Key Highlights

  • EBITDAF loss of $2.97 million for the September 2026 quarter, 34% better than Q1 FY27
  • Quarterly cost base lowered by about 27% on a run-rate basis, equal to around $9.4 million annualised
  • Revenue for the first half of FY27 reached $7.33 million, up 42% from $5.15 million
  • Pearl Engine's GTM-Bench lead was 22,575 points in June and 158,595 points by September

Blackpearl Group (ASX:BPG) reported an EBITDAF loss of $2.97 million for the second quarter of FY27, the three months ended 30 September 2026, which fell within guidance and improved 34% on the first quarter. The company now targets EBITDAF profitability in the first quarter of FY28, the quarter to 30 June 2027. First-half revenue was $7.33 million, up 42% on the prior-year half, and Blackpearl entered a non-binding heads of agreement with a US data provider. Founded in 2012, the group is headquartered in Wellington, and runs three ventures on its Pearl Engine AI platform.

Loss, Cost Base and Profitability Target

The largest lever behind the quarter was a reorganised operating model. Blackpearl merged its sales, marketing, development and customer teams across the three ventures, Pearl Diver, B2B Rocket and Bebop, and pointed them at data as a service (DaaS) and platform as a service (PaaS). Blackpearl said the quarterly cost base is about 27% lower on a run-rate basis than in Q4 FY26, or around $9.4 million annualised. The changes landed during the quarter, so Q2 and the H1 interim result carry part of the saving, with the lower cost base applying in full from Q3.

The company named the B2B Rocket integration, which delivered permanent cost reductions, as the largest contributor, alongside combined B2B Rocket and Bebop marketing and a platform moved from build to optimise phase. The new target replaces the earlier Q3 FY27 EBITDAF forecast. Blackpearl said larger data and partnership contracts close on their own schedules instead of within a 90-day window, and it will keep reporting EBITDAF each quarter against the target. Quarterly guidance was a temporary measure, and half-year and full-year reporting is expected to resume once profitability is reached.

US Distribution Partnership

In Q2, Blackpearl entered a non-binding heads of agreement with a US data provider that it counts among the largest in the country. The partner is a private company that supplies B2B intent data and demand generation to Fortune 500 customers. It serves only large enterprises and passes demand from small and medium-sized US businesses to Blackpearl. Blackpearl serves the referred customers through its DaaS and PaaS offerings under a revenue share of between 20% and 40% that varies by deal type, and retains the customer relationship. The partner's identified referral pipeline covers 70+ companies, typical deals run US$10,000 to US$30,000 per month, and Blackpearl bears no upfront cost of acquiring those customers because the partner originates each relationship. Further distribution agreements are in negotiation.

Revenue and Revenue Mix

H1 FY27 revenue was $7.33 million, up 42% on $5.15 million in H1 FY26. Q2 revenue was $3.39 million, in a quarter affected by the US summer holiday period, when Blackpearl said purchasing decisions slow and winning new customers takes more effort and money. Rather than spend in that period, the group put its resources into launching its partnership and platform strategy. Its focus this calendar year has been lifting DaaS to about 40% of total revenue, and from Q3 FY27 its growth measure will be statutory revenue. Dollar amounts are as reported, with US dollar figures marked US$.

GTM-Bench Results

Blackpearl tracks its technology advantage on GTM-Bench, a public benchmark that scores AI systems on pairing buyer demand with seller propositions in real time. In June the Pearl Engine led the then top-ranked foundational model, GPT-5.5, by 22,575 points using Blackpearl's data. In September it led the new top-ranked model, Claude Fable 5.1, with the Pearl Engine scoring +205,732 against that model's +47,137, a gap of 158,595 points. Blackpearl publishes the task set, code and leaderboard at blackpearl.com/gtm-bench and refreshes them quarterly. For H2 FY27 the company lists three priorities: turning the partnership pipeline into contracted revenue, maintaining the optimised cost base and getting to EBITDAF profitability in Q1 FY28.

Summing Up

Blackpearl Group (ASX:BPG) recorded an EBITDAF loss of $2.97 million for the September 2026 quarter, lowered its quarterly cost base by about 27% on a run-rate basis and set Q1 FY28 as its EBITDAF profitability target. First-half revenue was $7.33 million, up 42%. The non-binding US heads of agreement carries a referral pipeline of 70+ companies, and the Pearl Engine's GTM-Bench lead stood at 158,595 points in September.