Black Pearl Group (BPG) Q2 2025 earnings summary

Executive summary

• Achieved $10.4m in annual recurring revenue (ARR) as of 30 September 2024, up 22% from the previous quarter and 126% year-over-year.

• New ARR per quarter grew 108% year-over-year, with average revenue per Pearl Diver customer up 91% year-over-year.

• Completed an oversubscribed private placement, attracting investment from leading institutions and opening a Share Purchase Plan to current investors.

• Focus remains on scaling to $20 million ARR within 12–18 months, supported by operational improvements and capital raise.

Financial highlights

• Subscription revenue reached $1.7m for Q2 FY25, up 14% sequentially and 86% year-over-year.

• Gross profit margin held steady at 73%, up from 70% in Q2 FY24.

• ARR per employee rose to $282k, a 12% increase from the previous quarter and 95% year-over-year.

• Revenue churn increased to 4.0%, up 0.7ppt year-over-year and 0.6ppt from the previous quarter.

• Top 10 customers accounted for 10% of revenue, down 1ppt sequentially, indicating a broader customer base.

Outlook and guidance

• Targeting $20m in ARR within 12–18 months, with a longer-term vision to reach $100m.

• Q3 expected to be a more challenging sales period; focus on operational efficiency and CRM upgrades.

• Initiatives underway to deepen product utilisation insights and refine customer profiles to improve retention.

• Exploring new high-value data sources to create additional revenue streams.