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Blackpearl Group targets $10M milestone as annual recurring revenue doubles

Listed technology firm Black Pearl Group Limited (NZX:BPG) today announced it had more than doubled its annual recurring revenue (ARR) year on year.

The company posted $5.5 million (up 122% YoY) for the quarter ending December 31, 2023, and company CEO Nick Lisette is now eyeing the $10 million milestone.

“Just a year ago, we set ambitious targets, and today, we continue to deliver on those,” said Lissette.

“Every comparative metric has soared into triple digits, some even surpassing expectations multiple times over.”

Blackpearl’s key highlights include:

Subscription revenue of $1.2M (Up 215% YoY and 29% on Q2 FY24). ARR per employee increased by 314% YoY and 28% from Q2 FY24, underscoring our team’s productivity and effectiveness.

Total Annual Recurring Revenue (ARR) as of December 31, 2023, reached $5.5M (Up 122 per cent YoY and 20% from Q2 FY24) Gross profit margin for the quarter was 73%, growing by 23 percentage points YoY and 3 percentage points from Q2 FY24, showcasing our operational efficiencies and strategic investments.

Lissette has now set his sights on continuing that upward trajectory and hitting the $10 million target within the next financial year.

“Product development, infrastructure streamlining, and the establishment of a robust operating model not only propels us towards surpassing the $10 million ARR mark but also lays the groundwork for sustained growth.”

Longer term, Lissette has set even bolder targets for the business to achieve.

“I believe our sights will soon be on the $100 million revenue mark,” said Lissette.

“We are not just pursuing short-term targets but laying the groundwork for sustained, exponential growth.”

Lissette said Blackpearl Group will continue to focus on expanding technological capabilities, exploring new markets and strengthening customer relationships.

“In a market where many companies are struggling to maintain momentum, Blackpearl Group not only perseveres but accelerates,” Lissette said.

“The results speak for themselves, and we are confident that our commitment to innovation and strategic growth will continue to propel our success.”

 

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