Q3 FY26 Update: ARR grows 114% YoY

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT

29 JANUARY 2026
Q3 FY26 Investor Update: ARR grows 114% YoY

Blackpearl Group (NZX/ASX:BPG) achieved $23.7 million in Annual Recurring Revenue (ARR) at the
end of Q3 FY26 (31 December 2025), a 114% increase year-on-year and 22% quarter-on-quarter (versus
Q2). Q3 marked a significant acceleration in ARR following the launch of Blackpearl’s multi-venture
growth model. Despite seasonal headwinds, growth was broad-based, with continued momentum
across Pearl Diver, Bebop, and B2B Rocket, alongside the emergence of Data as a Service (DaaS) as a
high-quality recurring revenue stream.

Key metrics

• Annual Recurring Revenue (ARR): $23.7m, up 114% YoY and 22% QoQ
• Revenue Churn: DaaS at 0%, while SaaS declined 1.1ppt YoY to 8.3% from 9.4% in Q3 FY25
• CAC Payback Period: 3.9 months for Q3 FY26, improved from 4.6 months in Q2 FY26
• ARR Per Employee: $306k, up 21% from $253k in Q2 FY26

Q3 Commentary

Q3 FY26 represented strong execution in Blackpearl Group’s venture based strategy with the strongest
single-quarter organic ARR growth in the Company’s history. While the December quarter saw elevated
churn from lower-tier customers pausing campaigns over the holiday season, this impact was more than
offset by accelerating growth from higher-value customers and new Data as a Service (DaaS) contracts.
ARR increased by $4.3m in the quarter to $23.7m, underpinned by continued momentum across Pearl
Diver, Bebop and B2B Rocket.

CEO Nick Lissette said, “I’m naturally happy with the growth delivered this quarter, with ARR reaching
$23.7m alongside improved CAC efficiency. Q3 was strategically important for Blackpearl, with the
successful ASX listing, continued Group integration, and further scaling of our multi-venture growth
platform. The shift toward higher-value customers and contracted DaaS revenue continues to strengthen
unit economics and operating leverage, reflected in ARR per employee surpassing $300k and improved
CAC payback. Looking ahead, we remain focused on expanding distribution, increasing product
contribution, and scaling DaaS with its long tenure, high retention, and higher-value customers.”

ARR grew to $23.7m as of 31 December 2025, up 22% from Q2 FY26 and 114% year-on-year. Growth was
supported by sustained demand across Pearl Diver, Bebop and B2B Rocket and strong contract wins in
DaaS.

SaaS growth accelerated supported by customer acquisition and monetisation as customers migrated to
higher value offerings especially in B2B Rocket. CEO Nick Lissette said, “The B2B Rocket team is focused
on integrating its product with the Pearl Engine, and while this work is ongoing, we are already seeing
early benefits in attracting and serving higher-tier customers. By combining AI-driven outbound capability
with our broader data and product stack, we are strengthening our value proposition and accelerating
growth across the platform.”

DaaS continued to gain momentum, with early contract wins validating this new route to monetise the
Pearl Engine. Blackpearl is selectively onboarding partners while continuing to build capability in-house.
These customers are naturally sourced through the Pearl Diver go-to-market motion, and have natural
upsells to DaaS contracts.

Revenue churn increased quarter-on-quarter to 8.3%, reflecting roll-off of lower-value customers as well
as typical December-quarter seasonality. While churn increased from 4.6% in Q2 FY26, it was improved

BLACKPEARL GROUP | INVESTOR ANNOUNCEMENT
from 9.4% in Q3 FY25. This pattern is consistent with U.S. year-end customer rationalisation and remains
an area of focus, with improvement expected in Q4. Churn within DaaS remains nil.

Customer Acquisition Cost (CAC) payback improved to 3.9 months, down from 4.6 months in Q2 FY26.
While CAC was previously expected to increase, strong customer acquisition during the highly
competitive quarter drove improved efficiency, supported by a growing mix of higher-value customers,
including DaaS contracts, and continued optimisation across our go-to-market motions. CAC efficiency
remains a core focus as we scale higher-value acquisition channels and deepen product-led expansion.

ARR per employee increased to $306k, reflecting continued operating leverage as revenue scaled
through the quarter, and compares favourably to global comps. As the Group continues to execute its
multi-venture model and further integrates shared data and platform capability across products,
operating leverage is expected to strengthen over time.

Outlook
Looking ahead to Q4, Blackpearl remains focused on converting FY26’s strategic progress into sustained
revenue outcomes. Following the successful ASX listing in Q3, the Group is well positioned to broaden its
investor base while continuing to scale ARR through its multi-venture growth model.
CEO Nick Lissette said, “We are entering 2026 with strong momentum. Operationally, our focus is on
continuing to integrate B2B Rocket into the Group’s shared data ecosystem, progressing commercial
contribution through higher-value packaging, and scaling DaaS with a disciplined focus on higher value
customers. Seasonal patterns during the December quarter are already normalising. And we will remain
deliberate in balancing growth investment with efficiency as we maintain a clear trajectory toward our
next major milestone of $50m ARR.”

ENDS

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.

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

Blackpearl.com

Q3 UPDATEBLACKPEARL GROUPFY 26PAGE 03
Q3 FY26 Highlights
DELIVERING ON OUR STRATEGY
ANNUAL RECURRING REVENUE (ARR)
$23.7m
As of 31 Dec 2025.
114% increase YoY, up 22% from the
previous quarter Q2 FY26.
ARR PER EMPLOYEE
$306k
As of 31 Dec 2025.
13% increase YoY, up 21% from the previous
quarter Q2 FY26 - reflecting operating
leverage as B2B Rocket scaled.
DAAS REVENUE CHURN
0%
CAC PAYBACK PERIOD
3.9mo
As of 31 Dec 2025.
3% decrease YoY, a 15% improvement
from the previous quarter Q2 FY26.
TOTAL ARR AT QUARTER END
TOTAL ARR (NZD)
SAAS REVENUE CHURN
8.3%
As of 31 Dec 2025.
1.1ppt decrease YoY
(from 9.4% in Q3 FY25)
As of 31 Dec 2025.
0.0ppt change.
Q1 FY22
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
QUARTER

---

Q3 FY26 Trading
Update
INVESTOR PRESENTATION – JAN 2026
→ TURNING DATA INTO DOLLARS

Key
Messages
INVESTOR RELATIONS
BLACKPEARL GROUP
Record ARR Growth – the strongest single-quarter organic
growth in Company history.
Multi-Venture Momentum – Strong growth across Pearl Diver,
Bebop and B2B Rocket.
Operating Leverage Improving – CAC payback reduced and ARR
per employee increased.
Outlook – Clear path to $30m and $50m ARR.
TAKEAWAY
Platf orm Expansion – DaaS emerged as a high-quality recurring
revenue stream, with 0% churn.
PAGE 2
JAN 2026

Q1 FY22
Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Q2 FY24
Q3 FY24
Q4 FY24
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000

Record Organic
Growth
DELIVERING ON OUR STRATEGY
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 3
ARR reached $23.7m as at 31 December 2025,
up 114% YoY and 22% QoQ, delivering the strongest
single-quarter organic ARR growth in the Company’s
history.
Growth was achieved in the Group’s seasonally
weakest quarter and was entirely organic.
Achieved while executing key initiatives:
Integrated B2B Rocket into the Pearl Engine,
Expanded multi-product distribution across the
Group, and
Established Data as a Service as a new organic
growth pathway.
ARR GROWTH
QUARTER
TOTAL ARR (NZD)
JAN 2026

From Activation to Platform Scale
BLACKPEARL GROUP
INVESTOR RELATIONS
Horizon 1
Horizon 2
Horizon 3
SaaS (Software as a Service)
Delivers fully built applications over the internet.
DaaS (Data as a Service)
Provides data on demand, typically via APIs or feeds.
P aaS (Platform as a Service)
Serves as the foundation on which both SaaS
and DaaS products can be created.
JAN 2026
Horizon 0
Market Activation (Services <$1K USD /mo)
Early-stage services used to activate new segments, validate demand, and
incubate product innovation, typically sub-$1k/mo and short-duration.
PAGE 4

31 DEC 2025
Q3 Financial Highlights
INVESTOR RELATIONS
BLACKPEARL GROUP
FINANCIAL PERFORMANCE
AS OF 31 DEC 2025.
1 OCT 2025
DAAS CHURN
0%
As of 31 December 2025.
CAC PAYBACK PERIOD
3.9mo
As of 31 December 2025.
0.0ppt change.3% decrease YoY, a 15% improvement from the previous quarter Q2 FY26.
ANNUAL RECURRING REVENUE (ARR)ARR PER EMPLOYEE
$23.7m$306K
As of 31 December 2025.As of 31 December 2025.
114% increase YoY, up 22% from the previous quarter Q2 FY26.
13% increase YoY, up 21% from the previous quarter Q2 FY26.
PAGE 5
JAN 2026
SAAS CHURN

8.3%
As of 31 December 2025.
1.1ppt decrease YoY, from 9.4%
in Q3 FY25.

INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 6
JAN 2026
Contracted Saas
Contracted DaaS
Contracted PaaS
CAC Payback Period
3.9 months
1.5 - 2x ROI
Uncontracted
SaaS
A Disciplined Funnel to
High-LTV Customers

1M ARR

Growth Horizons
OUTLOOK
INVESTOR RELATIONS
BLACKPEARL GROUP
PAGE 7
ANNUAL RECURRING REVENUE
ADDITIONAL PRODUCT RELEASES
STRATEGIC ACQUISITIONS
10M ARR
20M ARR
50M ARR
$23.7M ARR
AS OF 31 DECEMBER 2025
Clear trajectory to $50m ARR with multiple growth
engines compounding in parallel
Strong organic momentum as DaaS emerges as a
core driver of scale
Focused execution toward sustainable profitability,
with each venture progressing toward positive EBITDA
Pearl Engine continuing to grow in value, now ingesting
25bn sales and marketing signals daily
Well-positioned for durable, efficient growth through
FY26 and beyond.
3 - 5 YEARS
PD | BB | B2BR | BPM | NOS | WHOLESALE (DAAS)
JAN 2026

Thank YouAd Astra
BLACKPEARL GROUP
PAGE 8
INVESTOR RELATIONSJAN 2026

BLACKPEARL GROUP
PAGE 9
INVESTOR RELATIONS
Q&A
JAN 2026