Black Pearl Group (BPG) H2 2025 earnings summary

Executive summary

• Achieved $12.5m+ ARR as of March 31, 2025, up 70% year-over-year, driven by Pearl Diver and Bebop launches, with a strategic focus on high-ARPU, low-churn customers and scaling for mid- and long-term success in the U.S. SME market.

• Emphasized speed, innovation, and adaptability as key competitive advantages in a rapidly evolving AI-driven landscape.

• Raised $12.5m in growth capital and secured a $5m non-dilutive loan facility to support expansion.

Financial highlights

• Subscription revenue grew 91% year-over-year to $7.7m for FY25; ARR per employee reached $245k, up 7% year-over-year.

• Gross margin was 68%, down from 71% last year due to temporary duplication of data supply contracts, with recovery expected as new contracts phase in.

• Pearl Diver reached nearly $10m ARR within two years of launch; Bebop showed strong early traction and fastest ARR growth in beta.

• Top 10 customers accounted for 17% of revenue, up from 10% a year ago; ARPU for Pearl Diver increased 132% year-over-year.

• Ended FY25 with $6.7m in cash and access to a $4m undrawn non-dilutive facility.

Outlook and guidance

• Targeting $20m ARR within 7–12 months and $50m+ ARR in 2.5–5 years, with margin expansion expected from Q2 FY26 as legacy data contracts roll off.

• Well-capitalized to support continued investment in product, AI, and go-to-market initiatives.

• Bebop ARR to begin contributing in FY26, with ongoing evaluation of bolt-on acquisitions.