Ann: Blackpearl Group Q4 FY25 Results Announcement, page-4

I agree that they should have explained to shareholders about how low margins were heading in the quarter properly. Shareholders like and need certainty and as you explained it was a blow to their credibility. Still not a major for me, as it makes sense in hindsight.

I am looking forward to the results of their Beta launch and future of Bebop. I feel that we will get a clearer understanding or indication when the FY results come in April.

When you look at Apollo.io this gives an indication of how fast they grew from nothing. I got the impression that BPG already had a bigger customer base for Bebop, but they are running cheaper than Apollo. I would love to see them grow this fast, but hopefully faster

Detailed Breakdown:

• 2018: Approximately $2.5 million in ARR.
• 2019: $5 million in ARR, representing 100% growth from 2018.
• 2020: $8 million in ARR, a 60% increase from 2019.
• 2021: $24 million in ARR, a 200% rise compared to 2020.
• 2022: $48 million in ARR, doubling from 2021.
• 2023: $96 million in ARR expected so this sounds fantastic.

Interesting story about Apollo and how they got to where they got and some interesting stats about others.
https://www.notoriousplg.ai/p/notorious-how-apolloio-went-from