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 full year results, released on 29 May 2025:

48% growth of FY25 annual subscription revenue exit run rate.

Subscription revenue growth in FY26 expected to be +35% or greater.

Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with a net loss of NZ$16.3m.

Total cash & net receivables NZ$15.4m. The March 2025 cash position of NZ$10.3m is consistent with the position 12 months prior.

Unsolicited, non-binding acquisition approach received in the period at NZ$1/share, or ~NZ$165-170m EV.

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to release its full year audited results for the 12-month period to 31 March 2025. All figures are in NZD, rounded to the nearest decimal.

The results are in line with the performance update reported to the market in April.

Highlights:

Exit run rate of annual platform subscription revenue grew to NZ$17.6m (+48% vs pcp).

Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with recognized revenue in 4Q of NZ$6.6m. Comprising the above was:

• Subscription revenue of NZ$14.4m (+34% vs pcp).
• Transaction revenue of NZ$7.6m (+3% vs pcp).
• Hardware and other services revenue of NZ$3.2m (+5% vs pcp).
• Gross margin of NZ$17.4m (+37% vs pcp), with gross margin in 4Q of NZ$4.8m (73%).

Gross margin percentage of 69% (up from pcp of 60%), driven by revenue mix continuing to shift to high margin subscription software products.

• Cash Operating Expenses 2% lower than pcp.

Adjusted EBITDA loss of NZ$6.1m (improved from pcp Adjusted EBITDA loss NZ$9.8m)