Blackpearl Group (BPG) today presents its results for the fourth quarter ending 31 March 2025.
In his Q4 foreword, CEO Nick Lissette said, “What a quarter. We grew ARR by 13% in just 2.5 months – and that’s while most of the world hit pause.”
Lissette credited Pearl Diver as the primary driver of growth, supported by a strategic shift to higher-value customers. “We made the call last quarter to step away from lower-tier accounts. Since then, we’ve lifted ARR and stabilised churn.”
He also highlighted the beta launch of Bebop, calling it “a resounding success” and an example of Blackpearl’s ability to execute fast. “In over two decades of launching technology, I’ve never seen such positive feedback at beta.”
Looking ahead, Lissette confirmed the Board is exploring a dual listing on the ASX, aiming to expand the shareholder base and support the company’s next phase of growth.
In her Q4 remarks, Interim CFO Karen Cargill reflected on a quarter that demonstrated both financial momentum and strategic progress.
“I’m excited to return as Interim CFO at such a pivotal moment for Blackpearl Group,” she said.
Cargill highlighted a 13% lift in ARR to $12.5 million, along with subscription revenue reaching $2.4 million. She also pointed to a significant improvement in churn, down from 9.4% to 5.3%, following the company’s deliberate decision to phase out lower-tier, higher-cost customers. “This adjustment has helped stabilise retention and lift the overall quality of our revenue base.”
She acknowledged a temporary decline in ARR per employee, from $271k to $245k, due to strategic hiring across AI and product functions. “These investments position us for scalable growth,” she noted.
Gross margin came in at 57%, impacted by a planned crossover between data supply agreements. “With our new fixed-fee model now in place, we expect margins to improve as we scale. We remain confident this investment will support stronger, more scalable margins going forward.”
The opportunity ahead is significant. With the launch of Bebop, we’re expanding our reach within the SME market, targeting new decision-makers and unlocking additional revenue streams. This product builds on our platform strategy, allowing us to serve our market from multiple angles while strengthening our position in AI-driven sales and marketing.
We know what needs to be done. Our track record shows we can move quickly and execute effectively. We’re confident this next phase will unlock even greater value for shareholders. With momentum building across our business, we’re ready to lead in this next chapter.
To provide deeper insight into our strategy, market opportunity, and growth ambitions, we’re preparing to host an Investor Day later this year.
