BlackBird

BIRD · AIM · Technology · mcap £8.6m · 1.8p

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Financials · LTM to 30 Jun 26

Source: results 28 Sep 26 ↗

Revenue: £1.3m
Operating profit: −£2.6m
Net income: −£2.5m
Free cash flow: −£2.9m
Net cash: £1.1m
Market cap: £8.6m
EV / EBIT: –
FCF yield: −33.8%
Price / book: –

Latest half-year · H1 26 vs H1 25 results 28 Sep 26 ↗

Revenue: £532k
Operating profit: −£1.5m
Net income: −£1.5m
Cash from operations: −£828k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it in the results of each period, newest first. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 28 Sep 26 · read the results ↗

	FY 25	FY 24
CONTINUING OPERATIONS
Revenue	1,384,542	1,607,673
Cost of Sales	(169,847)	(141,973)
GROSS PROFIT	1,214,695	1,465,700
Other Income	56,691	2,000
Operating costs excluding LTIP provision and share option costs	(2,947,319)	(3,604,239)
ADJUSTED EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION, EMPLOYEE SHARE OPTION COSTS AND LTIP PROVISION (ADJUSTED EBITDA Pre LTIP and Share Option Costs)	(1,674,841)	(2,136,539)
Employee share option costs	(42,206)	(47,044)
LOSS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION (EBITDA)	(1,717,047)	(2,183,583)
Depreciation	(14,810)	(82,498)
Amortisation	(998,717)	(411,585)
Total cONTINUING OPERATIONS	(1,013,527)	(494,083)
OPERATING LOSS	(2,730,574)	(2,677,666)
Net Finance income	131,736	259,928
LOSS BEFORE INCOME TAX	(2,598,838)	(2,417,738)
Income tax (	10,771)	70,887
LOSS FOR THE YEAR	(2,609,609)	(2,346,851)
Other comprehensive income	-	-
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	(2,609,609)	(2,346,851)
Earnings per share expressed in pence per share: Basic - continuing and total operations	(0.62p)	(0.61p)

	H1 26	H2 25	H1 25
CONTINUING OPERATIONS
Revenue	531,794	807,647	576,895
Cost of Sales	(74,880)	(86,580)	(83,267)
GROSS PROFIT	456,914	721,067	493,628
Other income	-	56,691	-
Operating costs excluding LTIP provision	(1,430,952)	–	(1,612,858)
ADJUSTED EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION, EMPLOYEE SHARE OPTION COSTS (Adjusted EBITDA pre share option expense)	(974,038)	–	(1,119,230)
Employee share option costs	(16,252)	(15,661)	(26,545)
EARNINGS BEFORE INTEREST, TAXATION, DEPRECIATION, AMORTISATION (EBITDA)	(990,290)	–	(1,145,775)
Depreciation	(4,998)	(7,423)	(7,387)
Amortisation	(543,886)	(517,820)	(480,897)
Total cONTINUING OPERATIONS	(548,884)	(525,243)	(488,284)
OPERATING LOSS	(1,539,174)	(1,096,515)	(1,634,059)
Net Finance income	43,394	58,278	73,458
LOSS BEFORE INCOME TAX	(1,495,780)	(1,038,237)	(1,560,601)
Income Tax	-	10,771	-
LOSS FOR THE PERIOD	(1,495,780)	–	(1,560,601)
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(1,495,780)	–	(1,560,601)
Earnings per share expressed in pence per share
Basic and diluted – continuing and total operations	(0.32p)	–	(0.40p)
UNAUDITED AND CONDENSED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2026
Unaudited Unaudited Audited
30 June 30 June 31 December
Total 30 June 30 June 31 December	2026	–	2025
ASSETS £ £ £
NON-CURRENT ASSETS
Other intangible assets	4,339,946	–	4,135,612
Property, plant and equipment	3,835	–	12,967
Total nON-CURRENT ASSETS	4,343,781	–	4,148,579
CURRENT ASSETS
Trade and other receivables	181,353	–	194,848
Current tax assets	24,765	–	70,889
Short-term investments	801,230	–	293,815
Cash and bank balances	1,094,516	–	1,980,177
Total cURRENT ASSETS	2,101,864	–	2,539,729
TOTAL ASSETS	6,445,645	–	6,688,308
EQUITY
Issued share capital	3,842,172	–	3,096,618
Share premium	36,659,043	–	34,980,224
Capital contribution reserve	125,000	–	125,000
Retained earnings	(34,703,489)	–	(32,190,614)
Total eQUITY	5,922,726	–	6,011,228
CURRENT LIABILITIES
Trade and other payables	522,919	–	677,080
TOTAL LIABILITIES	522,919	–	677,080
TOTAL EQUITY AND LIABILITIES	6,445,645	–	6,688,308
UNAUDITED AND CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
£ £ £ £ £
Balance at 1 January 2025	125,000	–	(30,656,558)
Issue of share capital (net of expenses)	-	–	-
Share based payment	-	–	26,545
Total comprehensive income	-	–	(1,560,601)
Balance at 30 June 2025	125,000	–	(32,190,614)
Changes in equity
Issue of share capital (net of expenses)	-	–	-
Share issue expenses	-	–	-
Share based payment	-	–	15,661
Total comprehensive income	-	–	(1,049,008)
Balance at 31 December 2025	125,000	–	(33,223,961)
Changes in equity
Issue of share capital	-	–	-
Share based payment	-	–	16,252
Share issue expenses	-	–	-
Total comprehensive income	-	–	(1,495,780)
Balance at 30 June 2026	125,000	–	(34,703,489)
UNAUDITED AND CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
Unaudited Unaudited Audited
Half year to Half year to Year to 31
30 June 30 June December
Total 30 June 30 June December	2026	–	2025
£ £ £
EBITDA	(990,290)	–	(1,145,775)
Employee share option costs	16,252	–	26,545
Decrease in working capital	100,066	–	335,303
Cash used in operations	(873,972)	–	(783,927)
Tax received	45,920	–	-
Net cash outflow from operating activities	(828,052)	–	(783,927)
Cash flows from investing activities
Payments for intangible fixed assets	(497,406)	–	(787,461)
Payments for property, plant and equipment	(2,198)	–	-
Transfer (to) / from short term investments	(193,349)	–	313,562
Interest received	39,956	–	75,422
Net cash (outflow) / inflow from investing activities	(652,997)	–	(398,477)
Cash flows from financing activities
Share issue (net of expenses)	467,840	–	-
Net cash inflow from financing activities	467,840	–	-
Decrease in cash and cash equivalents	(1,013,209)	–	(1,182,404)
Cash and cash equivalents at beginning of period	2,107,725	–	3,162,581

	Latest Jun 26	FY 25	FY 24
ASSETS
NON-CURRENT ASSETS
Intangible assets	–	4,386,426	3,831,607
Other intangible assets	4,339,946	–	–
Property, plant and equipment	3,835	6,636	17,655
Total nON-CURRENT ASSETS	4,343,781	4,393,062	3,849,262
CURRENT ASSETS
Trade and other receivables	181,353	563,491	732,375
Current tax assets	24,765	45,920	70,887
Short-term investments	801,230	607,881	607,376
Cash and bank balances	1,094,516	2,107,725	3,162,581
Total cURRENT ASSETS	2,101,864	3,325,017	4,573,219
TOTAL ASSETS	6,445,645	7,718,079	8,442,481
EQUITY
Issued share capital	3,842,172	3,664,394	3,096,618
Share premium	36,659,043	36,368,981	34,980,224
Capital contribution reserve	125,000	125,000	125,000
Retained earnings	(34,703,489)	(33,223,961)	( 30,656,558 )
Total eQUITY	5,922,726	6,934,414	7,545,284
CURRENT LIABILITIES
Trade and other payables	522,919	783,665	877,197
TOTAL LIABILITIES	522,919	783,665	877,197
TOTAL EQUITY AND LIABILITIES	6,445,645	7,718,079	8,422,481
UNAUDITED AND CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
£ £ £ £ £
Balance at 1 January 2025	125,000	–	–
Issue of share capital (net of expenses)	-	–	–
Share based payment	-	–	–
Total comprehensive income	-	–	–
Balance at 30 June 2025	125,000	–	–
Changes in equity
Issue of share capital (net of expenses)	-	–	–
Share issue expenses	-	–	–
Share based payment	-	–	–
Total comprehensive income	-	–	–
Balance at 31 December 2025	125,000	–	–
Changes in equity
Issue of share capital	-	–	–
Share based payment	-	–	–
Share issue expenses	-	–	–
Total comprehensive income	-	–	–
Balance at 30 June 2026	125,000	–	–
UNAUDITED AND CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
Unaudited Unaudited Audited
Half year to Half year to Year to 31
30 June 30 June December
Total 30 June 30 June December	2026	–	–
£ £ £
EBITDA	(990,290)	–	–
Employee share option costs	16,252	–	–
Decrease in working capital	100,066	–	–
Cash used in operations	(873,972)	–	–
Tax received	45,920	–	–
Net cash outflow from operating activities	(828,052)	–	–
Cash flows from investing activities
Payments for intangible fixed assets	(497,406)	–	–
Payments for property, plant and equipment	(2,198)	–	–
Transfer (to) / from short term investments	(193,349)	–	–
Interest received	39,956	–	–
Net cash (outflow) / inflow from investing activities	(652,997)	–	–
Cash flows from financing activities
Share issue (net of expenses)	467,840	–	–
Net cash inflow from financing activities	467,840	–	–
Decrease in cash and cash equivalents	(1,013,209)	–	–
Cash and cash equivalents at beginning of period	2,107,725	–	–
Cash and cash equivalents at end of period	1,094,516	–	–

	H1 26	H2 25	H1 25	H2 24
ASSETS
NON-CURRENT ASSETS
Intangible assets	–	4,386,426	–	3,831,607
Other intangible assets	4,339,946	–	4,135,612	–
Property, plant and equipment	3,835	6,636	12,967	17,655
Total nON-CURRENT ASSETS	4,343,781	4,393,062	4,148,579	3,849,262
CURRENT ASSETS
Trade and other receivables	181,353	563,491	194,848	732,375
Current tax assets	24,765	45,920	70,889	70,887
Short-term investments	801,230	607,881	293,815	607,376
Cash and bank balances	1,094,516	2,107,725	1,980,177	3,162,581
Total cURRENT ASSETS	2,101,864	3,325,017	2,539,729	4,573,219
TOTAL ASSETS	6,445,645	7,718,079	6,688,308	8,442,481
EQUITY
Issued share capital	3,842,172	3,664,394	3,096,618	3,096,618
Share premium	36,659,043	36,368,981	34,980,224	34,980,224
Capital contribution reserve	125,000	125,000	125,000	125,000
Retained earnings	(34,703,489)	(33,223,961)	(32,190,614)	( 30,656,558 )
Total eQUITY	5,922,726	6,934,414	6,011,228	7,545,284
CURRENT LIABILITIES
Trade and other payables	522,919	783,665	677,080	877,197
TOTAL LIABILITIES	522,919	783,665	677,080	877,197
TOTAL EQUITY AND LIABILITIES	6,445,645	7,718,079	6,688,308	8,422,481
UNAUDITED AND CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2026
£ £ £ £ £
Balance at 1 January 2025	125,000	–	(30,656,558)	–
Issue of share capital (net of expenses)	-	–	-	–
Share based payment	-	–	26,545	–
Total comprehensive income	-	–	(1,560,601)	–
Balance at 30 June 2025	125,000	–	(32,190,614)	–
Changes in equity
Issue of share capital (net of expenses)	-	–	-	–
Share issue expenses	-	–	-	–
Share based payment	-	–	15,661	–
Total comprehensive income	-	–	(1,049,008)	–
Balance at 31 December 2025	125,000	–	(33,223,961)	–
Changes in equity
Issue of share capital	-	–	-	–
Share based payment	-	–	16,252	–
Share issue expenses	-	–	-	–
Total comprehensive income	-	–	(1,495,780)	–
Balance at 30 June 2026	125,000	–	(34,703,489)	–
UNAUDITED AND CONDENSED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
Unaudited Unaudited Audited
Half year to Half year to Year to 31
30 June 30 June December
Total 30 June 30 June December	2026	–	2025	–
£ £ £
EBITDA	(990,290)	–	(1,145,775)	–
Employee share option costs	16,252	–	26,545	–
Decrease in working capital	100,066	–	335,303	–
Cash used in operations	(873,972)	–	(783,927)	–
Tax received	45,920	–	-	–
Net cash outflow from operating activities	(828,052)	–	(783,927)	–
Cash flows from investing activities
Payments for intangible fixed assets	(497,406)	–	(787,461)	–
Payments for property, plant and equipment	(2,198)	–	-	–
Transfer (to) / from short term investments	(193,349)	–	313,562	–
Interest received	39,956	–	75,422	–
Net cash (outflow) / inflow from investing activities	(652,997)	–	(398,477)	–
Cash flows from financing activities
Share issue (net of expenses)	467,840	–	-	–
Net cash inflow from financing activities	467,840	–	-	–
Decrease in cash and cash equivalents	(1,013,209)	–	(1,182,404)	–
Cash and cash equivalents at beginning of period	2,107,725	–	3,162,581	–
Cash and cash equivalents at end of period	1,094,516	–	1,980,177	–

	FY 25	FY 24
Cash flows from operating activities
Cash used in operations A	(1,643,857)	(2,513,577)
Interest paid on lease liabilities	-	(70)
Tax received	70,889	108,704
Net cash from operating activities	(1,572,968)	(2,404,943)
Cash flows from investing activities
Payments for intangible fixed assets	(1,553,536)	(1,695,887)
Payments for property, plant and equipment	(3,791)	(20,719)
Transfer from short-term investments	(505)	1,881,633
Interest received	130,181	402,825
Net cash from investing activities	(1,427,651)	567,852
Cash flows from financing activities
Share issues (net of expenses)	1,956,534	1,049,702
Payment of lease liabilities	-	(29,295)
Net cash from financing activities	1,956,534	1,020,407
Decrease in cash and cash equivalents	(1,054,856)	(816,684)
Cash and cash equivalents at beginning of year	3,162,581	3,979,265
Cash and cash equivalents at end of year	2,107,725	3,162,581
A. Reconciliation of loss before income tax to cash used in operations
Total a. Reconciliation of loss before income tax to cash used in operations	2025	2024
£ £
Loss before income tax	(2,598,838)	(2,417,738)
Depreciation	14,810	82,498
Amortisation charges	998,717	411,585
Finance income	(131,736)	(259,928)
Earnings before interest, taxation, depreciation and amortisation	(1,717,047)	(2,183,583)
Adjustment for Employee share option costs	42,206	47,044
Movements in working capital
Decrease in trade and other receivables	113,748	5,272
(Decrease) in trade and other payables	(93,535)	(382,310)
Cash used in operations	(1,643,857)	(2,513,577)

	H1 26	H2 25	H1 25
EBITDA	(990,290)	–	(1,145,775)
Employee share option costs	16,252	–	26,545
Decrease in working capital	100,066	–	335,303
Cash used in operations	(873,972)	(859,930)	(783,927)
Tax received	45,920	70,889	-
Net cash outflow from operating activities	(828,052)	–	(783,927)
Cash flows from investing activities
Payments for intangible fixed assets	(497,406)	(766,075)	(787,461)
Payments for property, plant and equipment	(2,198)	(3,791)	-
Transfer (to) / from short term investments	(193,349)	–	313,562
Interest received	39,956	54,759	75,422
Net cash (outflow) / inflow from investing activities	(652,997)	–	(398,477)
Cash flows from financing activities
Share issue (net of expenses)	467,840	–	-
Net cash inflow from financing activities	467,840	–	-
Decrease in cash and cash equivalents	(1,013,209)	127,548	(1,182,404)
Cash and cash equivalents at beginning of period	2,107,725	–	3,162,581
Cash and cash equivalents at end of period	1,094,516	–	1,980,177

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1.3	1.4	1.6
Gross profit	1.2	1.2	1.5
Adjusted EBITDA	(1.5)	(1.7)	(2.1)
EBITDA	(1.6)	(1.7)	(2.2)
Operating profit	(2.6)	(2.7)	(2.7)
Depreciation (owned assets)	(0.0)	(0.0)	(0.1)
Amortisation	(1.1)	(1.0)	(0.4)
Share-based payments	(0.0)	(0.0)	(0.0)
Operating profit to net income
Profit before tax	(2.5)	(2.6)	(2.4)
Tax	–	(0.0)	0.1
Net income (owners)	(2.5)	(2.6)	(2.3)
Per share
EPS basic	(0.5p)	(0.6p)	(0.6p)
EPS diluted	(0.5p)	(0.6p)	–

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	0.5	−8%	0.8	0.6
Gross profit	0.5	−7%	0.7	0.5
Adjusted EBITDA	(1.0)	n/m	(0.6)	(1.1)
EBITDA	(1.0)	n/m	(0.6)	(1.1)
Operating profit	(1.5)	n/m	(1.1)	(1.6)
Depreciation (owned assets)	(0.0)	n/m	(0.0)	(0.0)
Amortisation	(0.5)	+13%	(0.5)	(0.5)
Share-based payments	(0.0)	n/m	(0.0)	(0.0)
Operating profit to net income
Profit before tax	(1.5)	n/m	(1.0)	(1.6)
Net income (owners)	(1.5)	n/m	(1.0)	(1.6)
Per share
EPS basic	(0.3p)	–	(0.2p)	(0.4p)
EPS diluted	(0.3p)	–	(0.2p)	(0.4p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(1.6)	(1.6)	(2.4)
Investing activities
Capex (PP&E)	–	(0.0)	(0.0)
Capex (intangibles)	(1.3)	(1.6)	(1.7)
Financing activities
Lease principal paid	–	–	(0.0)
Lease interest paid	–	–	(0.0)
Shares issued	–	2.0	1.0

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(0.8)	n/m	(0.8)	(0.8)
Investing activities
Capex (PP&E)	(0.0)	–	–	–
Capex (intangibles)	(0.5)	−37%	(0.8)	(0.8)
Financing activities
Shares issued	0.5	–	–	–

	Latest Jun 26	FY 25	FY 24
Non-current assets
Other intangibles	4.3	4.4	3.8
Property, plant & equipment	0.0	0.0	0.0
Non-current assets	–	4.4	3.9
Current assets
Trade receivables	0.2	0.6	0.7
Cash	1.1	2.1	3.2
Current assets	–	3.3	4.6
Total assets	6.4	7.7	8.4
Current liabilities
Trade payables	0.5	0.8	0.9
Non-current liabilities
Total liabilities	0.5	0.8	0.9
Equity
Total equity	–	6.9	7.5

	H1 26	H2 25	H1 25	H2 24
Non-current assets
Other intangibles	4.3	4.4	4.1	3.8
Property, plant & equipment	0.0	0.0	0.0	0.0
Non-current assets	–	4.4	–	3.9
Current assets
Trade receivables	0.2	0.6	0.2	0.7
Cash	1.1	2.1	2.0	3.2
Current assets	–	3.3	–	4.6
Total assets	6.4	7.7	6.7	8.4
Current liabilities
Trade payables	0.5	0.8	0.7	0.9
Non-current liabilities
Total liabilities	0.5	0.8	0.7	0.9
Equity
Total equity	–	6.9	–	7.5

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.