Black Pearl Group (BPG) Q4 2026 TU earnings summary

Executive summary

• Achieved $26.8m (NZD 26.8 million) in Annual Recurring Revenue (ARR) at Q4 FY26 end, up 114% year-over-year and 13% quarter-on-quarter.

• Completed a transformational year with sustained organic growth and validation of Data as a Service (DaaS) as a high-quality, zero-churn revenue stream.

• Key milestones included integrating B2B Rocket into Pearl Engine, scaling DaaS to multiple enterprise partners, and dual-listing on the ASX.

• Entering FY27 with a focus on optimisation, operational momentum, and converting growth into cash-generative returns.

Financial highlights

• ARR per employee reached $346,000+, up 41% year-over-year and 12% quarter-on-quarter.

• CAC payback period improved to 3.5 months, a 33% year-over-year improvement and down from 3.9 months in Q3 FY26.

• SaaS churn improved to 4.9% as of Q4 FY26, a 0.4ppt improvement year-over-year.

• DaaS churn remained at 0% for both the quarter and the year.

• ARR increased by $3.1m in Q4, with DaaS as a key contributor.

Outlook and guidance

• Approaching the $30m ARR milestone by December 31, with a clear path to $50m and potential to reach $35m.

• FY27 focus includes tighter customer cohorts, shorter ramp cycles, and converting ARR growth into durable, cash-generative returns.

• Emphasis on efficient growth, cash preservation, and no immediate plans to raise additional capital.

• Pearl Engine processes over 31bn sales and marketing signals daily, deepening the competitive moat.

• Additional product releases and strategic acquisitions planned over the next 3-5 years.