ikeGPS Group Limited Analysis

Overview

IKE seeks to be the standard for collecting, managing and analysing pole and overhead asset information for electric utilities, communications companies and their engineering service providers. Usage of the IKE solution shows that against existing work practices IKE increases efficiency for field engineering by approximately two times and increases efficiency for back-office engineering by approximately five times.

ikeGPS is headquartered in Wellington, New Zealand. The company's sales, marketing, support and training organization is based in Broomfield, Colorado USA, supporting its customers across North America.

Performance

The following information was extracted from ikeGPS Group Limited's Market update, released 29 July 2025

1Q FY26 Performance Update

• Continued growth of annual subscription revenue exit run rate (+29% vs pcp).
• Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and EBITDA breakeven on a run-rate basis in H2 FY26.
• Total recognized revenue in the period of NZ$6.4m (+12% vs pcp).
• Gross margin percentage of 76% (up from pcp of 70%).
• Fully funded to execute continued growth plans via completion of A$18.0 million (NZ$19.6 million) fully underwritten placement.

Highlights for the 3-month period to 30 June 2025:

Exit run rate of annual platform subscription revenue of NZ$16.6m (+29% vs pcp).

Total recognized revenue in the period of NZ$6.4m (+12% vs pcp) comprised of the following:

• Subscription revenue of NZ$4.1m (+28% vs pcp).
• Transaction revenue of NZ$1.5m (-16% vs pcp).
• Hardware and other services revenue of NZ$0.8m (+3% vs pcp).

Gross margin of NZ$4.8m (+20% vs pcp)

• Gross margin percentage of 76% (up from pcp of 70%), driven by revenue mix continuing to shift to high-margin subscription software products.

Total cash and net receivables NZ$11.7m.

• This comprises NZ$8.8m in cash and NZ$2.9min net receivables (NZ$4.0m in receivables with payables of NZ$1.1m) and no debt. A fully underwritten institutional placement was completed in July raising A$18.0 million (approximately NZ$19.6 million) and non-underwritten share purchase plan in process to raise up to A$2.0 million (approximately NZ$2.2 million).