IKE performance update for Q4 and FY23

FOR IMMEDIATE RELEASE, 4 May 2023

IKE Delivers Strong FY23 Growth With $30.8M Revenue (+93% vs pcp)
Multi-year Growth Rates and Momentum Demonstrate Operating Leverage

IKE performance update for Q4 and FY23
ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to release an update for the 12-month
period to 31 March 2023 (all figures in NZD).
IKE will host a webinar 4 May 2023 at 10.30am AEDT/ 12.30pm NZT to discuss the results. To
register, please click https://us02web.zoom.us/webinar/register/WN_ZPTqOEvYQJ-
pU_l4qWRFdA .
Highlights:
+ FY24 revenue of ~$30.8m (+93% vs pcp).
+ This result is ~$6m ahead of internal budgets set at the beginning of the financial
year and above upgraded analyst consensus.
+ FY23 gross margin approximately of ~$16.4m (+67% vs pcp), with a gross margin
percentage of ~53%.
+ Total cash and receivables as at 31 March 2023 of $23.2m, comprised of $18m cash and
$5.2m receivables, with payables of $2.3m and no debt.

Commentary and outlook
IKE CEO Glenn Milnes commented, "The FY23 period saw continued strong momentum across
IKE. We have achieved very significant revenue and gross margin growth and have closed the
period materially ahead of all internal stretch targets.
Our balance sheet remains extremely strong, noting that the USD and AUD fx rates impact our
reported NZD position each quarter. Operating leverage is evident via the scalability of our
software products and our disciplined approach to managing operating expenses.
Our pipeline is strong, and Q4 sales highlights included winning about one new enterprise
customer per week, including another of the largest tier-1 electric utilities operating on the East
Coast of the US, who selected IKE’s next-gen structural analysis product, called Next-Gen
PoleForeman. This customer win means an initial 100 subscription licenses for distribution
network design, for three-years, displacing the incumbent competitor who had served this
account for more than 20 years.
Another business development milestone in Q4 included advancing an pole-specific integration
and AI automation project at scale via IKE Insight with one of the largest digital data collection
businesses for global infrastructure.
We expect growth to continue in FY24, noting the potential for Q1 FY24 transaction revenue to
be below the Q4 FY23 run rate because of the engineering practices of utilities in certain
territories where one or two larger IKE customers are building fiber networks.
Macro-market tailwinds across North America remain highly supportive, driven by the multi-year
investment being made into building overhead fiber networks, and additively, the forecasted

2
$300B investment by electric utilities into building & maintaining distribution network capacity
and associated network hardening. To meet carbon-zero targets in the U.S. by 2050, analysts
forecast that the approximately 50% of the energy in the U.S. needs to be on the electrical grid,
from a position of just 20% today. IKE’s product suite drives productivity in support of these
network engineering and capacity activities.
We are executing on sizable sales opportunities and expect healthy growth in the FY24 period
and beyond.”

Momentum across the business is set out in the following table and charts:
FY23
PCP
(FY22)
% Change
Total Revenue $30.8m $16.0m +93%
Platform Transactions
# of billable transactions 491k 349k +41%
Platform transaction revenue $18.7m $6.4m +192%
Gross Margin $7.2m $2.9m +148%
Gross Margin % 39% 45%
Platform Subscriptions
# of enterprise customers 379 319 +19%
Platform subscription revenue $8.8m $5.6m +57%
Gross Margin $7.7m $5.0m +54%
Gross Margin % 88% 89%
Hardware & Other
Hardware & Services revenue $3.3m $4.0m -18%
Gross Margin $1.5m $1.9m -21%
Gross Margin % 45% 50%

3



Takeaways
93% total FY23
revenue growth
against PCP.
Recurring
subscription and
reoccurring
transaction revenues
(shown by the green
and blue segments)
dominate IKE’s
revenue mix, at
>$27m.
This element
continues to grow due
to the investment into
extending software
products,
underpinning more
predictable growth
with higher quality
revenue.


Takeaways
Significant growth in
transaction revenue
has continued, with
>490k assets
engineered on the IKE
platform under the
transaction model.
This is one indicator
of platform usage by
IKE customers, and is
expected to remain a
growth driver for the
business.


Note: IKE has previously charted ‘closed contracts’ alongside ‘recognized revenue’. We note that
this will no longer be presented due to many customers maturing in how they buy - now rolling
over their usage of the IKE platform month over month or quarter over quarter vs placing longer
dated forward transaction contracts.


ENDS

About IKE
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.
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 core 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 IKE’s
software.


Contact:
Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com

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

ikeGPS Group Limited
350 Interlocken Blvd, Suite 390, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com

---

IKE Q4 and FY23
Performance Update
We’re IKE, the Pole OS™Company
Glenn Milnes, CEO
glenn.milnes@ikegps.com
4 May 2023

ikeGPS
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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:

ikeGPS
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•FY23 performance update
•Market overview
•Team
•Technology and products
•Q&A
.
Contents

ikeGPS
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IKE at-a-Glance: FY23 performance update headlines
$NZDFiscal Year Ending Mar-31
FY23 Revenue Growth vs pcp
~93%
FY23 Recurring & Reoccurring Revenue
~89%
FY23 Gross Margin %.
Opportunity for Growth via Automation Tech
~53%
2025E Total Addressable Market
>$5B
FY23 Revenue
~$30.8M
FY23 Gross Margin
~$16.4M

ikeGPS
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•Revenue outturn FY23 of ~$30.8m (+93% vs
pcp)
•Recurring Subscription and reoccurring
Transaction revenue (shown by the blue and
green bars) was ~$27.5m, representing ~89%
of revenue mix.
•This revenue element continues grow
positively because of the investment into
extending software products. This underpins
more predictable growth and higher quality
revenue. Highlighting that FY23 growth is
against high growth in the pcp also
•Gross margin FY23 of ~$16.4m (+66% vs pcp)
representing a FY23 gross margin percentage
of ~53%.
Revenue FY23 of ~$30.8m (+93% pcp).
~89% of revenue from recurring subscription and reoccurring transaction sources .
Takeaways:

ikeGPS
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•Significant growth in transaction revenue has
continued, with >490k distribution
infrastructure assets engineered on the IKE
platform under the transaction model.
•This is one indicator of platform usage by IKE
customers.
Takeaways:
192% growth in transaction revenue vs pcp.
One of the indicators of platform utilization by IKE customers.

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Key metrics

ikeGPS
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•The FY23 period saw continued strong momentum across IKE. We have achieved very significant revenue and
gross margin growth and have closed the period materially ahead of all internal stretch targets.
•Our balance sheet remains extremely strong, noting that the USD and AUD fx rates impact our reported NZD
position each quarter. Operating leverage is evident via the scalability of our software products and our
disciplined approach to managing operating expenses.
•Our pipeline is strong, and Q4 sales highlights included winning about one new enterprise customer per week,
including another of the largest tier-1 electric utilities operating on the East Coast of the US, who selected IKE’s
next-gen structural analysis product, called Next-Gen PoleForeman. This customer win means an initial 100
subscription licenses for distribution network design, for three-years, displacing the incumbent competitor who
had served this account for more than 20 years.
•Another business development milestone in Q4 included advancing anpole-specific integration and AI automation
project at scale via IKE Insight with one of the largest digital data collection businesses for global infrastructure.
•We expect growth to continue in FY24, noting the potential for Q1 FY24 transaction revenue to be below the Q4
FY23 run rate because of the engineering practices of utilities in certain territories where one or two larger IKE
customers are building fiber networks.
Broader commentary

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North American Market
Opportunity & Timing

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50%+
Of US energy consumption will be comprised of electricity by 2050
to attain carbon net zero targets, compared to current levels of
just 20%; engineering requirements will need to be upgraded
Current Market Dynamics Lead to Strong Tailwinds for IKE
Source: Bell Potter Initiation of Coverage Report, GSMA, American Tower, Accenture, Grandview Research, Global Newswire, Ryse Energy, World Economic Forum
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
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
Requirement for harder and higher
capacity distribution power networks
across all ofNorth America
>3,200
Electric Utilities in North America with long-term, recurring
distribution network hardening, joint use, and capacity needs for
electrical distribution
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
>$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
Infrastructure development via
Engineering Service Providers
>1,000
Engineering Service Providers in the US subcontracted by
telecom and utilities providers to assist in infrastructure
development and deployment
Massive engineering requirements for an
evolving distribution network supporting
an increase in global consumption of
electricity

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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

ikeGPS
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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

ikeGPS
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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

ikeGPS
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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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IKE Has 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 60 logos added in FY23
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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With 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
Meet some of the key IKE people 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
With aDirect 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 ofother 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 ofhis current portfolio is in
the Infrastructure Sectorand he is currently the Chair
of First Gas, Tuatahi Fast Fibre, and a number ofother
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 Ikanos Communications Inc. (acquired by
Qualcomm Atheros), and former Chief Executive
Officer and President of NASDAQ listed Tekelec
Inc.

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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
(license seats or transactions)
•Optional value-added products , such as IKE
Analyze and IKE University

ikeGPS
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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 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

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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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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 viewsStandardize 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
Capability

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Features....
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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The NextGen PoleForeman Solution 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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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
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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For Customers, IKE Analyze Improves Resource Optimization, Enables
Project Scale, Reduces Costs and Increases Profit
10k+
hours saved
for customers
30%
faster collection
in the field
80k+
make-ready
recommendations
3x
efficiency
improvements
190k+
poles
Delivered in FY23
50%
reduction in
recollects
IKE Office ProIKE StructuralIKE InsightIKE Analyze
Source: Company Data, Customer Case Studies, Management Estimates

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Thanks
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