ikeGPS FY24 Investor Webinar

IKE FY24 Financial Performance
FY25 Outlook
Overview of new AI and SaaS Products
We’re IKE, the Pole OS™ Company
Glenn Milnes, CEO and Brian Musfeldt, CFO
glenn.milnes@ikegps.com, brian.musfeldt@ikegps.com
May 2024
CONFIDENTIAL

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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 FY24 financial results (audited), 1H FY24 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 outside of 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 believed to 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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Agenda
FY24 performance headlines (audited)
FY25 outlook
AI and SaaS product updates
Addressable market and IKE’s value proposition
Q&A

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•Significant growth in underlying
subscription revenue.
•Three-year subscription revenue CAGR of
33%.
•During FY25, this is expected to increase
materially, and by greater than 50%, due
partially to the successful Q3 launch & Q4
sell-through of IKE’s next-generation IKE
PoleForeman product.
•IKE PoleForeman contracts closed in Q4
FY24 do not significantly impact recognized
revenue in FY24 but will materially lift
revenue in FY25.
•TCV to date from ~47 customers is
greater than NZ$12m.
•>2,700 subscribers added.
Subscription revenue growth has continued to be consistently strong
(+22% pcp)
Takeaways:

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•Three-year transaction revenue
CAGR of 47%, but 61% lower in
FY24 vs pcp due to FY23 seeing
outsize customer growth and
activity.
•Based on guidance from long-
term customers IKE expects
transaction volumes and
associated revenue to build into
FY25.
But transaction revenue was down vs pcp (-61% pcp)
Takeaways:

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•Three-year revenue CAGR of
31%.
•Recurring subscription and
reoccurring transaction
revenues (shown by the green
and blue segments in this chart)
dominate IKE’s revenue mix, at
86% for FY24.
•A Loss of ~NZ$15m while the
business invested substantially
in products, sales, marketing
and customer acquisition.
•As a result, an expectation for
healthy revenue growth in the
FY25 period.
Revenue FY24 of ~$21.1m (-31% pcp)
Takeaways:

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Profit & Loss
Note20242023
Continuing operationsNZ$'000NZ$'000
Operating revenue521,104 30,789
Cos t of s ales(8,424) (14,444)
Gros s profit12,680 16,345
Other income5427 287
Foreign exchange gains326 1,017
Movement of fair value assets and liabilities523 2,574
Total other income, gains , and los s es776 3,878
Support costs(1,344) (1,100)
Sales and marketing expenses(10,201) (8,112)
Res earch and engineering expens es(10,287) (11,390)
Corporate cos ts(6,868) (7,384)
Expens es6(28,700) (27,986)
Operating los s(15,244) (7,763)
Net finance income/ (expens e)199 (116)
Net los s before income tax(15,045) (7,879)
Income tax credit/ (expens e)7- (8)
Lo s s a t t rib ut a b le t o o wne rs o f ike GP S Gro up Lim it e d(15,045) (7,887)
Other comprehens ive los s
Exchange differences on trans lation of foreign operations351 1,250
Comprehens ive los s(14,694) (6,637)
Ba s ic a nd dilute d lo s s pe r s ha re 19 $ (0.09) $ (0.05)
Ye a r e n d e d 3 1 Ma r c h
Group
•Revenue of ~NZ$21.1m (-31% vs pcp).
•Subscription revenue of ~NZ$10.7m
(+21% vs pcp).
•Transaction revenue of ~NZ$7.3m (-
61% vs pcp).
•Gross margin of ~NZ$12.7m (-22% vs
pcp), with a gross margin percentage
of ~60% (up from pcp of ~53%)
•Net loss of ~NZ$15m (vs FY23 net loss
of ~NZ$7.8m).
•Total cash and receivables at March
2024 of NZ$15.4m, comprised of
NZ$10.2m cash and NZ$5.2m
receivables, with payables of NZ$1.2m
and no debt (up from the position 31
December 2023 of NZ$8.0m cash and
NZ$7.2m receivables, and flat against
the cash position 30 September
2023).
Takeaways:

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Balance Sheet
Note20242023
ASSETSNZ$'000NZ$'000
Current as s ets
Cas h and cas h equivalents810,242 18,048
Trade and other receivables95,114 5,212
Prepayments782 902
Contract cos ts696 295
Financial instruments10 193
Le a s e a s s e ts13- 12
Inventory101,865 2,472
Total current as s ets18,709 27,134
Non-current as s ets
Property, plant, and equipment112,857 2,798
Intangible as s ets1213,085 13,104
Le a s e a s s e ts131,245 -
Inventory10205 238
Total non-current as s ets17,392 16,140
Total as s ets36,101 43,274
LIABILITIES
Current liabilities
Trade and other payables141,226 2,284
Employee entitlements1,664 1,326
Current Tax Liability7- 8
Provision24272 262
Other liabilities15279 534
Le a s e lia bilitie s13324 14
De fe rre d inc o m e57,403 4,728
Total current liabilities11,168 9,156
Non-current liabilities
Le a s e lia bilitie s131,009 -
De fe rre d inc o m e53,827 183
Total non-current liabilities4,836 183
Total liabilities16,004 9,339
Total net as s ets20,097 33,935
EQUITY
Share capital18105,542 105,118
Share-based payment reserve213,901 3,699
Ac c um ula te d lo s s e s(90,307) (75,492)
Foreign currency translation reserve961 610
Total equity20,097 33,935
As a t 3 1 Ma rc h
Group

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FY24 Key Metrics
FY2 4FY 2 3% Ch a n g e
Total Revenue
$21.1M$30.8m-31%
Platform Transactions
# of Billable Transactions279K490K-43%
Platform Trans action Revenue$7.3M$18.7m-61%
Gro s s Ma rgin$1.8M$7.2m-76%
Gro s s Ma rgin %24%39%
Platform Subscriptions
To ta l # o f Subs c riptio n Cus to m e rs395 367 +8%
Platform Subs cription Revenue$10.7M$8.8m+22%
Gro s s Ma rgin$9.2M$7.7m+20%
Gro s s Ma rgin %86%88%
Hardware & Other
Ha rdwa re & Se rvic e s Re ve nue$3.1M$3.3m-9%
Gro s s Ma rgin$1.7M$1.5m+11%
Gro s s Ma rgin %56%45%
Cust omer Recon
FY 24FY 23
Total # of Enterpris e Cus tom ers415 379 +9%
Les s : Non-Subs cription Cus tom ers(20)(12)+67%
Total # of Subs cription Cus tom ers395 367 +8%
Customer Number Reconciliation:
•Since 31 December 2023 IKE has changed its reporting
of customer numbers from ‘All Enterprise Customers’
to ‘Subscription Customers’, reflecting only customers
with recurring subscription revenue. The reconciliation
between these two metrics will be reported for the
next 4 periods to 31 December 2024. Reconciliation as
follows:

Update and Outlook

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•Recurring Subscription revenue is expected to grow at 50% or greater vs pcpto ~$16m
per annum or greater. Based on:
•the ongoing growth of our core IKE Office Pro subscription product (>30% CAGR
over the past three years) and with ~95% customer retention.
•the sell-through of our new IKE PoleForemanproduct with more than NZ$12m of
TCV closed since its Q3 launch.
•Re-occurring Transaction revenue is expected to grow, but with a wide range of
potential growth profiles and as such represents higher risk –both upside and downside.
•Overall, IKE closed ~NZ$27m of contracts in the FY24 period, against approximately
NZ$21m of recognized revenue.
•New design and AI products in-market through 1H FY25.
•The sales pipeline for new business is strong and growing.
•IKE won 59 new subscription customers in the U.S. market over the past year with a land
& expand model, continuing a win rate of approximately one new customer per week.
•Macro-market tailwinds across the electric utility and communications market in North
America remain highly supportive of the productivity products that IKE delivers.
Expectation for >50% growth in subscription revenue in FY25.
Outlook summary.

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IKE has a Suite of Software Products to Engineer a Network through its Lifecycle
Digitizing network
Assessment
AI for whole-of-network
distribution Planning
Pole loading analysis
and structural Design
Technology & automation drivencapability
to accelerate engineering
+
Business model upshot
•A recurring Subscription to
access any IKE Solution
•Additive, reoccurring revenue
based on usage (license seats
or transactions)
•Optional value-added
products , such as IKE Analyze
(driving transaction revenue)
and training & education via
IKE University
<Network Planning> <Assessment & Digitization> <Network Design> <Network Maintenance & Resilience>

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FY25 outlook:
-An expectation for further major customers to close in the
near & medium term
-That IKE PoleForemanwill ultimately be the standard for
structural analysis in eight of the ten largest electric
utilities in North America.
-An exceptionally sticky customer base, with material life
time value multiple.
IKE PoleForeman, for Distribution Network Design.
New SaaS Product to Market
Next-gen structural analysis SaaS product released Q3 FY24.
>NZ$12m TCV to date from 47 customers – both new & existing.
>3,700 subscribers added to date.

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IKE Insight, AI for Whole-of-Network Viability & Planning
New AI Product to Market

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Spike Sign-Pilot, a SaaS product for the Signage industry
New Workflow Product to Market

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A strengthened team of North American market experts
Key non-executive director and senior leaders appointed through FY24
Ani Adzhemyan
Chief Marketing Officer
Ani brings 19 years of experience in marketing, focusing on the industrial and energy sectors. Prior to IKE, Ani held a
range of marketing roles with technology leaders like IBM, GE, ABB, and Hitachi Energy.
Roz Buick
Non-executive Director
Roz brings more than 25 years’ experience from executive leadership positions across global utility, engineering,
construction, real estate and agriculture markets with companies including Oracle Inc. and Trimble Inc. Roz is an
industry leader who has led businesses through new growth strategies that are market differentiating and innovative,
both with product and go to market strategies
Brett Willet
SVP Product
Brett has over 25 years in grid asset management. Before IKE, he served as a Senior Director at Bentley Systems Inc.,
following its acquisition of SPIDA Software in 2021, where he was President. Brett's utility industry experience
includes roles such as Product Engineering Manager at Osmose Utilities Services, Inc., and Joint Use Program
Manager at FirstEnergy Corp.
Brian Musfeldt
CFO
Brian brings over 25 years of experiences relevant to IKE’s industry and growth trajectory. Most recently he was CFO of
Also Energy Inc. Prior to this, Brian has held CFO roles with companies including Zayo Bandwidth Inc, MST Global Inc,
and IntermapTechnologies Inc. Brian began his career as a Certified Public Accountant with six years at KPMG / Arthur
Anderson as an audit manager focused on the high-tech & manufacturing sectors.

What IKE does, and the large, long term North American
market opportunity being addressed
Customer and Market re-cap

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Communications Market Macro
More than 3,000 electric utilities and 200M distribution assets across the U.S.
Investing in decades-long grid resiliency and grid capacity programs
Facing common challenges
•Grid resiliency requirements
•Grid capacity requirements
•Significant legal liability risks
•Regulatory and Engineering code compliance
•An ageing workforce, requiring tech vs more people
IKE products dramatically improve the engineeringdesign & maintenance process

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25-year Macro-Market Tail Wind for Grid Resiliency & Expansion ($B’s)
An Electric Utility Industry, Spending 100’s of Billions, in Need for Productivity Solutions, such as IKE
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
CAGR: +5.3%
CAGR: +3.5%
$NZD in B

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Where IKE sells: U.S. Market-Map of Investor-Owned Utilities (multi-$B companies)
A huge expansion opportunity......

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Plus >2,800 Municipalities and Co-Operatives
All of which represent sales opportunities for IKE products
Takeaways
•Market timing is everything
•IKE is in the right place, at the right
time, and with the right technology,
team and execution capability
•Today, IKE has a presence in
approximately 6% of addressable
customers, but is estimated to be
only 20% penetrated. So an
opportunity to:
•Develop an additional 80%
revenue per annum from the
existing customer footprint as
‘White Space’ via cross-sell and
up-sell, plus to
•Sell to the other 94% of the
market via ‘Green Field’ new logo
opportunities

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8 of the 10 largest Investor-Owned Utilities have standardized on IKE
IKE Lands-then-Expands
Takeaways
•8 of the 10 largest Investor-Owned
Utilities (“IOUs”) in North America, all
multi-billion dollar businesses
•>400 customers in North America,
with 59 new logos added in FY24 or
approx. 1 per week in FY24 YTD
•>5,000 enterprise target accounts
to pursue overall
Opportunities to:
•Grow, upsell and cross-sell IKE
products into existing customer
base
•Win new logos in the North
American market
•Expand into international markets
Communications
Electric Utilities
Engineering & Project Management

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IKE solutions make fiber and 5G network deployments faster
IKE dramatically speeds up the network deployment process.
•>$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
•>2,000 engineering serviceproviders supporting network development

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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
45% Growth in Avg. Capex p.a.
$NZD
Source: Bell Potter Initiation of Coverage Report, GSMA, American Tower
Note: Labeled Capex Figures reflect Houlihan Lokey Estimates

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Some of the largest U.S. Communication groups have Standardized on IKE
And a growing footprint of tier-2 fiber businesses
Takeaways
•Several of the largest comms group
in North America: AT&T ($107B),
Crown Castle ($39B), Bell Canada
($47B)
•A growing footprint of the tier-2
fiber companies
Opportunities to:
•Grow, upsell and cross-sell IKE
products into existing customer
base
•Win new logos in the North
American market
•Expand into international markets
over time
Communications
Electric Utilities
Engineering & Project Management

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$5.4B
TAM
$550M Fiber / 5G
Market Opportunity
0.6M
Poles Needing
Small Cell
Deployments
Overall.. a Large Addressable Market Opportunity That is Expected to Grow
(1)Assumed 80% discount rate on range of fibre deployments
(2)Other services include design planning, grid hardening/resiliency programs, NESC violations, joint use attachment audit, billing audits , etc.
Source: Management Estimates, Bell Potter Initiation of Coverage Report, Houlihan Lokey Estimates
Note: Market analysis does not include opportunity that will arise from growth of pole infrastructure
$NZD
5G Small Cell
Antenna
Fibre Connections
5G and Fibre
4.2M
1
Poles
Requiring Fiber
Connections
$113 Cost of
Service
$4.8B Electric Utilities
Opportunity
40M Poles
Needed for
Audit per
annum
Estimated
$50 Cost of
Audit per
Pole
Estimated
$113 Cost of
New Build
per Pole
>200M Total No. of
Electrical Poles
25M Poles
Used for
Other
Services
2
Utilities
$NZD

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50%+
Of US energy consumption will be comprised of
electricity on the distribution grid by 2050 to attain
carbon net zero targets, and power the new EV market,
compared to current levels of just 20%, this equals an
engineering requirements to build capacity on the
network.
Market Tailwinds Over the Coming Decades
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 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
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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Today, IKE Goes to Market Directly
With a deepened team of segment experts
SVP of
Sales
VP of Utilities
Solutions
Engineering
Manager
Solutions Engineer
Systems Engineer
Systems Engineer
Production Engineer
Sr. Account
Manager
Sr. Director of
Communications
Sales
Inside Sales
Lead
Generation
Sr. GIS
Manager
Sales
Operations
Coordinator
Director, Utility
Enterprise
Director, Utility
Enterprise
Director, Utility
Enterprise
Solutions Engineer
Inside Sales
Sr. Director of
Communications
Sales
Sales
Operations &
Marketing
automation
Each rep has 40-50
named accounts
Market focus: Utility &
Major ESP
Each rep 40-50 named
accounts
Market focus:
Communications &
some ESP
Some existing Business
mostly New business
hunting
Mostly Existing
Customer Expansion
and Inbound leads
Market Focus:
Communications, Small
Utilities (Coop/muni) &
Engineering firms

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A Map-View of Usage, and how IKE customers deploy our software
Crown Castle in Florida

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A map-view of Usage, and how IKE customers deploy our software
AT&T in 7 example States

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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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Thanks
Manaakitanga: We Rise By Lifting Others

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Q&A
We’re IKE, The PoleOS™ Company
IKE seeks to bethe standard for collecting, analyzing and managing pole
and outside plant (“OSP”) information for electric utilities,
communications companies, and their engineering service providers
The IKE platform allows its customers to increase speed, improve
quality, and deliver safety in the assessment, construction, and
maintenance of distribution poles and other OSP assets
IKE’s purpose is Manaakitanga, which means”to rise by lifting others”