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 28 October 2025

Another strong period of growth (+47% Exit Run Rate of subscription revenue vs pcp)

FY26 guidance reiterated for ~35% or greater growth in platform subscription revenue and EBITDA breakeven on a run-rate basis

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide a performance update for the six-months to 30 September 2025.

1H FY26 performance highlights (all figures are in NZD, rounded to the nearest decimal):

• Exit run rate (ERR) of platform subscription revenue ~NZ$19.4m annualized (+47% vs pcp).

• Strong growth of recognized platform subscription revenue to ~NZ$8.8m (+35% vs pcp).

• Total revenue of ~NZ$12.8m (+5% vs pcp), noting the lower margin services revenue component is down vs pcp because of volatility in the fibre communications market, which is expected to rebound.

• Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and EBITDA breakeven on a run-rate basis within 2H26.

• Gross margin of ~NZ$9.6m (+18% vs pcp).

• Gross margin percentage increased to ~75% (up from pcp of 67%).

• Cash operating expenses are materially the same as pcp, while executing the above growth.

• Launch of AI companion capability within the core IKE Office Pro product, called PolePilot , game-changing AI-driven automation for electric utility distribution network analysis. This delivers material productivity gains for customers using IKE’s core platform, also driving increased ARPU for IKE.

• Total cash of NZ$34m as at 30 September 2025, with no debt, putting IKE in a strong financial position and with ample liquidity to execute the product roadmap and market development.

• In the period, IKE successfully completed a significantly oversubscribed A$24 million capital raise (approximately NZ$26 million), demonstrating strong institutional and retail investor support.

• In September, IKE was elevated to the ASX All Ordinaries Index, which tracks the 500 largest companies listed on ASX by market capitalization.