• +48% YoY growth in annual subscription exit run rate
• 103% YoY increase in subscription seats
• 3-year subscription revenue CAGR ~37%
• FY25 revenue of NZ$25.2m

ikeGPS Group Ltd reported its FY25 results, highlighting strong financial performance. The company's annual platform subscription revenue exit run rate grew 48% YoY, while subscription seat licenses increased 103% YoY. Subscription revenue had a 3-year CAGR of ~37%, and total FY25 revenue was NZ$25.2m. Gross margin improved to 69% from 60% in the prior year, driven by improvements across all revenue segments. The company added 72 new subscription customers during FY25, though it also lost 40 small legacy customers who did not convert to the new IKE PoleForman platform. Cash operating expenses declined 2% YoY, and the company targets to be approximately EBITDA break-even on a run rate basis within the second half of FY26. The company's balance sheet remains strong, with NZ$15.4m in total cash and net receivables and no debt. Looking ahead, ikeGPS expects subscription revenue to continue increasing strongly at growth levels of 35% or greater, and it will remain focused on winning and becoming the industry standard in the North American market.

Subscription revenue to continue to increase strongly, at growth levels of 35% or greater. To be approximately EBITDA break-even on a run rate basis within the second half of FY26.

IKE's focus will remain solely on winning / becoming the industry standard in the North American market. The current global tariff situation has no material impact on IKE's business, as a U.S. software provider delivering into U.S. customers. New automation applications and modules to be introduced into IKE's established products.