Black Pearl surpasses $10m in annual revenue

Black Pearl Group has achieved a significant milestone, surpassing $10 million in annual recurring revenue (ARR).

As of Sept 30, 2024, the company's ARR reached $10.4m, a 126% increase on the previous year.

To support its next stage of growth, Black Pearl is launching a capital raising initiative, aiming to raise $10m, with the potential for oversubscriptions.

The capital raising will be conducted at $1.25 a share, an 8.8% discount to the 30-day volume-weighted average price of $1.37.

It will consist of a non-underwritten placement of $8m and a share purchase plan offer of $2m to existing shareholders in New Zealand.

A trading halt has been granted by NZX to facilitate the placement, and Black Pearl expects to provide an update on the capital raised under the placement on Oct 7.