Blackbird Balance Sheet

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Equivalents	2.11	3.16	3.98	5.73	8.67
Short-Term Investments	0.61	0.61	2.49	4.37	4.17
Cash & Short-Term Investments	2.72	3.77	6.47	10.1	12.84
Cash Growth	-27.97%	-41.72%	-35.95%	-21.35%	96.15%
Accounts Receivable	0.56	0.6	0.38	0.56	0.07
Other Receivables	0.05	0.12	0.34	0.27	0.25
Receivables	0.61	0.72	0.72	0.83	0.32
Inventory	-	-	-	0	0
Prepaid Expenses	-	0.08	0.09	0.13	0.09
Other Current Assets	-	-	-	-	0.02
Total Current Assets	3.33	4.57	7.28	11.06	13.27
Property, Plant & Equipment	0.01	0.02	0.08	0.2	0.26
Other Intangible Assets	4.39	3.83	2.55	1.27	1.2
Total Assets	7.72	8.42	9.9	12.53	14.72
Accounts Payable	0.78	0.05	0.05	0.06	0.07
Accrued Expenses	-	0.31	0.46	0.37	0.72
Current Portion of Leases	-	-	0.03	0.09	0.09
Current Unearned Revenue	-	0.51	0.57	0.71	0.58
Other Current Liabilities	-	0.01	0.01	0.05	0.18
Total Current Liabilities	0.78	0.88	1.11	1.3	1.65
Long-Term Leases	-	-	-	0.03	0.12
Other Long-Term Liabilities	-	-	-	-	0.01
Total Liabilities	0.78	0.88	1.11	1.33	1.78
Common Stock	3.66	3.1	2.95	2.94	2.94
Additional Paid-In Capital	36.37	34.98	34.08	34.04	34.03
Retained Earnings	-33.22	-30.66	-28.36	-25.9	-24.16
Comprehensive Income & Other	0.13	0.13	0.13	0.13	0.13
Shareholders' Equity	6.93	7.55	8.8	11.2	12.94
Total Liabilities & Equity	7.72	8.42	9.9	12.53	14.72
Total Debt	-	-	0.03	0.12	0.21
Net Cash (Debt)	2.72	3.77	6.44	9.98	12.63
Net Cash Growth	-27.97%	-41.45%	-35.45%	-21.00%	102.09%
Net Cash Per Share	0.01	0.01	0.02	0.03	0.04
Filing Date Shares Outstanding	451.66	387.08	368.41	367.63	367.57
Total Common Shares Outstanding	451.66	387.08	368.41	367.63	367.57
Working Capital	2.54	3.7	6.17	9.76	11.62
Book Value Per Share	0.02	0.02	0.02	0.03	0.04
Tangible Book Value	2.55	3.71	6.25	9.93	11.75
Tangible Book Value Per Share	0.01	0.01	0.02	0.03	0.03
Machinery	-	0.26	0.32	0.32	0.77
Leasehold Improvements	-	-	0.1	0.1	0.1
Order Backlog	-	1.83	1.77	3.43	3.73

Source: S&P Global Market Intelligence. Standard template. Financial Sources.