Black Pearl Group (BPG) Q3 2026 earnings summary

Executive summary

• Achieved NZD 23.7 million in ARR as of 31 December 2025, up 114% year-over-year and 22% quarter-over-quarter, marking the strongest single-quarter organic ARR growth in company history despite seasonal challenges and U.S. market uncertainty.

• Growth was broad-based across Pearl Diver, Bebop, and B2B Rocket, with all three high-value product lines contributing significantly and DaaS emerging as a high-quality recurring revenue stream.

• The company shifted from uncontracted monthly SaaS to contracted annual SaaS and DaaS, with DaaS now approaching 40% of ARR and zero churn after 8 months.

• Successfully listed on the ASX and continued integration of group ventures, focusing on higher-value customers and scaling DaaS.

Financial highlights

• ARR closed at NZD 23.7 million, up 114% year-over-year and 22% quarter-on-quarter, all organic growth in Q3.

• ARR per employee reached NZD 306,000, up 21% from Q2 FY26 and 13% year-over-year, reflecting improved operating leverage.

• CAC payback period improved to 3.9 months, down from 4.6 months in Q2 FY26 and a 3% decrease year-over-year.

• DaaS now represents 36-40% of group recurring revenue, with SaaS churn at 8.3% and DaaS churn at 0%.

Outlook and guidance

• Clear path to NZD 30 million and NZD 50 million ARR, with multiple growth engines compounding in parallel.

• Focus remains on efficiency, execution, and cash utilization, with a drive toward positive EBITDA growth across ventures.

• Cash neutrality is targeted around NZD 30 million ARR, assuming continued efficiency and no major new acquisitions or product launches.