• 48% growth in annual subscription revenue exit run rate
• Subscription revenue growth in FY26 expected to be +35% or greater
• Adjusted EBITDA loss improved to NZ$6.1m from NZ$9.8m in prior year

ikeGPS Group Limited (IKE) has released its full year audited results for the 12-month period to 31 March 2025. The company reported a 48% growth in the exit run rate of annual platform subscription revenue, with total recognized revenue of NZ$25.2m (+19% vs pcp). Subscription revenue grew 34% to NZ$14.4m, while transaction revenue and hardware/services revenue also increased. Gross margin improved to 69% from 60% in the prior year, driven by the revenue mix shifting towards higher-margin subscription software products. The company's adjusted EBITDA loss improved to NZ$6.1m from NZ$9.8m in the prior year, and the net loss was NZ$16.3m. Excluding non-cash impairments, the net loss improved by 18% from the prior year. The company's balance sheet remains strong, with NZ$15.4m in total cash and net receivables, including NZ$10.3m in cash. Looking ahead, ikeGPS expects subscription revenue growth of 35% or greater in FY26, and to be approximately EBITDA break-even on a run rate basis within the second half of FY26. The company also noted that it received an unsolicited, non-binding acquisition approach at NZ$1 per share, or ~NZ$165-170m enterprise value, but the board determined that the proposal did not have sufficient shareholder support to proceed.

ikeGPS expects subscription revenue growth of 35% or greater in FY26, and to be approximately EBITDA break-even on a run rate basis within the second half of FY26.

ikeGPS sees continued strong growth opportunities driven by macro-market tailwinds in North America related to electrical grid hardening and capacity expansion. The company continues to win new customers, with eight of the ten largest electric utilities in the U.S. now standardized on ikeGPS software.