Black Pearl Group (BPG) Q3 2026 TU earnings summary

Executive summary

• Achieved the strongest quarter of organic growth in company history, with ARR reaching $23.7m at Q3 FY26 end, up 114% year-over-year and 22% quarter-on-quarter.

• Growth driven by three high-value products and a strategic shift from uncontracted monthly SaaS to contracted annual SaaS and DaaS.

• DaaS revenue grew from zero to nearly 40% of ARR in eight months, with churn remaining at 0%.

• All ventures (B2B Rocket, Bebop, Pearl Diver) contributed significantly to revenue, with B2B Rocket's integration boosting average revenue per new customer fivefold and driving higher-tier customer acquisition.

• Strategic milestones included a successful ASX listing and further integration of group ventures.

Financial highlights

• ARR reached $23.7m (NZD 23.7 million), up 114% year-over-year and 22% quarter-on-quarter, all organic growth in Q3.

• ARR per employee increased to $306k (NZD 306,000), a 21% increase from Q2 FY26 and 13% YoY.

• CAC payback period improved to 3.9 months, down from 4.6 months in Q2 FY26.

• DaaS now represents 36% of group recurring revenue.

• SaaS churn was seasonally elevated at 8.3% but expected to normalize; DaaS churn remained at 0%.

Outlook and guidance

• Focus remains on efficiency, execution, and cash utilization, with a goal of reaching NZD 30 million ARR and cash neutrality.

• No projections for free cash flow break-even, but milestone investing targets cash neutrality around NZD 30 million ARR, assuming continued efficiency and no major new acquisitions.

• Confident in maintaining growth velocity toward $50m ARR over the next 3-5 years, with emphasis on higher-value customers and DaaS expansion.

• Seasonal churn patterns expected to normalize in Q4.