What were the key highlights from Blackpearl Group’s (ASX:BPG) FY26 financial results?

Blackpearl Group reported record growth for the year ended 31 March, driven by the rapid scaling of its Data-as-a-Service platform. Annual recurring revenue surged 114% year-on-year to $26.8 million, while subscription revenue climbed 77% to $13.7 million.

Is Blackpearl Group (ASX:BPG) profitable after its FY26 results?

No, Blackpearl Group is not yet profitable, reporting an EBITDAF loss of $15.7 million for FY26. However, this loss was heavily impacted by $10.2 million in one-off, non-recurring costs related to the B2B Rocket acquisition and its November 2025 ASX dual-listing. Excluding these one-off expenses, the underlying operational loss was significantly lower.

How strong is Blackpearl Group’s (ASX:BPG) balance sheet and cash position?

Blackpearl Group holds $9.6 million in cash as of 31 March. Its financial position is supported by a BNZ NZ$5 million facility that has been refinanced out to March 2028. Additionally, the company’s Data-as-a-Service business achieved 0% churn for the full year, providing a stable foundation of recurring cash flow.

What is the bull case for Blackpearl Group (ASX:BPG) following this update?

The bull case centres on explosive top-line growth and surging operational efficiency. Blackpearl Group more than doubled its ARR, reduced its customer acquisition cost payback period to a best-in-class 3.5 months, and grew ARR per employee by 41% to $346,000. Furthermore, its proprietary Pearl Engine severely outperforms generalist AI models in efficiency and quality.

What is the bear case and key risks for Blackpearl Group (ASX:BPG)?

The primary bear case is the company's current unprofitability and cash burn, highlighted by the $15.7 million EBITDAF loss. While management is pivoting toward cash conversion, any delay in reaching cash-flow break-even could risk future capital dilution for shareholders. Additionally, its SaaS churn sits higher than its DaaS product at 4.9%.

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Blackpearl Group annual recurring revenue doubles to NZ$26.8M

Written by Jon CuthbertPublished May. 27 2026Last Updated May. 27 2026

Blackpearl Group (ASX:BPG) announced its financial results for the year ended March 31, delivering a record performance driven by the rapid scaling of its Data-as-a-Service platform.

The company’s annual recurring revenue surged by 114% year-on-year to NZ$26.8 million, up from NZ$12.5 million in the previous fiscal year.

The growth was bolstered by a strong post-acquisition trajectory from B2B Rocket, which is now fully integrated, identifying $1.8 million in annualised cost synergies for FY27.

According to the Proto-GTM Bench third-party benchmark, Pearl Engine outperformed leading generalist AI models by 25 times on lead-finding efficiency per dollar, achieving an 87.3% output quality compared to the industry average of approximately 70%.

Subscription revenue climbed 77% to NZ$13.7 million, whilst gross profit margins expanded to 69%.

Operational efficiency also improved, with customer acquisition cost payback dropping to 3.5 months and ARR per employee rising 41% to $346,000.

Despite reporting an EBITDAF loss of NZ$15.7 million—impacted by $10.2 million in one-off non-recurring costs from the B2B Rocket acquisition and its November 2025 ASX dual-listing—the group holds NZ$9.6 million in cash.

Chair Tim Crown stated that with the growth case proven at scale, Blackpearl Group will rebalance its operational priorities for FY27.