Blackpearl Group aims for rapid expansion with new premium packages
Blackpearl Group (BPG) today presents its results for the first quarter ending on 30 June 2024, demonstrating continued growth and strategic advancements.
Key Highlights:
- Subscription Revenue: Achieved $1.5 million, marking a 143% year-on-year increase and a 15% quarter-on-quarter increase from Q4 FY24.
- Annual Recurring Revenue (ARR): Reached $8.6 million as of 30 June 2024, reflecting a 162% year-on-year increase and a 16% quarter-on-quarter increase from Q4 FY24.
- Gross Profit Margin: Achieved 73%, an improvement from 62% in Q1 FY24 and slightly lower than 75% in the previous quarter, Q4 FY24.
- ARR Per Employee: Recorded at $252k as of 30 June 2024, exhibiting a 308% year-on-year increase and a 9% quarter-on-quarter increase from Q4 FY24.
BPG’s Chief Executive Nick Lissette commented on Q1 results, saying: The secret to our success over the last year has been growing customer numbers while simultaneously increasing the average annual recurring revenue (ARR) of the new customers we acquire. In Q1 of FY25, the average ARR per Pearl Diver customer increased to $10,451, more than double the average deal value from Q1 FY24. However, the most significant achievement last quarter was enhancing our Pearl Diver packages, opening us up to new customer segments with a ninefold increase in deal value.
Google is scheduled to block cookies in January 2025. For businesses that rely on digital advertising, this means their ability to perform retargeting marketing will be severely diminished. The businesses that will be hit the hardest are those with significant marketing spend and processes. Businesses can no longer rely on third-party data to drive marketing—it’s now time to provide your own first-party data. This is the data our product, Pearl Diver, provides.
To address the needs of this market segment, we have created two new Pearl Diver packages. The first is US$3,000 per month (NZD$59,040 in ARR), and the second is US$5,000 per month (NZD$98,400 in ARR).
As of 15th July, we have already secured nearly a million dollars in new billings and onboarding (customers who have committed to get Pearl Diver but are not yet provisioned). This is double where we would normally aim to be at this stage in a month, thanks to the team successfully selling and provisioning the new higher-value packages.
We are now approximately six weeks away from surpassing the milestone of 10m ARR. But let me be clear, our ambition is not just to thrive in our part of the US small-to-medium-sized business market, but to dominate it. To do this, we need to aggressively grow from 10m ARR to 20m ARR, and our goal is to achieve this over the next 12-18 months.