cheaper than other cloud-based workflows.
Underlying losses for the year rose to £1.55mln (£1.42mln) reflecting share option costs and increased staffing levels as revenues grew with pre-tax losses of £2.1mln (£1.9mln).
Cash and equivalents at the year were £12.9mln.
“We start 2022 in a very strong position financially, with a strong balance sheet and an order book 93% higher than at the start of last year,” said McDonough.
“Strategically we have plans in place to develop market opportunities outside of media and entertainment.”