Black Pearl Group (BPG) H1 2026 earnings summary

Executive summary

• Achieved all four strategic priorities: accelerating ARR growth, advancing Pearl Engine/LLM capabilities, launching Bebop (AI product), and acquiring B2B Rocket in the first half of FY 2025.

• Strengthened balance sheet and diversified revenue streams, including expansion into Data-as-a-Service (DaaS).

• Focused on efficient, sustainable growth and disciplined execution, with an average revenue per employee over $250,000.

• Product diversification and venture-led structure implemented to support long-term resilience and quality revenue.

Financial highlights

• ARR reached $19.5 million, up 87% year-over-year as of 30 September 2025.

• Subscription revenue for HY26 was $5.2 million, a 59% increase year-over-year.

• Gross margin improved by 10% from Q4 FY 2025, with gross profit margin at 67% for HY26, down from 73% in HY25 due to fixed data supply agreements.

• B2B Rocket acquisition added $3.5 million in ARR, with only 40 days contributing to subscription revenue.

• Net loss for the period was $7.34 million, compared to $4.20 million loss in the prior year.

Outlook and guidance

• Strong Data-as-a-Service pipeline with over $8 million in ARR opportunities generated in the last 90 days.

• Second half of FY26 will focus on scaling DaaS, advancing Bebop, increasing B2B Rocket's contribution, and leveraging fixed fee data supply for margin improvement.

• Each venture (Bebop, Pearl Diver, B2B Rocket) has dedicated resources and CEO, with resourcing adjusted quarterly based on performance and market conditions.

• Anticipates continued efficiency improvements and scaling as capital is deployed.

• Annual contracts are standard for recurring revenue, with automatic renewals.