Highlights

  • Blackpearl signed a binding Revenue share agreement with a private equity-held US buyer signal data provider on 29 October.
  • Revenue for the six months to 30 September 2026 rose 42% to NZ$7.33 million from NZ$5.15 million.
  • The Q2 FY27 EBITDAF loss narrowed 34% from Q1 to NZ$2.97 million, within company guidance.
  • Management now targets EBITDAF profitability in Q1 FY28, replacing an earlier forecast of Q3 FY27.

A newly signed US distribution deal gives Black Pearl Group (ASX:BPG) a route to American small and medium-sized businesses without the cost of finding them itself. On 29 October 2026, the company, which operates as Blackpearl, announced a binding revenue share agreement with a leading US provider of business-to-business buyer signal data.

The partner, a private equity-held company serving large enterprises including Fortune 500 firms, will refer smaller US customers that fall outside its own profile. Blackpearl will deliver data and platform services to those customers, contract with them directly and own the relationship. Neither the partner's name nor a dollar value was disclosed.

From Heads of Agreement to a Signed Contract

The agreement replaces a non-binding heads of agreement first outlined in the Q2 FY27 trading update on 20 October. At that stage, Blackpearl identified more than 70 companies in the immediate referral pipeline, with typical deal sizes of US$10,000 to US$30,000 a month. Because the partner originates each relationship, Blackpearl carries no upfront customer Acquisition cost, and further distribution agreements are under negotiation.

Revenue will build as referred customers sign up, and the company plans to report progress in its quarterly updates. The chief executive described the deal as an endorsement of the company's data and platform strategy.

Revenue Climbs as the Cost Base Shrinks

Blackpearl builds AI models for go-to-market teams, mainly in US sales and marketing, through its Pearl Engine, which the company says processes more than 32 billion buyer signals daily. Its ventures are Pearl Diver, B2B Rocket and Bebop. Revenue for H1 FY27, the six months to 30 September 2026, rose 42% to NZ$7.33 million, while Q2 revenue of NZ$3.39 million reflected the US summer slowdown. Data as a service now makes up about 40% of revenue, and management says the mix is shifting towards this higher-margin, lower-churn line. The company also reported that the Pearl Engine widened its lead over a leading foundation model on GTM-Bench, its public benchmark updated quarterly.

The EBITDAF loss narrowed to NZ$2.97 million in the September quarter from NZ$4.5 million in Q1. The run-rate operating cost base is about 27% below its Q4 FY26 peak, equal to roughly NZ$9.4 million of annualised costs removed through go-to-market changes and the removal of duplicate roles after acquisitions. The full saving applies from Q3 FY27.

Profitability Now Targeted for the June 2027 Quarter

Management has replaced its earlier Q3 FY27 forecast with a target of EBITDAF profitability in Q1 FY28, the quarter ending 30 June 2027. Its priorities for H2 FY27 are converting the Partnership pipeline into contracted revenue, holding the reduced cost base and reaching that milestone. The company will keep reporting EBITDAF quarterly until it turns profitable, and statutory revenue becomes its growth measure from Q3 FY27.

Shares were unchanged at A$0.135 on 2 November 2026, giving a Market Capitalisation of about A$13.28 million, and were down 84.57% over 12 months.