Q2 2026 Blackbird PLC Earnings Call

September 28, 2026

Operator: Welcome to the Blackbird PLC Interim Results Investor Presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that is just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and will publish our responses where it is appropriate to do so. Before we begin, we would just like to submit the following poll. I would now like to hand you over to the team from Blackbird PLC. Ian, good morning, sir.

Operator: Welcome to the Blackbird plc Interim Results Investor Presentation. Questions are encouraged. They can be submitted at any time via the Q&A tab that is just situated on the right-hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and will publish our responses where it is appropriate to do so. Before we begin, we would just like to submit the following poll. I would now like to hand you over to the team from Blackbird plc. Ian, good morning, sir.

Speaker #1: The Blackbird PLC interim results investor presentation. Questions are encouraged; they can be submitted at any time via the Q&A tab, which is situated on the right-hand corner of your screen. Please simply type in your questions and press send.

Speaker #1: The company may not be in a position to answer every question it receives during the meeting itself; however, the company can review all questions submitted today and will publish responses where it's appropriate to do so.

Speaker #1: Before we begin, we would just like to submit the following poll. I would now like to hand you over to the team from Blackbird PLC. Ian.

Speaker #1: Good morning, sir.

Speaker #2: Good morning, Jake, and good morning, ladies and gentlemen. Welcome to Blackbird's interim results 2026. Before I kick off, I would just like to introduce my fellow team members.

Ian McDonough: Good morning, Jake, and good morning, ladies and gentlemen. Welcome to Blackbird's Interim Results 2026. Before I kick off, I would just like to introduce my fellow team members. We have Ines, who I think you all met at the AGM. Ines is from ScaleUp and is our fractional Chief Marketing Officer. Stephen Streater, our company founder and inventor of Blackbird. And here we have Sumit Rai, who is our Chief Product Officer, and as of today, our new board member. Congrats, Sumit. Let us kick off. Before I start, I would just like to address a few things. Firstly, last time, we had some sound issues, and I want to make sure that we do not have that again. We have actually got a volunteer developer/sound engineer here in the office with us to make sure that does not happen. And we are monitoring this as we go through the presentation.

Ian McDonough: Good morning, Jake, and good morning, ladies and gentlemen. Welcome to Blackbird's Interim Results 2026. Before I kick off, I would just like to introduce my fellow team members. We have Ines, who I think you all met at the AGM. Ness is from Scale Up and is our fractional Chief Marketing Officer. Stephen Streater, our company Founder and Inventor of Blackbird. And here we have Sumit Rai, who is our Chief Product Officer, and as of today, our new board member. Congrats, Sumit. Let us kick off. Before I start, I would just like to address a few things. Firstly, last time, we had some sound issues, and I want to make sure that we do not have that again. We have actually got a volunteer developer/sound engineer here in the office with us to make sure that does not happen.

Speaker #2: We have Ian Ness, who I think you all met at the AGM. Ness is from Scale Up, and he's our fractional Chief Marketing Officer.

Speaker #2: Steven Streeter, Company Founder and inventor of Blackbird. And here we have Summit Rai, who is our Chief Product Officer and, as of today, our new board member.

Speaker #2: Congrats, Summit. Right, let's kick off. So, before I—before I start, I'd just like to address a few things. Firstly, last time we had some sound issues.

Speaker #2: And I want to make sure that we don't have that again. We've actually got a volunteer developer and sound engineer here in the office with us to make sure that doesn't happen.

Speaker #2: And we are monitoring this as we go through the presentation. So, if you are experiencing any sound problems, please let us know. The second elephant I will address is the cash situation.

Ian McDonough: And we are monitoring this as we go through the presentation. If you are experiencing any sound problems, please let us know. The second element I will address is the cash situation. I know that a lot of you are concerned about that. Of course, we are monitoring the situation very carefully ourselves. But let me just remind you of our strategy around our revenue. We are building a revenue engine, and with that, we want to make sure that our revenue engine is starting to make economic sense. That is, that every user that we acquire, every subscriber we acquire, has a lifetime value that starts to be equal or greater, much greater than that acquisition cost. And our focus really still is on marketing teams, and Ines will talk you through why marketing teams are incredibly valuable to us.

Ian McDonough: If you are experiencing any sound problems, please let us know. The second element I will address is the cash situation. I know that a lot of you are concerned about that. Of course, we are monitoring the situation very carefully ourselves. But let me just remind you of our strategy around our revenue. We are building a revenue engine, and with that, we want to make sure that our revenue engine is starting to make economic sense. That is, that every user that we acquire, every subscriber we acquire, has a lifetime value that starts to be equal or greater, much greater than that acquisition cost. And our focus really still is on marketing teams, and Ines will talk you through why marketing teams are incredibly valuable to us.

Speaker #2: So, I know that a lot of you are concerned about that. Of course, we are monitoring the situation very carefully ourselves. But let me just remind you of our strategy around our revenue.

Speaker #2: We're building a revenue engine, and with that, we want to make sure that our revenue engine is starting to make economic sense. That is, we are putting—that every user that we acquire, every subscriber we acquire, has a lifetime value that starts to be equal or greater—much greater—than that acquisition cost.

Speaker #2: And our focus really still is on marketing teams, and Nessa will talk you through why marketing teams are incredibly valued to us. But also, product-led growth and virality are often kick-started by the masses, and therefore we will continue to fill the funnel with those early creators and students, etc.

Ian McDonough: But also product-led growth and virality often is kickstarted by the masses, and therefore we will continue to fill the funnel with those early graders and students, et cetera, at the top of the funnel. That is really important to note. As we go onto the first slide here, I think that we put some numbers out in August that now have been improved further on as we get to the end of September. And this really tells you the story of how our conversion metric is improving. Our subscription growth in Q3 is going to be estimated around 235%. And the key numbers here are the fact that this has improved from back in March, where we were converting at around 1% for every new user coming in, or every 100 users coming in, to 2.4% at the end of June.

Speaker #2: at the top of the funnel. So that's really important to note. So as we go on to the first slide here, I think it's—I think that we put some numbers out in August.

Speaker #2: Those are now—and have been improved further on as we get to the end of September. And this really tells you the story of how our conversion metric is improving.

Speaker #2: So our subscription growth in Q3 is around—is going to be estimated around 235%. And the key numbers here are the fact that this has improved from back in—back in March, where we were converting at around 1% for every new user coming in, or every 100 users coming in, to 2.4% at the end of June.

Speaker #2: And now, as we go to the end of September, we're at around 3.4%. Together with that, we've also reduced churn down to 11%. Of course, things are always moving around, but that's a really good number to look at.

Ian McDonough: As we go to the end of September, at around 3.4%. Together with that, we have also reduced churn down to 11%. Things are always moving around, but that is a really good number to look at. That has actually led to our ARR improving from June at around GBP 30,000 to end of September at around GBP 90,000. Again, these are really small numbers. We are very well aware of that, but you can see that we are starting to get that exponential growth and that revenue engine is starting to take shape. We are also seeing that in the sector that we are really focused on, as in the marketing teams, that a low virality and product-led growth is yet to be proven. We are seeing growth in the rates that people do share, and therefore the superior ARPU and retention in the group that we are focusing on.

Speaker #2: And that's actually led to our ARR improving from June at around $30,000 to the end of September at around $90,000. Again, these are really small numbers.

Speaker #2: We're very well aware of that. But you can see that we're starting to get that exponential growth, and that revenue engine is starting to take shape.

Speaker #2: We're also seeing that in the sector that we're really focused on, as in the marketing teams, that although virality and product-led growth is yet to be proven, we're seeing growth in the rate that people do share and, therefore, the superior RPO and retention in the group that we're focusing on.

Ian McDonough: We are seeing growth in the rates that people do share, and therefore the superior ARPU and retention in the group that we are focusing on. I will come back at the end of this presentation, but I am going to pass over to Sumit now to talk you through our product improvements.

Speaker #2: So I'll come back at the end of this presentation, but I'm going to pass over to Summit now to talk you through our product improvements.

Ian McDonough: I will come back at the end of this presentation, but I am going to pass over to Sumit now to talk you through our product improvements.

Speaker #3: Okay, so everyone knows that this year is going to be a huge year for product development. We know that at the end of last year, while we were available, obviously, as a product to the market, we still had a lot of important things to add.

Sumit Rai: Well, everyone knows that this year has been a huge year for product development. We know that at the end of last year, whilst we were available obviously as a product to the market, we still had a lot of important things to add. A huge factor as to why our conversion ratios have moved this year, and you can see that massive growth from the 1 to 3.4, is a lot to do with obviously product that is available. People who come into the product, there is all of a sudden more reason for them to actually convert/pay for the product because there are features which are often behind a paywall, but also features that are just generally available within the product.

Speaker #3: And a huge factor as to why our conversion ratios have moved this year—and you can see that massive growth, you know, from 1 to 3.4—is a lot to do with, obviously, product that is available.

Speaker #3: So, people who come into the product, there's suddenly more reason for them to actually convert and pay for the product, because there are features which are often behind a paywall, but also features that are generally available within the product.

Speaker #3: Some massive things that we've added already this year—obviously, the Epidemic Sounds work that we did in bringing a really best-in-class sound library to the market.

Sumit Rai: Some massive things that we have added already this year, obviously the Epidemic Sound work that we did in bringing a really best-of-class sound library to the market. We also improved our font support, so not only adding thousands of fonts, but also providing custom fonts available to users. We improved the AI side of the product with things like voice isolation, which is a really crucial tool for people producing any kind of content. We also introduced color grading, and this has become a really popular feature for the product, which was already on top of the existing LUTs and looks that we already had. We also began the beginning of our animation work, and this is a really important thing which we will come onto a little bit later because we have done a lot of work behind the scenes on the engine, and we will discuss this.

Speaker #3: We also improved our font support—so not only adding, you know, thousands of fonts, but also providing custom fonts available to users. We improved the AI side of the product with things like voice isolation.

Speaker #3: Which is a really crucial tool for people producing any kind of content. We also introduced color grading, and this has become a really popular feature for the product, which was already on top of the existing LUTs and looks that we already had.

Speaker #3: We also began the beginning of our quick—of our animation work. And this is a really important thing, which we'll come on to a little bit later, because we have done a lot of work behind the scenes on the engine, and we'll discuss this.

Speaker #3: We also added some really important features, which you don't see very well, or very often, or done well even in NLEs, which is things like the project recovery.

Sumit Rai: We also added some really important features which you don't see very well or very often or done well even in NLEs, which is things like the project recovery. We think it's a best-in-class system. You being able to go back and look at where a product was, especially in a multiplayer environment, because one of the fears that people have about multiplayer is what happens if another user comes in and alters something which has already been done. Well, we have a great history in the product that you can roll back at any point. We also changed and tweaked the plans. We obviously learn as we're going along, and we're able to analyze what people are buying to what levels. We've made little tweaks along the way, obviously with pricing, but also with what people can do. We're in a good position.

Speaker #3: We think it's a best-of-class system. You've been able to go back and look at where a product was, especially in a multiplayer environment, because one of the fears that people have about multiplayer is what happens if another user comes in and alters something which has already been done.

Speaker #3: Well, we have a great history in the products that you can roll back at 20 points. We also changed and tweaked the plans. We obviously learn as we're going along, and we're able to analyze what people are buying into, at what levels.

Speaker #3: And we've made little tweaks along the way, obviously, with pricing, but also with what people can do. But, you know, we're in a good position.

Speaker #3: We are definitely at a point, as we said in the summer, where this is a very, very usable product. And so, that's why we're now experiencing our growth.

Sumit Rai: We are definitely at a point, as we said in the summer, where this is a very, very usable product, so that's why we're now experiencing our growth. But obviously, it's only still the beginning of the longest story. The things which are coming next are going to be really exciting. A major thing that we've done this year, and a lot of the work done through Stephen's team, also with the DayMade Elevate development team, is to really improve the way the engine is capable of handling more than just video. We're known for our ability to handle video, but we have added the ability to do graphics and text now at a much, much higher level. You saw a snippet of that earlier this year at the AGM, where we demoed some of our effects work, which is all going through our pipeline at the moment.

Speaker #3: But obviously, it's still only the beginning of the longest story. And the things which are coming next are going to be really exciting. A major thing that we've done this year, and a lot of the work done through Steven's team, also with the day-to-day Elevator development team, is to really improve the way the engine is capable of handling more than just video.

Speaker #3: We're known for our ability to handle video, but we have added the ability to do graphics and text now at a much, much higher level.

Speaker #3: You were at the AGM, where we demoed some of our effects work, which is all going through our pipeline at the moment. By being GPU-accelerated, we're able to bring desktop capability to our online experience.

Sumit Rai: By being GPU-accelerated, we're able to bring desktop capability to our online experience. That's a major advancement. We've always led the way with video, but now we're going to be able to actually also jump ahead and be on par with things like some of the bigger products in terms of how we can handle text and graphics. So I'm going to give you a little demo in a minute of some of that, but that's only just part of it. We're also doing a whole bunch of work on integrations, so things like YouTube upgrade, some good quality-of-life features like view-only users, because we want organizations who use our product to be able to share amongst their own company, and have people who can come in and see the product. It's how we use other products.

Speaker #3: And that's a major, major advancement. We've always led the way with video, but now we're going to be able to actually also jump ahead and be on par with things like some of the bigger products in terms of how we can handle text and graphics.

Speaker #3: So I'm going to give you a little demo in a minute of some of that, but that's only just part of it. We're also doing a whole bunch of work on integrations, so things like YouTube upgrade, some good quality-of-life features like view-only users. We want organizations who use our product to be able to share amongst their own company and have people who can come in and see the product.

Speaker #3: It's how we use other products. Not everyone is a creator, but a lot of people are stakeholders. So we want to introduce and make this a real team product.

Sumit Rai: Not everyone is a creator, but a lot of people are stakeholders. So we want to introduce and make this a real team product. The other thing that we're doing is expanding the ability to get content into the system. At the moment, you can upload by file from the phone or from the desktop, but we do live in a wider ecosystem, and we're expanding that the same way that we're expanding how you can output things like YouTube, but also how you can get content into the system. The eventual goal for that goes down to cameras directly, but in the interim, there are other things that we will be able to support, other platforms we'll be able to support to send video content directly to us.

Speaker #3: The other thing that we're doing is expanding the ability to get content into the system. At the moment, you can upload by file, from a phone, or from the desktop.

Speaker #3: But we do live in a wider ecosystem, and we're expanding that the same way that we're expanding how you can output to things like YouTube, but also how you can get content into the system.

Speaker #3: The eventual goal for that goes, you know, down to cameras directly. But in the interim, there are other things that we will be able to support, other platforms we will be able to support, to send video content directly to us.

Speaker #3: And then a really important feature—something which has been a growing market, something that I've spent a lot of time in the past working on—is things like webcam capture.

Sumit Rai: And then a really important feature, something which has been a growing market, something that I've spent a lot of time in the past working on, this is our webcam capture. So being able to allow people to create content directly from the desktop as well, things like that are coming. And audio effects, which we know that we have a need there that we haven't fulfilled yet. So coming on to some of that exciting stuff that we've done, I want to give a demo of the up-and-coming bit of product that we have within our system, which is the GPU-accelerated graphics engine. So this is something that you'll be seeing come to the platform soon. It's work that we're doing where we're actually going to not just take text, which we've had historically, and it's been capable, but it has been a simplified version.

Speaker #3: So, being able to allow people to create content directly from the desktop as well—things like that are coming. And audio effects, which we know that we have a need there that we haven't fulfilled yet.

Speaker #3: So, coming on to some of that exciting stuff that we've done, I want to give a demo of the up-and-coming bit of product that we have within our system, which is the GPU-accelerated graphics engine.

Speaker #3: So this is something that you'll be seeing come to the platform soon. It's work that we're doing where we're actually going to not just take text, which we've had historically—and, you know, it's been capable—but it has been a simplified version.

Speaker #3: But we're actually bringing a very—let's just say desktop-level capability to that. So it doesn't just mean being able to do text in the way that you would expect to use text within sort of a desktop publishing product or something like that, but it also—and this is the exciting bit—also means that we're able to take text and be able to create a whole bunch of presets that people could use to get started with, you know, with their content.

Sumit Rai: But we're actually bringing a very, let's just say, desktop-level capability to that. So it doesn't just mean being able to do text in the way that you would expect to use text within a desktop publishing product or something like that. But it also, and this is the exciting bit, also means that we're able to take text and be able to create a whole bunch of presets that people could use to get started with their content. So if, for example, I take that and trump it in, you'll see that it's a really nicely animated piece of text. But also, it means that you can go in there and you can change any of the things. So let's just call this Nice. And this one can change there to Easy like that.

Speaker #3: So, if, for example, I take that trumpet in, you'll see that it's a really nicely animated piece of text. But also, it means that you can go in there and you can change any of the things.

Speaker #3: So let's just call this "nice," and this one can change there. Too easy—like that. So, things can be changed very easily, but also the controls and the very, very fine control that we have for every bit of how that animation works—its positioning, the color schemes that go with it—all of these can be easily adapted.

Sumit Rai: So things can be changed very easily, but also the controls and the very, very fine control that we have for every bit of how that animation works, its positioning, the color schemes that go with it, all of these can be easily adapted. And where they're best used is things like lower thirds. So we're allowing users to directly drop on a little lower third. Maybe there's another one we can add here. Move that along. We can reposition that. Users will be able to go in, change things very simply, change things like backdrop colors, and then save them out as presets, so they can use them within all of their own productions very, very easily. Now, the thing that you'll notice is that the whole experience is incredibly smooth. Everything that we're doing here has a very, very desktop-like feel. And all of that's been made possible.

Speaker #3: And where they're best used is things like lower thirds. So we're allowing users to directly drop on a little lower third—maybe there's another one we could add.

Speaker #3: Here, we've got a long. We could reposition that. Users will be able to go in, change things very simply—change things like backdrop colors—and then save them out as presets, so they can use them within all of their own productions very, very easily.

Speaker #3: Now, the thing that you'll notice is that the whole experience is incredibly smooth. Everything that we're doing here has a very, very, very desktop-like feel.

Speaker #3: And all of that's been made possible, you know, we've done it with video, but we're now doing it with graphics and text. And we believe that this is going to put us really—not just on par with what happens with some of the bigger NLEs and desktop products, but actually text is traditionally done quite badly, and it means that a lot of the time people have to rely on visual effects tools like After Effects to do their sort of more complex animations.

Sumit Rai: We've done it with video, but we're now doing it with graphics and text. And we believe that this is going to put us really, not just on par with what happens with some of the bigger NLEs and desktop products, but actually text is traditionally done quite badly, and it means that a lot of the time, people have to rely on visual effects tools like After Effects to do their more complex animations. We're bringing that experience directly into the browser and obviously more available to people because our product is an easier-to-use, more available product to the market. So that's our roundup of product. Over to marketing.

Speaker #3: We're bringing that experience directly into the browser and, obviously, making it more available to people, because our product is easy to use and more accessible to the market.

Speaker #3: So that's our roundup of products.

Speaker #1: Perfect. So marketing.

Speaker #2: Thanks. Good morning, everybody. So just to give you a bit of a snapshot overview, so the top left graph on the left is just looking at the subscriber growth over the last three months.

[Company Representative] (ScaleUp): Thanks, James. Good morning, everybody. Just to give you a bit of a snapshot overview. The top left graph on the left is just looking at the subscriber growth over the last 3 months. July kind of marks the period where we started to invest in acquisition again after a period of research and understanding exactly how we wanted to position elevate.io in the market. Mid-July is when we started to invest. That also timed with some changes that were made to pricing and how we moved users from the free plan into the paid plan. That shift in growth over those months kind of reflects that period. August is significantly higher, most likely as a result of the combination of those things.

Ness Rustom: Thanks, James. Good morning, everybody. Just to give you a bit of a snapshot overview. The top left graph on the left is just looking at the subscriber growth over the last 3 months. July kind of marks the period where we started to invest in acquisition again after a period of research and understanding exactly how we wanted to position elevate.io in the market. Mid-July is when we started to invest. That also timed with some changes that were made to pricing and how we moved users from the free plan into the paid plan. That shift in growth over those months kind of reflects that period. August is significantly higher, most likely as a result of the combination of those things.

Speaker #2: So July kind of marks the period where we started to invest in acquisition again, after a period of research and understanding exactly how we wanted to position Elevate in the market.

Speaker #2: So, mid-July was when we first started to invest. That also coincided with some changes that were made to pricing and how we moved users from the free plan into the paid plan.

Speaker #2: So, that shift in growth over those months kind of reflects that period. August is significantly higher—most likely as a result of the combination of those things: us changing the pricing, as well as continuing to invest in marketing channels through that period.

[Company Representative] (ScaleUp): Us changing the pricing as well as we continued to invest in marketing channels through that period. September is still coming up as we close out the month. Importantly, alongside that investment, when we look at the return on those assets, when we compare our current level of spend to earlier in the year, February, when we were previously investing from a marketing perspective, we have reduced CAPEX by one-third in that time through that work that has been done around really understanding the audience, aligning our proposition and messaging to align with that positioning in the market. We continue to do regular qualitative research cycles to continue sharpening that messaging, that positioning, and understanding the types of users that we are acquiring, what they are looking for in elevate.io, how we provide value, and how we can double down on that through our efforts ongoing.

Ness Rustom: Us changing the pricing as well as we continued to invest in marketing channels through that period. September is still coming up as we close out the month. Importantly, alongside that investment, when we look at the return on those assets, when we compare our current level of spend to earlier in the year, February, when we were previously investing from a marketing perspective, we have reduced CAPEX by one-third in that time through that work that has been done around really understanding the audience, aligning our proposition and messaging to align with that positioning in the market. We continue to do regular qualitative research cycles to continue sharpening that messaging, that positioning, and understanding the types of users that we are acquiring, what they are looking for in elevate.io, how we provide value, and how we can double down on that through our efforts ongoing.

Speaker #2: And then September is still coming up as we close out the month. But importantly, alongside that investment, when we look at the return on those efforts—when we compare our current levels of spend to earlier in the year, February, when we were previously investing from a marketing perspective—we've reduced CAC by one and two-thirds in that time through that work that's been done around really understanding the audience, aligning our proposition and messaging, to align with that positioning in the market.

Speaker #2: And we continue to do regular qualitative research cycles to continue sharpening that messaging, that positioning, and understanding the types of users that we're acquiring, what they're looking for in Elevate, how we provide value, and how we can kind of double down on that through our efforts ongoing.

Speaker #2: And whilst PPC at the moment remains our primary acquisition channel, we have, through this period, also been testing other paid channels, which we will continue to look at in Q4. But also, on top of that, looking at how we actually really invest in our brand from an organic perspective.

[Company Representative] (ScaleUp): Whilst PPC at the moment remains our primary acquisition channel, we have, through this period, also been testing other paid channels, which we will be continuing to look at Q4, but also on top of that, looking at how we actually really invest in our brand from an organic perspective. Moving into Q4, we are going to be focusing quite heavily on reestablishing YouTube as a demand gen channel, so owning a much more deliberate content strategy over there. That YouTube is becoming an increasingly important channel for AI and LLM discovery as well.

Ness Rustom: Whilst PPC at the moment remains our primary acquisition channel, we have, through this period, also been testing other paid channels, which we will be continuing to look at Q4, but also on top of that, looking at how we actually really invest in our brand from an organic perspective. Moving into Q4, we are going to be focusing quite heavily on reestablishing YouTube as a demand gen channel, so owning a much more deliberate content strategy over there. That YouTube is becoming an increasingly important channel for AI and LLM discovery as well.

Speaker #2: So, moving into Q4, we're going to be focusing quite heavily on re-establishing YouTube as a demand-gen channel. So, owning a much more deliberate content strategy over there.

Speaker #2: That YouTube is becoming increasingly important channel for AI and LLM discovery, as well, with an improved AI discovery over the last three months by quite some way, but it continues to be a really important aspect for us to focus on of all the continuing to do so through the likes of digital PR, YouTube, as I said, and looking for opportunities for us to develop kind of real citations of those platforms and then use to make recommendations.

[Company Representative] (ScaleUp): We have improved the AI discovery over the last 3 months by quite some way, but it continues to be a really important aspect for us to focus on, and we will be continuing to do so through the likes of digital PR, YouTube, as I have said, and looking for opportunities for us to develop real citations of those platforms and then use to make recommendations. Another big focus through all of the work that we are doing is, as Ian has already alluded to, is making sure that we are continuously looking at ways that we can improve that conversion from free users to paid plans. Some of the work that we are doing at the moment and moving into Q4 is we have focused on remarketing.

Ness Rustom: We have improved the AI discovery over the last 3 months by quite some way, but it continues to be a really important aspect for us to focus on, and we will be continuing to do so through the likes of digital PR, YouTube, as I have said, and looking for opportunities for us to develop real citations of those platforms and then use to make recommendations. Another big focus through all of the work that we are doing is, as Ian has already alluded to, is making sure that we are continuously looking at ways that we can improve that conversion from free users to paid plans. Some of the work that we are doing at the moment and moving into Q4 is we have focused on remarketing.

Speaker #2: And another big focus, through all of the work we're doing, as Ian's already alluded to, is making sure that we're continuously looking for ways that we can improve that conversion from free users to paid plans.

Speaker #2: So some of the work that we're doing at the moment, and moving into Q4, is really focused on remarketing. So, making sure that once we bring new users into the platform—onto free plans—and they sign up for that, we continue to invest in them as users and encourage them to experience the value of Elevate.

[Company Representative] (ScaleUp): So making sure that once we bring new users into the platform on those free plans, they sign up, ensure that we continue to invest in them as users and encourage them to experience the value of elevate.io so it is much more they go onto a paid plan. Through all of the interviews and research that we are doing, we hear some really interesting stories of the types of users coming in to use elevate.io. Whilst quite a lot of our user base is still solo editors, projects, a mix of hobbyists and creators and teams, we see a lot of those people talking about the fact that the collaborative potential of elevate.io is a big draw for all of those different types of users, the fact that they can bring other people into their projects, work with them, whether that be friends or colleagues, what have you.

Ness Rustom: So making sure that once we bring new users into the platform on those free plans, they sign up, ensure that we continue to invest in them as users and encourage them to experience the value of elevate.io so it is much more they go onto a paid plan. Through all of the interviews and research that we are doing, we hear some really interesting stories of the types of users coming in to use elevate.io. Whilst quite a lot of our user base is still solo editors, projects, a mix of hobbyists and creators and teams, we see a lot of those people talking about the fact that the collaborative potential of elevate.io is a big draw for all of those different types of users, the fact that they can bring other people into their projects, work with them, whether that be friends or colleagues, what have you.

Speaker #2: So much so that they go onto a paid plan. And through all of the interviews and research that we're doing, we hear some really interesting stories about the types of users coming in to use Elevate.

Speaker #2: And whilst quite a lot of our user base is still solo editors—projects, you know, a mix of hobbyists and creators, and teams—we see a lot of those people talking about the fact that the collaborative potential of Elevate is a big draw for all of those different types of users.

Speaker #2: The fact that they can bring other people into their projects, work with them—whether that be friends, colleagues, what have you. So, we continue to look at those different mechanics of how we can get more people working together in the product.

[Company Representative] (ScaleUp): We are continuing to look at those different mechanics of how we can get more people working together in the product over time as well.

Ness Rustom: We are continuing to look at those different mechanics of how we can get more people working together in the product over time as well.

Speaker #2: Over time as well.

Speaker #1: Great, thank you, Ines. So we've kept this one very short, so we've got lots of time for questions. But just really to summarize, we are really seeing the momentum accelerate following the marketing freeze that we imposed from March to kind of halfway through July.

Ian McDonough: Great. Thank you, Ines. We have kept this one very short, so we have got lots of time for questions. Just really to summarize that we have really seen the momentum accelerate following the marketing freeze that we imposed from March to halfway through July. Now with the features and UI experience, it is really in sync with the marketing that has come in. We would expect to see similar growth going forward. We are seeing the machine really finely tuned now, and we will continue to fine-tune that further. Ladies and gentlemen, let me invite questions.

Speaker #1: And now, with the features and UI experience really in sync with the marketing that's come in, we really expect to see similar growth going forward.

Speaker #1: So we're seeing the machine really finely tuned now, and we'll continue to fine-tune that further. So, ladies and gentlemen, let me invite questions.

Speaker #4: Perfect. Guys, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions.

Operator: Perfect. Guys, if I may just jump back in there. Thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that is situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your dashboards. Guys, we have received a number of questions, so if I may now hand over to you to just read out those questions and give your responses where appropriate to do so. If I pick up from you at the end, that would be great. Thank you.

Speaker #4: Just by using the Q&A tab that's situated on the right-hand corner of your screen—but just while the team take a few moments to review those questions that have been submitted already—I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your dashboards.

Speaker #4: Guys, we have received a number of questions, so if I may, now I'll hand over to you to read out those questions and give your responses where appropriate.

Speaker #4: And if I pick up from you at the end, that would be great. Thank you.

Speaker #1: Thank you very much, Jake. Yeah, I think most of the questions are quite short this time, which is a blessing for me. But I will try and get through the main ones now.

Ian McDonough: Thank you very much, Jake. I think most of the questions are quite short this time, which is a blessing for me. I will try and get through the main ones now. The first one is: "What happened with Soundbites? At a crucial time, you just created a void. I'm glad it's back, but I got a poor response from a challenge on investor relations." Stephen is

Speaker #1: So, the first one is—what happened with soundbites? At a crucial time, you just created a void. I'm glad it's back, but it was a poor response from the challenge on investor relations.

Speaker #1: Steven is soundbites man.

Stephen Streater: Yeah.

Ian McDonough: our Soundbites man.

Speaker #3: Soundbites is back. So, we obviously needed a period where we actually had news, and also when people were around. And the summer's always been very quiet for investors as well.

Stephen Streater: Soundbites is back. We obviously needed a period where we actually had news and also when people were around, and the summer's always been very quiet for investors as well. There were big gaps when people were on holidays. Although the development continued and the advances in the company, people weren't around every day to put stories up. We are back, and there are a lot of things to not only to catch up on, but lots of new things happening. I think you will enjoy Soundbites back if you follow it now.

Speaker #3: And there were big gaps when people were on holidays. So, although the development continued and the advances in the company, people weren't around every day to put stories up.

Speaker #3: But we are back, and there's a lot of things to not only catch up on, but lots of new things happening. So I think you will enjoy Soundbites.

Speaker #3: But if you follow it now.

Speaker #1: Thank you, Steven. Second question: Will you consider taking on a small loan instead of a placing if the share price is too low? I understand you will need to show the wheels turning quicker on revenue from Elevate.io.

Ian McDonough: Thank you, Stephen. Second question: "Will you consider taking on a small loan instead of a placing if the share price is too low? I understand you will need to show the wheels turning quicker on revenue from elevate.io, but if the metrics are good, you will become a sausage machine, cash in one end and beautiful subscribers out of the other." Well said. I think that we would not rule anything out with regards to a raise, but I don't think that taking on debt would be top of our list. I think that that would be very unlikely. Third question: "Will AI turbocharge elevate.io or eat our lunch, and why?

Speaker #1: But if the metrics are good, you become a sausage machine—cash in one end, and beautiful subscribers out the other. Yeah, well said.

Speaker #1: I think that we would not rule anything out with regards to a raise, but I don't think that taking on debt would be top of our list.

Speaker #1: So I think that that would be very unlikely. Third question: Will AI turbocharge Elevate.io or eat our lunch, and why?

Speaker #5: I'm going to say it's a perfect complement for what we're doing. It's something that we use in both helping us produce the tool, but also we're perfectly placed to take advantage of all the disparate engines that are out there.

Sumit Rai: I'm going to say it's a perfect complement for what we're doing. It's something that we use in both helping us produce the tool, but also we're perfectly placed to take advantage of all the disparate engines that are out there. So people who are using AI, either for things like generation or for tidying stuff up, we're able to add that into our product and make that available from the platform itself. There's no evidence at all that AI is replacing the way that tools like ours work. If anything, it's giving just more strength to tools like us.

Speaker #5: So, people who are using AI—either for things like generation or tagging stuff up—are able to add that into our product and make that available, sort of, from the platform itself.

Speaker #5: So there's no evidence at all that AI is replacing the way that tools like ours work. If anything, it's just giving more strength to tools like us.

Speaker #5: Of course, our competitors have the same advantage as well. So it does mean that we have to do a great job implementing that. It's not for free.

Sumit Rai: Of course, our competitors have the same advantage as well. So it does mean that we have to do a great job implementing that. It's not for free. But we see it as a net advantage and another thing that will help bring more people to video editing, because traditionally, a lot of the processes of video editing can be quite time-consuming. The good news is AI can remove a lot of that trouble. So it's a net advantage across the board for helping us build stuff and helping our customers get value from what we build.

Speaker #5: But we see it as a net advantage. Another good thing that will help bring more people to video editing is that traditionally, a lot of the processes of video editing can be quite time-consuming.

Speaker #5: The good news is AI can remove a lot of that trouble, so it's a net advantage across the board for helping us build stuff and helping our customers get value from what we build.

Speaker #1: Thanks so much. Thank you. Covered every base there. Marketing seems to have gone quiet. Emails, videos, PR, podcasts, conferences, et cetera have all dried up in recent months.

Ian McDonough: Thanks, Sumit. I think you've covered every base there. "Marketing seems to have gone quiet. Emails, videos, PR, podcasts, conferences, et cetera, have all dried up in recent months, and I'm hardly seeing the company anywhere. Is the business now relying entirely on paid advertising?

Speaker #1: And I'm hardly seeing the company anywhere. Is the business now relying entirely on paid advertising?

Speaker #2: Hi, John. So we still do all of those things. I think the reality is we're a lot more deliberate now and purposeful with each of them—where we use them, and specifically, kind of what opportunities we do.

[Company Representative] (ScaleUp): Hi, John. We still do all of those things. I think the reality is we're a lot more deliberate now and purposeful with each of them, where we use them and specifically what opportunities we do and we say yes to. We still do a lot of email campaigns, we're just much more highly segmented in the way that we do that now. So we're delivering the right message to the right people at the right time rather than broadcast continuously. Digital PR is definitely something that we've pulled back on over recent months. But we'll be investing in it as we move forward, particularly now as we double down on product updates moving into Q4, particularly where we've got big announcements like text-to-animation coming through.

Ness Rustom: Hi, John. We still do all of those things. I think the reality is we're a lot more deliberate now and purposeful with each of them, where we use them and specifically what opportunities we do and we say yes to. We still do a lot of email campaigns, we're just much more highly segmented in the way that we do that now. So we're delivering the right message to the right people at the right time rather than broadcast continuously. Digital PR is definitely something that we've pulled back on over recent months. But we'll be investing in it as we move forward, particularly now as we double down on product updates moving into Q4, particularly where we've got big announcements like text-to-animation coming through.

Speaker #2: We say yes to that. So we still do a lot of email campaigns; we're just much more highly segmented in the way that we do that now.

Speaker #2: So we're delivering the right message to the right people at the right time, rather than broadcasting continuously. And digital PR is definitely something that we've pulled back on over the recent months.

Speaker #2: But we'll be investing in this as we move forward, particularly now as we double down on product updates heading into Q4, especially with big announcements like tech automation coming through.

Speaker #2: And in terms of events and conferences, again, we are doing those things, but on a much smaller, more deliberate, and intimate level at this point.

[Company Representative] (ScaleUp): And in terms of events and conferences, again, we are doing those things, but on a smaller, more deliberate, and intimate level at this point. And over the last few months, we've been doing a lot of experimentation as well with different channels. So smaller experiments, smaller scale budgets to test our way into different opportunities. So it may not appear as broadcast perhaps as some in the past, because we're following a much more test and learn approach into where we put our investments.

Ness Rustom: And in terms of events and conferences, again, we are doing those things, but on a smaller, more deliberate, and intimate level at this point. And over the last few months, we've been doing a lot of experimentation as well with different channels. So smaller experiments, smaller scale budgets to test our way into different opportunities. So it may not appear as broadcast perhaps as some in the past, because we're following a much more test and learn approach into where we put our investments.

Speaker #2: And quite over the last few months, we've been doing a lot of experimentation as well with different channels. So, kind of smaller experiments, smaller-scale budgets to test our way into different opportunities.

Speaker #2: So it may not appear as broad as perhaps it has done in the past, because we're following much more of a kind of test-and-learn approach in terms of where we put our investments.

Speaker #1: Great, thank you, Ness. Question from Nick C. Summit—not so much a question, just a congratulations on your appointment to the Board. It gives investors exactly the confidence they need.

Ian McDonough: Great. Thank you, Ness. Question from Nick Lisher. "Summit, not so much a question, just a congratulations on your appointment to the board. It gives investors exactly the confidence they need." And I would offer my congratulations too. I am sure everyone does. I think the other thing to note is that we also will be looking for an independent non-executive chair to join the board as well. We are actively recruiting that position now. So I think there are some questions around my role as the executive chair, and I think that absolutely I would agree with them. I think that it is good that we have an independent non-exec chair, so actively recruiting. "120,000 users, 3.4% conversion rate. That will be just over 4,000 converted paid numbers, yet subscriber numbers are in the 900s. You mentioned a churn of approximately 11%. Can you please explain the mismatch?" Yes.

Speaker #1: And I would offer my congratulations, too. I'm sure everyone does. I think the other thing to note is that we also will be looking for a non-independent, non-executive chair to join the board as well.

Speaker #1: We're actively recruiting for that position now. So, I think there are some questions around my role as Executive Chair, and I think that's absolutely—I would agree with them.

Speaker #1: I think that it is good that we have an independent, non-exec chair, so we are actively recruiting. 120,000 users, 3.4% conversion rate—that would be just over 4,000 converted paid users. Yet, subscriber numbers are in the 900s.

Speaker #1: You mentioned a churn of approximately 11%. Can you please explain the mismatch? Yes, the 3.4%—that's the snapshot of where we are now.

Ian McDonough: Yes. The 3.4%, that is the snapshot of where we are now. It is not where we have been since February 2025 when we launched the payment gateway. We have been increasing that conversion rate all the way up, and it has really started to gain some recent momentum now. So yeah, that explains the calculation, the mismatch that you have got. Please let me know if there are any more questions on that. "Does the company generate any margin on third-party tokenized sales, such as music, or is the cost simply an actual cost we pay to the provider?

Ian McDonough: The 3.4%, that is the snapshot of where we are now. It is not where we have been since February 2025 when we launched the payment gateway. We have been increasing that conversion rate all the way up, and it has really started to gain some recent momentum now. So yeah, that explains the calculation, the mismatch that you have got. Please let me know if there are any more questions on that. "Does the company generate any margin on third-party tokenized sales, such as music, or is the cost simply an actual cost we pay to the provider?

Speaker #1: It's not the place we've been since February 2025, when we launched the payment gateway. We've been increasing that conversion rate all the way up.

Speaker #1: And it's really started to gain recent momentum now. So, yeah, that explains the calculation mismatch that you've got. Please let me know if there are any more questions on that.

Speaker #1: Does the company generate any margin on third-party tokenized sales, such as music, or is the cost simply an actual cost that we pay to the provider?

Speaker #5: No, there's margin on it; it depends on what it is. And remember, we're adding a lot more tools in the future, so some can be high profit, and some are obviously just slightly more commoditized.

Sumit Rai: No, there is margin on It depends on what it is. And remember, we are adding a lot more tools in the future. So some can be high profit, some obviously which are slightly more commoditized. There is no point us being able to offer a service if they can buy it elsewhere a lot cheaper. So we make money where we can and where it is value to the end user.

Speaker #5: There's no point in us being able to offer a service if they can buy it elsewhere—a lot cheaper. So, we make money where we can.

Speaker #5: And where it's value to the end user.

Ian McDonough: Please break down the operating costs in Corporate and Elevate. Highlight any non-cash amounts in both. What is the GBP 525,000 trade payables payment for?" I will take this question off, and we can reply to you in writing where we are able to. As you can tell, we do not have a CFO sitting at the table right now, so we will get back to you on that one, Jared. Question from John. "Ian, the share price has fallen sharply for years, yet you have been chairman since Anne left 18 months ago. Do you think this is appropriate?" Well, I have just addressed that just before. So no, we are actually looking for an independent non-exec chair as we speak, John. So yes, I agree that there is a requirement for that. "Will the new Google Book be supported?" Yes, it will.

Speaker #1: Please break down the operating cost and corporate, and highlight any non-cash amounts in both. What is the $525,000 trade payables payment for? I'll take this line—this question—off and we can reply to you in writing.

Speaker #1: Where we are able to—as you can tell, we don't have a CFO sitting at the table right now—so we'll get back to you on that one, Jared.

Speaker #1: Question from John: Ian, the share price has fallen sharply for years, yet you've been chairman since and left 18 months ago. Do you think this is appropriate?

Speaker #1: Well, I've just addressed that just before. So no, we're actually looking for an independent, non-exec chair as we speak, John. So yes, I agree that there's a requirement for that.

Speaker #1: Will the new Google Book be supported? Yes, it will.

Speaker #5: Yes, we've done another important part, actually, of the work that we've done on the engine: to ensure that the product works well on low-powered machines.

Sumit Rai: Yes. Another important part actually of the work that we have done on the engine is to ensure that the product works well on low-powered machines, because we know it is a great opportunity for us. As the higher-end NLEs have more and more demanding, they require more and more memory, more and more GPU support. We are at the point where we are actually being able to fulfill people who have lower spec machines. So we very closely work with any of the Google Chromebooks or any of the lower end, including, Ian is reading the questions off, MacBook Neo. We are constantly testing good example of performance on that as well.

Speaker #5: Because we know it's a great opportunity for us. And as the higher-end NLEs become more and more demanding, they require more and more memory, and more and more GPU support.

Speaker #5: We're at the point where we're actually able to fulfill people who have lower-spec machines. So we're working very closely with things like any of the Google Chromebooks, or any of the lower-end—including Ian's reading the questions off an Apple Neo.

Speaker #5: We're constantly testing, for example, the performance on that as well.

Speaker #1: Good. As a humor board, questions about me doubling as chairman—which I think we've answered now—that's what we will move on from. We'll move on from that one.

Ian McDonough: Good. There are a few more board questions about me doubling as chairman, which I think we have answered now. We will move on from that one. "As Blackbird is EBITDA positive and forecast to be for the rest of 2026, is it possible to sell a share in this entity to fund Elevate?" Because we share such common DNA at the back end, I think that is always going to be a challenge. Stephen, would you want to comment on that any more deeply?

Speaker #1: As Blackbird EBITDA positive and forecast sorry, as Blackbird is EBITDA positive and forecast to be for the rest of 2026, is it possible to sell a share in this entity to fund Elevate?

Speaker #1: Because we share such common DNA at the back end, I think that's always going to be a challenge. Steven, would you want to comment on that in any more detail?

Stephen Streater: Yeah. I think both sides benefit from sharing the technology. But it would be very hard to split off one. Also with Elevate now starting to grow quite strongly, I think that is where the focus of investment will be from our external people.

Speaker #3: Yeah, I think—I mean, I think both sides benefit from sharing the technology. But it'd be very hard to split off one, and also with Elevate now starting to grow quite strongly.

Speaker #3: I think that's where the focus of investment will be from external people.

Speaker #1: Lots of us are worried about the runway, which is nearly used up. The share price has fallen as low as 1p under Ian; investors back people.

Ian McDonough: Lots of us are worried about the runway, which is nearly used up. The share price has fallen as low as 1p. Under Ian, investors backed people. Why would anyone invest now given the company's performance? Thank you very much, Paul. Well, you've just pointed out that the revenue engine is improving dramatically, and we're working hard to improve that further, and continuing our strategy. At this point in time, we're monitoring the cash position. We've talked about changes at the board level. I think we've answered that question. Hi. Since bringing on board the Chief Marketing Officer, what data information have you observed about the awareness of elevate.io as a product in the marketplace, the competition, and the slowness of trials to conversion rate users? Is there any way to improve the awareness and conversion rates?

Speaker #1: Why would anyone invest now, given the company's performance? Thank you very much, Paul. Well, I've just pointed out that the revenue engine is improving dramatically.

Speaker #1: And we're working hard to improve that further and continue our strategy. At this point in time, we're monitoring the cash position. We've talked about changes at the board level.

Speaker #1: So, yeah, I think we've answered that question. Hi. Since bringing on board the Chief Marketing Officer, what data or information have you observed about the awareness of Elevate as a product in the marketplace?

Speaker #1: The competition and the slowness of trials to conversion rate users— is there any way to improve the awareness and conversion rates?

Speaker #2: Well, the conversion rates, as we've already spoken about, have been improving month by month over the last few months as we've been implementing some of the insights from the research we did at the beginning and continue to do ongoing.

[Company Representative] (ScaleUp): Well, the conversion rates this week, as we've already spoken about, have been improving, month-on-month over the last few months since we've been implementing some of the insights from the research we did at the beginning and continue to do ongoing. From that perspective, that's a constant work in progress and something that we are always looking at and looking for ways to improve. From an awareness perspective, again, I think when you look at the rates of growth month-on-month, we can see that that is also developing as well, and will only continue to do so as we start to expand into more channels for broader awareness channels.

Ness Rustom: Well, the conversion rates this week, as we've already spoken about, have been improving, month-on-month over the last few months since we've been implementing some of the insights from the research we did at the beginning and continue to do ongoing. From that perspective, that's a constant work in progress and something that we are always looking at and looking for ways to improve. From an awareness perspective, again, I think when you look at the rates of growth month-on-month, we can see that that is also developing as well, and will only continue to do so as we start to expand into more channels for broader awareness channels.

Speaker #2: So, from that perspective, that's a constant work in progress and something that we are always looking at and looking for ways to improve from an awareness perspective.

Speaker #2: Again, I think when you look at the rates of growth month-to-month, we can see that that is also developing as well, and will only continue to do so as we start to expand into more channels and broader awareness channels.

Speaker #2: We've certainly been focused, over the last couple of months, on making sure that we're capturing as much of the active intent in the market as possible.

[Company Representative] (ScaleUp): We've certainly been focused over the last couple of months on making sure that we're capturing as much of the active intent in the market as possible, and will continue to be broadening that out to new pockets of the market. But being very selective about where we place ourselves, so that we can be focused on fewer opportunities to create more awareness within communities or target groups, rather than spreading ourselves too thin, which would ultimately damage our conversion rates.

Ness Rustom: We've certainly been focused over the last couple of months on making sure that we're capturing as much of the active intent in the market as possible, and will continue to be broadening that out to new pockets of the market. But being very selective about where we place ourselves, so that we can be focused on fewer opportunities to create more awareness within communities or target groups, rather than spreading ourselves too thin, which would ultimately damage our conversion rates.

Speaker #2: And we'll continue to be broadening that out to kind of new pockets of the market. But being very kind of selective about where we place ourselves that we can be focused on fewer opportunities to create more awareness within communities or target groups rather than spreading ourselves kind of too thin, which would ultimately damage our conversion rates.

Speaker #1: Thanks, Ness. Ian, could you tell us how instrumental the scale-up collective has been? Is the recent growth largely down to their marketing work? Well, I'll refer back to the slide I did at the beginning, which is: it's really about the improvement of the entire machine.

Ian McDonough: Thanks, Ness. Ian, could you tell us how instrumental The Scale Up Collective have been? Is the recent growth largely down to their marketing work? Well, I'll refer back to the slide I did at the beginning, which is it's really about the improvement of the entire machine. We've got huge improvements, very impressive improvements to the product. A change and a step up, I think, in terms of marketing, so that's definitely had an impact. We've also made some changes to how the trigger points happen. We reduced the number of exports you can have from 3 down to 2, which definitely had an impact as well. I think it's really about improving the machine, fine-tuning the machine, and we will continue to look at how we can do that.

Speaker #1: We've got huge improvements—very impressive improvements—to the product. A change and a step up, I think, in terms of marketing, so that's definitely had an impact.

Speaker #1: We've also made some changes to how the trigger points happen. So we reduced the number of exports you can have from three down to two, which definitely had an impact as well.

Speaker #1: So I think it's really about improving the machine, fine-tuning the machine, and we will continue to look at how we can do that. Question from Paul.

Ian McDonough: Question from Paul: How out of the paid new users are these mainly marketing customers being targeted or creators?

Speaker #1: How, out of the paid new users, are these mainly marketing customers being targeted, or creators?

[Company Representative] (ScaleUp): It is a combination. Where the majority of our spend, active spend at the moment goes on PPC. We see a broad spectrum of different segments coming through those channels. That is based on active intent in the market, and we see that spread across hobbyists, creators, and teams. What we can see is that teams convert to paid plans at a higher rate than other segments, which is really interesting and something for us to continue monitoring. We are actively targeting marketing teams through some of the other activities that we do. We have a partnership series at the moment, which is a combination of events, podcasts, panels, and speaking opportunities, that we are running that actively target those groups. That started last quarter and will continue into this quarter.

Ness Rustom: It is a combination. Where the majority of our spend, active spend at the moment goes on PPC. We see a broad spectrum of different segments coming through those channels. That is based on active intent in the market, and we see that spread across hobbyists, creators, and teams. What we can see is that teams convert to paid plans at a higher rate than other segments, which is really interesting and something for us to continue monitoring. We are actively targeting marketing teams through some of the other activities that we do. We have a partnership series at the moment, which is a combination of events, podcasts, panels, and speaking opportunities, that we are running that actively target those groups. That started last quarter and will continue into this quarter.

Speaker #2: It's a combination. We certainly from where the majority of our spend actively spend at the moment goes on PPC. We see a kind of a broad spectrum of different segments coming through those channels.

Speaker #2: That's based on active intent in the market. We see that spread across hobbyists, creators, and teams. What we can see is that teams convert to paid plans at a higher rate than other segments, which is really interesting and something for us to continue monitoring.

Speaker #2: And we're actively targeting marketing teams through some of the other activities that we do. We have a partnership series at the moment, which is a combination of events, podcasts, panels, and speaking opportunities that we're running, actively targeting those groups.

Speaker #2: That started last quarter and will continue into this quarter.

Speaker #1: Thanks, Ness. A question from Rasim on the exact chair role again, which we have answered. Have you considered alternatives to shareholder dilution? If so, what?

Ian McDonough: Thanks, Ness. A question from Aasim on the exec chair role again, which we answered. Have you considered alternatives to shareholder dilution? If so, what? At this stage, we are looking to fundraise with equity. We have considered some options, but we have not proceeded with those. Question from David: Could you talk about how your interviews and market analysis dictate your product roadmap? Maybe that is a question for both of you.

Speaker #1: At this stage, we are looking to fundraise with equity. We have considered some options, but we haven't proceeded with those. Question from David.

Speaker #1: Could you talk about how your interviews and market analysis dictate your product roadmap? Maybe that's a question for both of you.

Speaker #2: Yeah, I mean, all of the interviews that we do—we've rotated some of the industry processes between product and marketing so that we can kind of take a little bit of a different spin on that each time.

[Company Representative] (ScaleUp): Yeah. All of the interviews that we do, we have rotated some of the interview processes between product and marketing so that we can take a little bit of a different spin on that each time. But also we always share the findings collectively between us, because ultimately the learnings we take from those have implications for both sides in terms of understanding why people come to elevate.io, what they are looking for, what problem they were trying to solve when they were searching for it, and ultimately what value they are getting out of the product. Yeah, so much actually.

Ness Rustom: Yeah. All of the interviews that we do, we have rotated some of the interview processes between product and marketing so that we can take a little bit of a different spin on that each time. But also we always share the findings collectively between us, because ultimately the learnings we take from those have implications for both sides in terms of understanding why people come to elevate.io, what they are looking for, what problem they were trying to solve when they were searching for it, and ultimately what value they are getting out of the product. Yeah, so much actually.

Speaker #2: But also, we always share the findings collectively between us, because ultimately, the learnings we take from those have implications for both sides in terms of understanding why people come to Elevate, what they're looking for, and what problem they're trying to solve.

Speaker #2: And they were searching for it. And ultimately, what value they're getting out of the product. And, yeah, some are attached to it.

Speaker #1: Yeah, I think it's also important to remember that the idea for Elevate wasn't just dreamt up within the four walls of Blackbird. The idea for it came from extensive research and conversations, and from the market in general as well.

Sumit Rai: Yeah, I think it is also important to remember the idea for elevate.io wasn't just dreamt up within the four walls of Blackbird. The idea for it came from extensive research and conversations and the market in general as well. We are not the only people with this idea. Other people also support the idea of an online video editor. We have always, throughout the process, from before we wrote the first line of code, we already did a round of interviews with different groups, and we continue to check in often with those same people as the product is developed. Some people have been on this journey with us for four years, from before we began.

Speaker #1: We've always known we're not the only people with this idea. Other people also support the idea of an online video editor. And so we've always, throughout the process — from before we wrote the first line of code — we already did a round of interviews with different groups.

Speaker #1: And we continue to check in often with those same people as the product's developed. Some people have been on this journey with us for four years—from before we began.

Speaker #1: So, we've always had a healthy amount of feedback coming from the market in general. What's encouraging is how we're seeing people who saw it at the beginning and how they're reacting to the different changes that we've made.

Sumit Rai: We have always had a healthy amount of feedback coming from the market in general, and what is encouraging is how we are seeing people who saw it at the beginning and how they are reacting to the different changes that we have made. It is wildly a different product than it was a year ago. It is hard to see that often when we are all involved in it day to day and even with the quarterly updates that you guys get. But if you actually look back at where it was a year ago, it is just wildly different. Its capabilities are completely different. We keep that loop going, and we will continue to do that.

Speaker #1: I mean, it's wildly a different product than it was a year ago. It's hard to see that, often, when we're sort of all involved in it day to day.

Speaker #1: And even with the quarterly updates that you guys get, if you actually look back at where it was a year ago, it's just wildly different. Its capabilities are completely different.

Speaker #1: So we keep that loop going, and we'll continue to do that. Good, thank you. Question from Rhys: The EVS contract is up for renewal.

Ian McDonough: Good. Thank you. Question from Reece. "The EVS contract is up for renewal. Can we expect a significant increase in the minimum guarantee contract of GBP 2 million or EUR 2 million it was this time around? Has talks for renewal begun yet?" Early talks have begun. Can we expect a significant increase? I do not think so. I think if we get the same deal again, that will be amazing. I did talk to them at IBC recently, and they have had quite a lot of new interest in the product that Blackbird is a part of, which is encouraging. So yeah, discussions will continue. "How far behind your closest competitors is elevate.io in terms of subscribers and revenue base?" How far behind your closest-- Is that-

Speaker #1: Can we expect a significant increase in the minimum guarantee contract of £2 million or €2 million? There was this time around. Have talks for renewal begun yet?

Speaker #1: Early talks have begun. Can we expect a significant increase? I don't think so. I think if we get the same deal again, that would be amazing.

Speaker #1: I did talk to them at IBC recently, and they have had quite a lot of new interest in the product that Blackbird is a part of, which is encouraging.

Speaker #1: So yeah, discussions will continue. How far behind your closest competitors is Elevate in terms of subscribers and revenue base? How far behind your closest I mean, financially or How far behind your closest competitors is Elevate in terms of subscribers and revenue base?

Sumit Rai: You mean financially or how far behind-

Ian McDonough: How far behind your closest competitors is elevate.io in terms of subscribers and revenue base?

Speaker #3: Oh, I think it's: how far are you behind your closest competitors?

Sumit Rai: I think it is how far are you behind your closest competitors.

Speaker #1: Well, yeah.

Ian McDonough: Well, yeah.

Sumit Rai: There is a huge. Obviously, there is a very large player in the market in VEED, and they have some slightly more public numbers there. They started before us and obviously have been around a little bit longer. I do not think we know the answer to how many competitors others have. Sorry, how many subscribers others have. But it is still such a beginning of a new market that we are off to the races, but it is still all to play for.

Speaker #3: I mean, there is a huge—I mean, obviously, there is a very large player in the market, indeed. And they have some slightly poor public numbers.

Speaker #3: They started before us and, obviously, have been around a little bit longer. I don't think we know the answer to how many competitors others have—sorry, how many subscribers others have.

Speaker #3: But it is still such a beginning of a new market that we're off to the races. But it's still all to play for.

Speaker #1: Curious, one more question. To Streeta and the board, it appears that Ian's daughter did an internship at Allenby recently. Ethically, that leaves a bad taste and, from the outside, looks like a conflict of interest.

Ian McDonough: Curious one, the next question. "To Streeter and the board, it appears that Ian's daughter did an internship at Allenby recently. Ethically, that leaves a bad taste, and from the outside, looks like a conflict of interest in what is supposed to be an independent advisory role. Is the board aware?" Yes, my 17-year-old daughter did two days work experience at Allenby. Unpaid, obviously. I don't think that contravenes anything, other than the fact that she was getting some experience. She had experience in cafes and elsewhere. I don't know whether you want to comment on that.

Speaker #1: And what is supposed to be an independent advisory role— is the board aware? So yes, my 17-year-old daughter did two days' work experience at Allenby.

Speaker #1: I don't think that was unpaid, obviously. I don't think that contravenes anything other than the fact that she was getting some experience. So she had good experience in cafes and elsewhere.

Speaker #1: I don't know whether you want to comment on that.

Stephen Streater: It's some material when you look at

Speaker #3: It's not material when you look at it.

Speaker #1: I would hate to say these questions have sunk to a new low, but perhaps that's the moment. Okay. Question from David: Does your animated text development work across voice-to-text?

Ian McDonough: I would hate to say these questions are sinking to a new low, but perhaps that's the moment. Okay. Question from David: "Does your animated text development work across voice-to-text?

Speaker #3: Does it work across voice to text? Yes. Yes, it will. Sorry, yes. Yes. So if it's to do with, yeah, how it will work within subtitles, then subtitles will also be improved to support the, yeah, the animation capabilities.

Sumit Rai: Does it work across voice-to Yes, it will. Sorry. Yes. If it's to do with how it will work within subtitles, then subtitles will also be improved to support the capabilities, animation capabilities.

Speaker #1: Ian, just your salary of a quarter of a million pounds looks out of step with the company performance. This is a follow-up from a question at the AGM.

Ian McDonough: Ian, your salary of a quarter of a million pounds looks out of step with the company performance. Follow-up from a question at the AGM. Could you please tell us on your day's take to justify it? Guys, I am not going to continue to justify my position here. If you really feel that is what you need, then look, I got voted in 93% renewed in June. I refer back to that. Grant, "Congratulations on his appointment to the board." Yes, congratulations. John, "The AGM put a lot of weight on the move from Google to Meta. How many paying subscribers is Meta bringing in compared to Google, and what is the difference in cost for acquired paying customers?

Speaker #1: Could you please tell us about your day-to-day to justify it? Guys, I'm not going to continue to justify my position here. If you really feel that that's what you need, then look, I got voted in 93%.

Speaker #1: Renewed in June. I'll refer back to that. Grant, congratulations on this appointment to the board. Yes, congratulations. John, the AGM put a lot of weight on the move from Google to Meta.

Speaker #1: How many paying subscribers is Meta bringing in compared to Google? And what's the difference in cost for acquired paying customers?

Speaker #2: So we're still testing with Meta at the moment. We've been doing some comparisons when we have Meta running alongside Google.

[Company Representative] (ScaleUp): We are still testing with Meta at the moment. We have been doing some comparisons when we have Meta running alongside Google. What we are seeing is that Meta is as purchase journeys tend to go, people have multiple touchpoints before they make a purchase. Meta does play an active role in that journey, as we are seeing. It is one step in the journey and allows us to reach new audiences in different environments. What we are going to be focusing Meta on in the short term is remarketing, focusing on using Meta to target users that have signed up to use elevate.io, they are not yet subscribed, alongside a slightly broader audience as well, that we will then be able to use lookalikes to combine to appeal to the right audience. In terms of the difference in cost per acquisition, it is complicated because they often contribute to the same purchase journey.

Ness Rustom: We are still testing with Meta at the moment. We have been doing some comparisons when we have Meta running alongside Google. What we are seeing is that Meta is as purchase journeys tend to go, people have multiple touchpoints before they make a purchase. Meta does play an active role in that journey, as we are seeing. It is one step in the journey and allows us to reach new audiences in different environments. What we are going to be focusing Meta on in the short term is remarketing, focusing on using Meta to target users that have signed up to use elevate.io, they are not yet subscribed, alongside a slightly broader audience as well, that we will then be able to use lookalikes to combine to appeal to the right audience.

Speaker #2: What we're seeing is that Meta, as purchase journeys tend to go, people have multiple touchpoints before they make a purchase. Meta does play an active role in that journey, as we're seeing.

Speaker #2: It's kind of one step in the journey. It allows us to reach new audiences in different environments. What we're going to be focusing Meta on in the short term is kind of remarketing.

Speaker #2: So, focusing on using Meta to target users that have signed up to use Elevate but have not yet subscribed, alongside a slightly broader audience as well.

Speaker #2: That will then be able to use lookalikes to kind of combine and appeal to the right audience. In terms of the difference in cost per acquisition, it's complicated because they often contribute to the same purchase journey.

Ness Rustom: In terms of the difference in cost per acquisition, it is complicated because they often contribute to the same purchase journey. We look at Meta as a contributed attribution in terms of the role that it plays in acquiring customers. Generally speaking, we look at blended customer acquisition costs to give us an overall view of how all of the channels we are running work together, and to make sure that they are working efficiently as a system and not cannibalizing each other.

Speaker #2: So we look at Meta as a contributed attribution in terms of involvement it plays in acquiring customers. Generally speaking, we look at blended customer acquisition costs to give us an overall view of how all of the channels we're running work together, and to make sure that they're working efficiently as a system and not kind of lie to each other.

[Company Representative] (ScaleUp): We look at Meta as a contributed attribution in terms of the role that it plays in acquiring customers. Generally speaking, we look at blended customer acquisition costs to give us an overall view of how all of the channels we are running work together, and to make sure that they are working efficiently as a system and not cannibalizing each other.

Speaker #1: Thank you. AI question. There seems to be a trend of connecting Claude and ChatGPT to video editors with their own MCP. What are your thoughts on Elevate doing this?

Ian McDonough: Thank you. AI question. "There seems to be a trend of connecting Claude/ChatGPT to video editors, whether they were in FCP. What are your thoughts on elevate.io doing this?

Speaker #3: So we do have some developments that are happening in that space that we're working through, in terms of how we use agents to actually operate and influence the edit.

Sumit Rai: We do have some developments that are happening in that space that we are working through in terms of how we use agents to actually operate and influence the edit for things like removal of ums and ahs and recutting things. We have some good experimentation going on in that space. Of course, it is going to be very useful, as I mentioned earlier, for helping speed up the production process. We definitely will embrace that, no question.

Speaker #3: For things like removal of Amazon ads and recutting things, we've got some good experimentation going on in that space. Of course, it's going to be very, very useful, as I mentioned earlier, for helping speed up the production process.

Speaker #3: We definitely will embrace that—no question.

Speaker #1: You've recently written some Elevate blog posts about CapCut and Descript. Why have you chosen this moment now?

Ian McDonough: You recently written some elevate.io blog posts about CapCut and Descript. Why have you chosen at that moment now?

Speaker #2: A couple of reasons. One, we have a big focus on increasing and driving our organic share of traffic into the site. And that kind of lower down the funnel conversion-type content helps us support that.

[Company Representative] (ScaleUp): A couple of reasons. One, that from a. We have a big focus on increasing and driving our organic share of traffic volume to the site. That kind of lower down funnel conversion type content helps us support that. We obviously see that people are looking for comparison content. That blog content is also useful for feeding AI and LLM discovery, again, where there are often comparisons, or we are providing those systems with useful comparisons for them to draw on in their citations for those.

Ness Rustom: A couple of reasons. One, that from a. We have a big focus on increasing and driving our organic share of traffic volume to the site. That kind of lower down funnel conversion type content helps us support that. We obviously see that people are looking for comparison content. That blog content is also useful for feeding AI and LLM discovery, again, where there are often comparisons, or we are providing those systems with useful comparisons for them to draw on in their citations for those.

Speaker #2: We can also see that people are looking for comparison content. That blog content is also useful for feeding AI and LLM discovery. Again, where there are often comparisons, or we are providing those systems with useful comparisons for them to draw on in their citations for Elevate.

Speaker #1: Thanks, Ness. Why does Steve White leave so suddenly? A CFO and director departing now, with runway running out, signals a lack of confidence.

Ian McDonough: Thanks, Ness. Why did Steve White leave so suddenly? A CFO and director departing now with the runway running out signals a lack of confidence. Steve had been here seven years. He had been here a long time. It was not actually that suddenly, and he decided he wants to do new things. We are actively recruiting a new interim CFO who actually, we are not actively. We have actually confirmed one who will be starting on Thursday. We will put the news out about that when the ink is dry. We will be getting a new person on very soon. The share price is down 90% over the last five years. Where is the accountability for this happening? Reece, thank you very much. We are building a brand new product from a more or less greenfield site out in the open market. It is an unusual thing to do.

Speaker #1: Steve, I've been here seven years. You've been here a long time. It wasn't actually that sudden, and he decided he wanted to do new things.

Speaker #1: So, we are actively recruiting a new interim CFO. Actually, we are not actively—we've actually confirmed one, who will be starting on Thursday.

Speaker #1: We'll put the news out about that when the ink is dry, but we will be, yeah, getting a new person on very soon. The share price is down 90% over the last five years. Where is the accountability for this happening? We're building a brief. Thank you very much.

Speaker #1: We're building a brand new product from a more or less greenfield site, out in the open market. It's an unusual thing to do; it's a difficult thing to do.

Ian McDonough: It's a difficult thing to do. These products are generally built behind closed doors in Silicon Valley in a VC fund, as I have actually said this before, and I think it's still very much true. The market doesn't often give a lot of patience for those kind of things. But the happy news is that we've got ourselves to a point now where we are growing quickly, where the revenue engines are starting to take shape, where growth is starting to be exponential, and I think that's a happy thing to be that we should be happy, we should be celebrating. We've got to get to the point now where that's a positive increment rather than just getting closer to being parity, but we're in good shape. What is the current average income per subscriber? Are you getting increased numbers of teams at GBP 100 a month?

Speaker #1: These products are generally built behind closed doors in Silicon Valley, in a VC fund. As I have actually said this before, I think it's still very, very much true.

Speaker #1: So the market doesn't often give a lot of patience for those kinds of things. But the good news is that we've gotten ourselves to a point now where we are growing quickly, where the revenue engines are starting to take shape, and where growth is starting to be exponential.

Speaker #1: And I think that's a happy thing to be—that we should be happy we've celebrated. We've got to get to the point now where that's a positive increment, rather than just getting closer to being parity.

Speaker #1: But we're in good shape. What is the current average income per subscriber? Are you getting increased numbers of teams at $100 a month?

Speaker #2: I mean, the majority of subscribers at the moment are on the Creator plan, with more and more moving up to the Creator plan. I think Pro, at the moment—the top end, $100 per month—we see quite a lot of people who are particularly working in teams using the Creator plan and the limits within that at the moment, as they're kind of experimenting with products and deciding whether it's going to formally come into their tool set.

[Company Representative] (ScaleUp): I think the majority of subscribers at the moment are on the creative plan, with more and more moving up to the creative plan. I think Pro at the moment is still around GBP 100 a month. We see quite a lot of people who are particularly working in teams using the creative plan and the limits within that at the moment as they're experimenting with products and deciding whether it's going to transfer when we come into their tool set. Really that's the point at which we see those commitments at the higher monthly cost. That's still very much a work in progress.

Ness Rustom: I think the majority of subscribers at the moment are on the creative plan, with more and more moving up to the creative plan. I think Pro at the moment is still around GBP 100 a month. We see quite a lot of people who are particularly working in teams using the creative plan and the limits within that at the moment as they're experimenting with products and deciding whether it's going to transfer when we come into their tool set. Really that's the point at which we see those commitments at the higher monthly cost. That's still very much a work in progress.

Speaker #2: And really, that's the point at which we see those commitments at the higher monthly cost. That's still very much a work in progress.

Speaker #1: Thank you very much. EVS is now also using AI to further enhance its product offering to customers. Is Enterprise adding AI capabilities to the video creator app in order for it to be competitive with customers' changing needs?

Ian McDonough: Thank you very much. EVS is now also using AI to further enhance its product offering to customers. Is Enterprise adding AI capabilities to the VE:Create app in order for it to be competitive with customers' changing needs? Yes. Well, we talked about this when I met them recently. They are using some AI capabilities to do highlights editing. But for the fine editing within VE:Create, they're using Blackbird-based codec tools. So we're a blend with them. We don't have any plans at this stage to add AI.

Speaker #1: Yes, well, we talked about this when I met them recently. They are using some AI capabilities to do highlights editing. But for the fine editing within Video Create, they're using Blackbird-based codec tools.

Speaker #1: So we're kind of a blend with them. We don't have any plans at this stage to add AI.

Speaker #3: We weren't sitting directly, but remember that EVS had written their own editors, a bit like we've written Elevate. So they will control how they implement that interface and the external integrations.

Stephen Streater: We won't fit in directly, but remember that EVS have written their own editor, a bit like we've written elevate.io. So they will control how they implement that interface and the external integrations, and we provide the base platform that they build on.

Speaker #3: And we provide the platform—the base platform that they build on.

Speaker #1: Thank you very much. Is AI a threat to Elevate now or in the near future?

Ian McDonough: Thank you very much. Is AI a threat to elevate.io now or in the near future?

Speaker #3: No. As I've said before, it's a great complement.

Sumit Rai: No. As I answered before, it's a great complement.

Speaker #1: And Adrian Wilding appears to have left another interim CFO role after only three weeks. Yet Dinara said he'd move to a permanent position. Why would an interim leave one interim role for another?

Ian McDonough: Adrian Wilding appears to have left another interim CFO role after only 3 weeks, yet Dinara now said he moved to a permanent position. Why would an interim leave one interim role for another? Can we please be honest with investors? Adrian got a great offer from another company. Without divulging too much about the other company's situation, something very unfortunate happened over there. I do not want to be the one to talk about that, but we will be as honest as we can. If we said there was a permanent position, and it's an interim one, my bad. I did not realize that was the case. But I am glad that he has got a great role. How many marketing teams have we signed based on the current increase of subscribers, apart from shows how we are directly infiltrating this, Pam?

Speaker #1: Can we please be honest with investors? Adrian got a great offer from another company. Without divulging too much about the other company’s situation, something very unfortunate happened over there.

Speaker #1: I don't want to be the one to talk about that, but we will be as honest as we can. If we said that it was a permanent position, and it's an interim one, my bad.

Speaker #1: I didn't realize that was the case, but I'm glad that he's got a great role. How many marketing teams have we signed, based on the current increase of subscribers?

Speaker #1: Apart from showing how we are directly infiltrating this PAM.

Speaker #2: So I'll have to look up the exact numbers. I believe for August, about 10% of subscribers fell into that category. And we've been doing quite a lot of work, or we are working closely with a small number of outfits within that space.

[Company Representative] (ScaleUp): I will have to dig out the exact numbers. I believe for August, about 10% of subscribers fell into that category. We have been doing quite a lot of work, or we are working closely with a small number of outfits within that space. For example, The Marketing Meetup, we did an event with them last week. We have got a partnership series we have planned with them. A couple of other outfits like those where we have syndicated partnerships with them that involve podcasts and panels and speaking opportunities where we actually get an opportunity to sit with them and talk about industry-related topics and how elevate.io fits into those. We are also doing in-person events where we can demo products and get it in the hands of users, as well as doing more long evergreen pieces content around newsletters and things that will be discoverable over time.

Ness Rustom: I will have to dig out the exact numbers. I believe for August, about 10% of subscribers fell into that category. We have been doing quite a lot of work, or we are working closely with a small number of outfits within that space. For example, The Marketing Meetup, we did an event with them last week. We have got a partnership series we have planned with them. A couple of other outfits like those where we have syndicated partnerships with them that involve podcasts and panels and speaking opportunities where we actually get an opportunity to sit with them and talk about industry-related topics and how elevate.io fits into those. We are also doing in-person events where we can demo products and get it in the hands of users, as well as doing more long evergreen pieces content around newsletters and things that will be discoverable over time.

Speaker #2: For example, the Marketing Meetup—we did an event with them last week. We've got a kind of partnership series and plan with them. There are a couple of other outfits like those, where we have syndicated partnerships that involve podcasts and panels, like speaking opportunities where we actually get an opportunity to sit at the table and talk about industry-related topics and how Elevate fits into those.

Speaker #2: We're also doing in-person events where we can demo products and get them in the hands of users, as well as doing more content around newsletters and things that are discoverable over time.

Speaker #2: So there's a wave of activity aligned to that, but these things take time to build.

[Company Representative] (ScaleUp): There's a wave of activity aligned to that, but these things take time to build.

Ness Rustom: There's a wave of activity aligned to that, but these things take time to build.

Speaker #1: Great, thank you very much. This gentleman says, "I've searched for 'browser-based video editor' in all the major AI, and everyone has mentioned except, but never volunteers Elevate.io."

Ian McDonough: Great. Thank you very much. This gentleman says, "I've searched for browser-based video editor in all the major AI, and everyone is mentioned except, but never volunteers elevate.io, even when I ask specifically about frame-accurate video editors. This lack of visibility is probably not going to help users' numbers. Are you aware of this? Do you know the reason and why?

Speaker #1: Even when I asked specifically about frame-accurate video editors, there's a lack of visibility. It's probably not going to help user numbers. Are you aware of this?

Speaker #1: Do you know the reason, and why?

Speaker #2: It's something we're working on all the time. I think we're seeing about three times the number of sign-ups coming through AI discovery now since June.

[Company Representative] (ScaleUp): It's again, something we're working on all the time. I think we're seeing about 3 times the number of sign-ups coming through AI discovery now since June. So it's building month on month. I think we rank for about 41 keywords in AI search at the moment. It's never going to show up in every single search. You'd need a huge amount of coverage for that to be the case, but it's something that we're constantly working on and building. The thing that's important for us is to focus on trusted citation sources. That's why a big part of our Q1 investment is going to be going into YouTube, which is increasingly YouTube and video is increasingly important for AI, kind of element discovery, as well as things like forecast digital PR, other kind of areas where we can be sighted and resourced from.

Ness Rustom: It's again, something we're working on all the time. I think we're seeing about 3 times the number of sign-ups coming through AI discovery now since June. So it's building month on month. I think we rank for about 41 keywords in AI search at the moment. It's never going to show up in every single search. You'd need a huge amount of coverage for that to be the case, but it's something that we're constantly working on and building. The thing that's important for us is to focus on trusted citation sources. That's why a big part of our Q1 investment is going to be going into YouTube, which is increasingly YouTube and video is increasingly important for AI, kind of element discovery, as well as things like forecast digital PR, other kind of areas where we can be sighted and resourced from.

Speaker #2: So, it's building month by month. I think we ran for about 41 keywords in AI search at the moment. It's never going to show up in every single search—you need a huge amount of coverage for that to be the case.

Speaker #2: But it's something that we're constantly working on and building. The thing that's important for us is to focus on trust—kind of trusted citation sources.

Speaker #2: So that's why a big part of our key for investment is going to be going into YouTube, which is increasingly—YouTube and video are increasingly important for AI, kind of LLM discovery.

Speaker #2: As well as things like podcasts, digital PR, and other areas where we can be cited and resourced from. So that continues to be a focus point.

[Company Representative] (ScaleUp): That continues to be a focus point.

Ness Rustom: That continues to be a focus point.

Speaker #1: Thank you very much. From David: "914 subscribers as of 24 September is a good improvement in the quarter, along with lower CAC, higher conversion, and better retention."

Ian McDonough: Thank you very much. From David, "914 subscribers as of 24 September is a good improvement in the quarter, along with lower CAC, higher conversion, better retention. The growth engine is improving." Yes, it absolutely is improving, David. Thank you. "Given that our ICP is corporate teams and they are a profitable segment, how is growth in corporate teams going?" I think that you've kind of answered that.

Speaker #1: "The growth engine is improving." Yes, it absolutely is improving, David. Thank you. Given that our ICP is corporate teams, and they are a profitable segment, how is growth in corporate teams going?

Speaker #1: I think that you've kind of answered that, but...

[Company Representative] (ScaleUp): Yeah. Exactly. It's something that we have, where we have a dedicated kind of work stream. Again, a lot of our organic content plays into those groups as well. It's not a sales-led strategy. It's a marketing-led motion. So we're looking to capture those through capturing individual users who will then bring it into the organization. And we see that reflected in a lot of the customer interviews that we're doing, where we have an individual person starting to use elevate.io for their use case, and are then starting to share content and share internally with their teams. And so that's the kind of loops that we want to try and take as a hold of.

Ness Rustom: Yeah. Exactly. It's something that we have, where we have a dedicated kind of work stream. Again, a lot of our organic content plays into those groups as well. It's not a sales-led strategy. It's a marketing-led motion. So we're looking to capture those through capturing individual users who will then bring it into the organization. And we see that reflected in a lot of the customer interviews that we're doing, where we have an individual person starting to use elevate.io for their use case, and are then starting to share content and share internally with their teams. And so that's the kind of loops that we want to try and take as a hold of.

Speaker #2: Yeah, yeah, exactly. It's something that we have, where we have a dedicated kind of workstream, and a lot of our organic content plays into those groups as well.

Speaker #2: It's not sales-led. The strategy is a marketing-led motion. We're looking to capture those by attracting individual users, who will then bring it into the organization.

Speaker #2: And we see that reflected in lots of customer interviews that we're doing, where we have an individual person starting to use Elevate for their specific use case.

Speaker #2: And I'll then start sharing content and share internally with their teams. And so that's the kind of loop that we want to try and take better hold of.

Speaker #1: A question from Michael on current progress obtaining paid users: You're scheduled to run out of cash before Elevate breaks. Steven, how do you plan to address this?

Ian McDonough: A question from Michael. "On current progress obtaining paid users, you're scheduled to run out of cash before elevate.io breaks even. How do you plan to address this?" We've addressed this in the RNS, Michael, and we will keep investors abreast of any plans that we have to do any further raises of funds. At this stage, we don't have a plan. David: "My favorite metric is MAUs and WAUs, so monthly active users and weekly active users, to see how intensively the product is being used, i.e. how valuable is it to users. I notice they are absent from today's update. Any reason why no report of those?" Either one of you.

Speaker #1: We've addressed this in the RNS, Michael, and we will keep investors abreast of any plans we have to do any further raises of funds.

Speaker #1: At this stage, we don't have a plan. David, my favorite metric is MAUs and WAUs—so monthly active users and weekly active users—to see how intensively the product is being used, i.e., how valuable it is to users.

Speaker #1: I noticed they are absent from today's update. Any reason why there's no report on those?

Speaker #3: Not sure why they're absent.

Sumit Rai: Not sure why they're absent.

[Company Representative] (ScaleUp): Yeah. They are not intentionally absent.

Ness Rustom: Yeah. They are not intentionally absent.

Speaker #2: Yeah, they're not intentionally absent.

Speaker #3: No.

Sumit Rai: No.

Speaker #1: It's quite interesting, actually. I think these are actually a good story. And yeah, maybe we should have put them in. I did some calculations this morning.

Ian McDonough: It is quite interesting, actually. I think these are actually a good story and yeah, maybe we should have put them in. I did some calculations this morning, and in the month of September, which is, as we know, not yet finished, there are over 7,300 videos that have been made and exported out of the platform. That is just increasing really quickly. Last week alone, there were 2,500. We do not have it in the numbers, but I would say that it is really showing its value to users.

Speaker #1: And in the month of September, which is, as we know, not yet finished, there were over 7,300 videos that have been made and exported out of the platform.

Speaker #1: That's increasing really quickly. Last week alone, there were 2,500. So we don't have it in the numbers, but I would say that it is really showing its value to users.

Speaker #3: I think it's fair to say as well, those numbers are obviously top-level KPIs. But we see the traffic in general on everything from storage used and processing power used, and just general activity across the board.

Sumit Rai: I think it is fair to say as well, those numbers are obviously sort of top-level KPIs, but we see the traffic in general on everything from storage used and processing power used and just general activity across the board. There is no question that the platform is getting busier and busier and busier. Definitely more is going on continually on a rising scale.

Speaker #3: There's no question that the platform is getting busier and busier and busier. There is definitely more going on, continually, on a rising scale.

Speaker #1: Question about the realistic size of your revenue in the UK marketing professionals market, your ICP. How many marketing pros are there in this area in the UK?

Ian McDonough: Question about the realistic size of your revenue in the UK marketing professionals market, your ICP. How many marketing pros are there in the UK? What is your target for percentage of this market signing up for free? What is the percentage of those convert to paid?

Speaker #1: What is your target for the percentage of this market sizing for free? What is the percentage of those who convert to paid?

Speaker #2: I mean, when we look at it, we know from what we're seeing so far that the conversion to paid bid-up segment is about twice the rate of Obvious and content creators.

[Company Representative] (ScaleUp): When we look at the, we know from what we are seeing so far that conversion to paid product segment is about twice the rate of obvious content creators. I think we gave the sizing for that in the annual AGM, we will have to get back to the numbers on that.

Ness Rustom: When we look at the, we know from what we are seeing so far that conversion to paid product segment is about twice the rate of obvious content creators. I think we gave the sizing for that in the annual AGM, we will have to get back to the numbers on that.

Speaker #2: I think we gave the sizing for that in the annual. We'll have to go back to the numbers in that set. I think it's around 20,000.

Ian McDonough: Yeah.

[Company Representative] (ScaleUp): I think it was around 2,000.

Ness Rustom: I think it was around 2,000.

Ian McDonough: It was 200,000 teams.

Speaker #3: It's 200,000 teams.

Speaker #2: Yeah, 200,000 teams. And so we're, I guess, still working through exactly what was realistic for that in terms of the percentage uptake.

[Company Representative] (ScaleUp): Yeah, 200,000 teams. We are, I guess, still working through exactly kind of what is realistic for that in terms of the percentage uptake, but we do definitely see that they convert to paid at a higher rate.

Ness Rustom: Yeah, 200,000 teams. We are, I guess, still working through exactly kind of what is realistic for that in terms of the percentage uptake, but we do definitely see that they convert to paid at a higher rate.

Speaker #2: But we do definitely see that they convert to paid at a higher rate.

Speaker #1: Thank you very much. Summit, can you talk about the sector use of AI assistant agents, in terms of what marketers are asking for on that front?

Ian McDonough: Thank you very much. Summit: "Can you talk about the sector use of AI assistant agents in terms of what marketers are asking for on that front? Do you see elevate.io involved in AI assistants in 2027 to improve productivity?

Speaker #1: Do you see Elevate involved in AI systems in 2027 to improve productivity?

Speaker #3: So as said, we are going to be incorporating AI tools, both AI assist for just one-off little bits. Remember, AI has already been used for things like the subtitles tool and the voice reduction tool.

Sumit Rai: As I said, we are going to be incorporating AI tools, both AI assist for just one-off little bits. Remember, AI has already been used for things like the subtitling tool, the voice reduction tool. The most exciting bit is probably how AI can be used, not just these day-to-day sort of good housekeeping style useful uses, but of course, that slightly broader use, being able to take AI and have it generate something, whether that is graphics or other video content, or actually do the assembly. All of that we are looking at. How do we do it from within our product or an agent on the outside sort of talking to our product? We obviously want to bring as much of the experience as we can in-house.

Speaker #3: But the most exciting bit is probably how AI can be used—not just in these day-to-day, sort of good housekeeping style useful uses—but, of course, that's slightly broader use, i.e., being able to take AI and have it generate something, whether that's graphics or other video content, or actually do the assembly.

Speaker #3: All of that we're looking at. And how do we do it from within our product, or with an agent on the outside sort of talking to our product?

Speaker #3: We obviously want to bring as much of the experience as we can in-house. So we want it to be—if you look at some of the very early designs of Elevate, going back to 2002—we did have this sort of AI assist button that we believed would be a good thing to have in different parts of the product, to actually help you just get by with day-to-day stuff.

Sumit Rai: We want it to be, if you look at some of the very early designs of elevate.io going back to 2002, we did have this little AI assist button that we believe would be a good thing to have in different parts of the product to actually help you just get by with day-to-day stuff. Of course, the world has changed. Since then, the LLMs have really grown in their capability, and we definitely want to embrace that as well and have it so that, we have not named our AI agent yet, but there will be an AI agent, Squize or someone else who is running alongside you during your edit and able to assist you in getting the whole thing together.

Speaker #3: But of course, the world has changed, and since then, the LLMs have really grown in their capability. We definitely want to embrace that as well.

Speaker #3: And have it so that we haven't named our AI agent yet, but there will be an AI agent, Squires or someone else, who's running alongside you during your edit and able to assist you in getting the whole thing together.

Speaker #1: Thanks, Summit. What is your target for CAC, APU, LTV, and churn? We're not publishing every single piece of data right now, Colin, but each time that we do a presentation, we'll try and give you a little bit more in terms of this—a bit more color.

Ian McDonough: Thanks, Summit. "What is your target for CAC, ARPU, LTV, and churn?" We are not publishing every single piece of data right now, Colin, but each time that we do a presentation, we will try and give you a little bit more in terms of this, a bit more color. I think this time we have given a few new numbers, a few new types of numbers, and we will continue to do that as we learn more ourselves. "We very quickly acquired our first 100,000 users. Indeed, this was when the product was inferior. How do we acquire such a large number but have only had a modest increase in total users?" From that initial acquisition. I think most of this, Reece, is down to geography. When we very first started marketing the product, we did a lot of India and Philippines experimentation.

Speaker #1: I think this time we've given a few new numbers, a few new types of numbers, and we'll continue to do that as we learn more ourselves.

Speaker #1: We very quickly acquired our first 100,000 users. Indeed, this was when the product was inferior. How did we acquire such a large number, but have only had a modest increase in total users from that initial acquisition?

Speaker #1: I think most of this risk is down to geography. When we very first started marketing the product, we did a lot of India and Philippines experimentation.

Speaker #1: We brought a lot of users on from there. We didn't really convert to pay. Since then, we've really focused down, doubled down on the US and the UK, which is obviously a different price range in which to acquire, but they have a much higher propensity to pay.

Ian McDonough: We got a lot of users on from there who didn't really convert to pay. Since then, we've really focused down, doubled down on the US and the UK, which is obviously a different price range in which to acquire, but obviously have a much higher propensity to pay. That's probably the main reason for that. This is a long one. Should you conduct another placing to raise growth capital in the coming months, would you consider using the recently introduced AIM Capital access window, where shares are temporarily suspended during the block booking process? This seems particularly suitable for volatile AIM-quoted stocks such as Blackbird, where the market price often falls due to the placing. During the placing process, the dampening demand for the placing and re-slot the shares. Take a look at Reynold. Thank you very much. I'm not going to read the rest of it, Tim.

Speaker #1: So that's probably the main reason for that. Should you conduct—this is a long one—should you conduct another placing to raise growth capital in the coming months?

Speaker #1: Would you consider using the recently introduced AIM Capital Access Window, where shares are temporarily suspended during the block booking process? This seems particularly suitable for volatile AIM-quoted stocks such as Blackbird, where the market price often falls due to the placing.

Speaker #1: During the placing process, the dampening demand for the placing and resell of the shares. Take a look at Reynolds. Thank you very much. I'm going to look and read the rest of it, Tim.

Speaker #1: That's a very interesting point. We will absolutely take that into consideration. Thank you very much. William, have you had any affiliate success yet? And is there scope to make the offer more attractive?

Ian McDonough: That's a very interesting point. We will absolutely take that into consideration. Thank you very much. William, have you had any affiliate success yet? Is there scope to make the offer more attractive, for example, 3 years instead of 1 year, and to be able to make the offer that customers will reduce rate at e.g. 10% off for the first year? Affiliates are not only useful to add users, but also to gain product exposure. I guess that's a question to one of us.

Speaker #1: For example, three years instead of one year, and to be able to make the offer to their customers at a more reduced rate—for instance, 10% off for the first year.

Speaker #1: Affiliates are not only useful for adding users, but also for gaining product exposure. I guess that's a question for one of us.

[Company Representative] (ScaleUp): Yeah. Affiliates is something we've kind of experimented very early with so far, and something that we're definitely looking at to move forward. Yeah, we'll be looking at all of that in due course.

Ness Rustom: Yeah. Affiliates is something we've kind of experimented very early with so far, and something that we're definitely looking at to move forward. Yeah, we'll be looking at all of that in due course.

Speaker #2: Yeah. I mean, affiliates is something we've kind of experimented with very early so far, and it's something that we're definitely looking at as we move forward.

Speaker #2: And yeah, we'll be looking at all of that in due course.

Speaker #1: Okay, question from Gerard: Have you talked to private equity about taking a strategic stake in Elevate? I think the market needs that level of confidence.

Ian McDonough: Okay. Question from Gerard. Have you talked to private equity about taking a strategic stake in elevate.io? I think the market needs that level of confidence. Why has this been delayed? Gerard, once we have more news about what we will do in terms of funds, we'll let you know. Don't think it's our time and place to talk about this. But I would think that private equity would, like anything, we would keep our options open. What difference should we expect in terms of decision-making and the direction of the company with Sumit moving from a position of MD of elevate.io to being on the main board? Well, I think some deep knowledge and sense at the board table will be much welcomed. Other than that, nothing else planned at this stage. Are you more focused on the UK team users rather than the USA team users?

Speaker #1: Why is this being delayed? Gerard, once we have more news about what we will do in terms of funds, we'll let you know. I don't think it's our place or time to talk about this, but I would think that private equity, like anything, we would keep our options open.

Speaker #1: What differences should we expect in terms of decision-making and the direction of the company with Summit moving from the position of MD of Elevate to being on the main board?

Speaker #1: Well, I think some deep knowledge and sense at the board table will be much welcomed. Other than that, nothing else is planned at this stage.

Speaker #1: Are you more focused on the UK team users rather than the USA team users? What is the marketing balance between the two geographical markets?

Ian McDonough: What is the marketing balance between the two geographical markets?

[Company Representative] (ScaleUp): The majority actually comes from the US at the moment. Our bigger market, presumably.

Ness Rustom: The majority actually comes from the US at the moment. Our bigger market, presumably.

Speaker #2: The majority actually comes from the US at the moment. That's our bigger market for Q2.

Speaker #1: Can you say more about what you're doing in terms of appearing in AI results? I think we've probably covered that one off.

Ian McDonough: Can you say more about what you are doing in terms of Tukvir and AI results? I think we have probably covered that one off.

[Company Representative] (ScaleUp): Yeah, I covered that off a bit earlier.

Ness Rustom: Yeah, I covered that off a bit earlier.

Speaker #2: Yeah, I covered that off a bit earlier.

Speaker #1: Another question about the share price—I think we've covered that one off. You have over 100,000 users, but very few people seem to discuss Elevate online.

Ian McDonough: Another question about the share price. I think we have covered that one off. You have over 100,000 users, but very few people seem to discuss elevate.io online. Why is this, would you think?

Speaker #1: Why is this? What do you think?

Speaker #2: I mean, it depends on who those users are, right? And I suppose what their kind of circles of influence are. Often, as well, discussion online isn't always positive.

[Company Representative] (ScaleUp): It depends on who those users are, right? I suppose what their kind of circles of influence are. Often as well, discussion on my end isn't always positive. Not necessarily a bad thing. We do see increasing kind of conversations happening on platforms like Reddit and within kind of closed communities that we monitor. We are always looking at ways that we can contribute and influence those discussions. Ultimately, that kind of activity happens with time as people start to experience the product and start to talk about it, which I think is where, as the product has developed out over the course of this year, we are expecting more and more of that happening.

Ness Rustom: It depends on who those users are, right? I suppose what their kind of circles of influence are. Often as well, discussion on my end isn't always positive. Not necessarily a bad thing. We do see increasing kind of conversations happening on platforms like Reddit and within kind of closed communities that we monitor. We are always looking at ways that we can contribute and influence those discussions. Ultimately, that kind of activity happens with time as people start to experience the product and start to talk about it, which I think is where, as the product has developed out over the course of this year, we are expecting more and more of that happening.

Speaker #2: So, not necessarily a bad thing. But we do see increasing conversations happening on platforms like Reddit and within closed communities that we monitor.

Speaker #2: And they're always looking at ways that we can contribute and influence those discussions. But ultimately, that kind of activity happens with time, as people start to experience the product and start to talk about it, which I think is where, as the product is developed out over the course of ECA, we're expected to see more and more of that happen.

Speaker #1: What does the team think the main thing or things that are holding back Elevate IO's growth from terms in? Well, over the summer times in from kind of the April to middle of July we were on a marketing freeze.

Ian McDonough: What does the team think the main thing or things that are holding back elevate.io's growth from time zone? Well, over the summer, time zone from kind of the April to middle of July, we were on a marketing freeze. We didn't do any paid advertising during that time. Since we started advertising again mid-July, we can see that there has been a really sharp increase in growth. I think at this stage, I would simply say the fact that we didn't market in particular months. Now that we are, I think the growth is looking really good. Congrats to Sumit on his appointment to the board. Thanks, Nick. Will agents be able to access elevate.io? I think you have

Speaker #1: We didn't do any paid advertising during that time. And since we started advertising again in mid-July, we can see that there's been a really sharp increase in growth.

Speaker #1: So, I think at this stage, I would simply say the fact that we didn't market in particular months, and now that we are, I think the growth is looking really good.

Speaker #1: Congrats to Summit on his appointment to the board. Thanks, Nick. Will agents be able to access Elevate? I think you've probably mentioned that one.

Sumit Rai: Yes

Ian McDonough: probably mentioned that one. Target CAC. As I say, we will start to give more information out as we go through, but at this stage not. Sumit, you spoke about eventually being able to speak to a prompt, then create a graphic, but will that be in a forthcoming update?

Speaker #1: Target CAC—we will get, as I say, we'll start to give more information out as we go through, but at this stage, not. Summit, you spoke about eventually being able to speak to a prompt and then create a graphic.

Speaker #1: Will that be enough, given the forthcoming updates?

Sumit Rai: Not immediately. It is a really important piece of the work, though, because as ever, we know that the video generation market is quite saturated, and it is great. It is good for Hollywood, it is good for fun and games, but it does not necessarily help marketing teams necessarily. We know that the broader market that we are after will benefit more likely from AI to graphics. That is something that we have been working quite a lot on. It is an area that others are not working so much on, so it is a great opportunity for us.

Speaker #3: Not immediately. It's a really important piece of the work there, because as ever, we know that the video generation market is quite saturated—and it's great, but it's good for Hollywood.

Speaker #3: It's good for fun and games, but it doesn't necessarily help marketing teams necessarily. We know that the broader market that we're after will benefit more likely from AI to graphics and that's something that we've been working quite a lot on.

Speaker #3: And it's an area that others aren't working so much on, so it's a great opportunity for us.

Speaker #1: Yeah, in the spirit of this, I'll read this next question out. Ian, please ignore the trolls; you're doing a great job, but please genuinely consider other financing options other than dilution.

Ian McDonough: Well, in the spirit of this, I will read this next question out. Ian, please ignore the trolls. You are doing a great job, but please genuinely consider other financing options other than dilution. I believe a lot of people are holding back from investing as they are fed up with being diluted at lower share price points. Is revenue financing an option for funding the next marketing push for elevate.io? Well, thank you, Joseph. I appreciate your comments. As I say, we will consider all options and when we have got some news, we will let you know. Can we consider any further board investment during the current open period? Very possibly. Very possibly. When can we expect the next feature drop? I am excited.

Speaker #1: I believe a lot of people are holding back from investing, as they're fed up with being diluted at low, and even lower, share price points.

Speaker #1: Is revenue financing an option for funding the next marketing push for Elevate IO? Well, thank you, Joseph. I appreciate your comments. As I say, we will consider all options, and when we've got some news, we'll let you know.

Speaker #1: Can we consider any further board investment during the current open period? Very possibly. Yeah, very possibly. When can we expect the next feature drop?

Speaker #1: I'm excited.

Speaker #3: We do feature drops every week, so there are some really important ones coming through. The underpinnings of text are actually going through at the moment.

Sumit Rai: We do feature drops every week. There are some really important ones which are coming through. The underpinnings of text are actually going through at the moment. You may not notice anything different, but there is actually quite a lot of major things going on under the hood. I actually think it is really important to also make the point that this time a year ago, we still had a lot of unknowns around how we were going to do things. Just like lots of companies, until you have done it, you do not know. What we are glad, and Stephen and I talk about this a lot, what we are really glad about is we have solved a huge amount of the problems that we needed to be able to do the things we need to do.

Speaker #3: So, you may not notice anything different, but there are actually quite a lot of major things going on under the hood. I actually think it's really important to also make the point that this time a year ago, we still had a lot of unknowns around how we were going to do things.

Speaker #3: Just like lots of companies, until you've done it, you don't know. And what we are glad and Steve and I talk about this a lot, what we're really glad about is we've solved a huge amount of the problems that we needed to be able to do the things we need to do.

Speaker #3: So now, we still don't know what we don't know, but at least we've answered the things that we knew we didn't know about.

Sumit Rai: We still do not know what we do not know, but we at least answered the things that we knew we did not know about. There was always confidence going into this that we can build an online video editor. What there was still unknowns around was exactly how we would handle some of the things which we knew we would need, like graphics, like better text, like animations, like other integrations. I am really pleased to say, we definitely have a handle on all of the major aspects of what we are doing. Now, of course, when we started out, LLMs were not a major thing, for example. We know that the market is going to change, and I am not saying that there are not things that will crop up that we will then, of course, need to go and figure out how to do.

Speaker #3: And there was always confidence going into this that we could build an online video editor. What there wasn't, what there were still unknowns around, was exactly how we would handle some of the things which we knew we would need—like graphics, like better text, like animations, like other integrations.

Speaker #3: And I'm really pleased to say we definitely have a handle on all of the major aspects of what we're doing. Now, of course, when we started out, LLMs weren't a major thing, for example.

Speaker #3: So, we know that the market's going to change. And I'm not saying that there aren't things that will crop up—that we will then, of course, need to go and figure out how to do.

Speaker #3: But we are in a position where everything that we want to do, we know how to do. We just need to do it, run the cycles, and keep improving.

Sumit Rai: But we are in a position where everything that we want to do, we know how to do. We just need to do it and do the cycles and keep improving. As I mentioned earlier, every time we add something, we don't expect an overnight flurry of huge boosts of users. Everything is just an additive improvement that just widens that conversion number more than anything. Of course, with that, and especially with things like text, when there's more of a complete package, that's when we do expect more commentary around what we are as a tool, because at the moment, it's still just a little bit too niche. But of course, in due course, when we do make these future drops, there'll be a real increase.

Speaker #3: And as I mentioned earlier, every time we add something, we don't expect an overnight flurry or a huge boost of users. Everything is just an additive improvement that widens that conversion number, more than anything.

Speaker #3: And, of course, with that, and especially with things like text, when there's more of a complete package, that's when we do expect more commentary around what we are.

Speaker #3: As a tool, because at the moment, it's still just a little bit too niche. But of course, in due course, when we do make these future drops, there'll be a real increase.

Speaker #1: Thanks, Summit. Comment from GR: Ian, are you in awe at the ADVFN Warriors' record of being unbeaten at hide-and-seek? Yes, indeed, I am in awe of it.

Ian McDonough: Excellent. Comment from GR. "Ian, are you in awe at the ADVAN Warriors record of being unbeaten at hide and seek?" Yes, indeed, I am in awe of it. It's amazing how hidden people can be sometimes. Right. Okay. Is the player ever going to be launched?

Speaker #1: It's amazing how hidden people can be sometimes. Right. Okay, so is the Player ever going to be launched?

Speaker #2: Yes, it will be eventually. And I discussed this with Summit many years ago. The Elevate product is such a big product that we focused on that, on the editor specifically.

Stephen Streater: Yes, it will be eventually, and I've discussed this with Sumit for many years. The elevate.io product is such a big product that we focused on the editor specifically, but it's always in the elevate.io roadmap. It's always been to have distribution as part of the solution, and the player or technology from it will be a big part of that. Obviously, the whole of elevate.io is based on the player, so people are seeing it. But a specific thing, that is further down the line. In the meantime, we use it for development. It's actually available in the product as a beta, and quite a few people use it for their own purposes. But it's not the thing that we're doing next in elevate.io as a standalone product.

Speaker #2: But there's always, in the Elevate roadmap, there's always been a plan to have distribution as part of the solution. And the player, or technology from it, will be a big part of that.

Speaker #2: Obviously, the whole of Elevate is based on the player, so people are seeing it. But that's a specific thing—that is further down the line.

Speaker #2: In the meantime, we use it for development. It's actually available in the product as a beta, and quite a few people use it for their own purposes.

Speaker #2: But it's not the thing that we're doing next—in Elevate as a standalone product.

Speaker #1: There are a couple of questions on targets here. When we get to the point where we're feeling more confident, we will put those targets out.

Ian McDonough: There's a couple of questions on targets here, which when we get to the point where we feel more confident, we will put those targets out, but we're not there yet. I'll leave them all out, but yes, stand by for that. How is the infrastructure coping with the increased demand?

Speaker #1: But we're not there yet, so read them all out. But yes, stand by for that. You mentioned—oh, yeah, yeah. So, how is the infrastructure coping with the increased demand?

Speaker #3: No problem at all. We use AWS as our host. If we are saturating AWS, then that's a great problem to have. It won't happen.

Sumit Rai: No problem at all. We use AWS as our host. If we are saturating AWS, then that is a great problem to have. It will not happen. We are standing up really well. This product was designed to scale. We have obviously made sure that we had things in place, and we continue to improve. A big part of the improvement has had to go in ahead of the graphics work, which you are going to see drop. For example, our move towards doing some of the processing in the server side on GPUs for things like export. That is going to get faster for the end users. It will get cheaper for us. That is actually an important one is that whilst our usage of the data center is going up and the amount of activity we have, the cost is actually going down. We are getting more efficient.

Speaker #3: We're standing up really well. This product was designed to scale. We've obviously made sure that we had things in place, and we continue to improve.

Speaker #3: So a big part of the improvement has had to go in ahead of the graphics work. We should be going to see drop is, for example, our move towards doing some of the processing on the server side on GPUs for things like export.

Speaker #3: So that's going to get faster for the end users. It will get cheaper for us. So that's actually an important one, that whilst our usage of the data center is going up, and the amount of activity we have, the cost is actually going down.

Speaker #3: So we're getting more efficient. We're getting better able to handle the load that we have to deal with. And obviously, as time goes on, we will continually be tuning the way that we do things to make sure that our cost base goes down, even if the usage is really going up.

Sumit Rai: We are getting better able to handle the load that we have to do, and obviously, as time goes on, we will be continually tuning the way that we do things to make sure that our cost base goes down, even if the usage is just really going up.

Speaker #2: It's worth mentioning just a couple of things. When we did the original cloud, we would increase efficiency instead of increasing capacity. So we were pretty much on the same capacity as the usage doubled and doubled and doubled.

Stephen Streater: Just worth mentioning just a couple of things. When we did the original cloud, we would increase efficiency instead of increase capacity. We were pretty well on the same capacity as the usage doubled and doubled and doubled. Now we are starting to apply that principle and some of the technology into elevate.io. It is not just a question of just paying twice as much to get twice as many users. There are thousands and thousands of incremental improvements to the efficiency. As Sumit says, more efficiency also means more responsive and better performance, better experience. Well, AWS is not going to run out of capacity, but we have got a lot of efficiency improvements we can add, and we have been doing that as the usage has risen.

Speaker #2: And now we're starting to apply that principle and some of the technology into Elevate. But it's not just a question of paying twice as much to get twice as many users.

Speaker #2: There are dozens and dozens of incremental improvements to the efficiency. And as Summit says, more efficiency also means more responsiveness and better performance, better experience.

Speaker #2: And, well, I mean, AWS isn't going to run out of capacity, but we've got a lot of efficiency improvements we can add, and we've been doing that as usage has risen.

Speaker #1: Thanks, Steven. Yeah, it's a very good news story in that area, I have to say. Question from Dan: Ness, I'm a big fan of your work.

Ian McDonough: Thanks, Stephen. It is a very good news story on that, I have to say. Question from Dan. "Ness, I am a big fan of your work. On the upcoming feature, Sumit has talked about which, based on your research, do you expect to have the most impact, what is the most in demand?

Speaker #1: On the upcoming feature summit, which topics are being discussed? Based on your research, which do you expect to have the most impact? I mean, what is most in demand?

Speaker #4: I think the text animation work that's coming up is going to be really interesting. We talk a lot about the proposition of Elevate—well, kind of one aspect of Elevate's proposition—being the fact that it brings a lot of the elements that you need to create great video into one kind of user experience, one world.

[Company Representative] (ScaleUp): I think the text animation work that is coming up is going to be really interesting. We talk a lot about the proposition of elevate. Well, one aspect of elevate's proposition being the fact that it brings a lot of the elements that you need to create great video into one user experience, one world. Text animation is a great example of that, where currently people are using separate caption apps a lot, which are completely not as good as they look like they could be. Actually, what the team has built in elevate is amazing, and I think that gives us quite a good opportunity to really push on that part of the proposition.

Ness Rustom: I think the text animation work that is coming up is going to be really interesting. We talk a lot about the proposition of elevate. Well, one aspect of elevate's proposition being the fact that it brings a lot of the elements that you need to create great video into one user experience, one world. Text animation is a great example of that, where currently people are using separate caption apps a lot, which are completely not as good as they look like they could be. Actually, what the team has built in elevate is amazing, and I think that gives us quite a good opportunity to really push on that part of the proposition.

Speaker #4: And text animation is a great example of that, where currently people are using separate caption apps a lot, which really are not as good as they look like they could be.

Speaker #4: And actually, what the team's built in Elevate is amazing, and I think that gives us quite a good opportunity to really push on that part of the proposition.

Speaker #4: The other aspect that we know from the research that we've been doing with users in this spans quite a lot of different types of personas, user personas, is that the other great thing about Elevate being browser-based, kind of very easy and intuitive to use and the combination of different kind of parts of the tooling process for video creation is that it gives people more kind of freedom to be creative and to create content rather than kind of having to manage tools and systems and clunky connections and things like that.

[Company Representative] (ScaleUp): The other aspect that we know from the research that we have been doing with users, and this spans quite a lot of different types of user personas, is that the other great thing about elevate being browser-based, very easy and intuitive to use, and the combination of different parts of the tooling process for video creation, is that it gives people more freedom to be creative and to create content, rather than having to manage tools and systems and token connections and things like that. Whilst there is the rise of the template-based editors, like CapCut and so forth on the market, a big frustration for those is that you are shoehorned into a particular way of creating video or working from templates, whereas elevate gives you a way to create whatever you have in your mind, easy and simply with the tool set available.

Ness Rustom: The other aspect that we know from the research that we have been doing with users, and this spans quite a lot of different types of user personas, is that the other great thing about elevate being browser-based, very easy and intuitive to use, and the combination of different parts of the tooling process for video creation, is that it gives people more freedom to be creative and to create content, rather than having to manage tools and systems and token connections and things like that. Whilst there is the rise of the template-based editors, like CapCut and so forth on the market, a big frustration for those is that you are shoehorned into a particular way of creating video or working from templates, whereas elevate gives you a way to create whatever you have in your mind, easy and simply with the tool set available.

Speaker #4: And whilst there's a lot of there's the rise of the template-based editors like CapCut and so forth on the market, actually a big frustration for those is that you're kind of shoehorned into a particular way of creating video or working from templates, whereas Elevate gives you a way to create whatever you have in your mind, easy and simply with the toolset available, but at the end of the day, you're building from scratch whatever you have as your vision.

[Company Representative] (ScaleUp): At the end of the day, you are building from scratch with whatever you have as your vision. I think, again, text-to-image is just another way that we can really extrapolate out that proposition. I think that is really exciting.

Ness Rustom: At the end of the day, you are building from scratch with whatever you have as your vision. I think, again, text-to-image is just another way that we can really extrapolate out that proposition. I think that is really exciting.

Speaker #4: And I think, again, text animations are another way that we can really extrapolate out that proposition. And so I think that's really exciting.

Speaker #1: Thank you, Ness. Question from Tamsin: What are the Nets doing? We never see them or hear anything about them. We can assure you they're very much there.

Ian McDonough: Thank you, Ness. Question from Tamsin. What are the NEDs doing? We never see them or hear anything about them. I can assure you they are very much there. They attend all the board meetings, and they offer their expertise in the various areas that they have experience in. Nick Lischer is currently the CMO at Nextdoor, a Merseyside listed company. Uri has had extensive experience at YouTube and Google. Both of them bring a fair amount of value at board meetings. Of course, their roles are not just purely as advisors, but also they have fiduciary duties as well, which they fulfill. Stephen, do you want to expand on it?

Speaker #1: They attend all the board meetings, and they offer their expertise in the various areas that they have experience in. Nick, Lisha is currently the CMO next door.

Speaker #1: Nice life list for his company. And Yuri has had extensive experience at YouTube and Google. So both of them bring a fair amount of value at board meetings.

Speaker #1: Of course, their roles are not just purely as advisors, but also they have additional duties as well, which they are they fulfill. Steven, do you want to expand on it?

Speaker #2: Yeah. I mean, they're around, three NEDs talk to them. Many committees that need NEDs on them under A rules. But they're not running the company.

Stephen Streater: Yeah. They are around if you need to talk to them. Many committees that need any deeds from them under AIM rules. They are not running the company. Their job is to advise and to keep an eye on things. So that is what they do, and that is probably why you do not see them so much, because it is behind-the-scenes work.

Speaker #2: Their job is to advise and to keep an eye on things. So that's what they do, and that's probably why you don't see them so much, because it's behind-the-scenes work.

Speaker #1: Yeah, okay. There's another question about the board. Are there changes? No other changes applied at this stage. Question from Gerard: If there were 200,000 target teams in the UK, what is the equivalent number for the US?

Ian McDonough: Yeah. Okay. There is another question about the board with other changes. No other changes are planned at this stage. Question from Gerard. If there are 200,000 used target teams in the UK, what is the equivalent of the US number?

Speaker #4: I don't have that number at hand.

[Company Representative] (ScaleUp): I do not have that number to hand.

Ness Rustom: I do not have that number to hand.

Speaker #1: Yeah, okay. Your slide mentioned the new YouTube channel. What will that do to create views? What will that do to create views?

Ian McDonough: Yeah. Okay. Your slide mentioned the new YouTube channel. What will that do to create views?

[Company Representative] (ScaleUp): I assume that means what are we going to be doing

Ness Rustom: I assume that means what are we going to be doing

Speaker #4: I guess I assume that means, what are we going to be doing with that channel? And the idea is that we'll have a mixture of different content formats.

Ian McDonough: Yeah

[Company Representative] (ScaleUp): with that channel. The idea is that we will have a mixture of different content format and particularly voices to that channel. So one of the key things that we want to do with that is to start to bring other names, faces, voices into our world to help us expand the reach of our content and the story of elevate.io. So, it will be a combination of interviews and content that we create with other industry players. We will also be leveraging customer case studies and stories from there and opening up the window into how people create videos and content and share their tips and advice, and particularly with the use of using elevate.io. So, we will be trying to find lots of different niches and pockets of opportunity to capitalize on the content in YouTube.

Ness Rustom: with that channel. The idea is that we will have a mixture of different content format and particularly voices to that channel. So one of the key things that we want to do with that is to start to bring other names, faces, voices into our world to help us expand the reach of our content and the story of elevate.io. So, it will be a combination of interviews and content that we create with other industry players. We will also be leveraging customer case studies and stories from there and opening up the window into how people create videos and content and share their tips and advice, and particularly with the use of using elevate.io. So, we will be trying to find lots of different niches and pockets of opportunity to capitalize on the content in YouTube.

Speaker #4: And I'm particularly keen to add voices to that channel. So one of the key things that we want to do with that is to start to bring other names, faces, and voices into our world to help us expand the reach of our content and the story of Elevate.

Speaker #4: So we'll be a combination of kind of interviews and content that we create with other kind of industry players. We'll also be leveraging kind of customer case studies and stories from there.

Speaker #4: And kind of opening up the window into how people create videos and content, and kind of share their tips and advice, and particularly really feel free when using Elevate.

Speaker #4: So we'll be trying to find lots of different kinds of niches and pockets of opportunities to capitalize on the active intent in YouTube. And, as I said before, YouTube is quite a big contributor to our citations and kind of AI and LLM discoveries.

[Company Representative] (ScaleUp): As I said before, YouTube is quite a big contributor to asset citations and AI and LLM discovery. So we will be looking at opportunistic ways to do that as well in terms of what keywords we want to capitalize on and therefore create content for that.

Ness Rustom: As I said before, YouTube is quite a big contributor to asset citations and AI and LLM discovery. So we will be looking at opportunistic ways to do that as well in terms of what keywords we want to capitalize on and therefore create content for that.

Speaker #4: So, we'll be identifying opportunistic ways to do that as well, in terms of which keywords we want to capitalize on and, therefore, create content for.

Speaker #1: Thank you very much. Another question for you: I think, in terms of helping to retain new users, what are we doing to ensure they're aware of the upcoming product features?

Ian McDonough: Thank you very much. Another question for you, I think in terms of to help retain new users, what are we doing to ensure they are aware of the upcoming product features?

Speaker #4: So we have a couple of different we sort of have a bit of a playbook that we run through when we launch new product features, which includes kind of announcing directly to current users what we segment through email and in-product kind of notifications or feature discovery.

[Company Representative] (ScaleUp): We have a couple of different. We sort of have a bit of a playbook that we run through when we launch new product features, which includes announcing directly to current users that we segment through email and in-product notifications or feature discovery. Then we broaden that out into more wider publication and broadcast news in terms of updating elements of our website, looking for any kind of search or keyword opportunities off the back of those, and also using our primary internal social, et cetera, to publicize announcements. Yeah.

Ness Rustom: We have a couple of different. We sort of have a bit of a playbook that we run through when we launch new product features, which includes announcing directly to current users that we segment through email and in-product notifications or feature discovery. Then we broaden that out into more wider publication and broadcast news in terms of updating elements of our website, looking for any kind of search or keyword opportunities off the back of those, and also using our primary internal social, et cetera, to publicize announcements. Yeah.

Speaker #4: And then we broaden that out into more widespread publication and broadcast news, in terms of updating elements of our website, looking for any kind of search or keyword opportunities off the back of those, and also using our primary internal social, et cetera, to publish those announcements.

Speaker #4: Yeah.

Speaker #1: Thanks. Another one for you, Ness. Can please Ness talk about how we actively market to our large email list, EG upselling, not just sending occasional product updates?

Ian McDonough: Thanks. Another one for you, Ness. Can please, Ness talk about how we actively market to our large email list, e.g., upselling, not just sending occasional product updates.

Speaker #4: Yeah, absolutely. We do quite a lot. On email, a big push over the last few months has been around really understanding that user base and getting better with segmentation of those announcements and updates so that we're not just sending kind of blast broadcast comms to the whole list, which can actually damage deliverability and things like that.

[Company Representative] (ScaleUp): Yeah, absolutely. We do quite a lot on email. A big push over the last few months has been around really understanding that user base and getting better with segmentation of those announcements and updates, so that we are not just sending kind of blast broadcast comms to the whole list, which can actually damage deliverability and things like that. But starting to get smarter with who we email, what we communicate with them. Every month we look at our strategies for that, what we are going to prioritize next. Yeah. Quite a lot going on there.

Ness Rustom: Yeah, absolutely. We do quite a lot on email. A big push over the last few months has been around really understanding that user base and getting better with segmentation of those announcements and updates, so that we are not just sending kind of blast broadcast comms to the whole list, which can actually damage deliverability and things like that. But starting to get smarter with who we email, what we communicate with them. Every month we look at our strategies for that, what we are going to prioritize next. Yeah. Quite a lot going on there.

Speaker #4: But we're starting to get smarter with who we email, what we communicate with them, and so every month we have kind of a new—we look at our strategy for that, kind of what we're going to prioritize next.

Speaker #4: Yeah, quite a lot going on there.

Speaker #1: Great, thanks. There's another funding question there, which I think we've answered. You've talked about reducing staffing levels. Have you reduced engineer numbers to save costs?

Ian McDonough: Great. Thanks. There is another funding question there, which I think we have answered. You talked about reducing staffing levels. Have you reduced engineer numbers to save costs? We have certainly taken a disciplined approach to our cost base over the last few years, which has resulted in a number of rounds of reduction. We do not intend to reduce any further. We have right-sized the team, and I think it is in a good place. Okay, next. Any more to add there?

Speaker #1: We've certainly taken a disciplined approach to our cost base over the last few years, which has resulted in a number of rounds of reduction.

Speaker #1: We don't intend to reduce any further. We have right-sized the team, and I think it's in a good place. Okay, next. Any more to add there?

Speaker #2: No.

Speaker #1: No. Great post from a video editing company founded out in L.A., if you didn't see it. Thanks, Grant—you're always very good at these things, in terms of sending us these links.

Stephen Streater: No.

Ian McDonough: No? Great post from a video editing company founder out in LA, if you didn't see it. Thanks, Grant. You're always very good at these things in terms of sending us these links. I really appreciate it. "I've tried elevate.io before. It's by far the most impressive proxy codec I've ever experienced. I love the responsiveness of how it runs in the browser." Thanks, Grant. That's really good to hear that. "Are the marketing team aware of elevate.io's key selling points that the editors, owners of the footage, keep the copyright of their IP as opposed to other offerings like CapCut?

Speaker #1: I really appreciate it. I've tried Elevate.io before; it's by far the most impressive proxy codec I've ever experienced. I love the responsiveness of how it runs in the browser.

Speaker #1: Thanks, Grant. That's really good to hear. Is the other marketing team aware of Elevate IO's key selling point—that editors and owners of the footage keep the copyright of their IP—as opposed to offerings like CapCut?

Speaker #4: Yeah, we actually have seen kind of several different spikes. We have keywords and campaigns around competitors, and CapCut is one of them, Google Ads campaigns.

[Company Representative] (ScaleUp): Yeah. We actually, the team's kind of struggled up the spikes, and we have keywords and campaigns around compressors, and CapCut's one of them, Google Ads campaigns, and probably one of our top performing ones, probably for that reason.

Ness Rustom: Yeah. We actually, the team's kind of struggled up the spikes, and we have keywords and campaigns around compressors, and CapCut's one of them, Google Ads campaigns, and probably one of our top performing ones, probably for that reason.

Speaker #4: And that's probably one of our top-scoring ones, probably for that reason.

Speaker #1: Okay, great. Thank you. There's a question from Reese: a barrier for smaller hobbyist creators in using Elevate, compared to social sites such as Instagram, is the real music catalog available.

Ian McDonough: Okay, great. Thank you. There's a question from Reece. "A barrier for smaller hobbyist creators in using Elevate against social sites such as Instagram is the real music catalog available. Epidemic Sound has excellent, if not mostly unknown artists. Will Elevate have access to mainstream artists if it's just for one minute these artists allow, as Instagram does? I've done testing on my own content and well-known artists from Instagram's vast catalog compared to Epidemic Sound's. In every case, the engagement was higher.

Speaker #1: Epidemic has an excellent, if not mostly unknown, roster of artists. Will Elevate have access to mainstream artists if it's just for one minute? These artists allow the same as Instagram does.

Speaker #1: I've done testing on my own content, and when well-known artists from Instagram's vast catalog are compared to Epidemic, in every case, engagement was higher.

Speaker #3: We don't have a deal with any music library able to do that. The way it works is very different within something like Instagram, where they're able to reuse known music.

Sumit Rai: We don't have a deal with any music library able to do that. It works very differently within something like Instagram where they're able to reuse known music. So it's a bit of a harder one for us to do, actually. It's just not possible without licensing known music, which is incredibly complicated to do. So we are unlikely to introduce that. There are other libraries that we did talk to a while ago about that, but it's not necessarily something that's right for us at this point. People can also license that music from another library that has well-known music, and bring it into Elevate and make it part of their edit. So it's not prohibited to do that, but we're not a platform, so we don't have the ability to directly assign music.

Speaker #3: So it's a bit of a harder one for us to do, actually. It's just not possible without licensing known music, which is incredibly complicated to do.

Speaker #3: So, we are unlikely to introduce that. There are other libraries that we did talk to a while ago about that, but it's not necessarily something that's right for us at this point.

Speaker #3: It's not going to—people can also license that music from another library that has well-known music, and bring it into Elevate, and make it part of their edit.

Speaker #3: So, it's not prohibited to do that, but we're not a platform, so we don't have the ability to directly assign music.

Speaker #1: Yeah, we did explore it, and one of the platforms we talked to would do this on our behalf, but only for certain platforms that it would go onto.

Ian McDonough: Yeah. We did explore it, and one of the platforms we talked to would do this on our behalf, but only for certain platforms that it would go onto. Maybe it was YouTube or maybe it was another platform. The fact is that we give complete freedom to our users to publish anywhere. Therefore, it is impossible to do that. Okay. That was a lot of fun. I think we are at the end of the questions. Over to you, Jake.

Speaker #1: So maybe it was YouTube, or maybe it was another platform. The fact is that we give complete freedom to our users to publish anywhere.

Speaker #1: So, therefore, it's impossible to do that. Okay, that was a lot of fun. I think we're at the end of the questions. Over to you, Jake.

Speaker #5: Absolutely, guys. And thank you very much indeed for being so generous with your time in addressing all of those questions that came in this morning.

Operator: Absolutely, guys, and thank you very much indeed for being so generous with your time then addressing all of those questions that came in this morning. Ian, perhaps before, really now, just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments just to wrap up with, that would be great.

Speaker #5: But Ian, perhaps before we continue, I just want to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company.

Speaker #5: If I could please just ask you for a few closing comments, just to wrap up with, that would be great.

Ian McDonough: Well, I think we have done a lot of wrapping up, but I will just say that we are just delighted with the way that the marketing and the product team are working together to deliver the growth that we have seen over the last few months, and long may it continue. Thank you very much.

Speaker #1: wrapping up, but I'll just say that we're just delighted with the way that the marketing and the product team are working together. To deliver the growth that we've seen over the last few months.

Speaker #1: And long may it continue. Thank you very much.

Speaker #5: Ian, that's great. And thank you all once again for updating investors this afternoon. Could I please ask investors not to close this session, as you will now be automatically redirected for the opportunity to provide your feedback.

Operator: Ian, that is great, and thank you all once again for updating investors this afternoon. Could I please ask investors not to close this session as you will now be automatically redirected for the opportunity to provide your feedback. On behalf of the management team of Blackbird PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.

Operator: Ian, that is great, and thank you all once again for updating investors this afternoon. Could I please ask investors not to close this session as you will now be automatically redirected for the opportunity to provide your feedback. On behalf of the management team of Blackbird plc, we would like to thank you for attending today's presentation. That now concludes today's session, so good afternoon to you all.

Speaker #5: On behalf of the management team of Blackbird PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.