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, 2026, 10:45 PMLast Updated Jul 6, 2026, 10:10 AM

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.

Blackpearl Group annual recurring revenue doubles to NZ$26.8M

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