• Continued growth of annual subscription revenue exit run rate (+48% vs pcp)
• ARR growth in FY26 expected to continue at similar, very strong levels
• ~NZ$12m in contracts closed in the fourth quarter

IKE reported continued strong performance in 4Q FY25, with a 48% YoY growth in the exit run rate of annual platform subscription revenue, which has grown to NZ$17.6m. Subscription revenue growth has remained consistently strong, with a 3-year CAGR of 37%. Seat count growth has accelerated, with a 103% YoY increase. Transaction revenue has also seen a 6% 3-year CAGR, with improved margin profile. Recurring subscription and transaction revenues now make up 87% of IKE's revenue mix. The company added 72 new subscription customers during FY25, though 40 small legacy customers did not convert to the new IKE PoleForman platform. IKE's blended gross margin profile continues to improve, reaching 69% in FY25 vs 60% in FY24. The company also received an unsolicited, non-binding acquisition approach at NZ$1 per share, or ~NZ$165-170m EV.

IKE expects ~35% or greater growth in subscription ARR for the full FY26 period.

IKE sees a significant long-term market opportunity, with over 3,000 electric utilities and 200M distribution assets across the U.S. investing in grid resiliency and capacity programs. The company is well-positioned, with 8 of the 10 largest investor-owned utilities having standardized on IKE, and a growing footprint in the communications sector. IKE sees opportunities to grow, upsell and cross-sell into its existing customer base, as well as win new logos and expand internationally.