Blackpearl reports 177% increase in ARR for FY24

FY23 Annual Report

Preliminary full year results

Blackpearl Group is pleased to announce its unaudited preliminary results for the year ended 31 March 2024. The strong result is a testament to Pearl Diver, our flagship product which has accelerated revenue growth, improved Gross Margins and driven us towards the potential for cash profitability. 

Key Highlights:

  • Subscription Revenue: $4.1m, marking a 183% year-on-year increase. 
  • Group ARR: Reached $7.4m reflecting a 177% year-on-year increase.  
  • Pearl Diver Product ARR: $4.9m only 13 months after launch. 
  • ARR Per Employee: Recorded at $230k exhibiting a 359% year-on-year increase. 
  • Gross Profit Margin: Increased to 71% for FY24 from 49% in FY23. 
  • Expenses: Increased 21% year-on-year, however declined as a percentage of revenue to 130% in FY24 from 297% in FY23. 
  • Cash Burn 3 month Average: Ended the year at $340k, a 42% decrease from its peak during the year. 
  • Revenue Churn: 4.0% as of March 31, 2024. 

Read our full report here.