Annual Shareholders’ Meeting – Presentation

1
BLACKPEARL GROUP | Market Announcement

8 August 2024
Chair’s Address and CEO’s Address – 2024
Annual Shareholders’ Meeting

Chair’s Address (Tim Crown, Arizona, USA):
What a difference a year makes! The team at Blackpearl has accomplished so much –
by almost every measure and metric, Blackpearl has gotten better:

• Product-to-market fit is working
• Lower customer acquisition cost
• Lifetime value of customers is up
• Unit metrics are in awesome shape and getting better
• Average order size is continually up

All of these buzzwords are great, yet what it really says is that Blackpearl Group is
winning.

We are growing the business very fast, acquiring new customers daily, and the existing
customers that we already have are staying with us.

We play in one of the largest IT markets in the world, the US, where there are several
million small to mid-size businesses that fit our target profile, giving us lots of room to
grow in the future.

Every year that goes by, as a society we get more and more digitally transformed, ever
more entwined with the digital world in our everyday lives. This is the beauty of
technology changing constantly; there are always new things to add on that help our
customers raise revenue and become more efficient.

Blackpearl Group sells growth, and growth never goes out of style.
What Blackpearl Group does is allow those SME businesses to compete more effectively
for customers in that digital world.

2
BLACKPEARL GROUP | Market Announcement
Few small businesses have the technical resources to keep up with the latest innovations
and new technologies.

This is where Blackpearl Group can bring the latest technologies, like Generative AI, and
make them easy to implement and operate for non-technical business people.

Over my career, I never cease to be amazed by the new technologies that are
constantly being developed that make our lives better and easier.

With so many new opportunities constantly emerging, Blackpearl Group's challenge will
be deciding which technologies to bring to our client base.

Americans love the Kiwi spirit, the can-do attitude, and the accent!
Blackpearl Group has all the pieces of a winning formula: the team, the products, and an
enormous market.

As I look ahead, Blackpearl Group is positioned incredibly well, and I am incredibly
optimistic about our future.


CEO’s Address (Nick Lissette, Wellington, New Zealand):

Our mission is not just to thrive in our part of the US small to medium business (SME)
market, but to dominate it.
Black Pearl Group has always been an innovator in prospect identification, in helping our
customers find new customers. And we are needed now more than ever. It's never been
more expensive or challenging for a SME business to acquire a customer in the digital
world. There are 33 million SME businesses in the US all asking the same question, ‘Where
is my next customer coming from?’. The scale, especially for us New Zealanders, is hard
to fathom, but Blackpearl Group has positioned itself perfectly for success in this immense
market.

We have been meticulously collating, analysing and acting on data for almost a decade,
and we now receive over 6 billion data signals daily. With that data, we are creating new
products and features that contemporaneously grow our customer numbers while
increasing average revenue per customer. Pearl Diver’s annual average revenue per
customer reached $10.5k at June 2024 (up from $4,500 in June 2023). Our sales and

3
BLACKPEARL GROUP | Market Announcement
marketing machine is finely tuned, with the number of months to recover cost of
acquisition being just six.

The market, already hungry for relief from blind pay to play advertising and marketing is
now undergoing unprecedented disruption, enhancing demand for our services even
further.

Blackpearl Group has now earned itself options. I’m asked all the time about when we will
be at cash profitability. The answer is in our hands: we can prioritise cash profitability over
growth at any time. So, do we continue on our current path, steady as she goes? Or do
our growth metrics and proven market demand warrant fuelling the furnace and
increasing our velocity even further? Is it even a question! There are 33 million businesses
that need our products, and we are going to get as many of them as we can as fast as we
can.

Contact:
Released for and on behalf of Blackpearl Group,

Karen Cargill
Chief Financial Officer

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 pioneering 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

---

ASM
A U G U S T
2 0 2 4
F Y 2 5
B L A C K P E A R L G R O U P ( B P G )

Introductions

Voting and Asking Questions

Our Board
Let's meet the rest of
the Blackpearl Board
members
Chair
T I M C R O W N
Director & CEO
N I C K L I S S E T T E
Independent Director
H U G O F I S H E R
Independent Director
M A R K O S B O R N E
Non-Executive Director
C H E R R Y L P R E S S L E Y

Executive
Team and Key
Partners in
Attendance
CFO
K A R E N C A R G I L L
CTO
S A M D A I S H
CMO
T O R I C O L E B O U R N E
General Counsel
B E X J A N E S
Audit Partner,
William Buck
D A R R E N W R I G H T
Legal Advisor,
Duncan Cotterill
M A T T Y A T E S

Formalities

Agenda
01
Chair’s AddressCFO’s Address
04
CEO’s AddressResolutions
05
CTO’s AddressQuestions
06
02
03
Formal business of the
meeting which includes the
resolutions of the meeting.
General business and
Shareholder questions.

L E A D E R S H I P I N G L O B A L I T S O L U T I O N S
B U S I N E S S G R O W T H A N D D E V E L O P M E N T
C O R P O R A T E G O V E R N A N C E A N D R I S K M A N A G E M E N T
Tim Crown was appointed Chairman of Black
Pearl Group board on 2 January 2020. Based in
Arizona, USA, Tim brings extensive experience
and leadership to Blackpearl Group.
C H A I R M A N
Tim Crown

E X P E R T I S E I N D A T A A N D A I T E C H N O L O G Y
B U S I N E S S G R O W T H A N D D E V E L O P M E N T
S T R A T E G I C L E A D E R S H I P A N D I N N O V A T I O N
Nick Lissette is the founder and Chief Executive
Officer of Blackpearl Group. Based in New
Zealand, Nick brings extensive experience in
data and AI technology to Blackpearl Group.
D I R E C T O R & C E O
Nick Lissette

Scalable
Growth
A focus on achieving
customer growth and
operational efficiency
through innovation.
All data presented is as of March 2023 and June 2024

Scalable
Growth
A focus on achieving
customer growth and
operational efficiency
through innovation.
All data presented is as of March 2023 and June 2024

Scalable
Growth
A focus on achieving
customer growth and
operational efficiency
through innovation.
All data presented is as of March 2023 and June 2024

Technology CostMRR
Scalable
Growth
A focus on achieving
customer growth and
operational efficiency
through innovation.
20232024
All data presented is as of March 2023 and June 2024

1.5m
Subscription Revenue
Gross Profit Margin
73%
Was 62% in Q1 FY24 and 75% in the
previous quarter Q4 FY24.
Revenue Churn
3.4%
As of 30 June 2024.
Churn has increased 0.3ppt YOY and
decreased 0.6ppt from the previous
quarter.
Annual Recurring Revenue
8.6m
As of 30 June 2024
Up 16% from the previous quarter Q4 FY24.
162% increase YoY
ARR Per Employee
252k
As of 30 June 2024.
Up 9% from the previous quarter Q4 FY24.
308% increase YoY
Top 10 Customers % of Revenue
11%
As of 30 June 2024.
A 6ppt increase YoY and 1ppt increase on
previous quarter Q4 FY24.
30 Jun 20241 Apr 2024
For Q1 FY25
Up 15% from the previous quarter Q4 FY24.
143% increase YoY
Financial Highlights
Financial performance
as at 30 June 2024

Strong monthly ARR
growth
Financial performance
as at 30 June 2024
Black Pearl MailNew Old StampPearl Diver
Apr 21
May 21
Jun 21
Jul 21
Aug 21
Sep 21
Oct 21
Nov 21
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sep 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
Jan 24
Feb 24
Mar 24
Apr 24
May 24
Jun 24
0
2000000
4000000
6000000
8000000
10000000
The launch of Pearl Diver
has accelerated total
monthly ARR growth since
March 2023.
13 months
S i n c e l a u n c h t o r e a c h $ 4 . 9 m
P e a r l D i v e r A R R .

EXPANDING
PEARL DIVER
TARGETING
$20M ARR
NEW
PRICING
PACKAGES
Key Growth Opportunities
Achieving $20M ARR with
2,000 customers within 1-2
years.
Scaling Pearl Diver to
increase market reach and
value.
Introducing $3,000 and
$5,000/month packages to
target higher-value SMBs
and increase deal value.

Resolutions

Voting and Asking Questions

Resolution 1
Auditors Remuneration
Resolution 1 that the Board is
authorised to fix the auditor's
remuneration for the ensuing
year

Resolution 2
R e - e l e c t i o n o f T i m C r o w n
Resolution 2 that Tim Crown,
who retires as a Director in
accordance with NZX Listing
Rule 2.7.1, and being eligible, be
elected as a Director of BPG.

Resolution 3
R e - e l e c t i o n o f N i c k L i s s e t t e
Resolution 3 that Nick Lissette,
who retires as a Director in
accordance with NZX Listing
Rule 2.7.1, and being eligible, be
elected as a Director of BPG.

Resolution 4
R a t i f i c a t i o n o f p r e v i o u s s h a r e
i s s u e u n d e r p l a c e m e n t
Resolution 4 that, in accordance
with NZX Listing Rule 4.5.1(c),
Shareholders ratify the 6,438,447
fully paid ordinary shares of
BPG issued under the placement
on 19 October 2023 and 14
November 2023."

Resolution 5
R a t i f i c a t i o n o f p r e v i o u s s h a r e
i s s u e u n d e r p l a c e m e n t
Resolution 5 that Shareholders
ratify the 1,081,507 fully paid
ordinary shares of BPG issued
under its share purchase plan
on 14 November 2023 for the
purposes of the NZX Listing
Rules.

General Business

Q&A

Thank You