Black Pearl Group (BPG) Q3 2026 earnings summary

Executive summary

• Q3 delivered the strongest organic ARR growth in company history, reaching $23.7m (NZD 23.7 million), up 114% year-over-year and 22% quarter-on-quarter, driven by multi-venture growth and new DaaS contracts.

• All three high-value product lines—B2B Rocket, Bebop, and Pearl Diver—contributed significantly, reflecting the success of the venture strategy and foundational work.

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

• 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.

Financial highlights

• ARR closed at $23.7m (NZD 23.7 million) as of 31 Dec 2025, up 114% YoY and 22% from Q2 FY26, 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, indicating strong operating leverage.

• DaaS now represents 36-40% of group recurring revenue, with SaaS churn at 8.3% (down from 9.4% YoY) and DaaS churn at 0%.

Outlook and guidance

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

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

• Targeting the next major milestone of $50m ARR, with emphasis on higher-value customers and DaaS expansion.

• Seasonal churn patterns expected to normalize in Q4.