ikeGPS Group (IKE) AGM 2024 summary

Opening remarks and agenda

• Welcomed shareholders, introduced board and executive team, and outlined virtual meeting procedures.

• CEO Glenn Milnes and non-executive director Roz Buick provided introductions and set the agenda, focusing on financial performance, product innovation, and market opportunities.

• Confirmed quorum and explained the meeting structure, including CEO presentation and voting on resolutions.

Financial performance review

• Revenue for FY2024 was NZD 21.1 million, with 89% from recurring subscriptions and transactions.

• Subscription revenue grew at a three-year CAGR of 41%, with YTD FY25 subscription revenue up 29% to NZ$3.2m.

• Exit Run Rate of annual platform subscription revenue reached NZ$12.9m as of June 30, 2024, up 40% year-on-year.

• Gross margin reached NZD 12.7 million in FY2024 and improved to 70% in Q1 FY25; net loss was NZD 15 million; cash and receivables at NZD 15.4 million (FY2024) and NZ$14.0m (June 2024), with no debt.

• Subscription seat licenses increased 207% to 5,847, driven by new product adoption.

Board and executive committee updates

• Welcomed new board and executive members: Roz Buick (Non-Executive Director), Brian Musfeldt (CFO), Ani Adzhemyan (CMO), Brett Willitt (SVP Product).

• Acknowledged Rick Christie's resignation and his contributions as former Chairman.