Blackpearl Group Q1 FY26 Update

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT

22 JULY 2025
Blackpearl Group – Q1 FY26 Update

Blackpearl Group (NZX: BPG) achieved $14.0 million in Annual Recurring Revenue (ARR) at the end of
Q1 FY26 (30 June 2025). Since then, the company has announced the conditional acquisition of B2B
Rocket. Including B2B Rocket’s ARR as at the same date, total ARR would be $17.5 million –
representing a 105% increase compared to Blackpearl’s ARR in June 2024.

In FY26, Blackpearl is shifting from a single-source growth engine to a multi-driver growth platform.
While FY25 delivered standout ARR growth of 70% led almost entirely by Pearl Diver, Q1 marked a
critical step forward as the company activated four growth initiatives to drive future performance.

During Q1, Blackpearl progressed on four growth initiatives which will benefit FY26:
• Launch of Bebop is making a meaningful impact, reaching $1.2 million in just 45 days, twice
as fast as Pearl Diver’s initial $1m.
• Pearl Diver continues to contribute steady growth as the team advanced strategic initiatives
in affiliate expansion and intent data.
• Launched Wholesale/White Label, which is starting to gain traction.
• On top of those organic achievements, Blackpearl has begun executing its inorganic strategy,
adding a fourth growth engine with the conditional acquisition of B2B Rocket.

To re f l e c t i t s evo l u t i o n i n to a m u l t i-product SaaS company, Blackpearl Group has adopted a new
quarterly reporting structure focused on SaaS performance metrics. This shift provides shareholders
with more timely and targeted visibility into the performance of the Company’s expanding product
suite.

Highlights

• Annual Recurring Revenue (ARR): Reached $14.0 million as of 30 June 2025, marking a 63%
YoY i n c re a s e a n d a 12% increase from Q4 FY25.
• Revenue Churn: 4.9% as of 30 June 2025, improving from 5.3% in Q4 FY25.
• ARR Per Employee: $264k, a 5% YoY increase and 7% improvement from Q4 FY25.
• CAC Payback Period: 4.0 months for the quarter ending 30 June 2025.

Acquisition Commentary

A key part of management’s focus in Q1 was on due diligence and negotiations that have resulted in
the conditional purchase of B2B Rocket (www.b2brocket.ai). With the expectation of the deal
becoming unconditional over the coming weeks, this is an opportunity to give shareholders an early
view on what our consolidated metrics would look like.

Including B2B Rocket the Group’s aggregated metrics would be:

• Annual Recurring Revenue (ARR): $17.5 million as of 30 June 2025, which would mark a
105% YoY increase and a 40% increase from Q4 FY25.
• Revenue Churn: 4.9% as of 30 June 2025.
• ARR Per Employee: $240k as of 30 June 2025.
• CAC Payback Period: 3.9 months for the quarter ending 30 June 2025.

B2B Rocket’s technology is our most frequently requested integration for both Pearl Diver and Bebop
and is a proven standalone performer, having grown nearly 290% over the last two years. The
acquisition has clear synergies with our existing offering, representing a ‘1 + 1 = 3’ opportunity.

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
Q1 Commentary

Q1 FY26 marked a breakout start to the new financial year, with Blackpearl Group delivering strong
growth across its expanding suite of AI-powered products.

ARR reached $14 million as of 30 June 2025, up 12% from the prior quarter and 63% year-on-year,
driven by the exceptional early performance of Bebop and steady growth in Pearl Diver.

Bebop, our newest AI sales enablement product, surpassed $1.2 million in ARR within just 45 days,
twice as fast as Pearl Diver’s early traction. Designed to accelerate outbound sales for SMEs, Bebop
outperformed across key SaaS metrics and has demonstrated one of the strongest product-market
fits in our company’s history.

Pearl Diver contributed steady growth, whilst the team advanced significant strategic initiatives to
expand FY26 revenue and beyond, including affiliate expansion and intent data. These enhancements
have been designed to increase conversion, extend customer lifetime value, and deepen product
utility.

Churn improved to 4.9%, down from 5.3% in Q4 FY25, continuing the positive trend following our
strategic focus on higher-value, retention-aligned customers. This higher quality and more focused
revenue base reflects the strength of our ICP-led strategy.

ARR per employee rose to $264k, reflecting strong operating leverage as we continued to scale
topline revenue whilst retaining discipline and efficiency on our team structure.

We continue to see efficiencies flow from shared platform infrastructure and lean execution across
GTM and product.

Lastly, we are introducing Customer Acquisition Cost (CAC) payback time as a new performance
metric in our reporting. Despite our products being early stage, they are scaling efficiently, with a CAC
payback period of 4.0 months. This reflects strong early conversion from Bebop’s launch and the
continued refinement of Pearl Divers marketing engine. According to industry benchmarks from
leading observers, such as Bessemer Venture Partners, 4.0 months is regarded favourably, with 12-18
months (good), 6-12 months (better), 0-6 months (best).

Outlook

With three high-growth products scaling in parallel, and a fourth on the way, Blackpearl is now
structurally positioned to accelerate at velocity through its $20 million ARR milestone, with increasing
visibility to $50 million and beyond.

We look forward to completing the B2B Rocket acquisition in Q2 and continuing to scale Bebop’s
distribution footprint.

ENDS

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
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.

Specifically engineered for small-medium sized businesses (SMEs), BPG consistently delivers
exceptional value to its customers. Our mantra is simple: ‘Better Growth Together’. When our
customers win, we win.

Founded in 2012, BPG is based in Wellington, New Zealand, and Phoenix, Arizona.

Blackpearl.com

Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
ARR PER EMPLOYEE AT QUARTER END
QUARTER, FINANCIAL YEAR
Q1 UPDATEBLACKPEARL GROUPFY 2026PAGE 04
Q1 FY26 Highlights
DELIVERING ON OUR STRATEGY
ANNUAL RECURRING REVENUE (ARR)
$14.0m
As of 30 June 2025.
63% increase YoY, up 12% from the
previous quarter Q4 FY25.
ANNUAL RECURRING REVENUE PER EMPLOYEE
$264k
As of 30 June 2025.
5% increase YoY, up 7% from the
previous quarter Q4 FY25.
REVENUE CHURN
4.9%
As of 30 June 2025.
1.5ppt increase YoY, 0.4ppt decrease from
the previous quarter Q4 FY25.
CAC PAYBACK PERIOD
4.0mo
As of 30 June 2025.
5% improvement YoY, 24% improvement
from the previous quarter Q4 FY25.
TOTAL ARR AT QUARTER END
TOTAL ARR (NZD)
QUARTER, FINANCIAL YEAR
TOTAL ARR (NZD)