Black Pearl Group (BPG) Q2 2026 earnings summary

Executive summary

• Achieved $19.5m in Annual Recurring Revenue (ARR) at Q2 FY26 end, up 87% year-over-year and 39% quarter-over-quarter, with all four growth drivers—Pearl Diver, Bebop, B2B Rocket, and Wholesale—contributing.

• Completed acquisition and integration of B2B Rocket, expanding the product suite and sales automation capabilities.

• Raised $15m in capital, broadening the investor base with significant Australian institutional participation.

• Filed application for ASX cross-listing, targeting completion in November to expand market access and visibility.

• Clear path outlined to reach $50m ARR, focusing on innovation, acquisitions, and multi-product expansion.

Financial highlights

• ARR reached $19.5m as of 30 September 2025, up 87% year-over-year and 39% quarter-over-quarter, the largest in company history.

• Organic ARR growth (excluding B2B Rocket) was NZD 2 million or 11% for the quarter.

• Revenue churn improved to 4.6%, down 0.3ppt quarter-over-quarter.

• ARR per employee was $253k, down 4% quarter-over-quarter.

• CAC payback period increased to 4.6 months, up 17% quarter-over-quarter.

Outlook and guidance

• Targeting $50m ARR in 3–5 years, leveraging four compounding growth engines and a diversified product portfolio.

• ASX listing targeted for November, expected to enhance visibility and access to capital.

• Q3 expected to face higher customer acquisition costs due to US holiday season ad spend and major retail events.

• Focus remains on integrating Pearl Engine data into B2B Rocket and scaling the multi-engine growth model.

• Positioned for sustained, scalable growth through FY26 and beyond.