Data technology company Black Pearl Group has announced its financial results for the six months to 30 September 2023, revealing significant growth driven by strategic initiatives and technological advancements.
The company reported a 163% increase in subscription revenue, reaching $1.5m, and a 221% increase in annual recurring revenue (ARR), which reached $4.6m.
Gross profit also saw a substantial increase, up 284% to over $1m.
Black Pearl Group attributed its success to operational efficiencies and strategic investments.
The company's gross profit margin also increased from 46% to 67% year-on-year.
However, total expenses increased by $1.3m, primarily due to growth-related activities such as the acquisition of Newoldstamp, the NZX listing, and revenue growth-related costs.
Despite the higher expenses, Black Pearl Group remains focused on sustained profitability and market leadership.
The company's chief executive, Nick Lissette, highlighted the success of pearldiver.io, which achieved over $1m in ARR within five months of its launch.
Black Pearl Group also announced that it had achieved $5m in ARR as of 31 October 2023 and raised $3.8m through placements to wholesale investors and a share purchase plan to retail investors.
Looking ahead, the company is focused on innovation, market expansion, and customer-centric product development to drive further growth and profitability.See more