Highlights

  • Blackpearl Group (ASX:BPG) shares traded at $0.340, down $0.019 or 5.555% during the latest session.
  • The stock recorded an intraday range of $0.340 to $0.370, with volume of 41,608 shares.
  • Blackpearl reported Annual Recurring Revenue (ARR) of $27.2 million in Q1 FY27, up 95% YoY.
  • EBITDAF loss was reported at $4.5 million for Q1 FY27, with guidance for lower losses in Q2 and Q3 FY27.
  • The company launched its Platform as a Service (PaaS) offering in beta during Q1 FY27.

Blackpearl Group (ASX:BPG) is an artificial intelligence-focused technology company developing AI models for go-to-market applications. The company operates through Pearl Diver, B2B Rocket and Bebop, supported by its proprietary Pearl Engine platform. Blackpearl is dual-listed on the Australian Securities Exchange and New Zealand Exchange.

The company’s latest trading update for the three months ended 30 June 2026 highlighted changes in reporting measures, including Annual Recurring Revenue (ARR), EBITDAF forecasting and technology advantage measurement. The update also provided details on operational initiatives, customer metrics and the introduction of Platform as a Service (PaaS).

Share Price Performance and Trading Activity

Blackpearl Group (ASX:BPG) shares traded at $0.340 during the latest session, declining by $0.019 or 5.555%. The stock recorded a daily trading range between $0.340 and $0.370, compared with the previous close of $0.360.

Trading volume stood at 41,608 shares, below the average volume of 108,333 shares. The stock’s 52-week trading range was between $0.340 and $1.140, indicating a broader movement range over the previous year.

Q1 FY27 Trading Update: ARR Reaches $27.2 Million

Blackpearl reported ARR of $27.2 million as at 30 June 2026, representing a 95% increase YoY and a 2% increase QoQ. The company stated that the sequential growth rate reflected a transition towards revenue quality optimisation, with commercial activity focused on higher-quality revenue opportunities and the introduction of its Platform as a Service offering.

ARR per employee reached $461,524 in Q1 FY27, increasing 75% YoY and 33% QoQ. The company linked this metric to operating structure changes, including consolidation of duplicated functions across business ventures.

EBITDAF Guidance Points Towards Lower Losses

Blackpearl reported an EBITDAF loss of $4.5 million in Q1 FY27 and provided quarterly guidance for further reduction in losses. The company expects EBITDAF losses to reduce to between $2.5 million and $3 million in Q2 FY27, followed by a range of $1 million to $1.5 million in Q3 FY27.

The company attributed the expected reduction in losses to several operational initiatives, including flow-through of ramped ARR, permanent cost reductions from the B2B Rocket integration, streamlined marketing expenditure, self-service capabilities through B2B Rocket and Bebop, infrastructure optimisation and AI automation across business operations.

Platform as a Service Expands Revenue Model

During Q1 FY27, Blackpearl launched its Platform as a Service (PaaS) offering in beta. The company stated that the platform enables customers to build applications, skills and AI agents using Blackpearl’s technology.

The company noted that recurring revenue remains an important part of its model, while PaaS introduces consumption-based pricing through customer token usage. Blackpearl expects this offering to contribute to revenue over the coming year.

Blackpearl also highlighted changes in revenue composition, with Data as a Service (DaaS) growing from 0% to approximately 40% of revenue. The company stated that additional reporting measures may be introduced as its revenue mix evolves.

Technology Benchmarking Through Pearl Engine

Blackpearl provided an update on its technology measurement through GTM-Bench, a public benchmark assessing AI systems’ ability to match buyer demand with seller propositions.

According to the company, the Pearl Engine generated 26 times greater buyer/seller matches compared with the best generalist AI model without proprietary data, and 6.6 times greater performance compared with the leading model with proprietary data access.

The company stated that GTM-Bench will be updated quarterly to communicate changes in technology performance measurements.

Customer Metrics and Revenue Quality Focus

Blackpearl reported SaaS revenue churn of 5.2% in Q1 FY27, compared with 4.9% in Q4 FY26. The company stated that SaaS churn remained stable year-on-year.

Data as a Service (DaaS) customer churn included one customer during the quarter. Customer acquisition cost (CAC) payback increased to 6.27 months, compared with 3.5 months previously, with the company expecting normalisation towards approximately 3.5 months.

Looking Ahead

Blackpearl Group’s near-term focus remains on balancing ARR growth with EBITDAF improvement, while developing additional revenue opportunities through its PaaS offering. The company expects EBITDAF losses to reduce across Q2 and Q3 FY27 based on cost initiatives, ARR conversion and operational changes. The business is also continuing development of its proprietary AI technology platform, with GTM-Bench providing an additional measurement framework for technology performance.

Conclusion

Blackpearl Group (ASX:BPG) continues to develop its artificial intelligence platform and revenue model, with Q1 FY27 results highlighting ARR growth, EBITDAF guidance and the introduction of Platform as a Service. The company’s latest trading update provides visibility into operational priorities, including cost management, customer metrics and technology benchmarking.