Earnings release
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BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT 29 JANUARY 2026 Q3 FY26 Investor Update: ARR grows 114% YoY Blackpearl Group (NZX/ASX:BPG) achieved $23.7 million in Annual Recurring Revenue (ARR) at the end of Q3 FY26 (31 December 2025), a 114% increase year-on-year and 22% quarter-on-quarter (versus Q2). Q3 marked a significant acceleration in ARR following the launch of Blackpearl’s multi-venture growth model. Despite seasonal headwinds, growth was broad-based, with continued momentum across Pearl Diver, Bebop, and B2B Rocket, alongside the emergence of Data as a Service (DaaS) as a high-quality recurring revenue stream. Key metrics • Annual Recurring Revenue (ARR): $23.7m, up 114% YoY and 22% QoQ • Revenue Churn: DaaS at 0%, while SaaS declined 1.1ppt YoY to 8.3% from 9.4% in Q3 FY25 • CAC Payback Period: 3.9 months for Q3 FY26, improved from 4.6 months in Q2 FY26 • ARR Per Employee: $306k, up 21% from $253k in Q2 FY26 Q3 Commentary Q3 FY26 represented strong execution in Blackpearl Group’s venture based strategy with the strongest single-quarter organic ARR growth in the Company’s history. While the December quarter saw elevated churn from lower-tier customers pausing campaigns over the holiday season, this impact was more than offset by accelerating growth from higher-value customers and new Data as a Service (DaaS) contracts. ARR increased by $4.3m in the quarter to $23.7m, underpinned by continued momentum across Pearl Diver, Bebop and B2B Rocket. CEO Nick Lissette said, “I’m naturally happy with the growth delivered this quarter, with ARR reaching $23.7m alongside improved CAC efficiency. Q3 was strategically important for Blackpearl, with the successful ASX listing, continued Group integration, and further scaling of our multi-venture growth platform. The shift toward higher-value customers and contracted DaaS revenue continues to strengthen unit economics and operating leverage, reflected in ARR per employee surpassing $300k and improved CAC payback. Looking ahead, we remain focused on expanding distribution, increasing product contribution, and scaling DaaS with its long tenure, high retention, and higher-value customers.” ARR grew to $23.7m as of 31 December 2025, up 22% from Q2 FY26 and 114% year-on-year. Growth was supported by sustained demand across Pearl Diver, Bebop and B2B Rocket and strong contract wins in DaaS. SaaS growth accelerated supported by customer acquisition and monetisation as customers migrated to higher value offerings especially in B2B Rocket. CEO Nick Lissette said, “The B2B Rocket team is focused on integrating its product with the Pearl Engine, and while this work is ongoing, we are already seeing early benefits in attracting and serving higher-tier customers. By combining AI-driven outbound capability with our broader data and product stack, we are strengthening our value proposition and accelerating growth across the platform.” DaaS continued to gain momentum, with early contract wins validating this new route to monetise the Pearl Engine. Blackpearl is selectively onboarding partners while continuing to build capability in-house. These customers are naturally sourced through the Pearl Diver go-to-market motion, and have natural upsells to DaaS contracts. Revenue churn increased quarter-on-quarter to 8.3%, reflecting roll-off of lower-value customers as well as typical December-quarter seasonality. While churn increased from 4.6% in Q2 FY26, it was improved
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BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT from 9.4% in Q3 FY25. This pattern is consistent with U.S. year-end customer rationalisation and remains an area of focus, with improvement expected in Q4. Churn within DaaS remains nil. Customer Acquisition Cost (CAC) payback improved to 3.9 months, down from 4.6 months in Q2 FY26. While CAC was previously expected to increase, strong customer acquisition during the highly competitive quarter drove improved efficiency, supported by a growing mix of higher-value customers, including DaaS contracts, and continued optimisation across our go-to-market motions. CAC efficiency remains a core focus as we scale higher-value acquisition channels and deepen product-led expansion. ARR per employee increased to $306k, reflecting continued operating leverage as revenue scaled through the quarter, and compares favourably to global comps. As the Group continues to execute its multi-venture model and further integrates shared data and platform capability across products, operating leverage is expected to strengthen over time. Outlook Looking ahead to Q4, Blackpearl remains focused on converting FY26’s strategic progress into sustained revenue outcomes. Following the successful ASX listing in Q3, the Group is well positioned to broaden its investor base while continuing to scale ARR through its multi-venture growth model. CEO Nick Lissette said, “We are entering 2026 with strong momentum. Operationally, our focus is on continuing to integrate B2B Rocket into the Group’s shared data ecosystem, progressing commercial contribution through higher-value packaging, and scaling DaaS with a disciplined focus on higher value customers. Seasonal patterns during the December quarter are already normalising. And we will remain deliberate in balancing growth investment with efficiency as we maintain a clear trajectory toward our next major milestone of $50m ARR.” ENDS Contact Released for and on behalf of BPG, Karen Cargill, Chief Governance Officer and Interim CFO For further information, please contact: Karen.cargill@blackpearl.com | +64 21 135 5183 About Blackpearl Group Blackpearl Group (BPG) is a market leading data technology company that pioneers AI-driven sales and marketing solutions for the US market. Founded in 2012, BPG is based in Wellington, New Zealand, and Phoenix, Arizona. Blackpearl.com
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Q 3 U P D A T E B L A C K P E A R L G R O U P F Y 2 6 P A G E 0 3 Q 3 F Y 2 6 H i g h l i g h t s D E L I V E R I N G O N O U R S T R A T E G Y A N N U A L R E C U R R I N G R E V E N U E ( A R R ) $ 2 3 .7m A s o f 3 1 D e c 2 0 2 5 . 1 1 4 % i n c r e a s e Y o Y , u p 2 2 % f r o m t h e p r e v i o u s q u a r t e r Q 2 F Y 2 6 . A R R P E R E M P L O Y E E $ 3 0 6 k A s o f 3 1 D e c 2 0 2 5 . 1 3 % i n c r e a s e Y o Y , u p 2 1 % f r o m t h e p r e v i o u s q u a r t e r Q 2 F Y 2 6 - r e f l e c t i n g o p e r a t i n g l e v e r a g e a s B 2 B R o c k e t s c a l e d . D A A S R E V E N U E C H U R N 0 % C A C P A Y B A C K P E R I O D 3 .9 m o A s o f 3 1 D e c 2 0 2 5 . 3 % d e c r e a s e Y o Y , a 1 5 % i m p r o v e m e n t f r o m t h e p r e v i o u s q u a r t e r Q 2 F Y 2 6 . T O T A L A R R A T Q U A R T E R E N D TOTAL ARR (NZD) S A A S R E V E N U E C H U R N 8 .3 % A s o f 3 1 D e c 2 0 2 5 . 1 .1 p p t d e c r e a s e Y o Y ( f r o m 9 . 4 % i n Q 3 F Y 2 5 ) A s o f 3 1 D e c 2 0 2 5 . 0 . 0 p p t c h a n g e . Q 1 F Y 2 2 Q 2 F Y 2 2 Q 3 F Y 2 2 Q 4 F Y 2 2 Q 1 F Y 2 3 Q 2 F Y 2 3 Q 3 F Y 2 3 Q 4 F Y 2 3 Q 1 F Y 2 4 Q 2 F Y 2 4 Q 3 F Y 2 4 Q 4 F Y 2 4 Q 1 F Y 2 5 Q 2 F Y 2 5 Q 3 F Y 2 5 Q 4 F Y 2 5 Q 1 F Y 2 6 Q 2 F Y 2 6 Q 3 F Y 2 6 $ 0 $ 5 , 0 0 0 , 0 0 0 $ 1 0 , 0 0 0 , 0 0 0 $ 1 5 , 0 0 0 , 0 0 0 $ 2 0 , 0 0 0 , 0 0 0 $ 2 5 , 0 0 0 , 0 0 0 Q U A R T E R