Good morning. I'm Tim Crowe, and Chair of Black Pearl Group, and I would like to welcome you to the Black Pearl Group's 2025 Annual Shareholder Meeting. Shareholders and proxy holders can vote and ask questions online. We'll provide you with further instructions as we progress through the meeting. If we encounter any issues, please refer to the virtual meeting guide, or you can phone the helpline at 0800 200 2020. I would also encourage you to send through your questions as soon as you can. This will allow us to answer these questions at the appropriate time of the meeting.
To ask a question, you'll need to click "Ask a Question" within the online meeting platform, then select the item of business, type in your question, and click "Submit." I'd also like to introduce you to the rest of the Black Pearl Board members: Nick Lissette, Hugo Fisher, Mark Osborne, and Jyllene Miller. We also have several members from the executive team: Karen, Sam, and Tori. Additionally, Michael Wood, our audit partner from William Buck, Matt Yates from Duncan Cotterill, our external legal advisors, and Alex Lussi from our share registrar. Tori Colebourne, our CMO, is here to read out any questions as they come through. Now, some formalities. The Company Secretary has confirmed to me the notice of meeting has been sent to shareholders and other persons entitled to receive it and have been advised that we have a quorum present.
On that basis, I am pleased to formally declare the meeting open. Proxies have been appointed for the purposes of this meeting in respect to approximately 14.2 million shares, representing over 26% of the total number of shares. I'd like to thank the shareholders for their level of participation in today's meeting. My fellow directors and I intend to vote all of our discretionary proxies we have received in favor of the resolution as set out in the notice of meeting subject to the voting restriction on Resolution 4. The agenda for today is Chair's Address, CEO Address, CTO Address, CFO Address, formal business of the meeting, which includes resolutions of the meeting, general business and shareholder questions, and that would conclude the meeting. Voting on all resolutions will be conducted by way of a poll.
Again, I encourage shareholders who are attending online to send their questions through as soon as possible. Now that that process and formalities have been set out, I will now continue with the Chair Address. The U.S. SMB market, small to mid-sized business market, is an enormous market of almost 350 million people, and it represents an enormous opportunity for Black Pearl Group. It remains one of the most underserved segments in global tech, and that's where Black Pearl Group sees its greatest potential. We remain confident in the opportunity ahead. Rising demand for practical AI-powered tools puts us in a strong position to lead and deliver real impact for our clients. As a board, we're pleased with the Group's disciplined execution, particularly in how we've approached strategy, investment, and acquisitions.
Our focused investment following the capital raise has been to expand Pearl Diver's reach and to develop and launch our new product, Bebop, both of which are starting to see returns. We also see significant opportunities in the acquisition space. The market is primed, and our platform is well-positioned to integrate new products quickly and efficiently, making it easier to evaluate and execute bolt-on acquisitions. Now, Nick will provide a CEO update. Nick?
Thank you, Tim. FY 2025 was about winning for today and ensuring victory for tomorrow. What that means is making sure that we're still doing hypergrowth, we're still hitting our revenue targets, but also ensuring that we're investing so that following years we can continue that momentum. That is exactly what we did. That is exactly what we delivered. If you have a look at our financial highlights, which we went over and we've presented in the past, our last quarter, we finished at $12.5 million ARR. As we know, in Black Pearl Group, we're consistent growers. This is old news, right? What I love about this is how efficiently we grew. When you're a company like ours, people are your largest cost, or I would say our largest investment may be a better way of articulating that.
You can see it at almost a quarter of a million dollars annual recurring revenue per employee, per staff member. Just how efficiently we deploy capital to grow, because that's a number that you would expect to see with a business that's really established and certainly not in a hypergrowth phase. The other thing that I was really proud about is the average revenue per customer coming from Pearl Diver. As we know, Pearl Diver has been our star performer over FY 2025, and we had a very deliberate focus on increasing the value that we got from customers, or we put into customers and we got from them. That's opened up a heck of a lot of amazing opportunities, which we'll be talking through later.
The one note there, which is really about us investing for the future, is when you see that drop in gross margin there, that is probably the smartest thing we did in FY 2025 from a financial perspective, because we moved all our supply costs from, specifically data, from variable pricing to fixed pricing. It means as we continue to grow, that is a number that will become a standout star performer. That's us always thinking ahead and not just doing things for short-term gain. That's probably a slide-flipping moment there. Awesome. I showed this last time we spoke through our financials, and what I highlighted was, two things. One, boy, oh boy, are we consistent. Consistent performance, quarter on quarter.
The thing that I actually really dived into is the fact that back in, I think it was the last quarter of FY 2023, my eyes don't quite go in that far, but I think that's that you can see a tiny little line, the first line of pink, that little acorn of revenue that came through from Pearl Diver. At that time, we felt like that was the best product launch we'd ever been associated with. We knew it was going to be spectacular, and look what it has done and continues to do from there. That has been, you know, spectacular success. By comparison, Bebop's launch dwarfed it. It outperformed. This is something we talked about when we reviewed our financials, and we said, oh, look at the promise comparative to that.
We've announced to the market that in 45 days, a 45-day period in the last quarter, Bebop got $1.2 million annual recurring revenue. You better believe there's going to be a lot more orange in our next quarterly update, right? The other part of that is that is double the velocity of Pearl Diver. For me, this is us always fulfilling on what we actually say is something that I know for all the executives and the board members. When we say we're going to do something, we go and do it. We deliver consistently, quarter on quarter, year on year. That is what we're about. When we see opportunities like Bebop and we see the opportunity of that, of driving revenue even quicker than Pearl Diver, we follow through on it. If we look at the actual product, I think that's why it's gone to me.
I should be reading my notes better. You could see that Tim methodically read through all of his things line by line, and because of that, he didn't have any of these ad lib moments like me. Me, I'm just going with the flow, baby. See where it takes us. Right, let me show you Bebop. Why is everyone buying it? Why is this the fastest growing product we have ever been associated with? I'm going to show you two feature sets with Bebop. They attract two different kinds of customers, but they all meet in the middle. It's super exciting. I want you to think about the challenge that every business in America has right now: selling more with less. In a high-cost economy where access to capital is tight, marketing budgets are getting reduced, and people are having to fight tooth and nail uphill for revenue.
The secret to making sales is not rocket science. It's really about having an in-depth understanding of your products, your value that you bring in your company, and then understanding the customer you're communicating with and getting a deep understanding of that customer, that customer's industry, that customer's challenges and problems, who they're selling to, and how your product solves their problem. Not hard, but it does require expertise, and it does require time. Bebop gives you expert, liberal analysis in seconds. That is its value proposition. Let's use that in real time if we bring up Bebop. I'm going to show you how someone that knows absolutely nothing about a product or service can have, in just mere minutes, an expert way of communicating a value proposition through a potential customer. I'm going to use our own product, Bebop, as an example of the product I'm selling.
We're going to use a customer we're familiar with, Branch 49. Before we do that, Tori, if you just go to ChatGPT for a second, because Bebop has been likened to ChatGPT for sales and marketing. We're all familiar with ChatGPT. I hope you're all familiar with ChatGPT. You should be. It's amazing, right? I want you to type in "Sell Bebop to Branch 49," Tori, and let's see what a general large language model responds back. Here's a generic cold outbound email. It's not exactly helping me sell. You've got a couple of things you need to understand. You just fill the stuff from your website. Oh, Bebop's a game changer. Look, nothing that is coming through here is going to help you sell. This is just generic, generic stuff, and that does not get sales. I want you to try the same thing with Bebop.
All you need to do in here is Branch 49, because the great thing about Bebop is you can have multiple products in the back end. If you sell to multiple industries, multiple SKUs, you can have that configured, or as one is just configured for Bebop. You can see that right out of the gate, it's giving you valuable thermographic and demographic information around the business. You have some context, you understand their size, you can see if they fit your ICP, you can see who the decision makers are on that account, you can see their business history, you can understand their tech stack. Now you know that this is someone that you could sell to. They look like a good customer. How do I sell to them? This is where the best feature of Bebop kicks in. It's called a dossier.
What this is like, it's like deep research, but specifically for sales and marketing. Tori, if you just do a quick scan through the depth of information here, all the way to the bottom, then we can kick on some. There are some amazing depths of information here, and none of it is generic. It is personalized to how Bebop would benefit Branch 49. The first thing that I love is actually articulating why they will get value from it. If you go to, I think just under this is a key, oh, your key takeaways. You have to see me leering in here, everyone, as I try and read what's on the screen. Branch 49 thrives on delivering revenue acceleration for B2B clients by combining a human approach with proprietary processes. They need tools to empower their sales team to personalize outreach at scale. Awesome.
I now understand why they're going to benefit from my product, Bebop. How specifically? How are they going to benefit from it? How are they going to make more money? First and foremost, Bebop is going to humanize their approach to sale, right? It's going to enable their revenue alchemists. There's a fun little point put in there. They don't refer to their team as sales reps. They're revenue alchemists. Now I'm aligning the way I'm communicating to something that is familiar and important to them. This is going to allow their revenue alchemists to build genuine connections without having to do the tedious research. Or said differently, save 90% of non-demo time. That is really where it gets down to. If you want to then communicate that through to Branch 49, the next part will be AI-generated sales approaches. Branch 49 is known for driving results.
How much more could your team deliver for your clients if you could slash research down by 90%? That is the perfect kind of way to open a conversation, a perfect kind of way of understanding where the pain points of that customer are. If we go down under this, the feature which is awesome here is here are the stakeholders. I know as a fact, Cory Frank is the decision maker there, and what it's gone and had a look at everything Cory has been talking about in the big worldwide web and found that he's just had an event called Cold Calls and Cold Cuts. That's talking about the importance of true personalization and the importance of that in sales. Bebop said, "Cory, I can see, I love what you said about cold calls and cold cuts and the importance of personalization in sales.
That is exactly why we're here talking today, because that's what Bebop does." It's now gone to their tech stack. I want you to think about the number one barrier to a technology sale is technology, the technology compatibility. This actually shows the tech stack. I can see that they're already using Connect and Sell. They're already using FogReady Leads as a partner, right? Getting leads is not their problem. Better communicating to them is, and how is that going to fit in? I can see that we fit in within our tech stack. For anyone that needs to fit in with specific CRMs or wants to fit in with specific email platforms or other technology platforms, this is an absolute winning benefit of this sort of analysis you get. The last part is just phenomenal objection handling, right on point.
As someone that prides themselves on having pretty reasonable objection handling, as I'm sure some of you have encountered in the past, this stuff is phenomenal. This is the power of Bebop. That is generated in a minute. If you want to jump back, do you want to go to leads, Tori, or do you want to go back to the presentation? I'm just conscious of time. Go, leads. Here's the other thing that's phenomenal and a different kind of benefit, and you'll see how these join together. Bebop has a way of identifying businesses that have a genuine need or want for your technology or your company today, your goods and services. Let's use another product in the Black Pearl portfolio, Tori. You can take your pick.
Let's just assume that my leads have dried up, that I don't have anyone to call, that I have not enough money for sales and marketing to find people to call to. You can literally generate almost limitless outreach opportunities again within a minute using Bebop. The first thing it's done here, and Tori's asked for finding leads for Pearl Diver. Firstly, it's understood exactly who our ICP is. You know, digital marketing agencies struggling with high cost per lead and low conversion rates. I'm going to talk about that in the coming slide. That is actually the number one opportunity for us right now as we've increased our average revenue per customer. B2B customers with significant ad spend looking to improve return on ad spend. Absolutely. Growth-focused marketing teams. These are, this isn't just generic ICPs.
That's actually verticals within that, identifying things like e-commerce companies that have abnormal benefits over and above a normal company. What is happening here is Bebop is going away and now analyzing tens of millions of businesses in the U.S., finding out who their customers are, what their problems are, and what they actually got interest or buying intent for in the market. It has come up with a list. If you actually just hit the expansion a bit on the top right of that column, perfect, right? You've got a list of people that you can contact that aren't just a generic list based off the normal thermographic and demographic selection. This is actually creating a list based off customers' need and demand. If you click on any of them, it brings you back to what we looked at before, which is great. That looks like an amazing opportunity.
What do I say? We're back to the dossier element. That is the perfect lifecycle. That is why this product is selling so aggressively. If we go back to the slide deck, Tori. Awesome. I mean, again, I've talked about it before. The velocity of Bebop is double that of Pearl Diver. We were super impressed when Pearl Diver got like $1 million worth of revenue in a 90-day period quite soon after going into the market. Look what Bebop's done. Now we have two high-velocity products in the market. This is a game changer for us when we think about where we're heading to in the future. With that, I want to talk about our product suite and where everything fits in.
I just want to underscore the point that we solve one problem, which is helping businesses in the U.S., specifically small to medium-sized businesses, find their next customer more affordably and simply without the traditional drag of normal marketing spend. We solve one problem in one market. Our technology is all built and powered by one platform, but it is attacking the market from different vectors. If you think about Bebop, clearly you can see from that built for sales professionals, built for sales leaders, built for scrappy entrepreneurs that are just trying to get off the ground and get their next sale and don't have marketing budgets. Pearl Diver, that's now evolved for harder marketing professionals, right? That is where we're getting so much great traction there.
Of course, our stable line of email products all around IT managers and marketing managers that are all slightly different buying personas but solving the same problem. That is so important because it gives resilience to our business in a world where AI, you know, Jeff Bezos considers AI the new electricity because it's going to power up, what, millions of different opportunities and applications. Who would I be to argue with Jeff? It's also lava. No one knows where AI is going to erupt up and completely change the landscape of an industry or decimate a buying segment. In this new world, can you rely on a single buyer in a single industry? Of course not. This is really when we're talking about thinking for the future. That is what we're talking about. We're making sure that we always have resilience.
One of the exciting opportunities that's come out of us increasing our average revenue per customer for Pearl Diver is that soon Pearl Diver is going to almost fork out into two different products where you've got Pearl Diver for retail and then Pearl Diver for white label for more wholesale. That's a really exciting opportunity. As we've announced to the market, we are evaluating bolt-on acquisition opportunities. Just to be clear with everyone, we're not interested in buying revenue. We're interested in buying growth. We are looking at businesses that complement our group tech stack that solve that problem we were talking about for American businesses that we can get a one-on-one equals three kind of value add accelerating. These are the things we're looking at, and there is an amazing amount of opportunities that meet that criteria in the market now.
The next slide is around our ARPU growth, and then I'm going to hand you over to our CTO, Sam.
One of the things that we announced again, and this is about the consistent theme of us saying what, you know, doing what we say we're going to do. In November last year, we said we were going to focus on unlocking high-caliber Pearl Diver customers, right? That's why we deliberately pivoted away from the smaller end of the SME market earlier this year. We're focused on these higher value opportunities that are stickier, that are often coming with annual contract commitments, that are coming with other opportunities. It is because we made that conscious decision to focus on that slightly higher market segment that the whole wholesale opportunity with Pearl Diver has come to us. It is not about luck. It is about working hard and getting lucky.
It is about preparation meeting opportunity. When you work hard and you put yourself in the right place, these opportunities come to you. That is exactly what we have achieved here. Now, with that, I want to hand you over to Sam, who is going to run you through our technology tech stack, I guess, Sam. I think that is what you are talking about. I hope so.
No, I was going to talk about our marketing approach, actually. No, yes, I am going to talk about product and our technology. I am going to cover our Pearl Engine, our driver for innovation, and also our product roadmap. I am feeling pretty relaxed now because Nick has finished the live demo of our product, which is always a slightly nerve-wracking experience when you are sitting in the technology seat. I am glad that went well.
Those of you that are familiar with Black Pearl already know that the Pearl Engine is at the heart of our innovation and how we go to market. Last year, we talked about how we had built Pearl Diver in 45 days off the base of our design components, our software assets, and our data infrastructure. This year, we have seen a very similar kind of result with Bebop. At the heart of Bebop is an augmented large language model. That means that we are using the four best large language models out there, along with our own components, our own additional processing, and our own systems to ensure that the best results are coming through and everything is verified. That was built from idea on the whiteboard to in-market product innovation in 90 days.
That is a phenomenal result to turn something like that around when Bebop is pretty unique in the market at the moment. We were able to do that through the incredible data asset that we have grown over the years. You can see there on the slide that we have gone from having a few hundred thousand records processed every day to now 21 billion records processing every day. In addition to the number of records, the kind of information that those records contain is growing and growing and growing. Both quantity and quality are really driving our way forward on the data side. That is what we have done. What is coming up? How is the engine helping shape our product roadmap? Let's flick on to that. You can see here that we've got three key revenue streams.
The first one is Pearl Diver, which you guys are all familiar with. What we're looking at right now at the moment is white labeling Pearl Diver. It's a pretty good indication that an application is producing incredible results when other people want to pretend it's theirs and sell it as theirs. That is what white labeling is. It's someone else taking Pearl Diver and using it to grow their own customer base. That will be rolling out very shortly. As Nick said, that moves us into larger customers. They tend to be more sophisticated and higher revenue. We're also looking at opening up an entirely different way for small, medium-sized businesses to reach their market, and that's called programmatic advertising.
Usually, it's the domain of very large enterprises with a lot of money to spend on marketing, but we're able to turn that, as we did with Pearl Diver, into a very friendly product for small and medium-sized business. Then Bebop, so new to the market, and Nick has given a great demo of that. Where we've moved, we launched with the prospecting that Nick walked through and enhanced that with the dossiers and the Teams versions. We're seeing a bit of a move from individual customers through to companies, and even some pretty exciting large companies are looking at that, but I can't reveal any details about that, obviously. Otherwise, our governance officer will come in and need to be quiet.
The couple of big opportunities there as well is because of the large language model, the augmented large language model, we are able to create data that is globally orientated. If you're a U.S. business looking to grow outside the U.S., or if you're a global customer. Huge potential there around Bebop. Now, the third area is really from the Pearl Engine. The Pearl Engine, as I said, has this huge quantity and incredible quality of data that is growing and growing. Because of the infrastructure we've invested in, we're now able to make that data available on a wholesale basis or a data as a service basis for larger customers. They will use that to create their own products and go to market with those.
We're seeing some incredible traction there, and some of those two dots could almost be green, even though we're not planning to fully release those until later in the financial year. Feeling incredibly bullish about both Pearl Diver. There's a lot of space there to leverage the large language model in there as well. Bebop is growing, as Nick has outlined, and these wholesale deals are an entirely new revenue stream for us. All right, over to Karen.
Would help if I unmuted myself. Thanks, Sam. This year we've been focused on investment and execution and ensuring we remain disciplined with both our costs and our growth. This graph is showing our personnel, operating, and admin expenses as a percentage of our revenue. The pink bars are showing the efficiencies we've made. Our costs have increased from FY 2024, but overall they're growing efficiently as a percentage of our revenue. The biggest and most pleasing area of efficiency has been our spend on admin expenses. This is great because these costs are not directly related to revenue generation. We've increased our investment in product, AI, and go-to-market, all in alignment with the roadmap we shared during the Capraise. Overall, our expenses rose as planned to support future scale. Now, onto enabling our future growth. We said we'd invest in growth, and we did.
We invested in product, people, and platform while keeping a clear path to sustainable margin growth. Most of these investments we will see start to pay off in FY 2026, and some are already ahead of where we expected, especially Bebop. Investing in our new and existing products in a disciplined approach to acquisitions is how we will get to our $20 million and our $50 million milestones. If we go into our continued investment, FY 2025 included deliberate investment across the business. Our cash burn reflects that cycle we're in. We're well capitalized heading into FY 2026, with $6.7 million cash on hand and access to our $4 million non-dilutive facility. Our balance sheet remains strong. We have the capital and the platform in place to keep building.
With Pearl Diver scaling and Bebop now live, we're well- positioned not just for our $20 million milestone, but also for $50 million and beyond. Now, I will hand you back to Tim to run through the resolutions for voting.
You're on mute, fella.
I hate talking to myself. It's no fun. No one pays attention. We now come to the formal part of the meeting, outlining the business matters requiring resolutions, which are outlined in the notice of meeting. You may ask questions on each matter being put to the shareholders through the virtual meeting website. As I mentioned earlier, voting in all resolutions will be conducted by way of a poll. Shareholders will be able to cast their vote using an electronic voting card received when online voting registration is validated. To vote, you'll need to click "Get Voting Card" within the online meeting platform. You will then be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in a way you wish to vote by clicking "For," "Against," or "Stand" on the voting card.
Once you've made your selection, please click "Submit Vote" on the bottom of the card to lodge your vote. Please refer to the virtual meeting guide or use the helpline specified if you require assistance. Voting will remain open for five minutes after the conclusion of the meeting. Results of the vote will be announced via the NZX in the coming days. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution and, as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. The outcome of the proxy votes received prior to the meeting will be displayed for your information after all voting is complete on all resolutions. Resolution one, Auditors' Remuneration.
Pursuant to 207(t) of the Companies Act of 1993, William Buck, New Zealand, is automatically reappointed as Auditor of Black Pearl at the meeting. This resolution authorizes the board to fix the auditors' remuneration for the ensuing year. Are there any questions concerning the motion from shareholders?
There's no questions on this resolution. Thanks, Tim.
Much appreciated. Please now vote for, against, or abstain on Resolution one of the voting card. Resolution two concerns the reappointment of Mark Osborne as a Director of Black Pearl Group. Mark was appointed on 24th of November, 2022 as an independent, non-executive Director of BPG . Mark retires by rotation in accordance with NZX listing rule 2.7.1 and, being eligible, offers himself for reelection. As Mark is unable to attend today's meeting, I will speak briefly on his behalf. Mark brings over 25 years of experience in asset management, governance, and financial policy, and has played a key role in leading major infrastructure and community projects across New Zealand. He currently serves as Chair of the Audit and Risk Committee and is a member of the Remuneration Committee. The board values his strategic insight, sound judgment, and deep governance expertise.
The board considers Mark to be an independent director and unanimously supports his reelection. Are there any questions concerning this motion from shareholders?
are no questions on this resolution.
Thank you. Please vote for, against, or abstain on Resolution two of the voting card. Resolution three concerns the election of Jyllene Miller as a Director of Black Pearl Group. Jyllene was appointed to the board 10th of September, 2024, as an independent, non-executive Director of BPG . She retires at the meeting in accordance with NZX rule 2.7.1 and, being eligible, offers herself for election as a Director of the company. I will now ask Jyll to provide a brief bio and comment for supporting her election. Jyll?
Thanks, Tim. It's a privilege to stand for elections within a Black Pearl board. I bring over 25 years of leadership experience across sales, go-to-market, revenue operations, and global growth strategy, having worked with startups, mid-market innovators, Fortune 500s, and NASDAQ-listed companies. My background includes scaling businesses across 42 countries, guiding teams through hypergrowth, and playing a key role in two organizations that grew from less than $100 million to over $6.5 billion, including a successful IPO in NASDAQ. I'm extremely excited about the U.S. and global potential of Black Pearl and look forward to contributing to our continued expansion and customer impact.
Thanks, Jyll. The board considers Jyll to be an independent director, and the board unanimously supports the election of Jyll. Are there any questions for the board concerning the motion from shareholders?
There's no questions on Resolution three. Thanks.
Much appreciated. Please now select for, against, or abstain for Resolution three on the voting card. Resolution four seeks shareholder approval in accordance with NZX rule 4.5.1-C to ratify the 8,420,418 fully paid ordinary shares of Black Pearl Group issued under the placement on October 11, 2024 and October 22, 2024. The issue of the placement shares represented a total of 14.2% of all equities, as defined in the rules as of the date of issue. The ratification of the placement shares will replenish BPG 's placement capacity under rule 4.5.1, allowing BPG the opportunity and flexibility to issue new equity securities without needing prior shareholder approval to do so.
Any shareholder and their respective associated persons, as defined in the NZX listing rules, who acquired ordinary shares in Black Pearl Group in the placement on October 11 or October 22, 2024, are prohibited from voting any shares that they hold on Resolution four. The company will disregard any votes on Resolution four by any person to whom the above restriction applies. Any discretionary proxies given to persons disqualified from voting under the requirements set out above will not be valid. Are there any questions for the board concerning the motion from shareholders?
We also have no questions around Resolution four. Thanks, Tim.
Thank you. Please now select for, against, or abstain on Resolution four of the voting card. This concludes the formal part of the meeting. You should now submit your votes. Voting will be open for five minutes after the close of the meeting. I'd now like to give shareholders the opportunity to ask questions, whether to the presenters, the financial statements, or the management of the company. Nick, our CEO, will be here to answer or delegate questions to the executive or relevant team members as appropriate. You can continue to provide questions online. We will also address questions already submitted online. If we run short of time or are unable to answer your questions online today, we will endeavor to respond to you after the meeting. Are there any questions from shareholders?
Yes, we have three questions. The first one is, where do you see the company in three years and five years?
When I think about timeframes and business in the modern world that we're living in, as I said, AI is just rewriting the rules of customer engagement and how markets are shaping up. I look at three years. I think if you're looking at five years, it's very murky from that point, right? You just want to be in an amazing position in a timeframe which you still have vision for. What we have done, and you can see deliberately doing here, is getting multiple high-growth products in the market to address that one evergreen challenge of helping customers acquire more customers affordably. When we think about the velocity we're growing at, coming back to what Karen was talking about before, this isn't about getting to $20 million, which is what we talked about in November last year.
With Bebop coming in, with white-labeling, with some potential acquisition opportunities, our vision, our line of sight is to $50 million. Anyone that knows this company knows we're ultra aggressive. We've made no bones about the fact that we have a desire to create a billion-dollar company. Everything we do is around that. We are not here to create a nice little, happy local market business. This is about taking on the biggest market in the world, the most competitive one, and not just competing, but bloody winning. That is what we're about, and we'll be driving that as aggressively as possible. We're eyes on $50 million ARR, and we're bloody gunning for it.
Thanks, Nick. We have a second question here that says, can you please let us know the timeline and the pathway to the ASX?
The ASX is an opportunity we're exploring at the moment. I want to actually take a minute to explain why we're looking at it. Before I even get going, I'm going to say we are not turning our back on New Zealand if we decided to go to the ASX. I am a dyed-in-wool Kiwi, right? This is a New Zealand company, but exploring the opportunity of going to the ASX has several benefits for our company and our shareholders. The first one is closer alignment to our primary market, the U.S. I think the number is one quarter or one fifth of the money in the top businesses on the ASX is American money. It's a lot easier for Americans to transact on the ASX. We get a lot of inbound interest in our stock from America based off people that use our products and love our products.
The opportunity of being on a platform like the ASX, where it's a lot easier for Americans to participate on market, is obviously a real opportunity for us. Secondly, as I've been infamously quoted in the press as saying, I am disappointed with our stock performance. What are we going to do about that? I can't just sit here. We're not in a position or a market where steady issue goes is good enough. It is not. You must be going at hyperspeed. Pace and speed of operation is the only competitive advantage anyone has in the technology market. Our stock price has to be one that gives us opportunities to, gives us the opportunity to seize these opportunities as and when they come, right? For example, acquisitions and doing that in a way that's not, you know, massively dilutive for shareholders.
It's about getting more competition, exposure to more institutions, right? Hopefully getting some, you know, analysts following the stock, which is, you know, obviously critical for, you know, getting more, more liquidity on our shares. That's the rationale for exploring it. Timeframes, right? We evaluate things in real time, and when we see opportunities, we move very quickly, but nothing has been defined at board level at this stage.
Thanks, Nick. We've got a question here that says, what is driving the uptake in Pearl Diver's higher tier packages?
You know, Tori is almost the better one to answer that, talking about the challenges that marketers are having and the value that actually Pearl Diver brings to that market segment. I can do it, or you want to have a run at it? Tori, you want to go? I see the eyebrows have been raised enthusiastically, so with that, pass the ball over to you, Tori.
Yeah, sure. When Pearl Diver first came into the market, it was with a certain amount of features. At the beginning, that was around your website resolution. As that product has gotten deeper in product functionality, we've been able to increase the price on that because the value has been increased. One of the biggest challenges that marketers have is how they spend their money on marketing and get the ROI of that. Platforms like Meta and Google get to see the type of data around resolutions and engagement that a normal marketer doesn't get to see. What Pearl Diver does is it gives that back to the marketers, and it gives us the opportunity to see that level of data that we can make the better decisions.
As that product has become a little bit more mature in market, we're able to actually keep growing the utilization and therefore the price.
Articulately said there, Tori, far better than I could have ever done. I would have said something along the lines of that, you know, marketers in the U.S. at the moment are under immense pressure to deliver results and flying blind. Putting your faith in a blind algorithm from a third party is a deeply uncomfortable situation to be in. If I was a marketer, I'd want to be able to select people that had intent for my business, line that with my ICP, and only put ads in front of those people. That is what I would want, and I'm sure as hell not having my job depending on whether the bloody mystical algorithms decide to produce results for me or not. I want destiny in my hands. That is why it sells so well.
Nick, this is why we love him on sales calls, because he can actually resonate with us marketers. We've got a final question here, which is, how do you plan to deepen penetration in the U.S. SMB market?
Awesome question, right? This comes back to if you saw our product stack, right? I love attacking one, like, I don't know, it sounds quite vicious, attacking the U.S. market. Oh, I don't know, attacking anyone in the U.S., you know, don't come after us, Tim. When we're trying to penetrate that market, it's about doing that from different vectors, right? Vectors from angles and velocity, right? If you think about it, it's a massive market, but where our products, why our product group of products is so well architected is that they address almost every industry. We don't sell to government, we don't sell to education typically, but it doesn't matter if you're B2B or B2C, it doesn't matter if you're in real estate or e-commerce or HVAC systems, whatever it is, there's benefit in our products. We address salient pain points for different decision makers in there.
Why that's so really important is because you actually exhaust, like you hit in marketing what we call glass ceilings. If all our money was on Pearl Diver all the time, sooner or later you kind of like, you can't spend any more marketing money in traditional ways or, you know, to cost effectively keep getting customers. Scale, there's diminishing returns on investment. When you have multiple avenues in there, that actually opens up a lower cost per conversion and then cross-sell and upsell opportunities within that market. It's really sort of like kind of penetrating from different angles and then joining together once in there that, you know, once you've got a customer pulling through other products through, like we're seeing with Pearl Diver and Bebop and this convergence of people wanting both, which is exactly the strategy.
Awesome. Thanks, Nick. That brings our questions to a close. Over to you, Tim.
Thanks. Thank you to everyone for attending the Black Pearl Group's annual meeting. I now declare the meeting closed. The results of the meeting will be released to the NZX as soon as possible. Have a great day.