IKE - IKE GPS Group

[Greekwatchdog]

Trading at $0.80 on ASX. Currently down $0.12 today on just over 100k shares.

Interesting ahead of tomorrows update

[Minimoke]

Trading at $0.80 on ASX. Currently down $0.12 today on just over 100k shares.

Interesting ahead of tomorrows update

Appears to be tracking to plan. $32m in cash. Nice. We cant be far away from expecting a dividend.



FY26 guidance reiterated for ~35% or greater growth in platform subscription revenue.

New product initiatives tracking to plan

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide a performance update for the nine months to 31 December 2025. All figures are in NZD, rounded to the nearest decimal.

Highlights include:
• Exit Run Rate (ERR) of platform subscription revenue ~NZ$21.1m annualized (+35% vs pcp).
• Strong growth of recognized platform subscription revenue in the nine-month period to 31 December 2025 of ~NZ$14.1m (+38% vs pcp).
• Total revenue of ~NZ$19.8m (+7% vs pcp).
• Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and EBITDA breakeven on a monthly run-rate basis by the end of FY26.
• Gross margin percentage increased to ~79% (up from pcp of 68%).
• Total cash of NZ$32.3m as at 31 December 2025, net receivables of NZ$2.9m, with no debt. This puts IKE in a strong financial position to execute its product roadmap and market development.

[Greekwatchdog]

Appears to be tracking to plan. $32m in cash. Nice. We cant be far away from expecting a dividend.



FY26 guidance reiterated for ~35% or greater growth in platform subscription revenue.

New product initiatives tracking to plan

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide a performance update for the nine months to 31 December 2025. All figures are in NZD, rounded to the nearest decimal.

Highlights include:
• Exit Run Rate (ERR) of platform subscription revenue ~NZ$21.1m annualized (+35% vs pcp).
• Strong growth of recognized platform subscription revenue in the nine-month period to 31 December 2025 of ~NZ$14.1m (+38% vs pcp).
• Total revenue of ~NZ$19.8m (+7% vs pcp).
• Reiteration of FY26 guidance for ~35% or greater growth in platform subscription revenue and EBITDA breakeven on a monthly run-rate basis by the end of FY26.
• Gross margin percentage increased to ~79% (up from pcp of 68%).
• Total cash of NZ$32.3m as at 31 December 2025, net receivables of NZ$2.9m, with no debt. This puts IKE in a strong financial position to execute its product roadmap and market development.

Closed at $0.855 on ASX last night. Solid quarter, 4th quarted seems to have started strongly..

Dividend?? I wonder if they have even continued that??

[Minimoke]

Closed at $0.855 on ASX last night. Solid quarter, 4th quarted seems to have started strongly..

Dividend?? I wonder if they have even continued that??

I was a bit tongue in cheek with the divi comment. I like companies with cash and no debt. My first preference is that they use that to grow the profitability of the business.

Failing that, investors should get a return (assuming accounts payable aren't out of control)

[Left Field]

My notes on IKE 1HFY26 presentation as today

Low key presentation from CFO (no Glen Milnes)

See the tables in this link  https://api.nzx.com/public/announcement/466639/attachment/461244/466639-461244.pdf

Key negative
Transaction revenue 45% down on pp, this put down by US Govt's mid 2025 cancelation of all contracts and requirement for providers/contractors to re-apply plus late 2025 US Govt shut down.  Comment made that there are 4Qtr signs that activity is now recommencing.

Key positives
- total revenue $19.8 mill up 7% on pp
- Gross Margin improvement from 88% to 93%
- Subscription revenue up 38% on pp and in 4th Qtr up 44% to-date.
- Pole Forman has generated over $10mill and "potential upside is still significant"
- In terms of new developments AI assisted Pole Pilot now in customer trial and likely for introduction later in 2026. Pole Pilot is getting v positive revues and likely to  sell for $US4,000 RPU versus Pole Forman at $US2,000 RPU, ie double the unit RPU price for Pole Foreman.
- With $32 mill cash on hand,  future cap raise unlikely and would only be considered for (say,) a significant 'bolt on' aquisition

[Greekwatchdog]

Note ex For Bar this morning...

ikeGPS (IKE) delivered another mixed performance update in 3Q26, but one that reinforced the underlying quality of its growing recurring revenue streams. Subscription momentum remained strong, margins continued to expand, customer adds were solid, and the product roadmap is progressing broadly in line with expectations.

While total revenue growth moderated due to continued weakness in the Transactions segment, the transition toward higher-quality, recurring software revenues at solid margins is now well advanced. PoleForeman has scaled rapidly to a material ARR base in just two years, while newer AI-enabled products are beginning to enhance pricing and deepen customer relationships.

Management reiterated FY26 guidance, including +35% or greater Subscription growth and EBITDA breakeven on a run-rate basis by year-end. R&D for IKE's two new product modules is also on track. In our view, the update underscores a business that is executing steadily, with improving earnings quality and a long growth runway supported by favourable US utility infrastructure tailwinds.

We lift our margin assumptions, and our blended spot valuation rises +8% to NZ$1.28.

[Left Field]

Good to see IKE SP climbing again after it got beaten down around the sale of 2 mill shares.

[Greekwatchdog]

Good to see IKE SP climbing again after it got beaten down around the sale of 2 mill shares.

I suspect its short lived.

ASX trend still pretty grim. I guess the concerns about software/AI related stocks has fallen into this one. Odd given they are building their own AI modules which has been well articulated to market...

Its onlt 6.5 weeks to go before end of financial year so guess we will get 4th quarter update sometime in April and hope its continued positive news before FY result in May.

[Left Field]

You're right GWD....... I was getting carried away.... I'll shut up until the results are out.

[Greekwatchdog]

You're right GWD....... I was getting carried away.... I'll shut up until the results are out.

LOL, Its all very panicky on small volume on fear. They have obviously forgotten or are completely ignorant to the fact that IKE raised caqpitial to build these AI modules that the Customer Council was asking for

Totally Irrational but thats the market

[Left Field]

Big crossing of 1.2 mill shares today at $1.04

Market getting a tab excited ahead of next week's likely update?

[Greekwatchdog]

Big crossing of 1.2 mill shares today at $1.04

Market getting a tab excited ahead of next week's likely update?

Hmm certainly is interesting timing. Have wondered the last week or so on ASX if there was some news out there as there was a volume increase with share price.

Guess we will find out soon, very soon.

[Left Field]

IKE looking good with this update...........well worth reading the detail........onwards & upwards.

https://www.nzx.com/announcements/471388
 
 ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to provide a performance update for the 12 months to 31 March 2026. All figures are in NZD, rounded to the nearest decimal.
 
 Highlights include:
 • FY26 Platform Subscription Revenue ~NZ$19.2m (+33% vs pcp) — FY26 guidance of approximately 35% subscription revenue growth materially delivered.
 • Positive underlying EBITDA achieved in the month of March 2026 — FY26 guidance delivered.
 • FY27 guidance for similar levels of growth for Platform Subscription revenue.
 • Exit Run Rate (ERR) of Platform Subscription Revenue ~NZ$20.7m annualised at 31 March 2026 (+18% vs pcp; +21% in constant currency). Noting one larger, long-term communications customer completed a project in 4Q aided by IKE technology. This was announced to the market early in the FY26 year. This national group remains a customer and excluding this project completion ERR Platform Subscription Revenue would have exited the year at +30% in constant currency.
 • FY26 Total Revenue ~NZ$26.6m (+6% vs pcp)
 • Gross margin percentage increased to ~81% (up from pcp of 69%). Platform Subscription Gross Margin ~94%.
 • FY26 gross margin of ~NZ$21.4m (+23% vs pcp)
 • Total Cash of ~NZ$33m (ahead of the ~NZ$32.3m reported at 3Q FY26), net receivables ~NZ$4.3m and no debt as at 31 March