Blackpearl Group HY FY26 Result - Strong Execution

BPG Half Year Results - Strong execution across all priorities

Blackpearl Group Limited (NZX:BPG) today announces its results for the six months ended 30 September 2025. Blackpearl has executed strongly across all priorities set for FY26: accelerating Annual Recurring Revenue (ARR), advancing the Blackpearl Engine, launching a new AI product and acquiring a highly synergistic venture. These achievements demonstrate the power of Blackpearl’s platform driven model, which consistently converts valuable proprietary data into measurable commercial outcomes.

Highlights

• $19.5m Annual Recurring Revenue, +87% YoY
• $5.2m Subscription Revenue, +59% YoY
• 67% gross margin, 5.8 PPT decline YoY, 10% increase from Q4 FY25
• 4.6% Revenue Churn, 0.6 PPT increase YoY
• 4.6 Month CAC Payback Period increased due to launch of wholesale and acquisition of B2B rocket
• New wholesale (DaaS) offering launched, unlocking a scalable route to monetise the Blackpearl Engine
• Pearl Diver, Bebop, B2B Rocket and DaaS now operating as four parallel engines for scale
• New wholesale (DaaS) offering launched, unlocking a scalable route to monetise the Blackpearl Engine
• Acquired B2B Rocket, a high growth US-based AI sales tool
• 21bn signals processed daily - reinforcing Blackpearl Engine’s data advantage and platform leverage
• Capital raise to fuel product expansion, venture scale, and Blackpearl Engine investment
• Admission to the Australian Securities Exchange (ASX) as a Foreign Exempt Issuer expected to occur today, broadening institutional access and strengthening market visibility.

Strategic Execution

Blackpearl began FY26 with four clear priorities:
• Accelerate ARR
• Increase value of the Blackpearl Engine LLM
• Launch a new AI product
• Acquire a highly synergistic company

Each has been achieved.

ARR expanded significantly, supported by improved product-market fit, stronger commercial traction across ventures, and continued efficiency gains across the Blackpearl Engine. Bebop launched successfully into market and is now progressing through early-stage customer validation and refinement. Meanwhile, the acquisition and rapid integration of B2B Rocket has boosted data scale, broadened the product suite, and contributed incremental ARR.

These outcomes underscore the strength of Blackpearl’s repeatable venture model. Optionality, speed, and platform leverage provides continued momentum.

Financial commentary

Blackpearl delivered strong revenue performance in HY26, with ARR rising 87% year-on-year to $19.5m (annualised) and subscription revenue increasing 59% to $5.2m (six months) as customers progressed through onboarding and billing cycles. The expected lag between ARR and subscription revenue remains, particularly in Data-as-a-Service (DaaS) contracts where revenue ramps up over the first 3-6 months and is recognised over longer terms. Early contribution from B2B Rocket (adding 40 days of subscription revenue), further supported ARR growth and will contribute further to H2 revenue. As new ventures scale and platform efficiencies compound, ARR and subscription revenue are expected to align more closely over time.

Gross margin decreased during the half to 67%, reflecting the shift to a fixed-fee data supply model. While the new model increased temporary upfront costs, the structure is already delivering scale benefits, contributing to a 10% margin improvement from Q4 FY25. Operating expenses increased as planned due to one-off ASX listing, capital raise and acquisition costs, continued Pearl Engine development, and the launch of Bebop. These investments are foundational to the Blackpearl’s long-term scale, and operating leverage is expected to strengthen as ARR continues to grow.

The balance sheet was strengthened through a successful private placement raising $11.8m to support product expansion, growth hiring, and platform development. Net free cash outflows of $7.1m (excluding the B2B Rocket acquisition) reflect planned investment to scale the business. With increased balance sheet resilience, a broader investor base, and disciplined cash management, Blackpearl is well positioned to continue its growth trajectory.

Capital Raise Overview

Blackpearl successfully executed a fully subscribed capital raise to raise a total of NZ$11.8m (A$10.2m). Our last two raises have significantly broadened our institutional shareholder base, including new Australia-based institutions, and provided funding to further enhance the Pearl Engine, for the rollout of Bebop and future ventures. This places Blackpearl in a strong position to execute on its growth initiatives while maintaining financial resilience.

ASX Listing

Blackpearl also expects to mark a significant corporate milestone with admission to the ASX expected to occur today. The listing broadens Blackpearl’s investor base and enhances access to capital markets, reflecting strong momentum and growing interest from Australian institutional investors. Trading of BPG shares on the ASX is expected to commence on Tuesday, 25 November 2025.

Looking ahead

The second half of FY26 will be centred on commercial execution and converting the platform and product investments made in the first half into sustained revenue growth. Seasonal Q3 dynamics are anticipated, with major US retail events creating upside opportunity to execute on venture model. With ARR momentum building and the Blackpearl Engine operating at greater scale, Blackpearl is positioned to continue to drive strong revenue growth.

Our focus for H2: capitalise on DaaS sales momentum for Pearl Diver, expand Bebop’s early customer traction; deepen the integration and commercial contribution of B2B Rocket; and leverage the efficiency gains from the Blackpearl’s fixed-fee data supply structure. Together, these initiatives support ARR, operating leverage and margin improvement as volumes increase. With a strengthened balance sheet, a broader investor base, and a unified data and AI platform, Blackpearl is well positioned to deliver its growth strategy and accelerate revenue performance through the second half and toward our next milestone of $50m ARR.

ENDS

Results presentation and conference call

A results presentation has been released this morning on the NZX and ASX with further details on Blackpearl’s performance and startegy.

Chief Executive Officer Nick Lissette and Interim Chief Financial Officer Karen Cargill will provide a presentation to discuss the Company’s HY performance and key developments, via a webinar at 12.15pm NZDT / 10.15am AEDT today.

Register for the investor webinar via the link below:
https://us02web.zoom.us/webinar/register/WN_GVGzR3bhToeduOE3vN1a_A

Participants are invited to submit questions prior to the event to [email protected], or alternatively, may submit questions via the Q&A function within Zoom during the webinar.

Contact

Released for and on behalf of BPG by Karen Cargill, Interim Chief Financial Officer.
For further information, please contact: [email protected] | +64 21 135 5183


About Blackpearl Group

Blackpearl Group (BPG) is a market leading data technology company that pioneers AI-driven sales and marketing solutions for the US market.

Specifically engineered for small-medium sized businesses (SMEs), BPG consistently delivers exceptional value to its customers. Our mantra is simple: ‘We Create Motivating Opportunities’. When our customers win, we win.

Founded in 2012, BPG is based in Wellington, New Zealand, and Phoenix, Arizona.

Blackpearl.com

 

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