BPG Revenue and Placement Update

Blackpearl | Level 1 60 Cuba Street
Wellington 6011 | New Zealand
hello@blackpearlgroup.com | +64 480 39390


16 October 2023

BPG Revenue and Placement Update
Black Pearl Group Limited’s (BPG) is pleased to advise the market that its rapid Annual
Recurring Revenue (ARR) growth continues and is supported by lower than anticipated
customer churn.
BPG’s total ARR as of 30 September 2023 is now $4.6M, which represents almost a 10%
increase in ARR during September.





September’s success builds on what has already been an impressive year of ARR growth
for BPG. As of 30 September 2023, BPG has achieved a 73% increase in total ARR since
the start of FY24, compared to 41% for the same period in FY23.

Customer Retention:
Churn, one of the five key factors in our path to profitability, fell to 3.3% in September
(from 3.8% in August). We attribute this reduction to the release of additional features
in pearldiver.io through the introduction of flows, as well as increased resource
allocation to customer retention.
Churn is now 1.7% less than the projected 5% churn used in the path to profitability
models outlined in the Annual Shareholder Meeting (ASM) at the beginning of
September.
Nexus Partner Program:
$169k of September’s new ARR was driven from partners.
In the revenue scenarios outlined in the ASM, the Partner to total revenue ratio was
projected to be 27%. In September the ratio was 30%, showing a strong start from the
Nexus Partner Program released in August 2023.
For more information on the path to profitability please see our latest Company
Overview in the BPG Investor Presentation released on 6 October 2023
(https://www.nzx.com/announcements/419580). This will be updated and re-released to
the market shortly to include our September 2023 performance so that it can be
considered by potential investors in our imminent share purchase plan offer.
Placement:

BPG is in the process of closing the placement and will provide the outcome on
Thursday 19 October alongside the opening of the retail share purchase plan.


For and on behalf of the board,
Karen Cargill
Chief Financial Officer
For further information, please contact:
karen.cargill@blackpearlmail.com | +64 21 135 5183