Blackbird (LSE:BIRD), the cloud video technology company, announced on 9 November 2026 that Sumit Rai has taken over as chief executive, effective 6 November. The Leadership change comes weeks after interim results showing a small Revenue base and continuing losses, and just as the group leans on its elevate.io subscription product to build recurring income.

Leadership change

Mr Rai has been chief product officer since 2022 and will now lead all operations as well as the elevate.io product. Ian McDonough steps down as chief executive but remains an employee and a director. A separate board role change was announced on 2 November, a directorate change on 24 August, a director appointment on 28 September, and a non-board interim chief financial officer was named on 7 September, so the senior team has been in flux through the autumn.

What the company does

Blackbird's original product is a cloud-native video editing suite used by broadcasters, rights holders and post-production houses, and it also licenses its technology under a Powered by Blackbird model. Its newer venture, elevate.io, is a browser-based platform for collaborative video editing aimed at professional teams and the creator economy, built on the same patented cloud technology and now in general release.

Interim results

For the six months to 30 June 2026, announced on 28 September, revenue was 0.53 million pounds, down 8%, with deal losses partly offset by non-recurring revenue linked to the winter games. Operating costs fell to 1.43 million pounds, leaving an EBITDA loss of 0.99 million pounds and a net loss after tax of 1.50 million pounds. Cash burn was 1.29 million pounds, down 14%, and cash and short-term investments stood at 1.90 million pounds. LSE:BIRD estimated annualised Recurring Revenue from elevate.io would reach about 91,000 pounds by the end of September, and said the conversion rate of free users to paying subscribers was 3.37% as of 24 September.

Subscriber momentum

In a trading update on 3 September, Blackbird said net paid subscribers to elevate.io had risen 75% to 696 by the end of August. The share of free users converting to paid plans rose from under 1% to 2.67% in August, which the company linked to product refinements, while customer Acquisition costs fell 65%. Modest Marketing spend resumed in mid-July. The board described itself as cautiously optimistic that the pace could continue with marketing support.

Chromebook perks programme

On 8 October the company said elevate.io would feature in a Chromebook perks programme, with Chromebook owners offered 50% off monthly pay-as-you-go plans for six months or 25% off an annual subscription. The offer begins as a UK test market in October 2026, and the results will inform whether it expands to other territories. Blackbird points to the large Chromebook user base worldwide.

Sector and index context

Blackbird (LSE:BIRD) is one of the smaller technology names on the FTSE AIM All Share Index, where software companies at an early commercial stage are generally valued on growth prospects rather than profits.

Key risks

The group is loss-making, with cash of 1.90 million pounds against a half-year cash burn of 1.29 million pounds, so further funding or a faster move to recurring revenue is likely to matter. Revenue from legacy deals has been falling, subscriber numbers are still small in absolute terms, and the leadership and finance team are being reshaped at a delicate moment.

What to watch next

Key markers will be the monthly or quarterly rise in paying elevate.io subscribers, the results of the UK Chromebook test, the permanent appointment of a chief financial officer, and LSE:BIRD's cash position into 2027.