ikeGPS 1H FY23 Half-Year Results

IKE 1H FY23 Financial Results
and Performance Update
We’re IKE, the Pole OS™Company
Glenn Milnes, CEO
glenn.milnes@ikegps.com
29 November 2022

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Important Notice
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or
recommendation of securities in ikeGPSGroup Limited (IKE);
•Should be read in conjunction with, and is subject to, IKE’s FY22 financial results (audited), 1H FY23 financial results
(unaudited) recent market releases, and information published on IKE’s website (www.ikegps.com);
•Includes forward-looking statements about IKE and the environment in which IKE operates, which are subject to
uncertainties and contingencies outsideof IKE’s control –IKE's actual results or performance may differ materially
from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future
performance; and
•May contain information from third parties believedto be reliable –however, no representations or warranties are
made as to the accuracy or completeness of such information.
•All information in this presentation is current at the date of this presentation, unless otherwise stated.
•All currency amounts are in NZ dollars unless stated otherwise.
Receipt of this Document and/or attendance at this presentation constitutes acceptance of the terms set out above in
this Important Notice.
Information in this Presentation:

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•1H FY23 financial results and performance update
•Market overview
•Team
•Technology and products
•Q&A
Agenda and Contents

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•Net Profit of $1.1m translates to a $7.3m
improvement over pcp(loss of $6.2m).
•Positive operating cash flow of $0.9m
evidences the operating leverage in the
business.
•Gross margin 1H FY23 of ~$8.2m (+128% vs pcp)
represents a 1H FY23 gross margin percentage
of ~53%.
•Total Expenses increased modestly relative to
high revenue growth and customer acquisition.
•Comprehensive Income of $4m, noting impacts
of USD/NZD fxmovement.
Take aways:
Net profit of $1.1m vs pcploss of $6.2m.
Positive operating cash flow while achieving outsize growth.

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•Cash increased +$1.1m in the six-month
period.
•Total cash and receivables grew to ~$29.3m,
comprised of $25.5m cash and $3.8m
receivables, with no debt.
A fortress balance sheet position, strengthened in the period.
Take aways:

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•Revenue outturn 1H FY23 of ~$15.4m (+170%
vs pcp)
•Within this, recurring Subscription and
reoccurring Transaction revenue was ~$13.6m
(+183% vs pcp), representing ~88% of revenue
mix.
•Gross margin 1H FY23 of ~$8.2m (+128% vs
pcp) representing a 1H FY23 gross margin
percentage of ~53%.
Revenue 1H FY23 of ~$15.4m (+170% pcp).
~88% of revenue from recurring subscription and reoccurring transaction sources .
Takeaways:

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Highlighting that 1H FY23 growth is against a high growth pcpalso.
71% revenue growth in the FY22 period to March 2022.
•Recurring subscription and reoccurring
transaction revenues (shown by the Green
and Blue segments in this chart) dominate
IKE’s revenue mix.
•This element continues grow positively
because of the investment into extending
software products. This underpins more
predictable growth and higher quality
revenue.
Takeaways:

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•Chart shows the approximate nine-month
correlation between the timing of signed
contracts and subsequent timing to
recognized revenue.
•This timing lag reflects that subscription and
transaction contracts are delivered over time
(normally 12 months), based on usage rates of
IKE products by customers.
Takeaways:
A significant signed contract backlog supports a bullish growth outlook.
Additive to the signed contract backlog is a strong new opportunity pipeline.

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•Significant growth in transaction revenue has
continued.
•This is expected to remain a growth driver
across the business.
Takeaways:
309% growth in transaction revenue vs pcp.
One of the primary indicators of platform utilization by IKE customers.

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Key metrics
1H FY23PCP (1H FY22)% Change
Total revenue $15.4m $5.7m +170%
Platform Transactions
# of billable transactions259k160k+62%
Platform transaction revenue $9.5m $2.2m +332%
Gross Margin $3.6m $0.9m +300%
Gross Margin %38%41%
Platform Subscriptions
# of enterprise customers361308+17%
Platform subscription revenue $4.1m $2.5m +64%
Gross Margin $3.6m $2.2m +64%
Gross Margin %88%88%
Hardware & Other
Hardware & Services revenue $1.8m $1.0m +80%
Gross Margin $0.9m $0.5m +80%
Gross Margin %50%50%

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North American Market
Opportunity & Timing

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Current Market Dynamics Lead to Strong Tailwinds for IKE
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
Infrastructure development via
Engineering Service Providers
Requirement for harder and higher
capacity distribution power networks
across all of North America
>3,200
Electric Utilities in North America with long-term, recurring
distribution network hardening, joint use, and capacity needs for
electrical distribution
>$350B
Investment forecast in fiber in the US by 2025, representing >30M
attachments; communications infrastructure providers seeking
partners to manage new fiber attachments for every pole
800,000+
Small cell site expansions are expected by 2025 as
communications infrastructure providers look to speed up 5G
rollout while reducing cost and time of deployment
>1,000
Engineering Service Providers in the US subcontracted by
telecom and utilities providers to assist in infrastructure
development and deployment

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Growing Network Investment across Electric Utilities; Support Needed for
Productivity Solutions such as IKE over the Coming Decades
7.27.27.27.27.27.27.27.27.27.27.27.2
3.63.63.63.63.63.63.63.63.63.63.63.6
3.63.63.63.63.63.63.63.63.63.63.63.6
44.9
46.4
49.3
52.2
59.4
65.2
71.0
78.3
82.6
87.0
89.9
95.7
$59.4
$60.9
$63.8
$66.7
$73.9
$79.7
$85.5
$92.8
$97.1
$101.4
$104.3
$110.1
201420152016201720182019202020212022202320242025
CanadianMuniCo-opsUS IOU
U.S. AND CANADIAN ELECTRIC DISTRIBUTION CAPITAL EXPENDITURES
ACTUALFORECASTED
$NZD in B

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Fiber and 5G Investment Super-Cycle in North America Still In Its Early Stages
PROJECTED INVESTMENTS INTO 5G & FIBER OPTIC INFRASTRUCTURE
$39B
20102018
$43B
$72B
2025
$NZD
Source: Bell Potter Initiation of Coverage Report, GSMA, American Tower
Note: Labeled Capex Figures reflect Houlihan Lokey Estimates

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Focused Use Cases for IKE Products and Technology
Market
Opportunity
IKE Use Case
•Consists of fiber & 5G network deployment
•200+ CIPs in North America
•650,000 cellular & small cell towers
•Over $441.0bn of investment in fiber
networks over the next 3+ years
•3,200+ electrical utilities in North America
•220m poles used in electrical transmission
& distribution
•$4.3bn TAM per annum
•1,000+ engineering service providers in
North America
•Conduct 50.0% of fieldwork and network
development for CIPs & electric utilities
•Improves speed of deployment
•Standardized data and cost of assessment
per pole asset
•Network hardening
•Pole audits
•Faster joint-use assessment turnaround
•Standardized method of pole assessment
•More efficient means of data collection,
leading to improved MRE permitting and
faster deliverables
CIPs
1
Electric Utilities
Engineering Service Providers
$NZD
(1) Communications Infrastructure Providers
Source: Management Estimates, Bell Potter Initiation of Coverage Report, Houlihan Lokey Estimate

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Communications Market Macro
Addressing a large market opportunity
across the U.S. electric utilities segment
> 3,200 electric utilities across the U.S. facing common challenges.
Electric Utility Market macro tail winds
•Outages
•Aging infrastructure
•Potential catastrophic consequences
•Increased O&M costs
•Environmental clean-up costs
•Significant legal liability
•Regulatory and Engineering code
compliance
> 2,000 Engineering Service Providers
IKE improves the engineeringdesign and maintenance process of poles

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Addressing a large market opportunity
across the U.S. Communications segment
IKE dramatically speeds up aspects of the
network deployment process.
Communications Market Macromarket tail winds
•>$300B expected investment into fiber network development in the U.S over next 5+ years.
•>$50B expected investment into 5G network development in the U.S. over the next 5+ years
•An additional >$60B expected investment into rural broadband development as part of the Biden administrations
new Infrastructure bill
•>200 Communications companiescompeting to build a networks and winunderlying customers
•>1,000 engineering serviceproviders supporting network development

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A Sticky Tier-1 Customer Base in Place
•5 of the 10 largest Investor-Owned
Utilities (“IOUs”) in North America
•>350 customers in North America,
with 65 logos added in the past 12
months
Opportunities to:
•Materially grow, upsell and cross-
sell IKE products into existing
customer base
•Win new logos in the North
American market, with >6,000
entities participating in this space
•Expand into international markets
Telecom
Electric Utilities
Engineering & Project Management

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Multiple Avenues Supporting Future Growth Potential
Sales Team
Expansion / New
Customers
Inorganic
Growth
Cross Sell & Upsell into
Existing Customer Base
International
Expansion
$43mm
Revenue
“Today”
Revenue
“Future”
2
3
4
1
Sales Team
Expansion /
New Logos
1
Platform for
Inorganic Growth
3
Cross Sell &
Upsell
2
International
Expansion
4

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Team

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IKE’s people come for the job and the reputation of working at the company.
They stay for the accelerated development of their careers. A few of the
company’s young, emerging superstars are showcased below.....
Liz Etzel
Product Manager: Knows virtually
every customer and is persnickety
about exemplary customer
experience.
Jessica Walker
IKE Analyze Manager: Delivers every
customer project on time and on
scope.Started at IKE as an analyst.
Blake Collins
Solutions Engineering Manager: From
the field to the office, Blake speaks and
geeks on the complexities of utility
pole dynamics.
Sara Deere
Systems Engineer: Current holder of
the world-record for running
customer fieldteams with the least
recollects.
Dan Allan
Design Director: Loves CX, and lives its
importance when delivery brand and
CX specific to poles.
Accelerating at IKE
Some of the key faces representing the next generation of our industry
Spencer Hankin
Senior GIS Manager:The brightest data
analyst in the Pole GIS universe,
andcustomers like Crown Castle know it.

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Glenn Milnes
Chief Executive Officer
Joined IKE in 2013
Lydia Siloka
Head of People
Joined IKE in 2020
Stephen Fairbrother
Chief Financial Officer
Joined IKE in 2018
Jareth Rossking
Chief Information Officer and
Head of Engineering
Joined IKE in 2021
Malcolm Young
SVP Structural Analysis & Head
of IKE Structural
Joined IKE in 2019
Chris Ronan
Chief Marketing & Brand Officer
Joined IKE in 2020
Leon Toorenburg
Chief Technical Officer
Founded IKE in 2003
Chris DeJohn
SVP of Sales & Business
Development
Joined IKE in 2020
Jonathan Brigham
Director of Operations
Joined IKE in 2021
In-Market Leadership
A Direct Sales, Brand & Delivery Model Across North America

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A Board with deep industry experience
Board of Directors
Rick Christie / (MSc (Hons) Chemistry)
Independent Director
Rick Christie is the former Chairman of Ebos
Group, where he was Chair through much of its
growth to become a >$3B business today. He has
experience on a number of other major boards,
including TVNZ. Rick was previously CEO of
investment company Rangatira Ltd and had 20
years’ executive management experience in the
international oil & gas industry.
Glenn Milnes (MBA (Dist.), BSc (Hons), BPhed)
CEO & Managing Director
Glenn Milnes is the CEO and managing director at
ikeGPS, where he is accountable for the company’s
overall strategy, performance, and growth. Prior to
leading ikeGPS, Glenn previously held senior executive,
strategy and corporate development positions in the
Communications industry with Cable & Wireless
International, and with No. 8 Ventures.
Mark Ratcliffe
Independent Director
Mark was the founding CEO of Chorus New Zealand
from 2007 to 2017 where he led the deployment of New
Zealand’s national fiber network. Prior to Chorus Mark
was CIO and COO of Spark (formerly Telecom NZ). Prior
governance roles include Director of 2 Degrees from
2017 to 2020. The majority of his current portfolio is in
the Infrastructure Sector and he is currently the Chair
of First Gas, TuatahiFast Fibre, and a number of other
private and public sector boards
Alex Knowles
Chairman and Director
Alex has investing and operating experience
with international companies in the information
technology and transportation industries.
Based in Los Angeles, He was formerly Chief
Operating Officer of the largest international
freight forwarder and small parcel consolidator
in the U.S.
Fred Lax / (MSEE and BSEE)
Independent Director
Fred Lax is an executive leader with extensive
global experience in the telecommunications
industry and related technologies. Based in
California, he is a former director of NASDAQ listed
IkanosCommunications Inc. (acquired by
Qualcomm Atheros), and former Chief Executive
Officer and President of NASDAQ listed TekelecInc.
Eileen Healy / BS Electrical Engineering
Independent Director
Serial entrepreneur of two high-tech startups
addressing the U.S. communications market
including Healy & Co, thatprovides outsourced
engineering to the U.S. utility
market.Customers include AT&T Mobility, T-
Mobile, Vodafone, Verizon Wireless, Frontier
Communications, and FirstNet.

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Technology and
solutions

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A Full Stack of Pole and OSP Products & Solutions
Standardized digitization and field data
collection methods, with dashboard reporting
Bulk data and image processing using
low-code artificial intelligence for
distributionutility assets
Pole loading analysis through
PoleForeman and Sagline
Technology & automation drivenservice providing
pre-packageddata to accelerate engineering
+

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Business model upshot:
•A recurring Subscription to access any IKE
Solution
•Additive, reoccurring Fees based on usage
•Optional value-added products , such as IKE
Analyze and IKE University

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Innovation and Growth Timeline
$NZD
Fiscal Year Ending Mar-31
IKE Founded
Launched as a pure hardware company
by a New Zealand Engineer who had
experience surveying radio network
sites in Europe and Africa.
First customer was the US Department
of Defense
2000’s
Public Listing
HQ moved to Colorado, USA, which
serves as the center of gravity today;
IKE lists on the NZX raising $22.8M via
IPO.
Still very early stage and <$1M revenue
2014
IKE Software
IKE begins to develop electric utility-
specific software following requests
from utility customers in the US market
2013
Access to Standards
Groups within Utilities
IKE acquires the assets of PoleForman,
a structural analysis software platform,
from PowerLine Technology
2019
Standardized
IKE becomes the standard for pole
records and make-ready-engineering
projects for US companies
includingAT&T and others
2017
Growth
FY22 revenue of ~$16M, representing
71% YoY growth, driven by an increase
in subscription and transaction
revenue.
FY23 Q1 Revenue of $6.8M, tracking
towards ~$27M revenue in FY23 (to
March 2023)
2022
Pole Engineering
Automation, Driven by AI
IKE acquires the assets of Visual Globe
to integrate automation capability via AI
and Machine Learning throughout its
platform, while creating the IKE Insight
product offering
2021
Source: IKE Annual Reports, IKE Q1 FY23 Performance Update

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IKE is executing a rolling 12-quarter plan against three strategic swim lanes, to create long term differentiation
Building the PoleOS™Company
Industry-leading application of field data
collection technologies specific to
distribution OSP projects
Market-leader in the application of field
data collection technologies specific to
OSP distribution assets
Market-leader in ability to process bulk
data from any source, specific to poles
Excellence in analysis and insights of pole
data to drive productivityoutcomes for
distribution OSP projects
Purpose-built cloud software to assess and
manage poles and projects efficiently
withadvanced analytics and integration with
ecosystem players
Standardization of OSP data forinternal as
well as authorized 3
rd
party use
To be the technology partner that customers
cannot imagine living without
Delivery of the best CX in the industry to
drive pricing power, retention, andupsell
opportunities
UX excellence and integrated work-flow &
flexibility to create an all-in-one, sticky
platform

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Standardized Field Data Collection with
Back Office CloudAnalysis and Project
Dashboards

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IKE Office ProIKE StructuralIKE InsightIKE Analyze
Standardized Field Data Collection with Back
Office Cloud Analysis and Project Dashboards
A service providing pre-packaged data to accelerate
engineering services
Data export to 100s of file types supporting Self Performance or
ESP-led Engineering Services
•IKE Reports
•PLA Reports
•MRA Improvements
•Pass/Fail Maps
•IKE Office Cloud Database
•IKE Photo Records
•Permitting
•Audit with GPS or Image
•Etc.
Simplify field data collection with the Android IKE Device
and send the data right into IKE Office Pro
With your data in the cloud your
options are limitless
The IKE Office solution enablescustomers to standardize
workflowsand create accurate, digitized polerecords fast
•Field data collection workflowplatform
•Back-office analysis software
•Real-time productivitydashboards
Delivering dramatic productivityimprovements: data quality,
speed,reduced re-work, and team safety

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Digitization via IKE Office Pro Cloud Software
Full integration to automate
pole load analysis
Measure poles, spans,
equipment, and location
Export data through
various methods and
various workflows
IKE Office ProIKE StructuralIKE InsightIKE Analyze

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Pole loading analysis integration
Standardize engineering team workflows
across infrastructure owners
Drag and drop form builder to make custom
forms and standardize team workflows
Automate and Integrate with Cloud Software Capabilities
IKE Office ProIKE StructuralIKE InsightIKE Analyze

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Dramatic Productivity Benefits for Customers
Real time, customized dashboards to
optimize project management
IKE Office ProIKE StructuralIKE InsightIKE Analyze
Detailed digitization of assets
via digital twins
Whole-of-network project viewStandardize the quality of field work

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PoleForemanis one of the four
standards for Pole LoadingAnalysis in
North America

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Integrates with existing client’s pre-built
databases, custom database requests, or
RUS (Rural Utilities Service) databases
Find out quickly whether your poles pass or fail and
easily export the results via the Pole Loading
Analysis summary screen
&
PASS
IKE Office ProIKE StructuralIKE InsightIKE Analyze
PoleForemanis one of the four standards
for Pole Loading Analysis in North America

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PoleForemanCapability....
Structural analysis
and 3D modelling
Measure clearances
Ensure structural
Integrity and NESC
compliance
Scaled 3D renderings
IKE Office ProIKE StructuralIKE InsightIKE Analyze

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IKE Office ProIKE StructuralIKE InsightIKE Analyze
PoleForemanintegrated
into any customer
networkdatabase
Deployed at the largest
IOU’s and Electric
Co-ops in the U.S.
Training available by
IKE pole experts,
anywhere
NextGen
PoleForemanbeing built
with requirements from
a coremajor customer
council

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The NextGen PoleForemanSolution Will Deliver Key
Differentiation to the Market
To be released 2023, designed with a customer council including the Standards Group leaders within:
IKE Office ProIKE StructuralIKE InsightIKE Analyze

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Bulk data and image
processingusinglow-code artificial
intelligencefordistributionutility
assets

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Industry Use Cases
Existing Data ImagesDronesThermal Imagery
Field DevicesLidarSatellite
•Utility pole audits
•Pole inspections
•Line degradation and
vulnerabilities
•New insights from
legacy audits
•Quality assurance
•Pole ownership
•Location validation
A.I. and Machine
Learning Platform
Data Collector App
Conditional App
Annotation App
Data Pairing App
Data Viewer App
NESC Violation Extraction
Measurement between 2 static objects
Measurement between dynamic objects
As-builts for future change detection
ROW Management
Pole Segmentation
IKE Insight allows access to pole imagery
from anywhere and for any reason
Field Data Collection Agnostic
IKE takes pole images and imports them into IKE Insight
A.I. and Machine Learning apps to conduct analysis
Use the analysis to get the
actionable insights
IKE Office ProIKE StructuralIKE InsightIKE Analyze
Bulk data and image processing using low-code
artificial intelligence for distribution utility assets

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IKE Insight Introduces a Range of Disruptive Capabilities
Automated instance
segmentation models for poles
Accurate pole detectors, and auto-
generated photo-realistic models
Text-based enquiry of bulk data
to be 'the Google’ forsearch
ofdistribution networks
(example search above: “Birds on Wire”)
IKE Office ProIKE StructuralIKE InsightIKE Analyze

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Pole & Engineering Analysis

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Height of Attachments (HOA)
engineering deliverable example
Pole Load Analysis (PLA) engineering
deliverable example
Make Ready Recommendations (MRR)
engineering deliverable example
For customers: Faster engineering, dramatic scale, profitability, and efficiency benefits
Example Deliverables:
IKE Office ProIKE StructuralIKE InsightIKE Analyze
Pole Analysis from IKE experts, software and
automation. Customers collect the distribution
network data.IKE performs the engineering analysis

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IKE Analyze Improves Resource Optimization, Drives Scale, Reduces Costs
and Increases Profit
10k+
hours saved
for customers
30%
faster collection
in the field
80k+
make-ready
recommendations
3x
efficiency
improvements
200k+
poles
delivered
50%
reduction in
recollects
IKE Office ProIKE StructuralIKE InsightIKE Analyze
Source: Company Data, Customer Case Studies, Management Estimates

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Thanks
Manaakitanga: We Rise By Lifting Others

---

ikeGPS Group Limited
FY23 Interim Report
For the six month period
ended 30 September 2022
Consolidated
Financial
Statements

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 13

Unaudited
6 months to
September 2022
Unaudited
6 months to
September 2021
Continuing operations
NZ$000NZ$000
Operating revenue415,417 5,715
Cost of sales(7,248) (2,130)
Gross profit8,169 3,585
Other income4196 4
Foreign exchange gains2,239 5
Movement of fair value assets and liabilities42,723 (412)
Total other income, gains, and (losses)5,158 (403)
Support costs(512) (204)
Sales and marketing expenses(3,902) (3,182)
Research and engineering expenses(3,798) (2,369)
Corporate costs(4,002) (3,614)
Expenses4(12,214) (9,369)
Operating profit/(loss)1,113 (6,187)
Net finance (expense)(5) (28)
Net profit/(loss) before income tax1,108 (6,215)
Income tax expense--
Profit/(loss) attributable to owners of ikeGPS Group1,108 (6,215)
Other comprehensive gains
Exchange differences on translation of foreign operations2,888 109
Comprehensive income/(loss)3,996 (6,106)
Basic and diluted earnings/(loss) per share0.03$ $ (0.04)
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

Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
NZ$000NZ$000NZ$000NZ$000NZ$000
Restated 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 owners23,186 -1,074 -24,260
Balance at 30 September 2021 (unaudited)104,118 (66,032) 2,252 (482) 39,856
Share
capital
Accumulated
losses
Share based
payment
reserve
Foreign
currency
translation
reserveTotal
NZ$000NZ$000NZ$000NZ$000NZ$000
Opening balance at 1 April 2022 (audited)104,751 (67,674) 2,768 (640) 39,205
Profit for the period-1,108 --1,108
Currency translation differences---2,888 2,888
Total comprehensive income-1,108 -2,888 3,996
Recognition of vesting of share-based options--838 -838
Issue of shares from exercise of share options7 -(7) --
Share based options forfeited during the period-20 (67) -(47)
Equity movements arising from business combinations201 -(201) --
Total transactions with owners208 20 563 -791
Balance at 30 September 2022 (unaudited)104,959 (66,546) 3,331 2,248 43,992
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of changes in equity
2

Consolidated interim balance sheet
Unaudited
September
2022
Audited
March
2022
ASSETS
NZ$000NZ$000
Current assets
Cash and cash equivalents25,467 24,354
Trade and other receivables3,891 4,959
Prepayments1,151 1,284
Contract costs235 191
Financial instruments467 33
Inventory1,580 1,003
Total current assets32,791 31,824
Non-current assets
Property, plant and equipment2,639 1,803
Intangible assets517,305 14,135
Inventory242 269
Lease assets110 210
Total non-current assets20,296 16,417
Total assets53,087 48,241
LIABILITIES
Current liabilities
Trade and other payables3,096 1,756
Employee entitlements744 676
Provision-40
Other liabilities6661 2,651
Lease liabilities121 232
Deferred income4,385 3,575
Total current liabilities9,007 8,930
Non-current liabilities
Deferred income88 106
Total non-current liabilities88 106
Total liabilities9,095 9,036
Total net assets43,992 39,205
EQUITY
Share capital8104,959 104,751
Share based payment reserve3,331 2,768
Accumulated losses(66,546) (67,674)
Foreign currency translation reserve2,248 (640)
Total equity43,992 39,205
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Director Date: 29 November 2022
NZ (New Zealand Time)
Director Date: 29 November 2022
NZ (New Zealand Time)
3

Consolidated interim statement of cash flows
Unaudited
6 months to
September 2022
Unaudited
6 months to
September 2021
NZ$000NZ$000
Operating activities
Receipts from customers17,257 6,547
Payments to suppliers and employees(16,304) (9,341)
Payment of low value and short term leases(80) (14)
Interest paid(17) (25)
Net cash from/(used in) operating activities9856 (2,833)
Investing activities
Purchases of property, plant, and equipment(1,113) (1,051)
Additions to intangible assets(1,490) (761)
Payment for financial instruments36 -
Interest received8 -
Net cash used in investing activities(2,559) (1,812)
Financing activities
Payments of principal portion of lease liabilities(141) (172)
Proceeds from issuance of shares-23,136
Net cash (used in)/from financing activities(141) 22,964
Net (decrease)/increase in cash and cash equivalents(1,844) 18,319
Cash and cash equivalents at 1 April24,354 11,342
Effect of exchange rate fluctuations on cash held2,957 (33)
Cash and cash equivalents at the end of the period25,467 29,628
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”)isa limited liability company domiciled and incorporatedinNew
Zealand, registered undertheCompanies Act1993and listedontheNewZealand Stock Exchange(“NZX”)
and Australian Securities Exchange(“ASX”).TheCompanyisanFMCreporting entityforthepurposesofthe
Financial Markets Conduct Act2013.Theinterim financial statementsforthesix months ended30
September2022comprisetheCompany anditssubsidiaries (together referredtoasthe“Group”),which
include ikeGPS Limited and ikeGPS Inc.
Theprincipal activityoftheGroupisthatofdesign, sale, and deliveryofa solutionforthecollection, analysis,
and management of distribution assets for electric utilities and communications companies.
Theconsolidated interim financial statements were authorisedforissuebytheDirectorson29November
2022.
2. Basis of preparation
Theprincipal accounting policies appliedinthepreparationofthese interim consolidated financial
statements are set out below. These policies havebeenconsistently appliedtoalltheperiods presented,
unless otherwise stated.
Basis of measurement
These unaudited interim financial statementsforthesix months ended30September2022havebeen
preparedinaccordancewithNewZealand Generally Accepted Accounting Practice(“NZ GAAP”)andNZIAS
34, Interim Financial Reporting.
Theconsolidated financial statements havebeenpreparedonthehistorical cost basiswiththeexceptionof
certain financial instruments, which are measured in accordance with the specific relevant accounting policy.
These unaudited interim financial statementsdonot include allthenotesofthetype normally includedinan
annual financial report. Accordingly,thisreport shouldbereadinconjunctionwiththeaudited financial
statements of the Group for the financial year ended 31 March 2022, which were prepared in accordance with
theNewZealand equivalentstoInternational Financial Reporting Standards (NZ IFRS). All significant
accounting policies havebeenappliedona basis consistentwiththose usedintheaudited financial
statements of the Group for the year ended 31 March 2022.
Critical estimates and judgements
Thepreparationoffinancial statements requires managementtomake judgements, estimates and
assumptions that affecttheapplicationofaccounting policies andthereported amountsofassets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewedonanongoing basis. Revisionstoaccounting estimates
are recognised in the period in which the estimate is revised and in any future periods affected.
Inpreparing these condensed interim financial statements,thesignificant judgements madebymanagement
inapplyingtheGroup’saccounting policies andthekey sourcesofestimation uncertainty werethesameas
those that appliedto theconsolidated financial statementsfortheyear ended31March2022,unless
separately identified in the notes.
5

Notes to the consolidated interim financial statements
Attheendoftheperiod,theGroup has reviewedthecash generatingunit(CGU) carrying amounts, key
assumptions, and estimates for indicators of impairment. The Directors have identified the following CGUs:
+ CGU1 – IKE Core platform
+ CGU2 – Spike
+ CGU3 – IKE Structural
+ CGU4 – IKE Insight
TheDirectors determined that there havebeennosignificant changes sincethe31March2022Annual
Report for CGU1, CGU2, and CGU3.
However, dueto thesignificant market growth and demandfortheIKE Analyze product,theGroup
reallocatedCGU4’sresources towards developing productivity benefitsforIKE Analyze duringtheperiod.
Giventhistemporary reallocation,therevenuefortheperiod was below forecast andtheDirectors have
determinedthis tobeanimpairment indicatorfortheperiod. Going forwardtheGroup planstofocusthe
business segment on revenue growth and to onboard large utility and communications customers.
CGU4isanearly-stage business segment and technology that IKE acquiredinJanuary2021and was
determinedtohave a carrying valueof$11.1M including goodwillattheendoftheperiod. Future cash flows
are forecasted basedona five-year business model,withthebusiness forecasting approximately $0.6m
revenueinthenext12months, andwithcontinuing strong growth ratesinYear 2toYear 5at anaverageof
159%and operating expenses reflectingthecurrent business plan. A pre-tax discount rateof33.5% was used
toestablishtherecoverable amountona valueinuse basis.Indeterminingtheterminal value,theGroup
applied a2%growth rate.TheDirectors have concluded thatnoimpairment existsasCGU4 continuesto
have a useful life, and the carrying value does not exceed the value in use.
Sensitivity analysis was performedonkey assumptionsforCGU4.Animpairment would needtobe
considered if the year-on-year growth rate was 16% lower than forecasted.
Impairment of non-financial assets
Theforecasted financial performanceofCGU4 requires judgementstobemadeonrevenue growth,
operating cost projections, long sales cyclefornew technology adoption, and market opportunityforthe
product.Itissensitivetochangesintheassumptions outlined and actual results maybesubstantially
different.
Going concern
Notwithstanding, the Group has prepared cash flow forecasts and sensitivity analyses that indicate cash-on-
hand at period-end of NZ$25.5M, combined with the net cash flows from operations, will enable the Group to
continue operating as a going concern for at least twelve months from the date of authorising these
consolidated financial statements.
The considered view of the Board Directors is that the going concern assumption continues to be valid, and
these financial statements have been prepared on that basis. This view has been reached after making due
enquiry and having regard to the circumstances that the Directors consider will occur, and that are
reasonably likely to affect the Group, during the period of one year from the date of approving these financial
statements.
The Group recorded operating profit of NZ$1.1M for the period ended 30 September 2022 (2021: NZ$6.2M
loss) and is expected to make losses in the following period.
2. Basis of preparation (continued)
6

Notes to the consolidated interim financial statements
The Group derives its revenue from:
+ IKE Device and Spike device sales,
+ IKE Analyze revenue by providing an end-to-end technical solution for customers; IKE captures and
analyses pole loading and make-ready engineering assessments, or customers capture pole data
and transact on the platform,
+ transactional revenue by analysing pole data through an artificial intelligence and machine learning
platform.
+ pole loading software licences and ongoing subscriptions for maintenance and support.
TheCODM now views financial informationbyproductswithsimilar revenue drivers,sotoreflectthis the
segment note hasbeenreformatted.Thecomparative information hasbeenpresentedona consistent basis
to therevised format.Thekey change being consolidationofthecustomer segments, dueto the
immateriality of 'Other Business'.
3. Operating segments
TheCEO and BoardofDirectors are assessedtobetheChief Operating Decision Maker (CODM),who
regularly review financial informationbyproduct and gross margin. Reportingofoverheads and balance
sheet positionisnot undertakenata level lower thantheGroupasa whole. Geographically, revenueis
substantially generated in the United States.
Platform transactions:
+ the IKE Platform solution where customers use the functionality of IKE Office and if applicable
the IKE Device,
Platform subscriptions:
Hardware and other services:
+ Other services including training and deployment.
7

Notes to the consolidated interim financial statements
NZ$000NZ$000
Platform Transactions
IKE Analyze revenue9,459 2,221
Cost of sales(5,844) (1,286)
Contribution 3,615 935
Platform Subscriptions
Platform as a Service revenue1,434 689
941 480
Subscription revenue1,744 1,301
Cost of sales(489) (310)
Contribution 3,630 2,160
Hardware and other services
Hardware and accessories revenue1,733 951
Other service revenue106 73
Cost of sales(915) (534)
Contribution 924 490
Total Operating Revenue15,417 5,715
Total Cost of Sales(7,248) (2,130)
Total Gross Profit8,169 3,585
Sales and marketing costs (3,902) (3,182)
Net attributable (other corporate income and expenses)(3,159) (6,618)
Net profit/(loss) before tax 1,108 (6,215)
Previous presentation for the comparative period:
Other
BusinessGroup
Utility &
Communication
Other
BusinessGroup
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Sales of Product
Sale of product and services1,681 -1,681 792 -792
Subscriptions1,724 -1,724 1,285 -1,285
Contribution 2,529 - 2,529 1,663 - 1,663
IKE Platform Solution
Platform as a Service1,434 - 1,434 689 - 689
IKE Analyze9,459 - 9,459 2,282 - 2,282
Contribution 4,561 - 4,561 1,375 - 1,375
IKE Structural
Pole loading software licenses, services and subscriptions941 - 941 492 - 492
Contribution 941 - 941 492 - 492
Spike
Sale of product 158 158 159 159
Subscriptions 20 20 16 16
Contribution 138 138 55 55
Gross Profit8,169 3,585
Sales and marketing costs (3,902) (3,182)
Other corporate income and expenses(3,159) (6,618)
Net profit/(loss) before tax 1,108 (6,215)
Unaudited
6 months to September 2021
Unaudited
6 months to
September 2021
Unaudited
6 months to
September 2022
Unaudited
6 months to September 2022
Utility &
Communication
IKE Structural pole loading software licenses and subscription revenue
3. Operating segments (continued)
8

4. Revenue and expenses
Revenue
Unaudited
6 months to
September
2022
Unaudited
6 months to
September
2021
NZ$000NZ$000
Sale of product (point in time)1,733 825
Platform as a Service (over time and point in time)1,434 689
IKE Analyze (point in time)9,459 2,221
IKE Insight (point in time)-61
IKE subscription (over time)1,744 1,301
Pole loading licence and subscription (over time and point in time)941 492
Services (point in time)106 126
Total operating revenue15,417 5,715
Government grants
1
192 -
Other income4 4
Total other income196 4
Fair value movement on other liabilities2,261 (412)
Fair value movement on financial instruments462 -
Total movement of fair value assets and liabilities2,723 (412)
Operating expenses
Amortisation of intangible assets827 707
Depreciation
2
228 243
Total amortisation and depreciation1,055 950
Audit of financial statements99 90
Employee benefit expense7,486 5,789
External contractors and consultants777 233
Employee benefit, contractors and consultants expense capitalised
3
(1,490) (759)
Share-based payment684 1,126
Operating lease expenses78 113
Direct selling and marketing
4
1,462 727
Movement of sales tax provision-(233)
Impairment of inventories54 -
Other operating expenses
5
2,009 1,333
Total operating expenses12,214 9,369
Operating expenses consist of operations, sales, marketing, engineering, research, and corporate costs.
1.Government grants were payments received undertheresearch and development tax incentive scheme
relating to FY22 research and development costs and the NZTE International Growth Fund.
2.Total depreciationfortheperiod was$648k(2021:$483k), comprisedofdepreciationonfixed assetsof
$524k(2021: $343k) and depreciationonleased assetsof$124k(2021: $140k). Engineering and research
expenses included$104k(2021: $103k) and corporate costs included$124k(2021: $140k)ofdepreciationon
leased assets underNZIFRS16.Thebalanceofdepreciation totallingto$420k(2021: $240k)isincludedin
cost of sales.
3. Relatestoemployee benefit expenses, external contractors, andconsultants’expenses that are directly
attributable to the development of intangible assets and have been capitalised.
4. Direct selling and marketing expenses includes expenses incurred mainlyinrelationtopromotional
activities such as commissions, travel, and other direct marketing expenses.
5. Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.
Notes to the consolidated interim financial statements
9

5. Intangible assets
Development
assets
Work in
progressGoodwill
Customer
contracts,
relationships,
trademarks
Training
materialsTotal
NZ$000NZ$000NZ$000NZ$000NZ$000NZ$000
Cost
Balance at 1 April 202116,942 1,339 3,284 667 188 22,420
Additions1,473 348 ---1,821
Exchange differences- (13)25 --12
Balance at 31 March 202218,415 1,674 3,309 667 188 24,253
Balance at 1 April 202218,415 1,674 3,309 667 188 24,253
Additions1,227 263 ---1,490
Exchange differences2,065 133 721 152 43 3,114
Balance at 30 September 202221,707 2,070 4,030 819 231 28,857
Amortisation and impairment losses
Balance at 1 April 20218,434 --112 29 8,575
Amortisation for the year1,330 --110 19 1,459
Impairment100 ----100
Exchange differences(13) --(3) -(16)
Balance at 31 March 20229,851 --219 48 10,118
Balance at 1 April 20229,851 --219 48 10,118
Amortisation for the period754 --63 10 827
Exchange differences537 --59 11 607
Balance at 30 September 202211,142 --341 69 11,552
Carrying amounts
At 31 March 20228,564 1,674 3,309 448 140 14,135
At 30 September 202210,565 2,070
4,030 478 162 17,305
Notes to the consolidated interim financial statements
10

6. Other liabilities
Unaudited
6 months to
September
2022
Audited
year ended
March
2022
NZ$000NZ$000
Accrued liabilities for services661 728
Earn-out consideration on business combination- 1,923
661 2,651
Accrued liabilities for services
Earn-out consideration on business combination (cash and shares)
7. Foreign currency risk management
March 2022
Carrying amount
in USD
Carrying amount
in AUD
Carrying amount
in USD
Carrying amount
in AUD
US$'000AU$'000US$'000AU$'000
Cash and cash equivalents
7,246 8,454 6,420 13,144
Trade and other receivables2,184 - 3,367 -
Trade and other payables
(1,523) (13) (824) (8)
Carrying amount
Change in USD
rate
Effect on profit/
loss before tax
Sensitivity analysis
US$'000%NZ$'000
10%(1,262)
-10%1,543
10%(1,168)
-10%1,428
Carrying amount
Change in AUD
rate
Effect on profit/
loss before tax
AU$'000%NZ$'000
10%(873)
-10%1,067
10%
(1,286)
-10%1,572
Notes to the consolidated interim financial statements
Other liabilities are obligations from prior year business combinations and were initially recordedatfair value. Those that are deferred
consideration are subsequently measuredatamortised cost, and those liabilities that are the resultsofcontingent consideration are
subsequently measured at fair value through profit or loss.
The Group has employment agreements that resultincash payments being madetocertain staffatthe endofa service period. The
expenseisaccruedasservices are delivered and paymentismadeatthe endofthe service period. The liability was initially measured
at fair value and subsequently measured at amortised cost.
The Group acquired Visual Globe assetsinthe2021year, and a contingent consideration was recognised relatingtoachieving revenue
milestones. The consideration consistedofboth cash payments and share issuances. The contingent consideration liability was
initially and subsequently measured at fair value, with gains or losses recognised in the consolidated statement of profit or loss.
The fair valueofthe contingent consideration was estimatedbycalculating the present valueofthe future expected earn-out payment,
using a 27.5% discount rate. The timing and likelihoodofpayment was determined basedonthe forecasted revenueinthe earnout
periodtoend-March2024.The Group now assumesnorevenue targets willbemet within the earnout period, and thereforeno
consideration has been allocatedtothese targets. A fair value gainof$2.3m has been recognisedinthe period from the movementof
this instrument (Sep 2021: $0.4m loss).
The estimatesofprobability and timingofthe revenue targets being met are basedonforecasted cashflows and subjecttoboth timing
and achievement uncertainty, due to the early-stage nature of the business.
September 2022
March 202213,137
The Groupisexposedtoforeign currency riskonits revenue and a significant portionofits expenses that are denominatedinUSD,
whichisdifferenttothe Group's presentational and parent's functional currency NZD. Foreign exchange options mitigate someofthe
risk on AUD cash holdings.
If the NZD strengthened / weakened against the USD or AUD by 10% at 30 September 2022, the effect on profit / loss is as follows:
The period end USD/NZD rate was 0.57 (March 2022: 0.70) and the AUD/NZD rate was 0.88 (March 2022: 0.93)
September 20227,908
March 20228,963
September 20228,441
11

8. Contributed equity
Share capital
Unaudited
6 months to
September
2022
Audited
year ended
March
2022
NZ$000NZ$000
On issue at 01 April 2022104,751 80,932
Issued under share placement-19,293
Issued under retail entitlement offer-5,476
Less listing costs offset against issue proceeds-(1,639)
Exercise of share options7 204
Issued as part of business combination201485
Total share capital104,959 104,751
Share capital on issue
QtyQty
Fully paid total shares at beginning of year159,296,738 133,140,763
New ordinary shares offered166,954 24,801,112
Ordinary shares issued on settlement of options9,811 564,092
Ordinary shares issued as part of business combination-790,771
Fully paid ordinary shares159,473,503 159,296,738
9. Reconciliation of operating cash flows
Unaudited
6 months to
September
2022
Unaudited
6 months to
September
2021
NZ$000NZ$000
Profit/(loss) for the period1,108 (6,215)
Less investment interest received(17) -
Non-cash items included in net profit/loss
Depreciation648 483
Amortisation of intangible assets827 707
Interest accrued(9) 3
Impairment of inventories54 -
Raw materials and finished goods written down85 83
Share based payment expense792 1,126
Write off of obsolete materials and assets168 105
Fair value movement(2,723) 412
Foreign exchange (gains)(3,029) (44)
(3,187) 2,875
Add/(less) movement in working capital items
Decrease in trade and other receivables1,076 536
(Increase) in inventories(689) (39)
Decrease/(increase) in prepayments133 (714)
Increase/(decrease) in trade and other payables1,341 (19)
Increase in deferred revenue792 338
Increase in other liabilities272 387
(Decrease) in provision(41) (127)
Increase in employee entitlements68 145
2,952 507
Net cash from/(used in) operating activities856 (2,833)
Notes to the consolidated interim financial statements
12

10. Related parties
Thegroup issued 864,000 unlisted share optionsatNZD$0.78tokey management duringtheperiod,in
accordance with the ikeGPS Group Limited Employee Share Scheme.
13

ikeGPS Group Limited
Level 7, 186 Willis Street
Te Aro
Wellington, 6011
Telephone: +64 4 382 8064
Directors of ikeGPS Group Limited
Alex Knowles
Richard Gordon Maxwell Christie
Glenn Milnes
Frederick Lax
Mark Ratcliffe
Eileen Healy
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 2022
Previous Reporting Period 6 months to September 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$15,417 +170%
Total Revenue $15,417 +170%
Net profit/(loss) from
continuing operations
$1,108 N/A
Total net profit/(loss) $3,996 N/A
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
$0.17 $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 2022 ('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

29/11/2022

Unaudited financial statements accompany this announcement.