ikeGPS Group (IKE) investor relations material

Executive summary

• Achieved 33% year-over-year subscription revenue growth for FY26, reaching NZ$19.2m and nearly 99% of target, with positive underlying EBITDA in March 2026.

• Added 83 new subscription customers in FY26, reaching 463 total, with customer retention at 97%.

• AI-first model and product enhancements, including PolePilot, enabled a 10% price increase across the subscription base with no churn.

• Exit run rate grew 21% in constant currency, with annualized exit run rate for platform subscription revenue at NZ$20.7m.

• IKE PoleForeman reached NZ$11m ARR within two years, now standard in 8 of the 10 largest US utilities.

Financial highlights

• FY26 total revenue was NZ$26.6m (+6% year-over-year), with platform subscription revenue at NZ$19.2m (+33%).

• Gross margin improved to 81% (from 69%), with platform subscription gross margin at 94%.

• Platform transaction revenue declined 35% to NZ$5.0m; billable transactions down 43%.

• Cash balance at NZ$33m with no debt as of March 31, 2026.

• 91% of total revenue is recurring, with 72% from subscriptions (up from 57% in FY25).

Outlook and guidance

• FY27 guidance targets similar platform subscription revenue growth as FY26, with continued benefit from recent price increases and new products.

• AI-driven operational efficiencies expected to further reduce R&D as a percentage of OpEx and drive future profitability.

• Volatility in transaction revenue expected to persist into early FY27 due to US rural fiber funding policy changes.

• Two new customer council-led software modules in development, with one entering beta testing within nine months.

• Strong balance sheet supports continued investment in product development, customer acquisition, and selective M&A.