ikeGPS FY22 Half-Year Results

FOR IMMEDIATE RELEASE
29 November 2021

40% revenue growth on constant currency basis and 135% growth of
new contracts won against PCP

IKE 1H FY22 Result
ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to release an update for the half year
to 30 September 2021 (all figures NZD).
The IKE platform allows electric utilities, communications companies, and their engineering
service providers to increase speed, quality, and safety for the construction and maintenance of
distribution assets.
The revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE
platform and the volume of assets (called Transactions) being processed through the IKE
software.

Highlights for the First Half to September 2021:
+ Revenue of approximately $5.7m (approximately 30% higher than pcp and approximately
40% higher than pcp on a constant currency basis).
+ New contracts closed in 1H FY22 were approximately $10.9m (approximately 135%
higher than pcp).
+ Another very strong period for new contract wins. The majority of these contracts
are expected to be recognized over the next 12 months, reflecting how U.S. markets
have bounced forward from the impacts of COVID-19.
+ Gross margin of approximately $3.6m (pcp of $2.9m), with a gross margin percentage of
approximately 63% (pcp of 67%).
+ Operating cash flow of approximately ($2.8m) (pcp of ($1.4m))
+ Net loss of approximately $6.2m (pcp of $2.6m), in line with IKE’s growth, investment,
and customer acquisition strategy.
+ Total cash and receivables 30 September 2021 of approximately $32m, with no debt.

IKE CEO, Glenn Milnes, said: “The first half was the strongest ever period for our business. The
level of new contracts won in calendar 2021 to date total more than $21m, noting that these
contracts are based on our customers entering into network projects and that the timing and
delivery of this revenue is dependent on customer execution. This level of won business is
against FY21 full year revenue (to March 2021) of $9.3m, and as such provides us with a high
level of confidence for the potential for substantial growth in FY22 and FY23, notwithstanding
timing risks around some customer projects as above.
“We continue to be pleased with progress and the integration of the recently acquired IKE Insight
solution, with numerous customers progressing positively. We are optimistic that this additive
Artificial Intelligence (AI) solution specific for poles can become another important growth driver

2
for the IKE business and open some new pole-related market segments for the electric utility and
communications market.”

The momentum across the business is set out in the charts and tables below:
1H FY22
PCP (1H FY21) % Change
Platform Transactions

# of billable transactions 160k
27k +493%
Platform transaction revenue $2.3m
$1.1m +109%
Gross Margin $1.0m
$0.3m +233%
Gross Margin % 43%
27%
Platform Subscriptions

# of enterprise customers 308
270 +14%
Platform subscription revenue $2.5m
$2.3m +9%
Gross Margin $2.1m
$2.2m -5%
Gross Margin % 84%
96%
Hardware & Other

Hardware & Services revenue $1.0m
$1.0m +0%
Gross Margin $0.5m
$0.4m +25%
Gross Margin % 50%
40%




Takeaways
• Approximately 135% growth in
new contracts won against pcp
provides confidence around the
potential for strong revenue
growth in the FY22 and FY23
years ahead.
• Greater than $21m in new
contracts won in calendar 2021,
to end of November.

3



Takeaways
• Recurring subscription and
transaction revenues have
continued to grow in absolute
and relative terms (shown by
the Green and Blue segments in
this chart).
• IKE’s revenue mix has shifted
materially over the past three
years with greater than 80% of
revenue expected from
transaction & subscription
sources in FY22.
• This is an important continuing
trend in terms of increased
revenue quality and
predictability to underpin
growth as IKE continues to
execute on its solution and Pole
OS™ strategy.




Takeaways
• Transaction revenue is
expected to be the major
growth engine for IKE.
• Approximately 490% higher
transaction volume and 110%
higher transaction revenue
reflects success in transitioning
to the ‘subscription plus
additive transaction’ business
model.

4

Takeaways
• Growth in overall number of
enterprise subscription
customers and revenue.
• Subscription customers provide
the foundation to
expand inside existing accounts
with other IKE Solutions and
build transaction revenues.

Outlook
+ The record level of new contracts won year-to-date points to a strong forward revenue
growth profile.
+ IKE’s sales opportunity pipeline has also developed robustly over the past two quarters.
+ IKE’s focus for 2H FY22 (period to March 2022) continues on three core themes:
+ The delivery of contracts to recognize revenue from contracts in place,
+ The extension of revenue opportunities from existing customers, and
+ Building further market proof points behind the recently acquired AI-software
business, IKE Insight.
Customer and market commentary
+ IKE targets sales into North America’s approximately 200 communications companies,
approximately 3,000 electric utilities, and their approximately 1,000 engineering service
providers (ESP). Once a customer, IKE then aims to embed and expand the use of IKE
solutions inside of these accounts.
+ Several customer wins and subsequent expansion examples, where both electric utility
and communications accounts have grown from tens to hundreds of thousands and then
to millions of dollars, help point to the potential network effects from operating across
these related customer groups, and the larger future revenue opportunities that can arise
over time.
+ Market tailwinds continue to support the growth potential of the IKE business in North
America.
+ An additional US$60b of investment into broadband network development, as part of
the Biden administration’s $1 trillion Infrastructure bill, is additive to more than
US$350b forecasted to be invested into fibre and 5G infrastructure over the next five
plus years as a baseline.
+ Additionally, more than 3,000 electric utilities are needing to address the challenges
of network strengthening and maintenance,

5
+ IKE solutions deliver network construction and maintenance processes that are faster,
safer, and to a higher quality data standard.
ENDS

About ikeGPS
We’re IKE, the PoleOS™ Company. IKE seeks to be the standard for collecting, analysing
and managing pole and overhead asset information for electric utilities, communications
companies, and their engineering service providers.

Contact:
Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au

Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com
ikeGPS Group Limited
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com

---

Contents
Consolidated interim statement of profit or loss and other comprehensive income1
Consolidated interim statement of changes in equity2
Consolidated interim balance sheet3
Consolidated interim statement of cash flows4
Notes to the consolidated interim financial statements5 to 12

Unaudited
6 months to
September 2021
Unaudited
6 months to
September 2020
1
(restated)
Continuing operations
$000$000
Operating revenue55,715 4,405
Cost of sales(2,130) (1,470)
Gross profit
3,585 2,935
Other income4 899
Foreign exchange gains5 52
Revaluation of contingent consideration(412) -
Total other income, gains and losses5
(403) 951
Support costs(204) (215)
Sales and marketing expenses(3,182) (2,913)
Research and engineering expenses(2,369) (1,104)
Corporate costs(3,614) (2,179)
Expenses5
(9,369) (6,411)
Operating loss
(6,187) (2,525)
Net finance expense(28) (42)
Net loss before income tax
(6,215) (2,567)
Income tax expense--
Loss attributable to owners of ikeGPS Group
(6,215) (2,567)
Other comprehensive loss
Exchange differences on translation of foreign operations109 (581)
Comprehensive loss
(6,106) (3,148)
Basic and diluted loss per share $ (0.04) $ (0.02)
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of profit or loss and
other comprehensive income
1
The comparative figures for the 6 months to September 2020 have been restated for prior period errors, refer to note 3 for further
details.
1

Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
$000$000$000$000$000
Restated balance at 1 April 2020 (audited)
1
61,498 (52,325) 753 381 10,307
Loss for the period
1
-(2,567) --(2,567)
Currency translation differences
1
---(581) (581)
Total comprehensive (loss)
- (2,567) -(581) (3,148)
Issue of ordinary shares18,472 - - -18,472
Recognition of vesting of share-based options
1
--159 -159
Issue of shares from exercise of share options
1
12 -(12) -
Share based options forfeited during the period
1
- - (23) - (23)
Equity movements arising from business combinations- - 134 -134
Total transactions with owners
18,484 -258 - 18,742
Restated balance at 30 September 2020 (unaudited)
1
79,982 (54,892) 1,011 (200) 25,901
Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
$000$000$000$000$000
Opening balance at 1 April 2021 (audited)
80,932 (59,817) 1,178 (591) 21,702
Loss for the period-(6,215) --(6,215)
Currency translation differences---109 109
Total comprehensive (loss)/income
- (6,215) -109 (6,106)
Issue of ordinary shares23,134 ---23,134
Recognition of vesting of share-based options--919 -919
Issue of shares from exercise of share options52 -(52) --
Share based options forfeited during the period--(2) -(2)
Equity movements arising from business combinations--209 -209
Total transactions with owners
23,186 - 1,074 - 24,260
Balance at 30 September 2021 (unaudited)
104,118 (66,032) 2,252 (482) 39,856
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of changes in equity
1
The comparative figures for the 6 months to September 2020 have been restated for prior period errors, refer to note 3 for further details.
2

Consolidated interim balance sheet
Unaudited
September
2021
Audited
March
2021
ASSETS
$000$000
Current assets
Cash and cash equivalents29,628 11,342
Trade and other receivables2,094 2,630
Prepayments968 254
Inventory623 798
Total current assets
33,313 15,024
Non-current assets
Property, plant and equipment61,690 1,053
Intangible assets14,054 13,845
Inventory482 352
Lease assets294 434
Total non-current assets
16,520 15,684
Total assets
49,833 30,708
LIABILITIES
Current liabilities
Trade and other payables941 960
Employee entitlements450 303
Provision584 711
Other liabilities4,844 3,894
Lease liabilities326 339
Deferred income2,683 2,449
Total current liabilities
9,828 8,656
Non-current liabilities
Lease liabilities17 174
Other liabilities-148
Deferred income132 28
Total non-current liabilities
149 350
Total liabilities
9,977 9,006
Total net assets
39,856 21,702
EQUITY
Share capital7104,118 80,932
Share based payment reserve2,252 1,178
Accumulated losses(66,032) (59,817)
Foreign currency translation reserve(482) (591)
Total equity
39,856 21,702
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Director Date: 29 November 2021
NZ (New Zealand Time)
Director Date: 29 November 2021
NZ (New Zealand Time)
3

Consolidated interim statement of cash flows
Unaudited
6 months to
September 2021
Unaudited
6 months to
September 2020
$000$000
Cash flows from operating activities
Cash receipts from customers6,547 4,152
Cash paid to suppliers and employees(9,341) (6,261)
Payment of low value and short term leases(14) (15)
Paycheck protection programme payments-817
Interest paid(25) (43)
Net cash used in operating activities8
(2,833) (1,350)
Cash flows from investing activities
Purchases of property, plant and equipment(1,051) (180)
Additions to intangible assets(761) (489)
Interest received-1
Net cash used in investing activities
(1,812) (668)
Cash flows from financing activities
Payments of principal portion of lease liabilities(172) (109)
Proceeds from issuance of shares23,136 18,472
Net cash from financing activities
22,964 18,363
Net increase in cash and cash equivalents
18,319 16,345
Cash and cash equivalents at 1 April11,342 4,327
Effect of exchange rate fluctuations on cash held(33) (154)
Cash and cash equivalents
29,628 20,518
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
4

Notes to the consolidated interim financial statements
1. Reporting entity
ikeGPS Group Limited (the “Company”) is a limited liability company domiciled and incorporated in New Zealand,
registered under the Companies Act 1993 and listed on the New Zealand Stock Exchange (“NZX”) and Australian
Securities Exchange (“ASX”). The Company is an FMC reporting entity for the purposes of the Financial Markets
Conduct Act 2013. The interim financial statements for the six months ended 30 September 2021 comprise the
Company and its subsidiaries (together referred to as the “Group”), which include ikeGPS Limited and ikeGPS Inc.
The principal activity of the Group is that of design, sale, and delivery of a solution for the collection, analysis, and
management of distribution assets for electric utilities and communications companies.
The consolidated interim financial statements were authorised for issue by the Directors on 29 November 2021.
2. Basis of preparation
Theprincipalaccountingpoliciesappliedinthepreparationoftheseinterimconsolidatedfinancialstatements
are set out below. These policies have been consistently applied to all the periods presented, unless otherwise
stated.
Basis of measurement
Theseunauditedinterimfinancialstatementsforthesixmonthsended30September2021havebeenprepared
in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and NZ IAS 34, Interim
Financial Reporting.
The consolidated financial statements have been prepared on the historical cost basis with the exception of
certain financial instruments, which are measured in accordance with the specific relevant accounting policy.
These unaudited interim financial statements do not include all the notes of the type normally included in an
annual financial report. Accordingly, this report should be read in conjunction with the audited financial
statements of the Group for the financial year ended 31 March 2021, which were prepared in accordance with
the New Zealand equivalents to International Financial Reporting Standards (NZ IFRS). All significant accounting
policies have been appliedonabasis consistentwiththoseused inthe auditedfinancialstatementsoftheGroup
for the year ended 31 March 2021.
Critical estimates and judgments
Thepreparationoffinancialstatementsrequiresmanagementtomakejudgments,estimatesandassumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
In preparing these condensed interim financial statements, the significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31 March 2021.
Going concern
ThesefinancialstatementshavebeenpreparedbasedontheGroupbeingagoingconcern,whichassumesthe
Group has the ability and intention to continue operations for a period of at least 12 months from the date of the
financial statements.
The Group has continued its plan for growth, investing in developing and expanding the Group’s product and
service offerings to generate increased revenue. In the 31 March 2021 Annual Report, the Group identified
liquidity risk as a material uncertainty, in that cash inflows and cash on hand may not be sufficient to meet
obligations as they fall due.

Notes to the consolidated interim financial statements
2. Basis of preparation (continued)
However,duringthefiscalyear2022(FY22),theGroupcompletedaplacementandsharepurchaseplanraising
approximately $24.7 million. This successful raise has put the Group in a strongposition to accelerate agrowing
salespipeline,provide flexibilityto pursueadditionalinvestmentopportunities, andsolidify thebalance sheet.The
cash balance on hand on 30 September 2021 was $29.6m (2021: $11.3m).
The Group had cashoutflows of $2.8m (2021: $1.4m) relating to operations, and$1.8m (2021:$0.7m) relatingto
IKE Unit pool and capitalised internal development, for the six months ended 30 September 2021.
The Group’s business plan for FY22 assumes continued material growth from FY21 in the communications and
utilities market as transactional revenue is expected to grow above prior periods and revenue from recently
acquired technology is expected to materialise. The remaining six months of the plan has been reviewed and is
based on a strong order pipeline with the last three quarters having a number of large contracts closing.
However, the Board acknowledges continued uncertainty relating to forecasted revenue including the timing of
realising the revenue on customers who have closed orders over the last three quarters.
The key judgements in assessing the Group’s going concern position are:
+ Achievement of the revenue growth anticipated in the FY22 business plan and the timing of when
revenue will be recognised on closed orders
+ The strong cash balance of the company post capital raise
+ Continued uncertainty around the rebound in core market activity as COVID-19 restrictions are lifted
+ Continued development of technology solutions that support future revenue growth
+ The ability to reduce operating expenses if planned revenue growth is delayed
TheFY22businessplanhasbeenextendedouttoDecember2022toprojectcashflowsforaperiodoftwelve
months after the approval of these consolidated financial results.
Historically it has been achallenge for the Group to accurately forecast business growth, andthis is exacerbated
in the current economic climate caused by COVID-19. The Group has assessed the degree of market sensitivity,
and stress testing has been performed on the FY22 plan to December 2022. The stress testing takes account of
historic forecasting volatility, reducing forecast receipts from customers by 26% in FY22. The outcome of this
analysis shows that the Group remains in a strong cash on hand position, albeit with reduced available funds.
The Group has the ability to reduce costs if one or more components of the plan are not realised.
TheGroupslistingontheNZXandASX,providestheGrouptheoptiontopursuecapitalraiseopportunitiesfrom
a wider market and from the oversubscription of the last capital raise. The Directors believe that additional
capital could be raised should growth opportunities arise in the future.
Whileacknowledgingtheuncertaintythatexists,theDirectorsbelievethatprojectedcashinflows,combinedwith
cash on hand at 30 September 2021 of $29.6m, means that the Group has sufficient funding to continue a
growth trajectory for at least the next 12 months from the date of approval of the consolidated financial results,
and hence consider the use of the going concern basis appropriate.
Impairment of non-financial assets
At the end of the period, the Group has reviewed all CGU carrying amounts, key assumptions and estimates and
determined that there has been no significant changes to the 31 March 2021 Annual Report. These key
assumptions will be reviewed for the 31 March 2022 Annual Report.
For the 31 March 2021 Annual Report, the Group reviewed the carrying amounts of tangible and intangible assets
to determine whether there was any indication that those assets suffered an impairment loss. When an indicatior
does exist, the assets recoverable amount is estimated and key assumptions are disclosed.
6

2. Basis of preparation (continued)
3. Comparative information
Unaudited
6 months to
September 2020
originally reported Adjustment
Unaudited
6 months to
September 2020
restated
$000$000$000
Sales tax expense
- (72)(72)
Share-based payment
(278) (15) (293)
Corporate costs
(2,092) (87) (2,179)
Expenses
(6,324) (87) (6,411)
Operating loss (2,438) (87) (2,525)
Net loss before income tax (2,480) (87) (2,567)
Loss attributable to owners of ikeGPS Group (2,480) (87) (2,567)
Exchange differences on translation of foreign operations(631) 50 (581)
Comprehensive loss (3,111)(37) (3,148)
Consolidated statement of movements in equity
Accumulated losses at 1 April 2020
(51,596) (729) (52,325)
Share based payment reserve at 1 April 2020
545 208 753
Recognition of vesting of share-based options145 14 159
Issue of shares from exercise of share options(11) (1) (12)
Share based options forfeited during the period-(23) (23)
Foreign currency translation reserve at 1 April 2020
437 (56) 381
Foreign currency translation reserve(631) 50 (581)
These are non-cash adjustments and have no further impact on the Group's consolidated statements of profit
or loss and other comprehensive income, consolidated statement of movements in equity, consolidated
balance sheet, and consolidated cash flow statement.
The comparative figures for the 6 months to 30 September 2020 have been restated to reflect the
adjustments to the share-based payments expense, sales tax provision and foreign currency translation
reserve disclosed in the financial statements for the year ended 31 March 2021.
The comparative period has been restated as follows:
Consolidated statement of profit or loss and other comprehensive income
Notes to the consolidated interim financial statements
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments for the time value of money and the risks specific to the asset for which
estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash
generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash
generating unit) is reduced to its recoverable amount. An impairment loss is recognised in profit or loss
immediately.
7

Utility &
Communication
Other
Business Group
Utility &
Communication
Other
Business Group
$000$000$000$000$000$000
Sales of Product
Sale of product and services792 -792 814 -814
Subscriptions1,285 -1,285 1,417 -1,417
Contribution
1,663 - 1,663 1,646 - 1,646
IKE Platform Solution
Platform as a Service689 - 689 377 - 377
IKE Analyze2,282 - 2,282 1,122 - 1,122
Contribution
1,375 - 1,375 633 - 633
IKE Structural
Pole loading software licenses, services
and subscriptions
492 - 492 534 - 534
Contribution
492 - 492 534 - 534
Spike
Sale of product 159 159 - 124 124
Subscriptions 16 16 18 18
Contribution
55 55 122 122
Gross Profit3,585 2,935
Sales and marketing costs (3,182) (2,913)
Other corporate income and expenses(6,618) (2,589)
Net loss before tax
(6,215) (2,567)
The CEO and Board of Directors are assessed to be the Chief Operating Decision Maker (CODM), who regularly
review financial information by product and gross margin. Reporting of overheads and balance sheet position
is not undertaken at a level lower than the Group as a whole. Geographically, revenue is substantially
generated in the United States.
During the period, the Group's selling activities were focused and organised into two customer segments,
namely Utility & Communications and Other Business. The Utility & Communications segment includes
electrical utility companies, engineering service providers, and sales to companies involved in the broadband
fibre and cellular 5G roll out in the United States.
Notes to the consolidated interim financial statements
Unaudited
6 months to September 2020
(restated)
Unaudited
6 months to September 2021
Within the Utilities & Communications segment, the Group derives its revenue from:
+ selling an IKE device and corresponding annual subscription revenue,
+ the IKE Platform solution where customers collect pole data on a leased IKE device and is either
analysed by IKE according to an agreed statement of work or our customers use the software
platform directly to process their pole data,
+ transactional revenue by analysing pole data through an AI and machine learning platform through the
acquired Visual Globe assets, and
+ pole loading software licences and ongoing subscriptions for maintenance and support.
The segments differ from those used in the prior period to analyse the business and comparative information
has been presented on a consistent basis to the revised segments.
4. Operating segments
8

5. Revenue and expenses
Revenue
Unaudited
6 months to
September
2021
Unaudited
6 months to
September
2020
1
(restated)
$000$000
Sale of product (point in time)825 708
Platform as a Service (over time and point in time)689 377
IKE Analyze (point in time)2,221 1,122
IKE Insight (point in time)61 -
IKE subscription (over time)1,301 1,435
Pole loading licence and subscription (over time and point in time)492 534
Services (point in time)126 129
Total operating revenue
5,715 4,305
Government grants-899
Other income4 -
Foreign exchange gains5 52
Revaluation of contingent consideration
2
(412) -
Total other income, gains and losses
(403) 951
Operating expenses
Amortisation of development asset707 513
Depreciation
3
243 238
Total amortisation and depreciation
950 751
Audit of financial statements90 70
Employee benefit expense5,789 4,393
Employee benefit, contractors and consultants expense capitalised
4
(759) (489)
Share-based payment
1
1,126 293
Credit loss provision movements & write off expense-(107)
Operating lease expenses113 88
Direct selling and marketing
5
727 157
Movement of sales tax provision
6
(233) 72
Other operating expenses
7
1,566 1,183
Total operating expenses
9,369 6,411
Notes
Operating expenses consist of operations, sales, marketing, engineering, research, and corporate costs.
1. The comparative figures for the 6 months to September 2020 have been restated for prior period
errors, refer to note 3 for further details.
2.     The fair value of the contingent consideration was measured using the discounted cashflow method,
with assumptions consistent with those at 31 March 2021, and the revaluation represents the unwind of
the discount. The inputs used to determine the fair value continue to be level 3, unobservable inputs, also
consistent with the prior year end.
3. Total depreciation is $483k, with $243k included in operating expenses with the remaining balance of
$240k included in cost of sales. Of this $483k, $343k relates to property, plant and equipment as per note
6, and the remainder to lease assets under NZ IFRS 16.
Notes to the consolidated interim financial statements
9

5. Revenue and expenses (cont.)
6. Property, plant and equipment
Plant &
equipment
IKE Rental
devices
Office furniture
& equipmentTotal
$000$000$000$000
Cost
Balance at 1 April 20201,219 717 975 2,911
Additions92 594 158 844
Disposals- (225) (377) (602)
Exchange differences (100)(106) (206)
Balance at 31 March 20211,311 986 650 2,947
Balance at 1 April 20211,311 986 650 2,947
Additions12 910 129 1,051
Disposals- (176) (3) (179)
Exchange differences 38 13 51
Balance at 30 September 20211,323 1,758 789 3,870
Depreciation
Balance at 1 April 2020960 156 630 1,746
Depreciation for the year232 231 196 659
Disposals- (60) (369) (429)
Exchange differences(21) (61) (82)
Balance at 31 March 20211,192 306 396 1,894
Balance at 1 April 20211,192 306 396 1,894
Depreciation for the period24 217 102 343
Disposals- (70) (3) (73)
Exchange differences8 8 16
Balance at 30 September 20211,216 461 503 2,180
Carrying amounts
At 31 March 2021119 680 254 1,053
At 30 September 2021107 1,297 286 1,690
4.     Relates to employee benefit expense, external contractors, and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
5.     Direct selling and marketing expenses includes expenses incurred mainly in relation to promotional
activities such as commissions, travel and other direct marketing expenses.
6.     Relates to the reduction in the sales tax provision liability due to sales tax recoveries and exemption
certificates received from customers.
7.     Other operating expenses include corporate advisory, travel, engineering, facilities and IT costs.
Notes to the consolidated interim financial statements
10

7. Contributed equity
Share capital
Unaudited
6 months to
September
2021
Audited
year ended
March
2021
$000$000
On issue at 01 April 202180,932 61,498
Issued under share placement19,293 9,757
Issued under retail entitlement offer5,476 9,938
Less listing costs offset against issue proceeds(1,635) (1,230)
Exercise of share options52 446
Issued as part of business combination-523
Total share capital104,118 80,932
Share capital on issue
Fully paid total shares at beginning of year133,140,763 102,194,048
New ordinary shares offered24,801,112 28,963,035
Ordinary shares issued on settlement of options341,491 1,128,334
Ordinary shares issued as part of business combination- 855,346
Fully paid ordinary shares158,283,366 133,140,763
8. Cash used in operations
Unaudited
6 months to
September
2021
Unaudited
6 months to
September
2020
(restated)
$000$000
Loss for the period(6,215) (2,567)
Less investment interest received-(1)
Non-cash items included in net loss
Depreciation483 465
Amortisation of intangible assets707 513
Interest accrued on other liabilities3 -
Raw materials and finished goods written down83 57
Debtor and creditor write off-(107)
Share based payment expense1,126 291
Write off of obsolete materials and assets105 -
Fair value movement412 -
Foreign exchange (gains)(44) (50)
2,875 1,169
Notes to the consolidated interim financial statements
The Group completed a placement and share purchase plan during the period. The capital raise is for the
business to continue to invest in increasing the Group’s sales pipeline, supporting customer wins,
increasing operational capacity, and provide funding capacity for potential growth opportunities.
11

8. Cash used in operations (cont.)
Unaudited
6 months to
September
2021
Unaudited
6 months to
September
2020
(restated)
$000$000
Add/(less) movement in working capital items
Decrease/(Increase) in trade and other receivables536 217
Decrease/(Increase) in inventories(39) 110
Decrease/(Increase) in prepayments(714) 168
Increase/(Decrease) in trade and other payables(19) (320)
Increase/(Decrease) in deferred revenue338 (552)
Increase/(Decrease) in other liabilities387 327
Increase/(Decrease) in provision(127) 72
Increase/(Decrease) in employee entitlements145 27
507 49
Net cash used in operating activities(2,833) (1,350)
9. Related parties
Notes to the consolidated interim financial statements
Non-executive director, William Morrow, notified the Group and shareholders during the period that he was
retiring as a Director at the end of April 2021.
The group issued 1,759,000 unlisted share options at NZD$1.02 to Directors and key management during
the period, in accordance with the ikeGPS Group Limited Employee Share Scheme.
In addition to the unlisted options issued, a Director exercised 287,502 unlisted options (250,000
exercisable at NZD$0.64, 37,502 exercisable at NZD$0.51) resulting in 100,577 new ordinary shares being
issued to Directors.
12

ikeGPS Group Limited
Level 7, 186 Willis Street
Te Aro
Wellington, 6011
Telephone: +64 4 382 8064
Directors of ikeGPS Group Limited
Richard Gordon Maxwell Christie
Alex Knowles
Glenn Milnes
Frederick Lax
William Morrow (retired April 2021)
Mark Ratcliffe
Eileen Healy (appointed April 2021)
Legal Advisers
Chapman Tripp
10 Customhouse Quay
PO Box 993
Wellington, 6140
Telephone: +64 4 499 5999
Auditor
Grant Thornton
Level 15, Grant Thornton House
215 Lambton Quay
PO Box 10712
Wellington, 6143
Telephone: +64 4 474 8500
Share Registrar
Link Market Services Limited
PO Box 91976, Auckland, 1142
Level 7, Zurich House
21 Queen Street, Auckland, 1010
Telephone: +64 9 375 5998
Bankers
Bank of New Zealand
Harbour Quays, Ground Floor,
60 Waterloo Quay, Wellington, 6011
Private Bag 39806,
Wellington Mail Centre,
Lower Hutt, 5045
www.ikegps.com

---

Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer ikeGPS Group Limited
Reporting Period 6 months to September 2021
Previous Reporting Period 6 months to September 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$5,715 +30%
Total Revenue $5,715 +30%
Net profit/(loss) from
continuing operations
($6,215) -142%
Total net profit/(loss) ($6,106) -94%
Interim/Final Dividend
Amount per Quoted Equity
Security
N/A
Imputed amount per Quoted
Equity Security
N/A
Record Date N/A
Dividend Payment Date N/A
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.16 $0.16
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This results announcement should be read in conjunction with
the unaudited consolidated financial statements for the six
months ended 30 September 2021 ('Interim Financial
Statements').
Authority for this announcement
Name of person

authorised
to make this announcement
Stephen Fairbrother
Contact person for this
announcement
Stephen Fairbrother
Contact phone number +64 4 382 8064
Contact email address Stephen.fairbrother@ikegps.com
Date of release through MAP

29/11/2021

Unaudited financial statements accompany this announcement.