Blackbird Cash Flow Statement

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	2020 - 2016
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	2020 - 2016
Net Income	-2.61	-2.35	-2.49	-1.92	-2.13	Upgrade
Depreciation & Amortization	0.01	0.08	0.17	0.14	0.12	Upgrade
Other Amortization	1	0.41	0.42	0.38	0.34	Upgrade
Stock-Based Compensation	0.04	0.05	0.04	0.17	0.18	Upgrade
Other Operating Activities	-0.05	-0.22	-0.34	-0.56	0.32	Upgrade
Change in Accounts Receivable	0.11	0.01	0.17	-0.37	-0.09	Upgrade
Change in Accounts Payable	-0.09	-0.38	-0.02	-0.02	0.39	Upgrade
Operating Cash Flow	-1.58	-2.4	-2.07	-2.17	-0.89	Upgrade
Capital Expenditures	-0	-0.02	-0.04	-0.09	-0.07	Upgrade
Sale (Purchase) of Intangibles	-1.55	-1.7	-1.71	-0.47	-0.44	Upgrade
Investment in Securities	-0	1.88	1.88	-0.2	-2.55	Upgrade
Other Investing Activities	0.13	0.4	0.24	0.08	0.03	Upgrade
Investing Cash Flow	-1.43	0.57	0.36	-0.68	-3.03	Upgrade
Long-Term Debt Repaid	-	-0.03	-0.1	-0.1	-0.1	Upgrade
Net Debt Issued (Repaid)	-	-0.03	-0.1	-0.1	-0.1	Upgrade
Issuance of Common Stock	1.96	1.05	0.05	0.01	7.76	Upgrade
Financing Cash Flow	1.96	1.02	-0.05	-0.09	7.66	Upgrade
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-	Upgrade
Net Cash Flow	-1.05	-0.82	-1.75	-2.94	3.74	Upgrade
Free Cash Flow	-1.59	-2.43	-2.11	-2.26	-0.95	Upgrade
Free Cash Flow Margin	-114.66%	-150.88%	-108.94%	-79.39%	-46.12%	Upgrade
Free Cash Flow Per Share	-0.00	-0.01	-0.01	-0.01	-0.00	Upgrade
Cash Interest Paid	-	0	0	0.01	0.01	Upgrade
Cash Income Tax Paid	-0.07	-0.11	-0.09	-0.03	-0.03	Upgrade
Levered Free Cash Flow	-2.11	-3.04	-2.93	-2.09	-0.52	Upgrade
Unlevered Free Cash Flow	-2.11	-3.04	-2.93	-2.09	-0.52	Upgrade
Change in Working Capital	0.02	-0.38	0.14	-0.39	0.3	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.