Blackbird plc (AIM: BIRD), the developer and seller of the multi award-winning cloud-native video editing platform, Blackbird, announces its audited full year results for the year ended 31 December 2020.
Ian McDonough, CEO of Blackbird, commented:
"I am pleased to again report record revenues for the year of £1.57million, up 45% on the previous year despite the very challenging industry environment having a large impact on Live Sport and Post-Production, two of our key markets. The Company also made strong progress in reducing its cash burn.
During the year, Blackbird announced key partnerships with Tata Communications and EditShare, executing against our Original Equipment Manufacturers ("OEMs") strategy, where Blackbird will be sold as an integral part of a larger end-to-end media solution. The scale of these deals will be seen in the near future as their respective sales teams sell Blackbird to end customers. Post the year end, we are delighted to have added EVS, a key provider in the live news and sports industries, to this list of global OEM partners.
We recently published a white paper on sustainability highlighting the impact of the TV and video industry on the environment and how using cloud native solutions, such as Blackbird, can significantly reduce carbon emissions from this industry. This is of strategic importance as sustainability becomes a key focus for our customers and targeted customers.
The evidence of confidence returning to our markets can be seen in a spate of recent contract wins. As COVID-19 vaccinations are rolled out, with an accelerated shift to cloud and remote workflows and with us taking a leadership role in the reduction of carbon emissions across the industry, Blackbird is very well positioned to prosper."
Operational highlights (post period end)
· Deal signed with EVS, the leader in live video technology for broadcast and new media productions, to resell Blackbird
o Announced together with deployments on two near term International sporting events
o Adding to our list of market leading global OEM partners
· Strategic White paper 'Video shouldn't cost the earth' published
o Highlights the significant impact that the TV and video industry has on the environment
o Showcases how cloud native solutions such as Blackbird can help reduce carbon emissions
o Widely publicised in the industry including interviews with Ian McDonough on Sky News and IABM
· New deals in the e-learning sector with Typsy and Bo Clips
· Contract extension with Riot Games
· Partnership announced with LiveU who offer end-to-end solutions in our key sectors of Live Sport and News
· £1,218k* revenue secured for 2021, which is up 32% year on year (2020: £924k)
· Contracted but unrecognised revenue of £1,958k* at 19 March 2020. Of this, £951k is to be recognised in 2021, a further £591k in 2022, with the remainder in 2023 and beyond
*Unaudited and subject to exchange rate fluctuations
Operational highlights (during the year under review)
· Deal announced with Tata Communications to resell Blackbird, including a first customer
o Endorsing our core OEM strategy with one of the leading global companies in the industry
· A+E Networks doubled the volume of video edited using Blackbird for the next year in March
o Reaffirming the Company's land and expand strategy
· Multi-year deal signed with National Hockey League (NHL)
o Including an expansion of services & following an initial short-term contract
· Contracted with Arsenal F.C. and Liverpool F.C. to deliver remote working solutions
· Deal finalised with Whisper to drive major production efficiencies for its clients, including Formula One
· Contracted with Sky News Arabia who will use Blackbird for remote editing in Cairo and Abu Dhabi
· Multi-year deals signed with Venn, the e-Sports trailblazers and with Live X, a production company for live events
· Extension of contracts with leading media rights companies Deltatre, MSG Networks, Australia's National Rugby League and Gfinity
· Partnership and integration with Zixi, the industry leader for enabling live broadcast-quality video over any-IP
· Winner of four industry awards including Sports Pro OTT Gold award for Emerging Tech Company of the year
· SOC2 Type 1 and Type 2 accreditation achieved
o Reaffirming our commitment to protect our customers content and data
· Blackbird brand refreshed across all channels including new website
· Board strengthened with appointment of John Honeycutt, ex Google Cloud and Discovery Networks, joining as a Non-Executive Director
· Record revenues of £1,567k for the 12 months to 31 December 2020, up 45% year-on-year (12 months to 31 December 2019: £1,078k)
· North American revenues doubling to £968k (12 months to 31 December 2019: £469k)
· Contracted but unrecognised revenue of £1,931k (31 December 2019: £1,881k). £1,058k of this balance is to be recognised in 2021 (at 31 December 2019: 797k to be recognised in 2020), £501k in 2022, £221k in 2023 and £151k in 2024.
· Operating costs increased to £2,820k (12 months to 31 December 2019: £2,689k) due to increased staffing to enable operational resilience
· Net loss after tax £1,881k (12 months to 31 December 2019: net loss after tax £2,129k)
· Net cash outflow, ignoring proceeds from share issues and transfers into short-term deposits, reduced to £1,579k (12 months to 31 December 2019: £2,279k)
· At 31 December 2020 the Company had cash and short-term deposits of £6,546k (2019: £7,965k) and no debt