Blackpearl reports 177% increase in ARR for FY24
PRELIMINARY FULL YEAR RESULTS
Blackpearl Group is pleased to announce its unaudited preliminary results for the year ended 31 March 2024. The strong result is a testament to Pearl Diver, our flagship product which has accelerated revenue growth, improved Gross Margins and driven us towards the potential for cash profitability.
Key Highlights:
- Subscription Revenue: $4.1m, marking a 183% year-on-year increase.
- Group ARR: Reached $7.4m reflecting a 177% year-on-year increase.
- Pearl Diver Product ARR: $4.9m only 13 months after launch.
- ARR Per Employee: Recorded at $230k exhibiting a 359% year-on-year increase.
- Gross Profit Margin: Increased to 71% for FY24 from 49% in FY23.
- Expenses: Increased 21% year-on-year, however declined as a percentage of revenue to 130% in FY24 from 297% in FY23.
- Cash Burn 3 month Average: Ended the year at $340k, a 42% decrease from its peak during the year.
- Revenue Churn: 4.0% as of March 31, 2024.
Read our full report here.
