ikeGPS 2024 Annual Report

ikeGPS Group Limited
For the period ending 31 March 2024
Annual Report

22024 ikeGPS Annual Report

32024 ikeGPS Annual Report
Table of Contents
CEO and Chair Commentary
4
FY24 Performance Headlines
8
FY25 Outlook
12
Customer and Market Re-Cap
18
Solution Overview
31
Leadership Team
37
Corporate Governance
41
Disclosures
50
Consolidated Financial Statements
57

42024 ikeGPS Annual Report
Dear Shareholders,
The 2024 financial year (FY24) marked another significant period for IKE, a year
in which we continued to grow our subscription footprint and made meaningful
strides in developing, launching, and selling new products to some of the largest
utilities in the North American market. We won 59 new subscription customers
in the U.S. market over the past year, continuing a win rate of approximately
one new customer per week. That said, the FY24 period also saw a year-on-
year reduction in revenue from our lower-margin transaction revenue. A 61%
reduction vs pcp was due to the FY23 period having outsized activity from
certain national communications customers. For context, this was up +207% on
FY22 levels. Our three-year transaction revenue CAGR, or growth rate, is 47%
and based on guidance from these long-term customers we expect transaction
volumes and associated revenue to build into FY25.
In terms of financial performance, we reported revenue of $21.1m, with
approximately 86% of this revenue coming from recurring subscriptions and
reoccurring transaction sources. Gross margin was $12.7m and a net loss of
$15m. Our balance sheet remains strong, with a cash & receivables position of
$15.4m and no debt.
Momentum across the business is robust. Q4 FY24 and Q1 FY25 to date have
been strong periods at IKE with more significant subscription contracts closed
with tier-1 North American electric utility customers that will substantially grow
our FY25 subscription revenue run rates. At the time of writing this includes
adding approximately 3,700 additional subscribers to our new IKE PoleForeman
platform. Since its Q3 FY24 launch Total Contract Value (TCV) in closing has
exceeded $12m from mostly tier-1 electric utilities in the U.S. market. In total,
FY24 - Year in Review
CEO and Chair Commentary

52024 ikeGPS Annual Report
~53 customers have subscribed to the platform, of which 32 were existing
customers and 21 are new. We expect further major customers to close in the
near term and that IKE PoleForeman will ultimately be the standard for structural
analysis in eight of the ten largest electric utilities in the United States.
Examples of these subscription contracts include:
+An agreement with the second largest electric utility group in North America for a five-year
term that is expected to generate ~NZ$2.0m in total subscription revenue, or an additive
NZ$0.4m ARR.
+A large U.S. electric utility signed a ~NZ$0.5m three-year subscription contract for IKE
PoleForeman, representing a five-fold increase in annual recurring revenue from this
customer versus our legacy product.
+A ~NZ$0.8M three-year subscription contract from a major east coast U.S. electric utility,
which is a Fortune 500 company, to use IKE PoleForeman.
+A ~NZ$3.7m three-year subscription contract with a Fortune 150 Company and one of the ten
largest Investor-Owned-Utilities (IOUs) in the U.S., upgrading them from IKE’s legacy product
to our new IKE PoleForeman structural analysis platform.
We expect to retain and grow these recurring revenue-generating accounts for
the long term.
From a team perspective, we were pleased to add several new North American
industry experts. People joining IKE in FY24 included Roz Buick as non-executive
director, Brian Musfeldt as Chief Financial Officer, Ani Adzhemyan as Chief
Marketing Officer, and Brett Willet as SVP Product. Each of their profiles are
detailed further in this report. We would also like to extend our thanks to Rick
Christie, who resigned from our Board this year. Rick was IKE’s Chair from its
earliest stage and has been instrumental in all aspects of IKE’s growth over the
past decade or so.
FY25 Outlook
Subscription revenue is expected to grow strongly this year, at 50% or greater vs
pcp to ~$16m per annum or greater. This outlook is based on the ongoing growth of
our core IKE Office Pro subscription product, which has seen >30% CAGR over the
past three years and with ~95% customer retention. It is also based on the success
of the launch of our new IKE PoleForeman product as detailed above, with more
than NZ$12m of TCV closed since its Q3 launch and an additive subscriber base of
>3,700 users.

62024 ikeGPS Annual Report
Transaction revenue in FY25 is expected to grow, but with a wider range of potential
growth profiles and as such represents higher risk – both upside and downside.
Transaction revenue at IKE over the past three years has grown at a ~47% CAGR,
although FY24 levels were down against FY23 due to FY23 seeing outsized customer
activity. Based on guidance from long-term customers we expect transaction
volumes and associated revenue to build into FY25.
Overall, we closed ~NZ$27m of contracts in FY24, against approximately NZ$21m of
recognized revenue. Our customer retention rate is excellent, at approximately 95%
and our sales pipeline for new business is strong and is growing. As a reminder of our
business model, IKE generates additive transaction revenue, on top of subscription
revenue, from some customers as they engineer more network assets in our system.
Our margin profile improved to ~60% in FY24, from ~53% in FY23, due to a continued
shift in the product mix toward higher margin subscription revenue. We expect this
trend to continue into FY25 with the growth in our subscription revenue outpacing
other segments resulting in a material improvement in margins again in FY25.
During 2H FY24, we also reduced our cost profile to maintain the timeframe toward
both EBITDA and cash-positive operations. As consistently stated, management
and the Board remain cognizant of the importance of maintaining a strong balance
sheet position, executing against immediate revenue growth opportunities, whilst
retaining the ability to manage costs appropriately.
FY25 is also an exciting period for IKE in terms of the introduction of new AI-based
automation capabilities into existing products and new products. IKE has invested
significantly into building automation that is specific to distribution network
workflows, and we look forward to putting this into our customers’ hands.
Macro-market tailwinds across North America remain supportive of the productivity
products that IKE delivers, driven by the forecasted US$300B investment by
electric utilities into building & maintaining distribution power network capacity and
associated network hardening. To meet carbon-zero targets in the U.S. by 2050,
analysts forecast that approximately 50% of the energy in the U.S. needs to be on
the electrical grid, from a position of just 20% today. Overall, analysts forecast that
capex and opex spend across distribution networks in the U.S. market will increase
by +4% annually for the next decade. Further, the multi-year investment being made

72024 ikeGPS Annual Report
into building overhead fiber and 5G networks is enormous. IKE’s products drive
productivity in support of these network engineering and capacity activities.
We extend our thanks to you, our shareholders, for your support and belief in our
vision. As we continue to innovate and grow, we do so with the confidence that we
are building something valuable together.
Yours sincerely,
Alex KnowlesGlenn Milnes
Chair and Non-Executive DirectorCEO & Managing Director

82024 ikeGPS Annual Report
Subscription Revenue Takeaways
+ 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 ~53 customers is greater than NZ$12m.
+ ~3,700 subscribers added.
Subscription revenue growth has continued to be
consistently strong (+22% pcp)

92024 ikeGPS Annual Report
Transaction Revenue Takeaways
+ 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)

102024 ikeGPS Annual Report
Revenue FY24 of ~$21.1m (-31% pcp)
Total Revenue Takeaways
+ 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.

112024 ikeGPS Annual Report
FY24FY23% Change
Total Revenue$21.1M$30.8m-31%
Platform Transactions
# of Billable Transactions279K490K-43%
Platform Transaction Revenue$7.3M$18.7m-61%
Gross Margin$1.8M$7.2m-76%
Gross Margin %24%39%
Platform Subscriptions
Total # of Subscription Customers395367+8%
Platform Subscription Revenue$10.7M$8.8m+22%
Gross Margin$9.2M$7.7m+20%
Gross Margin %86%88%
Hardware & Other
Hardware & Services Revenue$3.1M$3.3m-9%
Gross Margin$1.7M$1.5m+11%
Gross Margin %56%45%
Customer ReconFY24FY23
Total # of Enterprise Customers415379+9%
Less: Non-Subscription Customers(20)(12)+67%
Total # of Subscription Customers395367+8%
FY24 key metrics
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 is as follows:

122024 ikeGPS Annual Report
FY25 Outlook

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Expectation for >50% growth in subscription
revenue in FY25
Outlook Summary
+ Recurring Subscription revenue is expected to grow at 50% or greater vs pcp
to ~$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 PoleForeman product 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.
Takeaways
+ Revenue of ~NZ$21.1m (-31% vs pcp).
+ Subscription revenue of ~NZ$10.7m (+22% 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).

142024 ikeGPS Annual Report
[Network Planning] [Assessment & Digitization][Network Design][Network Maintenance & Resilience]
IKE has a suite of software products to
engineer a network through its lifecycle
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.

152024 ikeGPS Annual Report
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 53 customers – both new & existing.
~3,700 subscribers added to date.
FY25 outlook:
+ An expectation for further major customers to close in the near & medium term.
+ That IKE PoleForeman will 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.

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IKE Insight, AI for whole-of-network viability & planning
Make the best network build decisions with actionable insights.
Dramatically Faster Fiber Network Viability Decision Making
Communications companies must deploy fiber networks as quickly and efficiently as possible to win and
own new subscribers. To maximize speed and reduce costs for new build outs, operators are seeking to
leverage existing overhead infrastructure and avoid the costs of going underground.
New AI Product to Market
Speed up overhead network viability assessment.
Unlike the traditional methods of costly and slow in-field market
assessments, IKE Insight leverages bulk data (private and public) via AI
and machine learning capabilities to deliver accurate market viability
assessments, at a network level.
IKE Insight

172024 ikeGPS Annual Report
Roz Buick
Non-executive Director
Roz brings more than 25 years of 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 Willett
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.
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.
Brian Musfeldt
Chief Financial Officer
Brian brings over 25 years of experience
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 Intermap Technologies 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.
A strengthened team of North American
market experts
Key non-executive director and senior leaders appointed through FY24

182024 ikeGPS Annual Report
Customer and Market Re-Cap
What IKE does, and the large, long-term North
American market opportunity being addressed.

192024 ikeGPS Annual Report
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
IKE products dramatically improve the
engineering design & maintenance process
Regulatory and Engineering code compliance
Grid capacity requirementsAn ageing workforce, requiring tech
vs. more people
Significant legal liability risks

202024 ikeGPS Annual Report
An electric utility industry, spending 100’s of Billions,
in need of productivity solutions, such as IKE
25-year Macro-Market Tail Wind for Grid Resiliency & Expansion ($B’s)
U.S. and Canadian Electric Distribution Capital Expenditures ($NZD in B)
44.9
7. 2
3.6
3.6
46.4
7. 2
3.6
3.6
7. 2
3.6
3.6
49.3
7. 2
3.6
3.6
52.2
59.4
7. 2
3.6
3.6
65.2
7. 2
3.6
3.6
71.0
7. 2
3.6
3.6
78.3
7. 2
3.6
3.6
82.6
7. 2
3.6
3.6
8 7.0
7. 2
3.6
3.6
89.9
7. 2
3.6
3.6
95.7
7. 2
3.6
3.6
$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
ACTUALFORCASTED
CAG
R:

+
3
.5%
C
AG
R:

+
5
.
3
%
CanadianMuniCo-opsUS IOU

212024 ikeGPS Annual Report
Where IKE sells: U.S. market-map of Investor-Owned
Utilities (multi-$B companies)
Source:
Produced by Edison Electric Institute.
Data Source: ABB, Velocity Suite. June 2024
https://www.eei.org/-/media/Project/EEI/Documents/About/EEI-Member-Map.pdf
A huge expansion opportunity...

222024 ikeGPS Annual Report
>2,800 Municipalities and Co-Operatives
Sales opportunities for IKE products
Source:
Produced by University of Wisconsin Center for Cooperatives.
Data Sources: University of Wisconsin Center for Cooperatives and UW-Extension
https://reic.uwcc.wisc.edu/electric/
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.

232024 ikeGPS Annual Report
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 an existing customer base.
+ Win new logos in the North American market.
+ Expand into international markets.
Communications
Electric Utilities
Engineering & Project Management

242024 ikeGPS Annual Report
IKE solutions make fiber and 5G network
deployments faster
IKE dramatically speeds up the network
deployment process.
expected investment into fiber network
development in the U.S over the next 5+ years
$300B>
expected investment into 5G network
development in the U.S. over the next 5+ years
$50B>
additional expected investment into rural
broadband development as part of the Biden
Administration’s new Infrastructure bill
$60B>
Communications companies competing to
build networks and win underlying customers
200>
engineering service providers supporting
network development
2,000>

252024 ikeGPS Annual Report
Fiber and 5G investment super-cycle in North America
still in its early stages
Projected Investments into 5G & Fiber Optic Infrastructure ($NZD)
201820102025
$43B
$39B
$72B
45
%
Growth in Avg. Capex p.a.
Source:
Bell Potter Initiation of Coverage Report, GSMA, American Tower.
Note: Labeled Capex Figures reflect Houlihan Lokey Estimates

262024 ikeGPS Annual Report
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 groups in North America: AT&T ($107B), Crown
Castle ($39B), and Bell Canada ($47B).
+ A growing footprint of the tier-2 fiber companies.
Opportunities to:
+ Grow, upsell, and cross-sell IKE products into an existing customer base.
+ Win new logos in the North American market.
+ Expand into international markets over time.
Communications
Electric Utilities
Engineering & Project Management

272024 ikeGPS Annual Report
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
Requirement for harder and higher
capacity distribution power networks
across all of North America
Electric Utilities in North America with long-term, recurring
distribution network hardening, joint use, and capacity needs for
electrical distribution
>3,200
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
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
800,000+
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
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
>$350B
Infrastructure development via
Engineering Service Providers
Engineering Service Providers in the US subcontracted by
telecom and utilities providers to assist in infrastructure
development and deployment
>1,000
Massive engineering requirements for
an evolving distribution network
supporting an increase in global
consumption of electricity
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.
50%+

282024 ikeGPS Annual Report
Today, IKE goes to market directly with a deepened
team of segment experts
VP of Utilities
Director, Utility
Enterprise
Director, Utility
Enterprise
Director, Utility
Enterprise
Solutions
Engineer
Systems Engineer
Systems Engineer
Production
Engineer
Solutions
Engineer
Solutions
Engineering
Manager
Inside Sales
Inside Sales
Sr. Account
Manger
SVP of Sales
Lead Generation
Sales Operation
& Marketing
Automation
Sr. Director of
Communications
Sales
Sr. Director of
Communications
Sales
Sr. GIS Manager
Sales
Operations
Coordinator
Each rep has
40-50 named
accounts
Market focus:
Utility & Major
ESP
Mostly Existing
Customer
Expansion and
Inbound leads
Market Focus:
Communications,
Small Utilities
(Coop/Muni) &
Engineering firms
Each rep has
40-50 named
accounts
Market focus:
Communications
& some ESP
Some existing
business mostly
new business
hunting

292024 ikeGPS Annual Report
A map-view of usage, and how IKE customers deploy
our software
Crown Castle in Florida
AT&T in 7 example States

302024 ikeGPS Annual Report
Multiple avenues supporting future growth potential
Revenue
“Today”
Sales Team
Expansion/New
Customers
Cross Sell & Upsell
into Existing
Customer Base
Inorganic
Growth
International
Expansion
Revenue
“Future”
Sales Team
Expansion/
New Logos
1
Cross Sell
& Upsell
2
Platform for
Inorganic Growth
3
International
Expansion
4
1
2
3
4

312024 ikeGPS Annual Report
IKE’s suite of industry-leading data acquisition
and structural analysis solutions empower
utilities, engineering firms, and communications
companies to efficiently acquire and analyze
data and get actionable insights needed to
maintain overhead grid infrastructure.
Solution Overview

322024 ikeGPS Annual Report
IKE Office Pro
IKE Office Pro
Product & Technology
With the IKE Device, a fielder can safely speed up field data collection and increase data quality.
Pole data acquired with the IKE Device is seamlessly uploaded into IKE Office Pro, which can be
accessed by all authorized partners involved in your project, allowing simultaneous collaboration
between fielding, back office, and third parties.
Through reporting, APIs, and an array of export features, IKE Office Pro supports all of your existing
applications — GIS databases, asset management & financial modeling, and distribution design &
engineering platforms to generate seamless end-to-end process automation.

332024 ikeGPS Annual Report
IKE PoleForeman
™
IKE PoleForeman
Product & Technology
IKE PoleForeman has been the industry standard for nearly two decades, delivering accurate,
reliable, and defendable pole loading analysis used by the largest electric utilities in North America.
With IKE PoleForeman you can build reliable structural models, measure span clearances, and
easily achieve NESC compliance.
Using IKE Office Pro records, you can attach the PLA drawing to its specific pole record,
maintaining a consistent digital twin of grid infrastructure.

342024 ikeGPS Annual Report
IKE Insight
IKE Insight
Product & Technology
IKE Insight is the industry’s go-to tool for gaining actionable insights from new or existing digital
imagery or data sources. IKE Insight allows you to detect, measure, ask questions, and take action
using images and data sourced from Google Street View, drones, satellites, and other methods.

352024 ikeGPS Annual Report
IKE Analyze
IKE Analyze
Product & Technology
IKE records for Heights of Attachment (HOA), Pole Load Analysis (PLA), and Make Ready
Recommendations (MRR). IKE Analyze customers typically enjoy more than a 50% reduction in
project costs for pole audits, make-ready engineering, and permit application processes. The
business model is via transaction fees.

362024 ikeGPS Annual Report
IKE University and NESC Training
Product & Technology
IKE University has become a universal training asset for IKE Customers. Customers consume
content via video and instructor-led channels. More than 3,000 engineers across the industry
in North America have become certified IKE experts through the IKE University curriculum. The
business model is via per-course fees.
IKE provides National Electrical Safety Code (NESC) and Occupational Safety and Health
Administration (OSHA) training. Ranging from 90-minute seminars to two-day in-depth classes, IKE
can host virtual or in-person training for your organization. Having acquired Marne & Associates
Training business IKE continues to invest in educating the Utility industry’s professionals.
IKE University

372024 ikeGPS Annual Report
Leadership Team

382024 ikeGPS Annual Report
Glenn Milnes
Chief Executive Officer & 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.
Glenn joined ikeGPS following more than a decade of leadership roles at
organizations including International Communications group, Cable & Wireless
International, London, where he oversaw a group of more than 30 fixed and
wireless businesses, and No. 8 Ventures.
Before entering the business world, Glenn played professional cricket in New
Zealand, England, and The Netherlands, representing New Zealand at various
levels. Glenn holds an MBA with Distinction from Imperial College London, a
Bachelor of Science with First-Class Honors from Oxford Brookes University
and a Bachelor of Physical Education from the University of Otago.
Malcolm Young
SVP Structural Analysis and Head of IKE PoleForeman
As VP of Structural Analysis Malcolm is responsible for the development
and delivery of IKE’s structural analysis products and for the quality control
function for IKE Analyze. Prior to joining IKE, Malcolm was founder and
president of PowerLine Technology – the developer of IKE’s PoleForeman
product – where he built the company to the position of having some of the
largest investor-owned utilities in North America as embedded customers.
Before that Malcolm held senior engineering management positions at
Alabama Power. Malcolm is a qualified structural engineer and is considered
to be one of the preeminent thought leaders in the U.S.A. market related to
power poles and a structural analysis.
Lydia Siloka
Head of People
Lydia joined IKE in the second half of 2020 to lead our people function and drive
employee engagement. Lydia joins IKE having been in People leadership positions
across a range of international and growth businesses including as Senior People
Manager at Amazon, Country People Director at Thales Digital and Security, HR
Manager, South Africa for Teleperformance, and a HR leader at Victoria University.

392024 ikeGPS Annual Report
Chris DeJohn
Senior Vice President of Sales and Business Development
Chris brings a wealth of experience in the enterprise and
telecommunications market, having participated in the emergence and
transformation of some of the largest data, cellular, and voice network
infrastructure in the world throughout his career. He has seen how
modernization and economics fundamentally changed with the application
of new technologies. With the nation’s utility industries on the verge of a
similar radical shift, Chris helps lead IKE’s application of our cutting edge
technology to guide customers in navigating this evolution.
Jareth Rossking
Head of Engineering
Jareth leads our engineering teams across the IKE Office Pro, IKE Structural
(PoleForeman), and IKE Insight solutions. He has 10+ years of experience in the
information technology industry specializing in the utility sector. Jareth started
his career as a software developer and grew into the Head of Engineering role at
AgilityCIS, where his team consisted of 75 developers working across a number
of countries and timezones.
Ani Adzhemyan
Chief Marketing Officer
As Chief Marketing Officer, Ani Adzhemyan leads IKE's Marketing,
Communications and Brand functions. Ani brings 19 years of experience in
marketing, focusing on the industrial and energy sectors. Prior to IKE, Ani
spearheaded marketing at an industrial automation startup and held a range of
marketing roles with technology leaders like IBM, GE, ABB, and Hitachi Energy.
Ani has led cross-functional global marketing teams for over seven years,
previously working as a marketing leader in various regions: North America,
Europe, the Middle East, and Africa. Ani drives a culture of innovation combined
with data-driven decision-making in marketing.

402024 ikeGPS Annual Report
Leon Toorenburg
Chief Technology Officer
Leon Toorenburg is the Chief Technology Officer at ikeGPS, where he leads
the research department to investigate how to leverage new technologies to
simplify and speed up ikeGPS customers’ workflow.
Leon is the founder of ikeGPS and has been instrumental in the development
of all ikeGPS’ products. He holds numerous U.S. and international patents on
measurement technologies. Leon holds a Bachelor of Science from Victoria
University and Bachelor of Engineering with honors from Canterbury University.
Brett Willitt
Senior Vice President Product
Brett brings an impressive track record with over 25 years in grid asset
management, earning him recognition as one of North America's foremost
experts in distribution structural analysis and asset management. Before
his tenure at 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 extensive utility industry experience includes key roles such as
Product Engineering Manager at Osmose Utilities Services, Inc., and Joint Use
Program Manager at FirstEnergy Corp. His professional journey began as an
OSP Planning Engineer at Verizon and he holds a BS in Civil Engineering from
Clarkson University.
Brian Musfeldt
Chief Finance Officer
Brian is the CFO at ikeGPS, joining the company in June 2023. Brian brings over
25 years of experience 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 Intermap
Technologies Inc. Brian has an MBA from Colorado State University and 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. In his
new role, Brian will be responsible for managing the organization's financial
activities, providing strategic insights, ensuring compliance, and optimizing
resources to support the company's overall goals.

412024 ikeGPS Annual Report
Corporate Governance

422024 ikeGPS Annual Report
Mark Ratcliffe
Independent Director
Appointed as a director in 2020
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, Tuatahi Fast Fibre, and a number of other
private and public sector boards.
Roz Buick
Independent Director
Appointed as a director in 2023
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.
Fred Lax (MSEE AND BSEE)
Independent Director
Appointed as a director in 2014
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.
Glenn Milnes (MBA (Dist.), BSc (Hons), B PhD)
CEO & Managing Director
Appointed as a CE0 and Managing Director in 2013
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 No 8 Ventures.
Alex Knowles
Chair & Director
Appointed as a director in 2011 and Chair 2021
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.
Board of Directors

432024 ikeGPS Annual Report
+Constitution
+Corporate Governance Code
+Code of Ethics
+Diversity Policy
+ Securities Trading Policy
+Continuous Disclosure Policy
+Nominations and Remuneration Committee Charter
+ Audit and Risk Management Committee Charter
ikeGPS Group Limited (“the Group”) is a New Zealand company. Its shares are quoted on the New Zealand Stock
Exchange (NZX) and Australian Securities Exchanges (ASX). The Group became a foreign exempt listed issuer on
the ASX in September 2016.
On our website: https://ikegps.com/investors/ you will find the following corporate governance documents
referred to in this section:
Corporate governance statement
Under NZX Rule 3.7.1 and 3.8.1, NZX has a set of principles and recommendations, the NZX Corporate Governance
Code, that listed companies must report against. The overarching purpose of the NZX Code is to promote
good corporate governance. The Board considers that, as at 31 March 2024, the Company complies with the
recommendations set by the NZX Corporate Governance Code, except where it deems alternative measures are
more appropriate as disclosed.
Board composition and performance

The structure of the Group’s Board and its governance arrangements are set out in the Company’s Constitution
and in the Board’s written Charter setting out the Board’s roles and responsibilities. The management and control
of the business of the Group are vested in the Board. The Charter sets out the matters reserved for our decision-
making, including (amongst other key matters) the establishment of the Company’s overall strategic direction
and strategic plans.
Management is responsible for implementing the strategic objectives, operating within the risk appetite the
Board has set, and for all other aspects of the day-to-day running of the Company.
The Board delegates the day-to-day leadership and management of the Company to the CEO. The delegations
are set out in the Board Charter and in a Delegated Authority framework, which also sets out authority levels for
types of commitments that the Company’s management can make.
The nominations and remuneration committee identifies and recommends to the Board individuals for
nomination as members of the Board and its Committees considering such factors as it deems appropriate,
including experience, qualifications, judgment, and the ability to work with other Directors.
Board meetings
Between 1 April 2023 and 31 March 2024, 8 Board meetings were held. All meetings were attended by all who were
Directors (or committee members) at the time of the meeting.
Board composition
The Board considers its composition in accordance with the institute of directors’ framework. The Directors
believe the respective skills and experience of individual Directors to be complementary, appropriate for the
Group, balanced, and reasonably diverse. The Group’s Directors have expertise and experience in strategy
development, executive leadership, acquisitions and divestment, technology, data, corporate responsibility,
governance, legal and regulatory matters, public policy, and finance (including the assessment of financial
controls). In accordance with the applicable listing rules, all directors are re-elected within three years or on the
third annual general meeting following their appointment.

442024 ikeGPS Annual Report
Director independence
The Board Charter requires that at least two Directors be independent and sets out circumstances in
which a Director will not be regarded as independent.
The Board assesses Director independence against the criteria in the Charter. The Board consider the
following Directors to be independent at present Alex Knowles, Roz Buick, Mark Ratcliffe, and Fred Lax.
Diversity policy
The Group fosters an inclusive working environment that promotes employment equity and workforce
diversity at all levels, including within the executive team and Board. The Diversity policy is available
on the investor relations website. A gender breakdown of Directors and Officers of the Group and its
subsidiaries as at 31 March 2023 and 31 March 2024 is detailed below. For the purposes of accurate
disclosure, Glenn Milnes is shown both as a Director and an Officer.
20242023
Directors
Male55
Female 11
Officers
Male 22
Female--
Director training
Each Director undertakes appropriate education to remain current in how to best perform their
duties as Directors. Individual Directors maintain membership of relevant bodies such as the
Institute of Directors and receive information independently and from management in relation to
specific issues relevant to the Group, the markets in which it operates, or to NZX and ASX listed
companies generally.
Board performance
On a regular basis the Board reviews how it is performing. The review process comprises a group
self-evaluation relating to Board and committee composition and performance. The Board
believes this process is effective and believes it helps to refine the Group’s strategy-setting
processes and the information provided in Board papers. Broadly, the Board is satisfied that the
Board and its committees are operating well, and that the performance process used is both
effective and suited to the company.

452024 ikeGPS Annual Report
Remuneration
Remuneration of directors
Directors’ fees are currently set at a maximum of $550,000 for the non-
executive Directors. The actual amount of fees paid in the year to 31 March 2024
was $345,046.
Directors’ fees and other remuneration and benefits (including share option
expense) from the Company recognized in profit or loss during the accounting
period ended 31 March 2024 are as follows:
*Glenn Milnes received salary, STI, and entitlements in US$ as employee of ikeGPS Inc. The
remuneration shown above has been converted to NZ$ at the average rate for the month each
transaction took place. Glenn received no remuneration in his capacity as a Director of the Group.
Director
Salary & Board FeesShare Option Expense and Other Benefits
Richard Christie
(resigned May 2024)
$54,000$19,027
Roz Buick
(appointed November 2023)
$23,696$0
Eileen Healy
(resigned May 2023)
$10,400$8,117
Alex Knowles
$97,200$23,333
Frederick Lax
$81,000$21,556
Mark Ratcliffe
$78,750$10,827
Glenn Milnes*
$1,092,274$218,372
To t a l$1,437,319$301,232
Each Director is separately entitled to be reimbursed for reasonable traveling,
accommodation, and other expenses incurred in performing their role as a Director.
No Director of either of the Group’s subsidiaries receives any remuneration in
that capacity.
Options granted to Directors are stated below in Directors’ relevant interests.
The last increase in Directors’ fees was made with effect from September 2023.

462024 ikeGPS Annual Report
Chief Executive Officer (CEO)
Glenn Milnes’s employment agreement for his role
as CEO commenced in July 2010. His agreement
reflects appropriate standard conditions for a CEO of
a listed company.
Glenn’s remuneration is a combination of fixed salary
and incentive arrangements. The incentives are a
Short Term Incentive (STI) component set at up to
50% of base salary, linked to specific financial and
non-financial targets set annually by the Board, and a
Long Term Incentive (LTI) component set at up to 50%
of base salary, in employee stock options.
Glenn’s base salary for the year to 31 March 2024 was
US$414,000, and he received a bonus (STI) in FY2024
related to performance in FY2023 of US$192,700.
Glenn had 2,734,700 employee stock options as of 31
March 2024 of which 770,700 [with an exercise price
of $0.79] was granted on 22 August 2023.
The remaining employee stock options have vesting
dates from 2020 to 2028. Vesting at each date is
dependent on him remaining an employee at the
applicable vesting date.
Remuneration of employees
The Group aims to have a remuneration framework
and policies to attract and retain talented and
motivated people.
The Company wants to:
+ Be recognized as a great place to work, and attract,
retain, and motivate high-performing individuals.
+ Align employee incentives with the achievement of
good business performance and shareholder return.
+ Recognize and reward individual success while
encouraging teamwork and a high-performance
culture.
+ Be competitive in the labour market.
+ Be fair, consistent, and easy to understand.
Employee remuneration principles
The Group uses market data to determine
competitive salary and total remuneration levels
for all staff. The Group makes allowance for
individual performance, scarcity of skills, internal
relativities, and specific business needs. The Group
is operating in a growth industry and has a skilled and
mobile workforce.
All employees have fixed remuneration. Selected
employees have the potential to earn a Short Term
Incentive (STI) and Long Term incentive (LTI).

472024 ikeGPS Annual Report
Ethical Behaviour
Code of conduct
The Group has a Code of Ethics, setting out the
ethical and behavioural standards expected of
Directors and staff. Directors and staff are also
expected to uphold the Group's values.
Whistleblowing
The Group Code of Ethics includes specific direction
on action to be taken by a person who suspects a
breach of the Code.
Avoiding conflicts of interest
The Board is updated at each meeting on changes
in Directors’ interests and any potential conflicts.
The register records relevant transactions and
our disclosures of interests. A current listing of
Directors’ interests is found on page 52.
Trading in securities
The Groups Directors are restricted from trading
in the Group's shares under New Zealand law and
by the Group's Security Trading Policy. This policy
applies to both Directors and employees. The policy
details “blackout periods” where trading is forbidden,
as well as a process for authorization at other
times. Our Director's current shareholdings are set
out on page 53.
Committees
The Board committees review and consider in
detail the policies and strategies developed by
management. They examine proposals and make
recommendations to the Board. They don’t take
action or make decisions on behalf of the Board
unless specifically mandated to do so.
During the FY24 year, the Group’s standing Board
committees were the:
+ Audit & Risk Management committee
+Nominations and Remuneration committee

482024 ikeGPS Annual Report
Audit & Risk Management Committee (ARC):
Fred Lax (chair), Mark Ratcliffe, Glenn Milnes
The committee members are Independent Directors
with the exception of Glenn Milnes, who is an
Executive Director. IKE therefore complies with the
Listing Rules but notes that this ARC composition
does not currently meet Code Rule 3.8.1. The Board
of IKE is actively seeking to meet this Code Rule
requirement through a process to recruit and
appoint a new Independent Director with requisite
finance & accounting skills & qualifications. On
this appointment, Glenn Milnes would step-down
from the ARC.
The committee’s charter is set out in the
Investor Relations segment of IKE’s website. The
committee met four times in the year to 31 March
2024, and at least annually the committee meets
with the company’s external auditors without
management present.
Nominations and Remuneration committee:
Mark Ratcliffe (Chair), Fred Lax
The committee members are independent Directors.
The committee met on four occasions in the year
to 31 March 2024. This committee has oversight of
matters of recruitment, retention, and remuneration.
Other committee matters
The Board will occasionally appoint a committee of
Directors to consider or approve a specific proposal
or action if the timing of meetings or availability of
Directors means the matter cannot be considered by
the full Board. Their deliberations and decisions are
reported back to the Board not later than the next
meeting following.
Takeover protocol
The Board has decided not to establish a takeover
committee or protocols documenting the procedure
to be followed in the event it receives a takeover
offer. The Board has determined that due to
the current size and make-up of the Board, it is
sufficiently independent and can manage a takeover
process and any additional issues effectively as a
whole Board, should it arise.
Reporting and disclosure
Financial reporting
The Board is responsible for ensuring the integrity
of the Group’s reporting to shareholders, including
for financial statements that comply with generally
accepted accounting practices. The Board’s ARC
oversees the quality, reliability, and accuracy of the
financial statements and related documents (the
ARC role is described fully in its Charter). In doing so,
the committee makes inquiries of management and
external auditors (including requiring management
representations) so that the committee can be
satisfied as to the validity and accuracy of all aspects
of the Group’s financial reporting.
The CEO and CFO certify to the Board that the
integrity of the financial statements is founded on
a sound system of risk management and internal
compliance and control.
Non-financial reporting
As a Climate Reporting Entity the Group must assess
and disclose its exposure to non-financial risks,
including economic, environmental, and social
sustainability risks. Previously this was incorporated
into the Comprehensive and Key Risk assessments
that we refer to under risk management. These
disclosures will be made in its first ESG report in July.
The Group is predominantly an office-based software
company with minimal impact on non-financial risks.
Disclosure to the market
The Group has a written disclosure policy – the
Continuous Disclosure Policy, found on the investor
relations site. It sets out requirements for full and
timely disclosure to the market of material issues so
all stakeholders have equal access to information.
The Board reviews and approves material
announcements. The Board specifically consider
with management at each Board meeting whether
there are any issues which might require disclosure
to the market under the NZX and ASX continuous
disclosure requirements.

492024 ikeGPS Annual Report
Information for investors
The Group’s annual meeting will be held virtually
on Friday, 27 September 2024 (NZT). A notice of
the meeting and proxy form will be circulated
to shareholders closer to the time. The external
auditors, Grant Thornton, will respond to any
questions submitted prior to the meeting.
Risk management
The Group has an enterprise risk management
framework in place to identify, quantify, and monitor
risks. That framework categorizes the enterprise
risks and sets out specific actions to effectively
manage each risk. Management reviews the
enterprise risk register. The Group doesn’t have an
internal audit function.
Health and Safety Risk
The Group values our people's health, safety, and
wellness, and we believe that everyone should be
able to work in an environment where risks are
managed and controlled. Management has adopted
health, safety, and wellness measures to address and
mitigate identified risks.
The Group is a relatively low-risk office-based
business. However, we do have employees
performing training and, in some instances, fieldwork
for customers. The Board is conscious of these risks
to employees and have viewed the actions currently
in place to mitigate these. The frequency of incidents
has been very low, so the Board has not required
LTIFR reporting to date.
Auditors
The Group has an external Auditor Policy that
requires the external auditor to be independent and
to be seen as independent. The Board is satisfied that
there is no relationship between the auditor and the
Group or any related person at this time that could
compromise the auditor’s independence. The Board
also obtained confirmation of independence formally
from the auditor. To ensure full and frank dialogue
amongst the ARC and the auditors, the auditor’s
senior representatives meet separately with the ARC
(without management present) at least once a year.
Non-audit work
The Audit Independence Policy sets out restrictions
on non-audit work that the auditor can perform.
Shareholder rights and relations
The Group’s financial reports and corporate
governance documentation is available on the
group’s website https://ikegps.com/investors/.
The Group keeps shareholders informed through
periodic reporting to NZX and ASX and through
its continuous disclosure. The Group provides
briefings and presentations to media and analysts
(which are made immediately available on the
investor relations website) and communicates with
shareholders through periodic reports, annual
shareholder meetings, as well as through a range of
releases to media on matters which the company
believes will interest shareholders and members.
The Group encourages shareholders to refer to the
investor relations website and to receive annual and
half-year reports electronically. Still, hard copies
of the reports can readily be obtained from the
share registrar, MUFG Pension & Market Services.
The Group takes care to write all shareholder
communications in a clear and straightforward way
and to limit the use of jargon.

502024 ikeGPS Annual Report
Disclosures

512024 ikeGPS Annual Report
Audit Fees
The amounts payable to Grant Thornton as
auditor of the Group are as set out in Note 6 to the
financial statements.
Subsidiary Company Directors
The following people held office as Directors of
subsidiary companies of the Group on 31 March 2024:
1. ikeGPS Inc: Glenn Milnes
2. ikeGPS Limited: Rick Christie
Dividends
As part of the Group's growth plans, dividends are
not currently paid, and the Board did not declare a
dividend in respect of the period ending 31 March 2024,
nor does it expect to declare any dividends during the
period ending 31 March 2025.
Net Tangible Assets
The Net Tangible Assets per security on 31 March 2024
was $0.04 (31 March 2023: $0.13).
NZX Waivers
There were no waivers obtained or relied on during the
period to 31 March 2024.
Officers
The Group’s officers as at 31 March 2024, and their
respective roles, were as follows:
Glenn Milnes, Chief Executive Officer
Brian Musfeldt, Chief Financial Officer
Annual Meeting
The Group will hold an Annual Meeting of shareholders
on Friday, 27 September 2024 (NZT). A notice
of Meeting and Proxy Form will be circulated to
shareholders closer to the time.

522024 ikeGPS Annual Report
DirectorInterestDeclaration
Glenn Milnes - CEO & Managing DirectorNo conflicting interests
The Wild Group LimitedDirector
Alex Knowles - Non Executive DirectorNo conflicting interests
Alphian Investments LtdDirector
A Way To Move IncDirector
Xenon FS LLCBoard Member
AWA Shipping / Intelligent SCM LLCBoard Member
Climate Coatings LtdDirector
Road to Success InBoard Member
Mark Ratcliffe - Non Executive Independent DirectorNo conflicting interests
Ratcliffe Barker Family TrustTrustee and Beneficiary
Mark Ratcliffe Consulting LtdDirector and Shareholder
Clarus GroupNon-Exec Director and Chair
Waka Kotahi – NZ Upgrade Programme Governance GroupIndependent Chair
Kaibosh Food Rescue Board Member
WilliamsWarn Ltd
Shareholder, Non-Exec Director
and Chair
Governing Council of Massey UniversityMember
Fred Lax - Non Executive DirectorNo conflicting interests
None
Roz Buick- Non Executive DirectorNo conflicting interests
Grupo ProtexaDirector
UtectureDirector and Shareholder
The Cawthron InstituteDirector
FrameCADExec Director & Consultant
AoFrioNon-Executive Director
Propeller AeroDirector and Shareholder
Entries recorded in interests register
The following are particulars of entries made in the Company’s interests register pursuant to section 140 of the
Companies Act 1993 for the period 1 April 2023 to 31 March 2024 (including in respect of those Directors who are
Directors of the Company’s subsidiaries).

532024 ikeGPS Annual Report
DateDirector
Registered holder /
Associated entity
Class of financial
product
Acquired /
(Disposed of)
Consideration
$
Notes
1/10/2024
Glenn
Milnes
Glenn MilnesOrdinary shares 5,409 3,000 On Market
1/10/2024
Glenn
Milnes
Glenn MilnesOrdinary shares 6,000 3,032 On Market
1/31/2024
Glenn
Milnes
Glenn MilnesOrdinary shares 5,954 4,942 On Market
2/9/2024
Glenn
Milnes
Glenn MilnesOrdinary shares 18,136 9,975 On Market
2/14/2024
Glenn
Milnes
Glenn MilnesOrdinary shares 12,950 6,426 On Market
12/22/2023
Mark
Ratcliffe
Ratcliffe Barker
Fa m i l y Tr u s t
Ordinary shares 10,632 8,293
Directors Share
Issue
12/22/2023
Alex
Knowles
Naomi Jayne Knowles
Lane
Ordinary shares 13,670 10,663
Directors Share
Issue
12/22/2023Fred LaxFrederick LaxOrdinary shares 11,392 8,886
Directors Share
Issue
Director share dealing
Size of shareholdingNumber of holders% of holdersTotal shares held% of shares
1-1,000352 17%226,563 0.14%
1,001-5,000742 37%2,192,636 1.37%
5,001-10,000315 16%2,433,507 1.52%
10,001-50,000430 21%10,429,731 6.51%
50,001-100,00082 4%6,068,0383.79%
Greater than 100,000108 5%138,892,500 86.68%
To t a l2,029 100%160,242,975 100%
Spread of security holders
Security holders as at 31 March 24.
Statement of Directors’ relevant interests
Directors (including Directors of subsidiary companies) held the following relevant interests in equity securities
of the Company as at 31 March 2024.
Quoted Shares
With beneficial
interest
As trustee or
associated person of
registered holder
Total number of
ordinary shares 31
March 2023
Unlisted options to
acquire ordinary share
Alex Knowles
---300,000
Glenn Milnes
865,369120,300985,6692,734,700
Frederick Lax
506,220-506,220300,000
Mark Ratcliffe
-174,596174,596350,000
Roz Buick
---0
To t a l1,371,589294,8961,666,4853,684,700

542024 ikeGPS Annual Report
RankShareholderHolding% total shares on issue
1 Nicola Jane Wilson & David Jonathan Wilson 24,159,975 15.1%
2Forsyth Barr Custodians Limited 22,571,595 14.1%
3HSBC Custody Nominees (Australia) Limited 13,742,386 8.6%
4Naomi Jayne Knowles Lane 11,080,609 6.9%
5Accident Compensation Corporation 6,827,807 4.3%
6 FNZ Custodians Limited 5,046,223 3.2%
7 Leveraged Equities Finance Limited 3,850,668 2.4%
8Mmc Limited 3,844,559 2.4%
9Forsyth Barr Custodians Limited 3,615,429 2.3%
10 David Jonathan Wilson & Nicola Jane Wilson 2,631,578 1.6%
11 New Zealand Permanent Trustees Limited 2,604,000 1.6%
12 Forsyth Barr Custodians Limited 1,934,264 1.2%
13 Malcolm Young 1,904,359 1.2%
14 New Zealand Depository Nominee 1,835,211 1.2%
15 J P Morgan Nominees Australia Pty Limited 1,703,616 1.1%
16 NZ Growth Capital Partners Limited 1,685,029 1.1%
17 Maarten Arnold Janssen 1,466,565 0.9%
18 Naomi Jayne Knowless Lane 1,455,564 0.9%
19Custodial Services Limited 1,376,633 0.9%
20HSBC Nominees (New Zealand) Limited 1,329,390 0.8%
To t a l 114,665,460 71.6%
NameShareholding%Nature of relevant interest
David Jonathan Wilson and Nicola Jane Wilson26,791,55316.72%
Registered holder and beneficial owner of
financial products
Naomi Knowles Lane12,536,1737.82%
Registered holder and beneficial owner of
financial products
Scobie Ward12,738,6737.95%
Registered holder and beneficial owner of
financial products
Douglas Irrevocable Descendants trust,
Douglas Family trust, K&M Douglas Trust
9,766,9226.10%
Registered holder and beneficial owner of
financial products
Twenty largest registered shareholders
Analysis of shareholding on a disaggregated basis as at 31 March 2024.
Substantial product holders
According to notices given under the Securities Markets Act 1988 and the Financial Markets Conduct Act 2013 as
at 31 March 2024, the following were substantial product holders in respect of the 160,242,975 ordinary shares of
the Company on issue as at 31 March 2024 (being the Company’s only class of quoted voting securities):

552024 ikeGPS Annual Report
BandNumber of employeesBandNumber of employees
$100,000 to $109,9997$420,000 to $429,9991
$110,000 to $119,9999$430,000 to $439,9990
$120,000 to $129,99911$440,000 to $449,9990
$130,000 to $139,9996$450,000 to $459,9991
$140,000 to $149,99910$460,000 to $469,9991
$150,000 to $159,9993$470,000 to $479,9991
$160,000 to $169,9993$480,000 to $489,9990
$170,000 to $179,9995$490,000 to $499,9991
$180,000 to $189,9993$500,000 to $509,9991
$190,000 to $199,9991$510,000 to $519,9990
$200,000 to $209,9991$520,000 to $529,9990
$210,000 to $219,9994$530,000 to $539,9990
$220,000 to $229,9992$540,000 to $549,9990
$230,000 to $239,9991$550,000 to $559,9990
$240,000 to $249,9991$560,000 to $569,9990
$250,000 to $259,9991$570,000 to $579,9990
$260,000 to $269,9994$580,000 to $589,9991
$270,000 to $279,9993$590,000 to $599,9990
$280,000 to $289,9991$600,000 to $609,9990
$290,000 to $299,9991$610,000 to $619,9990
$300,000 to $309,9990$620,000 to $629,9990
$310,000 to $319,9990$630,000 to $639,9990
$320,000 to $329,9990$640,000 to $649,9990
$330,000 to $339,9990$650,000 to $659,9990
$340,000 to $349,9990$660,000 to $669,9990
$350,000 to $ 359,9990$670,000 to $679,9990
$360,000 to $ 369,9991$680,000 to $689,9990
$370,000 to $ 379,9990$690,000 to $699,9990
$380,000 to $ 389,9990$700,000 to $709,9990
$390,000 to $ 399,9991$710000 to $7199990
$400,000 to $ 409,9990$720,000 to $729,9990
$410,000 to $ 419,9991$730,000 to $739,9990
Employee Remuneration
The following table shows the number of current or former employees (excluding employees holding office
as Directors) who received remuneration and other benefits (excluding non-cash share based payments and
payments made under an asset purchase agreement entered into as part of a business combination) in excess of
$100,000 from the subsidiary companies of the Group during the year ended 31 March 2024:

562024 ikeGPS Annual Report
The remuneration shown above has been converted to NZ$ at the average rate for the month each
transaction took place.
Donations
No member of the Group made any significant donations during the financial year. The Group undertakes
regular promotional sponsorship activity through a variety of channels.
BandNumber of employeesBandNumber of employees
$740,000 to $749,9990$920,000 to $929,9990
$750,000 to $759,9990$930,000 to $939,9990
$760,000 to $769,9990$940,000 to $949,9990
$770,000 to $779,9990$950,000 to $959,9990
$780,000 to $789,9990$960,000 to $969,9990
$790,000 to $799,9990$970,000 to $979,9990
$800,000 to $809,9990$980,000 to $989,9990
$810,000 to $819,9990$990,000 to $999,9990
$820,000 to $829,9990$1,000,000 to $1,009,9990
$830,000 to $839,9990$1,010,000 to $1,019,9990
$840,000 to $849,9990$1,020,000 to $1,029,9990
$850,000 to $859,9990$1,030,000 to $1,039,9990
$860,000 to $869,9990$1,040,000 to $1,049,9990
$870,000 to $879,9990$1,050,000 to $1,059,9990
$880,000 to $889,9990$1,060,000 to $1,069,9990
$890,000 to $899,9990$1,070,000 to $1,079,9990
$900,000 to $909,9990$1,080,000 to $1,089,9990
$910,000 to $919,9990$1,090,000 to $1,099,9991
To t a l88

ikeGPS Group Limited
Year End // 31 March 2024
Consolidated
Financial
Statements

Contents



Independent auditor’s report 1
Consolidated statement of profit or loss and other comprehensive income 5
Consolidated statement of changes in equity 6
Consolidated statement of financial position 7
Consolidated statement of cash flows 8
Notes to the consolidated financial statements 9 - 38

Independent auditor’s report
To the shareholders of ikeGPS Group Limited

Report on the audit of the consolidated financial statements


Opinion
We have audited the consolidated financial statements of ikeGPS Group Limited (the “Company”), including
its subsidiaries (the “Group”) on pages 5 to 38 which comprise the consolidated statement of financial position
as at 31 March 2024, and the consolidated statement of profit or loss and other comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash flows for the year then
ended, and notes to the consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
financial position of the Group as at 31 March 2024 and of its financial performance and cash flows for the
year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards
(NZ IFRS) issued by the New Zealand Accounting Standards Board and International Financial Reporting
Standards (“IFRS”).

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ))
issued by the New Zealand Auditing and Assurance Standards Board. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Group in accordance with Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards
Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA Code), and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Group.

Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit
of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.

Why the matter is significant How our audit addressed the key audit matter
Capitalisation of development costs
The Group is a Software as a Service (“SaaS”) provider
which incurs significant expenditure in developing and
maintaining its software assets.
NZ IAS 38 Intangible Assets outlines the criteria for
capitalisation of costs associated with developing the
software including whether the software will generate future
economic benefits.
As disclosed in Note 12, capitalised software costs are
recognised at cost and subsequently amortised over their
estimated useful lives. Costs that do not meet the criteria
for capitalisation are expensed to profit or loss as incurred.
The calculation and capitalisation of costs involve significant
judgment, particularly in estimating the time staff spent on
development, attributing costs to that time and assessing
the future economic recovery of the associated asset.
The complexity and subjectivity involved in these estimates
create a risk that development costs may not be
appropriately capitalised or amortised, which could impact
the valuation of non-current assets and the accuracy of the
consolidated financial statements.
Refer to Note 12 in the consolidated financial statements for
disclosures on the capitalised development costs.
The procedures we performed to evaluate the capitalisation
of development costs included:
• obtaining an understanding of the nature and
background of the activities and costs that are
capitalised;
• reviewing a sample of projects and assessing whether
they met the capitalisation criteria in NZ IAS 38
Intangible Assets;
• agreeing a sample of costs capitalised to relevant audit
evidence to ensure they were reasonable and
appropriate; and
• reviewing disclosures in the consolidated financial
statements for reasonableness and appropriateness.
Impairment assessment and the carrying value of
assets.
As disclosed in Note 3, Material accounting policies, the
Group has undertaken an assessment of the carrying value
of its assets including intangible assets on an annual basis
in accordance with NZ IAS 36 Impairment of Assets.
Cash generating units (CGUs) that are yet to be profit
generating may indicate there is an impairment. In addition,
certain CGU’s hold intangible assets in development that
are not yet ready for use. Accordingly, these assets are
required to be tested for impairment.
Impairment assessments are a key audit matter due to the
materiality of the assets, the risk of impairment, and the
significant level of judgement applied in estimating future
cash flows and other key assumptions in determining the
recoverable amount of a CGU.
To determine whether the carrying value of assets including
intangibles is reasonable, management performed an
impairment assessment on a value-in-use (VIU) basis.
Management determined there were four CGUs:
• Ike core platform, intangible assets, property, plant and
equipment, capital work-in-progress, leased assets and
working capital (CGU1).
• Spike: development assets and working capital (CGU2).
The procedures we performed to evaluate the impairment
assessment included:
• performing procedures to evaluate and challenge the
Group’s determination of CGUs. This included reviewing
internal management reporting to assess the level at
which the Group monitors performance, comparing
CGUs to our knowledge of the Group’s operations and
reporting systems, and reconciling assets allocated to
CGUs to accounting records;
• obtaining management’s impairment assessments and
testing the mathematical accuracy of the VIU
calculations.
• considering and challenging key assumptions and using
our internal valuation experts to assess the valuation
methodology’s compliance with NZ IAS 36, and the
appropriateness of the pre-tax discount rates and
terminal growth rates, based on their experience and
external evidence.
• comparing the forecast cash flows used for the year
ending 31 March 2025 to the Board approved business
plan and reviewing the basis for cash flow forecasts
beyond this period that underpin the impairment
calculation.
• auditing the disclosures in the consolidated financial
statements to ensure they are compliant with the
requirements of the relevant accounting standards.

• Ike Structural: intangible assets, capital work in progress
and working capital (CGU3); and
• Ike Insight: intangible assets, and capital work in
progress (CGU4).
Impairment tests prepared by management were based on
discounted cashflow models using the Board approved
budget for the year ending 31 March 2025 and combined
with forecasted cash flows for subsequent years. The Board
approved budgets have been adjusted to meet the
requirements of NZ IAS 36 Impairment of Assets.
The key assumptions in assessing CGU carrying value,
were as follows:
• Average forecast annual revenue growth rates;
• The terminal value growth rate; and
• The pre-tax discount rate.
Refer to Notes 3 and 12 in the consolidated financial
statements for disclosures on the key assumptions and
impairment assessments of the carrying value of assets.


Information Other than the Consolidated Financial Statements and Auditor’s Report thereon
The Directors are responsible for the other information. The other information comprises the information
included in the Annual Report but does not include the consolidated financial statements and our auditor’s
report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s
report.
Our opinion on the consolidated financial statements does not cover the other information and we do not
express any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information identified above when it becomes available and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements, or our knowledge obtained in
the audit or otherwise appears to be materially misstated.

Directors’ responsibilities for the consolidated financial statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with NZ IFRS issued by the New Zealand Accounting
Standards Board and IFRS, and for such internal control as the Directors determine is necessary to enable
the preparation of consolidated financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either intend to liquidate
the Group or to cease operations, or have no realistic alternative but to do so.


Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit
conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements is located on the
External Reporting Board’s website at: https://www.xrb.govt.nz/standards/assurance-standards/auditors-
responsibilities/audit-report-1

Restriction on use of our report
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so
that we might state to the Company’s shareholders, as a body those matters which we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Company and the Company’s shareholders, as a body, for
our audit work, for this report or for the opinion we have formed.

Grant Thornton New Zealand Audit Limited



B R Smith
Partner
Wellington
30 May 2024

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
5
Consolidated statement of profit or loss and other
comprehensive income





Note
20242023
NZ$'000NZ$'000
Operating revenue521,104 30,789
Cost of sales(8,424) (14,444)
Gross profit12,680 16,345
Other income5427 287
Foreign exchange gains
326 1,017
Movement of fair value assets and liabilities523 2,574
Total other income, gains, and losses776 3,878
Support costs(1,344) (1,100)
Sales and marketing expenses(10,201) (8,112)
Research and engineering expenses(10,287) (11,390)
Corporate costs
(6,868) (7,384)
Expenses6(28,700) (27,986)
Operating loss(15,244) (7,763)
Net finance income/(expense)199 (116)
Net loss before income tax(15,045) (7,879)
Income tax credit/(expense)
7- (8)
Loss attributable to owners of ikeGPS Group Limited
(15,045) (7,887)
Other comprehensive loss
Exchange differences on translation of foreign operations351 1,250
Comprehensive loss(14,694) (6,637)
Basic and diluted loss per share 19 $ (0.09) $ (0.05)
Year ended 31 March
Group

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
6
Consolidated statement of changes in equity



Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserve
Total
NZ$'000NZ$'000NZ$'000NZ$'000 NZ$'000
Balance at 1 April 2022104,751 (67,674) 2,768 (640) 39,205
Net loss for the year after tax- (7,887) - - (7,887)
Currency translation differences- - - 1,250 1,250
Total comprehensive loss for the year- (7,887) - 1,250 (6,637)
Transactions with owners:
Recognition of vesting of share-based options- - 1,232 - 1,232
Issue of shares from exercise of share options27 - (27) - -
Share-based options forfeited during the year69 (127) - (58)
Equity movements arising from business
combinations
340 - (147) - 193
Total transactions with owners367 69 931 - 1,367
Balance at 31 March 2023105,118 (75,492) 3,699 610 33,935
Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserve

Total
NZ$'000NZ$'000NZ$'000NZ$'000 NZ$'000
Balance at 1 April 2023 105,118 (75,492) 3,699 610 33,935
Net loss for the year after tax- (15,045) - - (15,045)
Currency translation differences- - - 351 351
Total comprehensive loss for the year- (15,045) - 351 (14,694)
Transactions with owners:
Recognition of vesting of share-based options- - 790 - 790
Issue of shares from exercise of share options57 - (57) - -
Share-based options forfeited during the year- 230 (288) - (58)
Equity movements arising from business
combinations
201 - (243) - (42)
Issue of share capital from share based
payment
166 - - - 166
Total transactions with owners424 230 202 - 856
Balance at 31 March 2024105,542 (90,307) 3,901 961 20,097

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
7
Consolidated statement of financial position
Director
Date: 30 May 2024
Director
Date: 30 May 2024
N
Z (New Zealand Time) NZ (New Zealand Time)
Note20242023
ASSETSNZ$'000NZ$'000
Current assets
Cash and cash equivalents810,242 18,048
Trade and other receivables95,114
5,212
Prepayments782 902
Contract costs696 295
Financial instruments10 193
Lease assets13- 12
Inventory101,865 2,472
Total current assets18,709 27,134
Non-current assets
Property, plant, and equipment112,857 2,798
Intangible assets1213,085 13,104
Lease assets131,245
-
Inventory10205 238
Total non-current assets17,392 16,140
Total assets36,101 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
Lease liabilities13324 14
Deferred income57,403 4,728
Total current liabilities11,168 9,156
Non-current liabilities
Lease liabilities131,009 -
Deferred income53,827 183
Total non-current liabilities4,836 183

Total liabilities16,004 9,339
Total net assets20,097 33,935
EQUITY
Share capital18105,542 105,118
Share-based payment reserve213,901
3,699
Accumulated losses(90,307) (75,492)
Foreign currency translation reserve961 610
Total equity20,097 33,935
As at 31 March
Group

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
8
Consolidated statement of cash flows

Note20242023
NZ$'000NZ$'000
Cash flows from operating activities
Cash receipts from customers 26,901 31,985
Cash paid to suppliers and employees (31,433) (34,323)
Payment of low value and short term leases 13(71) (200)
Tax refund received 97 86
Interest paid - (20)
Net cash used in operating activities 8(4,506) (2,472)
Cash flows from investing activities
Purchases of property, plant, and equipment (1,655) (2,133)
Additions to intangible assets (2,173) (2,998)
Settlement/(purchase) of financial instruments 207 133
Interest received 304 171
Net cash used in investing activities (3,317) (4,827)
Cash flows from financing activities
Payment of principal portion of lease liabilities 13(343) (227)
Net cash (used in)/from financing activities (343) (227)
Net (reduction)/increase in cash and cash equivalents (8,166) (7,526)
Cash and cash equivalents at 1 April 18,048 24,354
Effect of exchange rate fluctuations on cash held 360 1,220
Cash and cash equivalents 10,242 18,048
Year ended 31 March
Group

Notes to the consolidated financial statements for the
year ended 31 March 2024


9
1. Reporting Entity
ikeGPS Group Limited is a limited liability company domiciled and incorporated in New Zealand, registered under
the Companies Act 1993 and listed on the New Zealand Stock Exchange (‘NZX’) and Australian Securities
Exchange (‘ASX’). It is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The
consolidated financial statements for the year ended 31 March 2024 comprise ikeGPS Group Limited and its
subsidiaries (together referred to as the ‘Group’), which comprises of ikeGPS Limited (‘ikeGPS Ltd’) and ikeGPS
Incorporated (‘ikeGPS Inc’).
The principal activity of the Group is that of design, sale, and delivery of a solution for the collection, analysis,
and management of distribution assets for electric utilities and communications companies.
The consolidated financial statements were authorised for issue by the Directors on 30 May 2024.
2. Basis of preparation
The consolidated financial statements for the year ended 31 March 2024 have been prepared in accordance
with the requirements of the Companies Act 1993 and Financial Reporting Act 2013.
The consolidated financial statements of the Group have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (‘NZ GAAP’). The Group is a for-profit entity for the purposes of
complying with NZ GAAP. The consolidated financial statements comply with New Zealand equivalents to
International Financial Reporting Standards (‘NZ IFRS’), other New Zealand accounting standards and
authoritative notices that are applicable to entities that apply NZ IFRS. The consolidated financial statements
comply with International Financial Reporting Standards (‘IFRS’).
The consolidated financial statements have been prepared on the historical cost basis, except for certain
financial assets and liabilities that have been measured in accordance with the specific relevant accounting
policy.
All amounts are shown exclusive of Goods and Services Tax (‘GST’) and other indirect taxes, except for trade
receivables and trade payables that are stated inclusive of GST and Sales Taxes.
Basis of consolidation
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls
an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and
can affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on
which control is transferred to the Group. They are deconsolidated from the date that control ceases.
New and amended standard and interpretations
There are no new standards or interpretations material to the Group to be applied during the year. The Group
does not anticipate adopting any standards prior to their effective date. There are no standards or amendments
that have been issued but not yet effective that are expected to have a material impact on the Group.
3. Material accounting policies
Material accounting policies, accounting estimates, and judgments that summarise the measurement basis
used and are relevant to the understanding of the financial statements are provided throughout the
accompanying notes.

Notes to the consolidated financial statements for the
year ended 31 March 2024


10
3. Material accounting policies (continued)
The material judgments and estimates used in preparation of the consolidated financial statements are outlined
below.
Going concern
The considered view of the Board Directors is that the going concern assumption is valid. This view has been
reached after making due enquiry and having regard to the circumstances that the Directors consider will occur
and those that are reasonably likely to affect the Group during the period of one year from the date these
consolidated financial statements are approved.
The Group recorded a net loss of NZ$15.0M for the year ended 31 March 2024 (2023: NZ$7.9M) and is expected
to make further losses in the following financial year.
Notwithstanding the above, the Group has prepared cash flow forecasts and sensitivity analyses that indicate
cash-on-hand of $10.2M as at 31 March 2024, combined with forecasted cash flows, will enable the Group to
fully meet its obligations as they fall due, and continue operating as a going concern for at least twelve months
from the date of authorising these consolidated financial statements.
Impairment
The carrying amounts of the Group’s assets were reviewed to determine whether there is any indication of
impairment and if so tested, or tested regardless in the case of indefinite life intangible assets. The Directors
identified the following cash generating units (CGUs):
+ CGU1 – IKE Core platform: intangible assets, property plant and equipment, capital work in
progress, lease assets and working capital.
+ CGU2 – Spike: intangible assets and working capital.
+ CGU3 – IKE Structural: intangible assets, capital work in progress and working capital.
+ CGU4 – IKE Insight: intangible assets and capital work in progress.
The Directors concluded that with CGU1 constricting over the year, the overall operating losses associated with
CGU1 are an indicator of impairment, requiring an estimate of the CGU1 recoverable amount.

CGU1 was determined to have a carrying value of $5.2M. Future cash flows are forecasted based on a five-year
business model for CGU1, which included a conservative average revenue growth rate of 17% and operating
expenses reflecting the FY24 business plan.

The Group remains confident that although we saw a revenue reduction in FY24, we have seen a strong CAGR
over the last 4 years for IKE and that revenues for CGU1 will continue to grow. This is based on the opportunity
to both increase market share and become more entrenched with our current customer base.

The Group remains optimistic that the infrastructure market will continue to grow due to the significant
multiyear investment programmes IKE’s customers have in place. A pre-tax discount rate of 19.9% was used to
establish the recoverable amount on a value in use basis. To determine terminal value, the Group applied a 2%
growth rate.

Sensitivity analysis was performed on key assumptions for CGU1. An impairment would need to be considered
if the average growth rate was 30% lower than forecasted.

Notes to the consolidated financial statements for the
year ended 31 March 2024


11
3. Material accounting policies (continued)
An indicator of impairment also existed in CGU2 due to the negative operating cashflows of the CGU during the
year. However, CGU2 was determined to have a carrying value of $0.2M as in the prior year the Directors
impaired of the remaining intangible asset balance to zero. This leaves the remaining carrying value of the CGU
as stock on hand which is expected to be fully realised over the coming years. This stock has been assessed to
ensure the correct value and treatment under NZ IAS 2.

CGU3 was tested for impairment as the carrying value includes an intangible asset for the IKE PoleForeman
product which was only capitalised and released in FY24. CGU3 was determined to have a carrying value of
$2.9M. A pre-tax discount rate of 19.9% was used to establish the recoverable amount on a value in use basis.
To determine terminal value, the Group applied a 2% growth rate.

The Directors have determined that no impairment is required as CGU3’s carrying value does not exceed its
value in use.

Additionally, an indicator of impairment also existed in CGU4 due to the lower-than-expected revenue, requiring
an estimate of the CGU4 recoverable amount.

CGU4 was determined to have a carrying value of $7.8M including goodwill. CGU4 is a very early-stage business
segment and technology asset that IKE acquired January 2021 and has continued to develop. Future cash
flows are forecasted based on a five-year business model for CGU4, with the year one and two revenue
forecasted to be $0.3m and $1.7m with an average revenue growth rate of 120% in years three to five with an
average annual growth rate overall of 200% and operating expenses reflecting the FY24 business plan. A pre-tax
discount rate of 33.7% was used to establish the recoverable amount on a value in use basis. In determining the
terminal value, the Group applied a 2% growth rate.

The Directors believe that given the large desire for automation in the industry and the benefits of using artificial
intelligence to complete pole analysis the CGU could outperform these estimates. During the prior year the first
of several products to be released had successful proofs of concept and was able to be sold to a customer on a
project basis.

With the successful recruitment of a new SVP of Product CGU4 has been focused in working towards delivering
several products that in the coming year will be released to market as either a customer specific project or a
value driven add-on to existing subscription products.

However, given the prior year’s lower than expected revenue the Directors have taken a prudent approach to
forecasting future revenues.

Based on this approach, the Directors have determined that no impairment of CGU4’s intangible assets is
required as the carrying amount does not exceeded the value in use calculation.

The forecasted financial information for all CGUs is based on both historical experience and future expectations
of operating performance and requires judgements to be made as to revenue growth, operating cost
projections, and the market environment. It is sensitive to changes in each of the assumptions outlined above
and actual results may be substantially different.
Foreign currencies
Items included in the consolidated financial statements of each of the Group’s subsidiaries are measured using
the currency of the primary economic environment that the entity operates ("the functional currency").

Notes to the consolidated financial statements for the
year ended 31 March 2024


12
3. Material accounting policies (continued)
The functional currency of ikeGPS Ltd is New Zealand dollars. The functional currency of ikeGPS Inc is United
States dollars. These consolidated financial statements are presented in New Zealand dollars, which is the
Group's presentational currency.
The financial performance and position of ikeGPS Inc are translated into the presentation currency as follows:
+ assets and liabilities are translated at the closing rate at reporting date;
+ income and expenses are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions); and
+ all resulting exchange differences are recognised in other comprehensive income.
Foreign currency transactions and balances
Foreign currency transactions are initially translated to functional currencies at the exchange rate prevailing at
the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the revaluation at year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign controlled entity are recognised in other
comprehensive income as described in the foreign currency translation accounting policy and accumulated in
a separate reserve within equity. If the net investment is to be disposed of, the cumulative amount would be
reclassified to the consolidated statement of profit or loss.
4. Operating segments
The CEO is assessed to be the Chief Operating Decision Maker (CODM) who regularly reviews financial
information by product and gross margin. Reporting of overheads and the financial position is not undertaken
at a level lower than the Group as a whole. Geographically, revenue is substantially generated in the United States
of America.
The Group derives its revenue from:
Platform Transactions:
+ 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.
Platform Subscriptions:
+ the IKE Platform solution where customers use the functionality of IKE Office and if applicable the IKE
Device,

Notes to the consolidated financial statements for the
year ended 31 March 2024


13
4. Operating segments (continued)
+ pole loading software licences and ongoing subscriptions for maintenance and support.
Hardware and other services:
+ IKE Device and Spike device sales, and related accessories,
+ Other services including training and deployment.
The segment information provided to the CEO and Board of Directors for the year ended 31 March 2024 was as
follows:


5. Revenue
The Group derives its revenue from the sale of products and related services, subscription revenue, software
licenses, providing access to hardware and the software platform, and technical pole data analysis. Revenue is
recognised when performance obligations have been satisfied, which is when control of the good or service
associated with the performance obligation has been transferred to the customer.
Revenue is recognised using a five-step model to account for revenue arising from contracts with customers.
Under NZ IFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects
to be entitled in exchange for transferring goods or services to a customer.
GroupGroup
20242023
Platform Transactions
NZ$'000NZ$'000
IKE Analyze revenue7,325 18,664
IKE Insight revenue16 -
Cost of sales(5,589) (11,492)
Gross profit1,752 7,172
Platform Subscriptions
Platform as a Service revenue3,776 3,464
Pole Loading software licenses and subscription revenue1,736 1,846
Subscription revenue5,200 3,519
Cost of sales(1,494) (1,103)
Gross profit9,218 7,726
Hardware and other services
Hardware and accessories revenue2,247 2,850
Other service revenue804 446
Cost of sales(1,341) (1,849)
Gross profit1,710 1,447
Total Operating Revenue
21,104 30,789
Total Cost of Sales
(8,424) (14,444)
Total Gross profit12,680 16,345
Sales & marketing costs(10,201) (8,112)
Other corporate income and expenses(17,524) (16,112)
Net loss before tax
(15,045) (7,879)

Notes to the consolidated financial statements for the
year ended 31 March 2024


14
5. Revenue (continued)
The standard requires entities to exercise judgement, taking into consideration all the relevant facts and
circumstances when applying each step of the model to contracts with their customers. The five-step model
for recognising revenue from contracts with customers requires consideration of the following steps:
+ Identifying the contract
+ Identifying the individual performance obligations within the contract
+ Determining the transaction price
+ Allocating the transaction price to distinct performance obligations
+ Recognising revenue
The table below provides the key judgements made on the application of NZ IFRS 15 across each revenue type
with standardised terms and conditions. The Group has applied a practical expedient permitted by the standard;
therefore, no significant financing component exists on deferred income.
Revenue
Type
Description Key Judgements Outcome
Timing of revenue
recognition
IKE device
solution
This is marketed to the utility
and communications market
as an all-in-one streamlined
solution from data capture on
the IKE device, preconfigured
with the IKE Field Android
mobile application, through to
measurement and analysis on
IKE Office - a cloud-based
software platform.
Management has
determined the individual
performance obligations of
the contract. The total
contractual price is
allocated to each
performance obligation
using the stand-alone
selling price.
Management has determined that
the IKE Device and subscription
to IKE Office are distinct
performance obligations of the
IKE Solution. IKE has used the
stand-alone selling price to
allocate the contractual price.
Point in time
The IKE device is recognised at
the point in time when the device
is sent to the customer.
Over time
IKE Office is recognised over the
term of the subscription contract.
Subscription Customers are required to
renew software subscriptions
to allow continued access to
the IKE Office online cloud
functionality and the ability to
customise and add new forms
onto the IKE device.
Determining when the
performance obligation is
fulfilled.
Customers use IKE Office to
store and analyse data,
customise, and add new forms.
Along with integration capability
these performance obligations
can be described as ‘stand ready’
services which can be recognised
over time.
Over time
Subscription software recognised
over time.
Services Service revenue is made up of
training, deployment, and
device repair revenue.
Determining when the
performance obligation is
delivered.
Revenue is recognised when the
service is performed for the
customer. For example, when the
training is performed.
Point in time
Service revenue is recognised
when the service is delivered.
IKE Platform
as a Service /
subscription
revenue
Customers subscribe to the
Platform to access both an
IKE device and the
functionality of IKE Office.
This subscription enables
customers to go out in the
field and collect data via our
online platform, where IKE or
the customer can then
perform analysis.
The subscription is in two
parts; 1. The lease of the
IKE device under NZ IFRS 16
(there is no right of
substitution therefore not
considered an operating
lease), 2. The subscription
to IKE Office. This requires
management to allocate the
contract price to each
performance obligation and
determine when each
performance obligation is
fulfilled
Management has determined the
contract price allocated to the
lease and subscription portion of
the platform subscription is on
the same basis as the IKE
solution discussed above.
The performance obligations for
the subscription portion of the
IKE Platform are consistent with
the above subscription treatment.
Point in time
The lease of the IKE device is
recognised at a point in time in
accordance with NZ IFRS 16.
Over time
IKE Office is recognised over the
term of the contract.

Notes to the consolidated financial statements for the
year ended 31 March 2024


15
5. Revenue (continued)


Revenue
Type

Description Key Judgements Outcome
Timing of revenue
recognition
IKE Analyze Providing either 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 our platform.
Determining when each
performance obligation is
fulfilled.

Either the customer uploads or
analyses the data in IKE Office, or
IKE performs the analysis and
completes requested reports per
the scoping document. Once the
activity is complete the Group will
recognise the revenue.
Point in time
Each transaction (completed
record) is recognised when the
performance obligation has been
completed.

IKE
PoleForeman
subscription
revenue
Customers subscribe to
access the functionality of IKE
PoleForeman. This
subscription enables
customers to utilize the
platform to complete their
pole loading analysis, build
structural models, and achieve
NESC compliance
Determining when the
performance obligation is
fulfilled.
The performance obligations for
the subscription are consistent
with the above subscription
treatment.
Over time
IKE Poleforeman is recognised
over the term of the contract.

IKE Structural
pole loading
software
license
IKE sells a license of its pole
loading software to
customers.
Management has
determined the individual
performance obligations of
the contract. The total
contractual price is
allocated to each
performance obligation
using the stand-alone
selling price.
Management has determined that
the perpetual license and first
year of maintenance and support
are separate performance
obligations. IKE has used the
stand-alone selling price to
allocate the contractual price.
Point in time
The software license is
recognised at the point in time
when it is transferred.
Over time
The subscription is recognised
over the first year.
IKE Structural
pole loading
maintenance
and support
subscription
Ongoing software support,
maintenance, and software
updates through an annual
subscription.
Determining when each
performance obligation is
fulfilled.
Customers use the maintenance
and support to have the latest
pole loading software and
calculations available. These
performance obligations occur at
any time during the subscription
period.
Over time
Pole loading software
maintenance and support
subscriptions are recognised over
time.
IKE Insight
revenue
IKE Insight revenue is derived
from our IKE Insight artificial
intelligence and machine
learning platform processing
pole data and delivering an
agreed output to the
customer.
Determining when each
performance obligation is
fulfilled.
Once customer data is
collected it is uploaded onto
the IKE Insight platform
where analysis is completed
based on the statement of
work agreed.

The business is required to
perform certain analysis as per
the scoping document for each
customer. Once the activity is
complete, the Group will
recognise the revenue.
Point in time
Each transaction (completed
record) is recognised when the
performance obligation has been
completed.

Spike device ikeGPS sells Spike devices
through direct orders and
online software.
No major judgement
required.
N/A
Point in time
Recognised when the device is
received by the customer.

Consideration received prior to the service being provided is recognised as deferred income (and commission
paid prior to the related contract performance is similarly deferred) on the consolidated statement of financial
position.
Other operating revenue includes consulting, device repairs, and training revenue. Revenue is recognised when
the services are performed.

Notes to the consolidated financial statements for the
year ended 31 March 2024


16
5. Revenue (continued)

In the current year, cash was received as government grants under New Zealand Trade and Enterprise
International Growth Fund, and the research and development tax credit incentive scheme, relating to FY23
research and development costs.
In the current year, no customer contributed over 10% of revenue (2023: one customer contributed over 32% of
revenue).







Revenue
20242023
NZ$'000NZ$'000
Sale of products (Point in time)2,246 2,850
Platform-as-a-Service (Over time and Point in time)3,776 3,464
IKE Analyze (Point in time)7,325 18,664
IKE Insight (Point in time)16
IKE Subscription (Over time)5,200 3,519
IKE PoleForeman Subscriptions (Over time)333 -
IKE Structural licences (Over time and Point in time)1,404 1,846
Services (Point in time)804 446
Total operating revenue21,104 30,789
Government grants426 192
Other income1 95
Total other income427 287
Fair value movement on other liabilities- 2,261
Fair value movement on financial instruments23 313
Total movement of fair value assets and liabilities23 2,574
Reconciliation of deferred income balances20242023
NZ$'000NZ$'000
Opening deferred income balance4,911 3,681
Subscription revenue recognised(2,734) (1,860)
Platform-as-a-Service recognised(1,557) (1,178)
IKE Structural maintenance and support(537) (524)
Unsatisfied performance obligations for the current year11,147 4,792
Closing deferred income balance11,230 4,911
Current Deferred Revenue7,403 4,728
Non-Current Deferred Revenue3,827 183
Total Deferred Revenue11,230 4,911

Notes to the consolidated financial statements for the
year ended 31 March 2024


17
6. Expenses
Operating expenses consist of operating, sales, marketing, engineering, research, and corporate costs.


1. Total depreciation for the year is $1,872k (2023: $1,358k), comprised of depreciation on fixed assets of
$1,550k (2023: $1,143k) as per note 11 and depreciation on leased assets of $322k (2023: $215k) as
per note 13. Engineering and research expenses included all the $2,558k of amortisation (2023: $1,716k)
and $54k of depreciation on fixed assets (2023: $7k). Corporate costs included all the $322k of
depreciation on leased assets under NZ IFRS 16 (2023: $215k). The balance of depreciation totalling to
$1,332k (2023: $959k) is included in cost of sales.
2. Relates to employee benefit expense, external contractors and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
3. Relates to short-term and low-value leases and common area maintenance costs.
4. Selling and marketing expenses included promotional activities, travel, commissions, and other
direct marketing costs.
5. Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.
Employee benefits
Liabilities for wages, salaries, and short-term incentives (both settled and accrued), including non-monetary
benefits that are expected to be settled wholly within 12 months after the end of the period in which the
employees render the related service, are recognised in respect of employees’ services up to reporting date.
They are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are
presented as current employee benefit obligations in the consolidated statement of financial position.
For defined contribution plans, the group pays contributions to publicly or privately administered pension
insurance plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations
once the contributions have been paid. The contributions are recognised as an employee benefit expense when
20242023
NZ$'000NZ$'000
Audit of consolidated financial statements211 189
Total fees paid to auditor211 189
Amortisation of development asset122,558 2,235
Depreciation540 920
Total amortisation and depreciation
1.
3,098 3,155
Employee benefit expense17,219 15,808
Share-based payment860 1,174
External contractors and consultants1,924 2,041
Employee benefit expense capitalised
2.
(1,940) (2,998)
Operating lease expenses
3.
226 215
Direct selling and marketing
4.
3,580 2,615
Sales tax expense/(expense reversal)24 41 (8)
Impairment of assets- 3,030
Credit loss provision movement and write-off expense506 (17)
Other operating expenses
5.
2,975 2,782
Total operating expenses28,700 27,986

Notes to the consolidated financial statements for the
year ended 31 March 2024


18
6. Expenses (continued)
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in
the future payments is available.
Share-based payment
The Group operates an employee option scheme (equity-settled) under which employees receive the option to
acquire shares at a predetermined exercise price. The options are measured at fair value at grant date using the
Black Scholes model, with the fair value recognised as an employee benefit expense in the consolidated
statement of profit or loss with a corresponding increase in equity. The total expense is recognised over the
vesting period, being the period over which all the specified vesting conditions are to be satisfied. At the end of
each period, the Group revises its estimate of the number of options that are expected to vest based on the
service conditions. It recognises the impact of the revision to original estimates, if any, in the share-based
payment reserve with a corresponding change to the share-based compensation reserve in equity.
In addition, the Group provides share-based payments to employees related to business combinations. The
employees are required to satisfy service conditions and an expense is recognised over the service period. The
rewards are considered equity-settled and recognised as an employee benefit expense and an increase to either
share capital or the share-based compensation reserve.
Finance income and expenses
Interest income is recognised as it accrues, using the effective interest method. Finance expenses comprise
interest expense on lease liabilities, recognised using the effective interest method.
7. Current and deferred tax
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the
reporting date in the countries where the Group operates and generates taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation
is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid
to the tax authorities.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined
using tax rates and laws that have been enacted, or substantively enacted, by the reporting date and are
expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is
settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit
will be available against which the temporary differences can be utilised.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
Prima facie income tax expense on pre-tax accounting loss from operations reconciles to the income tax
expense in the consolidated financial statements as follows:

Notes to the consolidated financial statements for the
year ended 31 March 2024


19
7. Current and deferred tax (continued)

Deferred tax assets on deductible temporary differences have been recognised to the extent taxable temporary
differences exist in the same tax jurisdiction. No deferred tax asset is recognised in excess of the available
taxable temporary differences, due to the uncertainty of when the unused tax losses can be utilised.
Unrecognised deferred tax assets related to deductible temporary differences total $4,776,347 (2023:
$3,684,964).
ikeGPS Group Limited has unrecognised tax losses of $16,290,471 (2023: $17,884,787) available for use against
future taxable profits, subject to the New Zealand Tax Legislation requirements being met. ikeGPS Inc has
unrecognised tax losses of $51,180,652 (2023: $42,490,094), of which $7,917,482 is available indefinitely for use
against future taxable profits and $43,263,170 available to be carried forward up to 20 years from the date the
tax loss was created.






20242023
NZ$'000NZ$'000
Net loss before income tax(15,045) (7,879)
Prima facie income tax credit at 28%(4,213) (2,207)
Effect of different foreign income tax rates634 100
Non-deductible expenses 2,160 2,694
Deferred tax on temporary differences478 170
Unrecorded tax losses941 (749)
Income tax expense- 8
20242023
NZ$'000NZ$'000
Deferred tax opening balance- -
Temporary differences
Employee entitlements and provisions54 1
Deferred research and development191 -
Leases(3) -
Accruals- -
Property, plant, and equipment368 (5)
Intangible assets(728) 11
Other117 (7)
Tax losses1 -
Deferred tax closing balance- -

Notes to the consolidated financial statements for the
year ended 31 March 2024


20
8. Cash and cash equivalents
Cash and cash equivalents comprise cash balances.

An overdraft facility of NZ$250,000 is in place with the BNZ, which has security interest over all property of
ikeGPS Limited. On the BNZ facility, there is an outstanding guarantee to another party of $75,000.
Reconciliation of operating cash flows:


2024
2023
NZ$'000
NZ$'000
Cash at bank10,242

18,048

Total10,242


18,048

20242023
NZ$'000NZ$'000
Loss for the year(15,045) (7,886)
Less Investment interest received(304) (171)
Add non-cash items included in net loss
Depreciation 1,872 1,358
Amortisation of intangible assets2,558 2,235
Asset impairment- 3,030
Raw materials and finished goods write-off171 242
Trade receivables write-off490 -
Tax Expense- 8
Share-based payment expense860 1,232
Write-off of obsolete materials and assets166 54
Movement of fair value assets and liabilities(23) (2,544)
Interest on Leases105 -
Foreign exchange losses on translation movement(300) (1,250)
5,899 4,365
Add/(less) movement in working capital items
(Increase)/decrease in trade and other receivables(199) (253)
(Increase)/decrease in inventories482 (1,696)
(Increase)/decrease in prepayments137 487
(Increase)/decrease in contract costs(383) (105)
Increase/(decrease) in trade and other payables(1,113) 528
Increase/(decrease) in provision25 222
Increase/(decrease) in other liabilities(273) 157
Increase/(decrease) in deferred income5,984 1,230
Increase/(decrease) in employee entitlements284 650
4,944 1,220
Net cash used in operating activities(4,506) (2,472)

Notes to the consolidated financial statements for the
year ended 31 March 2024


21
9. Trade and other receivables
Trade and other receivables arise when the Group provides cash, goods, and services directly to a debtor with
no intention of selling the receivable. They are included in current assets, except for those with maturities greater
than 12 months after reporting date that are classified as non-current assets.
The Group assesses impairment on a forward-looking basis, the expected credit loss associated with its
financial assets is carried at amortised cost. The Group will assess if there has been a significant increase in
credit risk by assessing market conditions, forward looking estimates, and previous financial history of
counterparts.
The Group applies the simplified approach permitted by NZ IFRS 9 for trade receivables, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The expected credit losses on these financial assets are assessed using a provision matrix, adjusted for factors
that are specific to the receivables including customers’ historical credit loss experience, individual customer
characteristics, customer market segment, and the economic environment.
The Group writes off a financial asset when there is information indicating default or delinquency in payments,
the probability that they will enter bankruptcy, liquidation or other financial reorganisation, and there is no real
prospect of recovery.



10. Inventory
Inventory is measured at the lower of cost and net realisable value. The cost of inventory is based on a weighted
average cost, and includes expenditure incurred in acquiring the inventory and bringing it to its existing location
and condition. Cost comprises direct materials, direct labour, and production overhead. Net realisable value is
the estimated selling price in the ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale. Inventory is treated as non-current if it is not expected to be sold
within twelve months of reporting date.

During the year, IKE materials have been written down by $6,774 (2023: $nil) and Spike finished goods by $9,364
(2023: $53,824).
20242023
NZ$'000NZ$'000
Trade receivables5,319 4,975
Impairment provision(593) (88)
GST receivable137 143
Other receivables251 182
Total trade and other receivables5,114 5,212
20242023
NZ$'000NZ$'000
Finished goods485 764
Components1,585 1,946
Total inventory2,070 2,710
Current1,865 2,472
Non-current205 238

Notes to the consolidated financial statements for the
year ended 31 March 2024


22
11. Property, plant, and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment
losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is
calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
Office furniture and equipment 20% - 33%
Plant and equipment 20% - 50%
IKE rental devices 30%
Leasehold improvement Over the period of the lease
Depreciation methods, useful lives, and residual values are reviewed and adjusted, if appropriate, at each
reporting date. Gain and losses on disposals are determined by comparing proceeds with the carrying amount
and are included in the consolidated statement of profit or loss.
IKE rental devices increased in FY24, in line with the increase in ‘Platform as a Service’ revenue (see note 5).




Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000
NZ$'000
NZ$'000
Cost
Balance at 1 April 20221,305 2,048 923 - 4,276
Additions57
1,754 322 - 2,133
Disposals- (282) (9) - (291)
Exchange differences- 240
108 - 348
Balance at 31 March 20231,362 3,760 1,344 - 6,466
Balance at 1 April 20231,362 3,760 1,344 - 6,466
Additions-
1,388 171 126 1,685
Disposals- (342) (277) - (619)
Exchange differences- 165 57 - 222
Balance at 31 March 20241,362

4,971 1,295 126 7,754
Depreciation
Balance at 1 April 20221,238 653 582 - 2,473
Depreciation for the year22 879 242 - 1,143
Disposals- (99) (2) - (101)
Exchange differences- 77 76 - 153
Balance at 31 March 20231,260
1,510 898 - 3,668
Balance at 1 April 20231,260 1,510 898 - 3,668
Depreciation for the year30 1,261 273 14 1,578
Disposals- (190) (265) - (455)
Exchange differences- 66 40 - 106
Balance at 31 March 20241,290
2,647 946 14 4,897
Carrying amounts
At 31 March 2023102 2,250 446 - 2,798
At 31 March 202472 2,324 349 112 2,857

Notes to the consolidated financial statements for the
year ended 31 March 2024


23
12. Intangible assets
Capitalised development costs
The Group capitalises employee and consultants’ costs directly related to development of an intangible asset.
The carrying values of capitalised development costs are annually evaluated for indicators of impairment.
Management has reviewed the expected remaining useful life of these assets and concluded that they are
appropriately amortised over periods of 4 to 10 years.
Following a review in the prior year of the useful life of the development assets of the IKE Structural CGU
directors have determined that the useful life of the current in-service assets have reduced, giving a remaining
useful life of 1 year. The assets in development and not yet available for use are unaffected by this change.
Development costs that are directly attributable to the design and testing of identifiable and unique software
controlled by the Group are recognised as intangible assets when the following criteria are met:
+ it is technically feasible to complete the software product so that it will be available for use,
+ management intends to complete the software product and use or sell it,
+ there is an ability to use or sell the software product,
+ it can be demonstrated how the software product will generate probable future economic benefits,
+ adequate technical, financial, and other resources to complete the development and to use or sell the
software product are available, and
+ the expenditure attributable to the software product during its development can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
All research costs are recognised as an expense when they are incurred.
Other intangible assets
Separately purchased intangible assets (i.e. software) were recognised at cost, plus any initial directly
attributable costs. They are subsequently measured at cost less accumulated amortisation and impairment.
Purchased software has a useful life ranging from 4 to 10 years.
Software, customer contracts, relationships, trademarks, and training material acquired through business
combinations were initially recognised at fair value. They are subsequently measured at initial recognition value
less accumulated amortisation and impairment and have a useful life ranging from 2 to 10 years.
Goodwill
Goodwill is carried at cost less accumulated impairment losses and is annually tested for impairment, or more
frequently if events or changes in circumstances indicate that it might be impaired.
Goodwill is allocated to CGU4 for the purpose of impairment testing (see note 3 Impairment), as this CGU is
expected to benefit from the business combination in which the goodwill arose.
Impairment of non-financial assets
Intangible assets under development are not subject to amortisation and are annually tested for impairment
within CGU1, CGU3 and CGU4, or more frequently if events or changes in circumstances indicate that they might
be impaired. The carrying amount of the Group’s other non- financial assets are reviewed at each reporting date

Notes to the consolidated financial statements for the
year ended 31 March 2024


24
12. Intangible assets (continued)
to determine whether there is any indication of impairment or objective evidence of impairment. If any such
indication exists, the assets recoverable amount is estimated.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments for the time value of money and the risks specific to the asset for which estimates
of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be
less than the carrying amount, the carrying amount is reduced to its recoverable amount.
An impairment loss is recognised in profit or loss immediately. Where an impairment loss subsequently
reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount,
but only to the extent that the increased carrying amount does not exceed the carrying amount that would have
been determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is
recognised in the consolidated statement of profit or loss immediately.

Notes to the consolidated financial statements for the
year ended 31 March 2024


25
12. Intangible assets (continued)


Work in
Customer
contracts,
relationships,Training
 assetsProgressPatents GoodwilltrademarksmaterialsTotal
 
NZ$'000NZ$'000NZ$'000NZ$'000
NZ$'000
NZ$'000
NZ$'000
Cost    
Balance at 1 April 2022
18,241

1,674 174 3,309 667
188

24,253

Additions-

2,998
-
- - - 2,998
Transfers
1,787
(1,787)

- - - -
-


Expensed-

(68)
-
- -
-
(68)

Exchange differences1,036 118 - 380 79 22 1,635
Balance at 31 March 202321,064 2,935 174 3,689 746 210 28,818

     
Balance at 1 April 202321,064 2,935 174 3,689 746 210 28,818
Additions-

2,273

- - 266
-
2,539

Transfers2,806

(2,806)
-
- -
-
-
Expensed(5) (329)
- - - -
(334)

Exchange differences612 (10) -
151 35 9 797

Balance at 31 March 202424,477 2,063 174

3,840 1,047
219 31,820
 
  
Amortisation and impairment losses
Balance at 1 April 20229,677 -
174 - 219 48
10,118

Amortisation for the year2,086 - - - 128 21 2,235

Impairment61 - - 2,969 - - 3,030
Exchange differences299 -
-
- 26 6 331

Balance at 31 March 2023
12,123 -
174 2,969 373
75
15,714
 
    
Balance at 1 April 2023
12,123 -
174 2,969 373 75
15,714

Amortisation for the year2,342 - -
- 178 71
2,591
Impairment- - - - - - -
Exchange differences272 - - 130 26 2 430
Balance at 31 March 202414,737 - 174
3,099 577 148
18,735
   
Carrying amounts    
At 31 March 20238,941
2,935 - 720
373 135 13,104
At 31 March 20249,740 2,063
- 741 470 71 13,085
 Development

Notes to the consolidated financial statements for the
year ended 31 March 2024


26
13. Leases
Lease assets are contracts that convey the right to use office space in both Colorado and Wellington. They were
initially recognised at the present value of the lease payments unpaid at inception. Subsequently, they are
recorded at cost less accumulated depreciation and impairment, adjusted for remeasurement of the lease
liability to reflect modifications.
The corresponding lease liability to the lessor is included on the consolidated statement of financial position as
a lease liability. Lease payments are apportioned between finance charges and a reduction in the lease liability.
The finance charges and depreciation of the lease asset are charged to the consolidated statement of profit or
loss. Lease liabilities are measured at the present value of the remaining lease payments. The Group’s
‘incremental borrowing rate’ used in the discounting for the Colorado lease liability was 7.75% and the Wellington
Lease was 9%.
The leases run for a period ranging from 3 to 5 years with an option to renew. The renewal period for the
Wellington lease was taken into account, as management is reasonably certain that this will be renewed. The
Colorado lease renewal was not taken into account.
The Group applied the exemption for low-value assets on the lease of the photocopier and the exemption for
short-term leases on the office space rented in Alabama. Therefore, the lease payments were recognised as an
expense on a straight-line basis over the lease term.



Lease liabilties
2024
2023
NZ$'000NZ$'000
Balance at 1 April14 232
Additions during the year1,520 -
Payments made(293) (227)
Interest charges106 7
Derecognition of lease liability(14) -
Exchange differences- 2
Balance at 31 March 1,333 14
The maturity of the lease liabilities is as follows:20242023
NZ$'000NZ$'000
Less than one year324 14
Greater than one year1,009 -
Lease liabilities recognised as at 31 March 1,333 14
Lease assets20242023
NZ$'000NZ$'000
Balance at 1 April12 210
Additions during the year1,560 -
Depreciation charges(314) (215)
Derecognition of lease assets(13) -
Exchange differences- 17
Balance at 31 March 1,245 12

Notes to the consolidated financial statements for the
year ended 31 March 2024


27
13. Leases (continued)

The following leases are exempt from the application of NZ IFRS 16 and have been recognised as an expense
in the consolidated statement of profit and loss:

14. Trade and other payables
Trade and other payables are obligations to pay for goods and services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within
one year or less. Otherwise, they are presented as non-current liabilities. They are initially recognised at their fair
value and subsequently measured at amortised cost using the effective interest method.

15. Other liabilities
Other liabilities are obligations from prior year business combinations and were initially recorded at fair value.
Those that are deferred consideration are subsequently measured at amortised cost, and those liabilities that
are the result of contingent consideration are subsequently measured at fair value through profit or loss.

Accrued liabilities for services
The Group has employment agreements that result in cash payments being made to certain staff at the end of
a service period. The expense is accrued as services are delivered and payment is made at the end of the service
period. The liability was initially measured at fair value and subsequently measured at amortised cost.

2024
2023
NZ$'000NZ$'000
Photocopier6 4
Office space65 196
71 200
20242023
NZ$'000
NZ$'000
Trade payables1,072 2,098
Other payables33 -
Accrued expenses121 186
Total trade and other payables1,226 2,284
20242023
NZ$'000NZ$'000
Less than one year
Accrued liabilities for services
279 534
279 534

Notes to the consolidated financial statements for the
year ended 31 March 2024


28
16. Financial instruments and financial risk management
Financial instruments
Financial assets and liabilities are recognised on the Group’s consolidated statement of financial position when
the Group becomes a party to the contractual provisions of the instrument.
They are trade and other receivables, trade and other payables, cash and cash equivalents, foreign exchange
options, contract assets, employee entitlements, lease liabilities, and other liabilities. They are included in current
assets and current liabilities, except for lease liabilities with payment terms greater than 12 months, which are
included in non-current liabilities.
The Group classifies its financial assets and liabilities as ‘measured at amortised cost’ or ‘fair value through
profit or loss’ at initial recognition.
The following table shows the Group’s financial assets and liabilities and their classification:
Financial instrument Classification
Cash and cash equivalents Measured at amortised cost
Trade and other receivables and payables Measured at amortised cost
Employee entitlements Measured at amortised cost
Foreign exchange options Fair value through profit or loss
Contract Assets Measured at amortised cost
Lease liabilities Measured at amortised cost
Other liabilities – Accrued Liabilities for service Measured at amortised cost
Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments
of principal and interest, are measured at amortised cost. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
Interest income from these financial assets is included in finance income using the effective interest rate
method.
Financial liabilities carried at amortised cost are initially recognised at their fair value and subsequently
measured at amortised cost using the effective interest method. Interest expenses from these financial liabilities
are included in finance expenses.
The fair value of financial instruments carried at amortised cost is not materially different from their stated
carrying values.
Any gain or loss arising on derecognition of financial assets and liabilities is recognised directly in profit or loss
and presented in other gains and losses. Impairment losses on financial assets are presented as separate line
item in the consolidated statement of profit or loss.
Financial assets and liabilities recognised at fair value through profit or loss are originally and subsequently
remeasured to fair value, with gains and losses being recognised in the consolidated statement of profit or loss.
The following table shows the designation of the Group’s financial instruments:

Notes to the consolidated financial statements for the
year ended 31 March 2024


29
16. Financial instruments and financial risk management (continued)


Financial risk factors
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk, foreign currency risk
and interest rate risks, which arise in the normal course of the Group’s business. The Group uses different
methods to measure and manage different types of risks to which it is exposed. Liquidity risk is monitored
through the development of future rolling cash flow forecasts.
Credit risk
The Group’s exposure to credit risk arises from potential default of a counterparty, with a maximum exposure
equal to the carrying amount of these instruments. Financial instruments that potentially subject the Group to
credit risk principally consist of cash and cash equivalents, trade and other receivables, and the foreign exchange
options. All cash and cash equivalents are held with high credit quality counterparties, being trading banks with
at least an ‘AA-‘ credit rating in New Zealand, and a Moody’s ‘A2’ rating in the USA.
The Group does not require collateral or security from its trade receivables, it performs credit checks, ageing
analyses, and monitors specific credit allowances. The Group does not anticipate any material non-performance
by customers. The total impaired trade receivables as at reporting date is $509,793 (2023: $87,691).
At reporting date, 82% (2023: 75%) of the Group’s cash and cash equivalents were with one bank.

Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Financial assets
Cash and cash equivalents10,242
- 10,242 18,048 - 18,048
Trade and other receivables4,977

- 4,977 5,069 -
5,069


Foreign exchange options
-

10
10 - 193 193
Total financial assets
15,219

10
15,229 23,117 193 23,310
Financial liabilities
Employee entitlements
1,664

-

1,664
1,326

-
1,326
Trade payables
1,072
-
1,072
2,098
-
2,098

Other payables
33 -
33
-

- -

Accrued expenses
121
- 121 186

- 186
Lease liabilities1,333
-
1,333 14
-
14
Other liabilities279
-
279
534
534

Total financial liabilities
4,502
- 4,502
4,158
4,158

20242023
Maximum exposure to credit risk at reporting date:20242023
NZ$'000NZ$'000
Cash at bank10,242 18,048
Trade and other receivables4,977 5,069
Foreign exchange options10 193
Total15,229 23,310

Notes to the consolidated financial statements for the
year ended 31 March 2024


30
16. Financial instruments and financial risk management (continued)
Liquidity risk
Liquidity risk is the risk that the Group cannot pay contractual liabilities as they fall due. Management monitors
rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs,
taking into consideration the Group’s forward financing plans. Management believes that the Group has
sufficient liquidity to meet its obligations as they fall due for the next 12 months.
The following table sets out the undiscounted cash flows for all financial liabilities of the Group:

Foreign currency risk management
The Group is exposed to foreign currency risk on its revenue and a significant portion of its expenses that are
denominated in USD, which is different to the Group’s presentational and parent’s functional currency NZD.
Additionally, the institutional placement and share purchase plan completed previous years was predominantly
in AUD, creating additional foreign currency risk exposure. Therefore, the Group has purchased AUD/USD foreign
exchange options to mitigate the risk on its AUD cash holdings.
If the NZD strengthened / weakened against the USD or AUD by 10% at 31 March 2024, the pre-tax loss would
have been (higher) / lower as follows:


2024
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Employee entitlements
1,664 - - - - 1,664
Trade payables1,072 1,072 - - - -
Other payables33 33 - - - -
Accrued expenses121 121 - - - -
Lease liabilities1,633 212 213 649 559 -
Other liabilities279 279 - - - -
Total financial liabilities4,802 1,717 213 649 559 1,664
2023
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Employee entitlements
1,326 - - - - 1,326
Trade payables
2,098 2,098 - - - -
Other payables- - - - - -
Accrued expenses186 186 - - - -
Lease liabilities14 14 - - - -
Other liabilities534 534 - - - -
Total financial liabilities4,158 2,832 - - - 1,326

Notes to the consolidated financial statements for the
year ended 31 March 2024


31
16. Financial instruments and financial risk management (continued)

Carrying
amount in
USD
Carrying
amount in
AUD
Carrying
amount in
USD
Carrying
amount in
AUD
US$'000AU$'000US$'000AU$'000
Cash and cash equivalents3,812 3,417 5,321 5,615
Trade and other receivables3,038 - 3,147 -
Trade and other payables(505) 12 (882) (9)
6,345 3,429 7,586 5,606
Carrying
amount
Change in
USD rate
Effect on loss
before tax
Sensitivity analysis
US$'000%NZ$'000
10%(965)
-10%1,179
10%(989)
-10%1,208
Carrying
amount
Change in
AUD rate
Effect on loss
before tax
AU$'000%NZ$'000
10%(340)
-10%416
10%(549)
-10%671
5,606
2024
2023
6,345
7,586
3,429
2024
2023

Notes to the consolidated financial statements for the
year ended 31 March 2024


32
16. Financial instruments and financial risk management (continued)
Interest rate risk management
The Group’s interest rate risk arises from its cash balances. The Group currently has no significant exposure to
interest rate risk other than in relation to the amount held at the bank. A reasonably expected movement in the
prevailing interest rate would not materially affect the Group’s consolidated financial statements.
17. Fair value estimation
The Group measures certain assets and liabilities at fair value either at initial recognition and/or continually. To
determine these fair values, valuation techniques are utilised.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has identified
what level of input is utilised in the valuation in the note for each asset or liability. An explanation of each level is
below.
Level 1: The fair value of assets/liabilities traded in active markets (such as publicly traded derivatives, and equity
securities) is based on quoted market prices at the end of the reporting period.
Level 2: The fair value of assets/liabilities that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques which maximise the use of observable market data and
rely as little as possible on entity-specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the asset/liability is
included in level 3.
18. Contributed equity.

The share capital of the Group consists of fully paid ordinary shares with no-par value attached. Authorised
shares that have not been issued have been authorised for the Group’s employee share options and other
contractual share-based payments (see Note 21)
Share capital
20242023
NZ$'000NZ$'000
On issue at the beginning of the year105,118 104,751
Exercise of share options57 27
Issued as part of business combinations201 340
Issue of share capital from share based payment166 -
Total share capital 105,542 105,118
Shares on issue
20242023
Fully paid total shares at the beginning of the year159,731,745 159,296,738
Ordinary shares issued on settlement of options28,241 9,811
Ordinary shares issued as part of business combinations264,352 425,196
Issue of share capital from share based payment218,637 -
Fully paid ordinary shares160,242,975 159,731,745

Notes to the consolidated financial statements for the
year ended 31 March 2024


33
19. Basic and diluted earnings per share
The Group presents earnings per share (‘EPS’) data for its ordinary shares.
Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the
weighted average number of ordinary shares outstanding during the year.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted
average number of shares that would be issued on conversion of all the dilutive potential ordinary shares into
ordinary shares.

The potential shares and options are anti-dilutive in nature due to the Group being in a loss position. The diluted
loss per share is therefore the same as the undiluted EPS at ($0.09) and ($0.05) for the respective period.
20. Capital management
The capital structure of the Group consists of equity raised by the issuance of ordinary shares. The Group
manages its capital to ensure it can continue as a going concern and is not subject to any externally imposed
capital requirements.
The Group’s aim is to have a sufficient capital base to maintain investor and creditor confidence and to sustain
future development of the business. Capital requirements are regularly reviewed by the Board of Directors.
There have been no material changes in the Group’s management of capital from the previous year.
21. Share-based payments reserve
The share-based payments reserve is used to recognise both the fair value of options issued to employees but
not exercised and contractual share payments to be made to employees based on the period of employment.

The contractual share-based payments are in relation to employees who have service conditions, which when
completed grant the right to shares. These arrangements arose from prior business combinations.
The Group has no legal or constructive obligation to settle the shares in cash and has no history of choosing to
settle these payments in cash. As such, these awards are treated as equity settled share-based payments.

20242023
Total loss for the year attributable to the owners of the parent (NZ$'000)(15,045) (7,886)
Ordinary shares issued160,242,975 159,731,745
Weighted average number of shares issued160,056,203 159,559,589
Basic loss per share(0.09)$ (0.05)$
20242023
NZ$'000NZ$'000
Share-based payment reserve
Share options3,790 3,344
Contractual share-based payments111 355
Total3,901 3,699

Notes to the consolidated financial statements for the
year ended 31 March 2024


34
21. Share-based payments reserve (continued)
The Group determined the value of shares issued under contractual share-based payments based on the agreed
share price at the time of grant. This price is fixed.
A total of 264,352 shares at a value of $200,908 were issued during the period for services rendered (2023:
425,196 shares at value of $339,875).
Share options were granted to directors and selected employees to retain, reward, and motivate such individuals
to contribute to the growth and profitability of the Group.
Options outstanding at 31 March 2024 have a contractual life from grant date of between 4 and 6 years. Options
can be exercised at any time after vesting and unexercised options expire at the end of the contract or if the
employee leaves the Group. The Group has no legal or constructive obligation to repurchase or settle the options
in cash. Any share to be issued on the exercise of the option will be issued on the same terms and will rank
equally in all respects with the ordinary shares in the company on issue.
Movements in the number of share options outstanding and their related average exercise prices are as follows:

Out of the 9,855,000 outstanding options 7,105,812 (2023: 5,087,593) had vested and were exercisable at
31 March 2024.

20242023
Average
exercise price
Number of
options
’000's
Average
exercise price
Number of
options
’000's
At 1 April
$0.79 7,886 $0.80 5,834
Granted$0.79 2,755 $0.78 2,487
Exercised$0.71 (155) $0.59 (80)
Forfeited$0.84 (341) $0.84 (127)
Lapsed$0.84 (290) 0.94 (228)
Expirednilnilnilnil
$0.779,855 $0.797,886

Notes to the consolidated financial statements for the
year ended 31 March 2024


35
21. Share-based payments reserve (continued)
Options outstanding
Share options outstanding at the end of the year have the following expiry date and exercise price:

Measurement of fair value
The Company determined the fair value of options issued using the Black Scholes valuation model. The
significant inputs to the model were level 3 inputs and were:

See note 17 for details of the fair value hierarchy.
22. Related Parties
ikeGPS Limited and ikeGPS Incorporated are 100% owned by ikeGPS Group Limited (2023: 100%). All
subsidiaries have 31 March reporting dates.


20242023
Year GrantedExpiry dateExercise price
Number of
options
Term
remaining
(years)
Number of
options
Term
remaining
(years)
202031-Mar-25$0.51 1,140,00011,190,0002
202131-Dec-24$0.90 300,0000.75300,0001.76
202130-Jun-25$0.75 1,000,0001.251,000,0002.25
202230-Jun-25$0.75 325,0001.25365,0002.25
202230-Jun-26$1.06 2,074,0002.252,494,0003.25
202230-Sep-26$1.06 150,0002.5150,0003.5
202331-Jul-27$0.78 2,193,0003.342,387,0004.34
202431-Jul-28$0.79 2,473,0004.34
202430-Nov-28$0.63 200,0004.67
Weighted average share price
Exercise price
V
olatility
Dividend yield
Risk free interest rate
Fair value of options issued in the year
4.62%3.27%
2023
$0.27
$0.41
$0.78
$0.83
$0.79, $0.63$0.78
2024
42%
50%
Nilnil
20242023
Name of entity
Country of
incorporation
Principal activityNZ$NZ$
ikeGPS Limited
New ZealandProduct development and business operations1,000 1,000
ikeGPS IncorporatedUSAProduct development and business operations1,000 1,000
2,000 2,000

Notes to the consolidated financial statements for the
year ended 31 March 2024


36
22. Related Parties (continued)
Key management are identified as the Chief Executive Officer, Chief Financial Officer, and Board Directors.

The Group issued 1, 087,367 of unlisted share options at NZD$0.79 to Key Management during the period in
accordance with the ikeGPS Group Limited Employee Share Scheme (2023: 864,000 at NZD$0.78).
In addition to the unlisted options issued, 53,188 options were exercised by key management or Board Directors
resulting in the issue of 20,297 shares (2023: Nil options were exercised).
As part of the director’s remuneration package 43,289 shares were issued at NZD$0.79.

23. Commitments

Operating leases are in relation to rented premises (short-term under one year) and photocopiers (low-value
assets). These exclude leases accounted for under IFRS 16.

20242023
NZ$'000NZ$'000
Short term benefits to Board Directors and senior management2,108 1,947
Share-based payment expense Board Directors and senior management376 459
20242023
NZ$'000
NZ$'000
Non-cancellable short-term and low-value leases or lease related costs
Less than one year3 11
Between one and five years2 5
Total 5 16

Notes to the consolidated financial statements for the
year ended 31 March 2024
37
24.Provisions
Sales Tax
The primary market for sales of the Group’s products or services is the USA and sales tax obligations can arise
where IKE is deemed to have sales tax nexus.
Previously, the Group identified that customer sales tax was payable in multiple States and a best estimate of
the liability was provided for in the FY21 consolidated financial statements. The Group completed the process
of voluntary disclosure and remitted the sales tax owed to the respective States.
Corporate Tax
The Group has identified a potential tax obligation linked to a series of intercompany transactions.
As the transactions have occurred the Group considers it to be more likely than not the obligation exists.
25.Subsequent events
On 1
st
May 2024 Rick Christie resigned as a director of ikeGPS
2024Corporate TaxSales TaxTotal
NZ$'000NZ$'000NZ$'000
Opening balance262 - 262
Provision Added- - -
Provision Used-
Provision estimate reversed- - -
Foreign exchange movement10 - 10
Closing balance272 - 272
2023Corporate TaxSales TaxTotal
NZ$'000NZ$'000NZ$'000
Opening balance- 40
40
Provision Added262 - 262
Provision Used- (8) (8)
Provision estimate reversed- (32) (32)
Foreign exchange movement- - -
Closing balance262 - 262

38
ikeGPS Group Limited
Level 2, 79 Boulcott Street
Wellington, 6011
Telephone: +64 4 382 8064
Directors of ikeGPS Group Limited
Alex Knowles
Frederick Lax
Roz Buick
Mark Ratcliffe
Glenn Milnes
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
Share Registrar
MUFG Pension & Market Services
PO Box 91976, Auckland 1142
Level 30 PWC Tower
15 Customs Street West, Auckland 1010
Telephone: +64 9 375 5998
Bankers
Bank of New Zealand
20-54 Mount Wellington Highway
Mount Wellington, Auckland 1060
Private Bag 39806,
Wellington Mail Centre,
Lower Hutt 5045
www.ikegps.com

572024 ikeGPS Annual Report
www.ikegps.com