• 48% YoY growth in annual subscription revenue exit run rate
• $12M in contracts closed in the quarter
• 103% YoY increase in subscription seat licenses

IKE reported continued strong performance in 4Q FY25, with 48% YoY growth in the exit run rate of annual platform subscription revenue, reaching NZ$17.6M. The company closed ~NZ$12M in new contracts during the quarter and saw a 103% YoY increase in subscription seat licenses, driven by customer additions, upsells, and the adoption of the new IKE PoleForeman product. Transaction revenue also grew, with a 3-year CAGR of 6%, and gross margins improved to 32%. Recurring subscription and transaction revenues now make up 87% of IKE's revenue mix. The company added 72 new subscription customers in FY25, but also lost 40 small legacy customers who did not convert to the new IKE PoleForeman platform. IKE expects subscription ARR growth of 35% or greater in FY26. The company also received an unsolicited, non-binding acquisition approach at NZ$1 per share, or ~NZ$165-170M enterprise value.

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

IKE is well-positioned to capitalize on the large, long-term North American market opportunity, with a strengthened team of industry experts and multiple avenues to support future growth potential, including sales team expansion, cross-selling and upselling to the existing customer base, inorganic growth, and international expansion.