Blackpearl Group (ASX:BPG) Rises on Tuesday as Q4 FY26 ARR Increases 114%

Sonal Goyal

21 April 2026 11:56 AM AEST

Blackpearl Group (ASX:BPG) Rises on Tuesday as Q4 FY26 ARR Increases 114%

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Highlights

Blackpearl Group reported Q4 FY26 Annual Recurring Revenue (ARR) of AUD 26.8 million as at 31 March 2026, up 114% year-on-year and 13% quarter-on-quarter — completing a transformational financial year of sustained organic growth.
DaaS revenue churn was 0% for both the quarter and the full year, while SaaS churn improved 0.4 percentage points year-on-year to 4.9%. CAC payback period improved to 3.5 months (from 3.9 in Q3 FY26), and ARR per employee reached AUD 346,000, up 41% year-on-year.
BPG shares gained AUD 0.040, or 5.333%, to AUD 0.790 on 21 April 2026 on volume of 13,072 shares. Market capitalisation was AUD 72.77 million. The company targets AUD 30 million ARR as its next near-term milestone heading into FY27.

Blackpearl Group (ASX:BPG) shares gained AUD 0.040, or 5.333%, to AUD 0.790 on 21 April 2026, on volume of 13,072 shares. The bid-offer spread was AUD 0.760 to AUD 0.810 — a relatively wide spread at approximately 6.3% of the mid price, characteristic of a micro-to-small cap stock with lower daily liquidity. Market capitalisation was AUD 72.77 million. The 5.33% gain reflects positive investor reception to the Q4 FY26 trading update, which confirmed continued ARR growth, improving unit economics, and a clear pathway to the AUD 30 million ARR milestone.

Q4 FY26 ARR: AUD 26.8 Million, Up 114% Year-on-Year

Blackpearl Group ended Q4 FY26 with ARR of AUD 26.8 million as at 31 March 2026, a 13% increase from Q3 FY26 and a 114% increase year-on-year. ARR grew by AUD 3.1 million during the quarter, underpinned by the growing contribution from DaaS. This result marks the conclusion of what CEO Nick Lissette described as a transformational financial year, during which the company acquired and integrated B2B Rocket into its shared data ecosystem, established the DaaS venture model, scaled Pearl Diver, and listed on the ASX.

The 114% year-on-year ARR growth across FY26 is a headline metric that reflects the rapid scaling of Blackpearl's multi-venture AI-driven sales and marketing platform across the US mid-market and the progressive adoption of DaaS as a structurally different and higher-retention revenue stream. Growth reflects continued demand for AI-driven sales and marketing solutions alongside further DaaS contract additions.

DaaS: Zero Churn, High Retention

DaaS achieved full retention across Q4 FY26, with revenue churn of 0% for both the quarter and the full year. This outcome validates DaaS as one of Blackpearl's highest-quality recurring revenue streams, characterised by long contract tenure, high engagement, and natural upsell pathways generated through the Pearl Diver go-to-market motion. The company is selectively onboarding DaaS partners while building internal capability to support scale.

SaaS revenue churn returned to normalised levels of 4.9% in Q4 FY26, following the seasonally-elevated 8.3% recorded in Q3 FY26. On a year-on-year basis, churn improved modestly by 0.4 percentage points from 5.3% in Q4 FY25, consistent with the group's ongoing focus on acquiring higher-value, better-fit customers. As ideal customer profile discipline tightens across ventures, churn is expected to remain at or below current levels.

Unit Economics: CAC Payback 3.5 Months, ARR Per Employee AUD 346K

CAC payback period improved to 3.5 months in Q4 FY26, down from 3.9 months in Q3 FY26 and a 33% improvement year-on-year. This reflects the maturation of the company's go-to-market motion and a continued shift toward higher-value customer cohorts. ARR per employee rose to AUD 346,000, up 12% quarter-on-quarter and 41% year-on-year, reflecting deliberate headcount scaling in line with revenue maturity across each venture.

The improvement in these unit economics metrics supports the group's thesis that it is not only growing rapidly but growing more efficiently — a distinction that management has specifically flagged as the strategic focus entering FY27, described as an optimisation phase aimed at reducing time lag between contracted ARR and cash receipts, tightening ideal customer profiles, and improving the quality of the customer portfolio.

FY27 Outlook: AUD 30 Million ARR Milestone Approaching

Blackpearl enters FY27 with ARR of AUD 26.8 million and has identified AUD 30 million ARR as the next near-term milestone. CEO Nick Lissette stated that the growth case is proven and the focus now is on converting ARR momentum into durable, cash-generative returns for shareholders — through tighter customer cohorts, shorter ramp cycles, and faster cash conversion from contracted ARR to recognised revenue. The Pearl Engine and customer acquisition learnings accumulated over FY26 are cited as sources of compounding advantage in the FY27 growth trajectory.

Conclusion

Blackpearl Group's Q4 FY26 trading update confirmed AUD 26.8 million in ARR, up 114% year-on-year, with zero DaaS churn, improving CAC payback of 3.5 months, and ARR per employee of AUD 346,000. BPG shares gained 5.333% to AUD 0.790 on 21 April on volume of 13,072, with market capitalisation at AUD 72.77 million. The company enters FY27 in an optimisation phase — focused on cash conversion and customer quality — with the AUD 30 million ARR milestone within near-term reach.

FAQs

What is Blackpearl Group's Q4 FY26 ARR?

ARR reached AUD 26.8 million as at 31 March 2026, up 13% quarter-on-quarter and 114% year-on-year, driven by DaaS and continued demand for AI-driven sales and marketing solutions in the US mid-market.

What is the DaaS churn rate?

DaaS revenue churn was 0% for both Q4 FY26 and the full FY26 year, validating DaaS as a high-quality recurring revenue stream with strong customer retention.

What is Blackpearl's CAC payback period?

CAC payback improved to 3.5 months in Q4 FY26, down from 3.9 months in Q3 FY26 and representing a 33% improvement year-on-year.

What is Blackpearl's next ARR milestone?

The company has stated that AUD 30 million ARR is a near-term milestone heading into FY27. The optimisation focus in FY27 is on converting ARR momentum into cash-generative returns through tighter customer cohorts and faster ramp cycles.

How did BPG shares perform on 21 April 2026?

BPG shares gained AUD 0.040 (5.333%) to AUD 0.790 on volume of 13,072 shares. The bid-offer spread was AUD 0.760 to AUD 0.810 and market capitalisation was AUD 72.77 million.

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