ikeGPS 1H FY25 Investor Webinar - Amended

IKE 1H FY25 Financial Performance & Update
We’re IKE, the Pole OS Company
Glenn Milnes, CEO and Brian Musfeldt, CFO
glenn.milnes@ikegps.com, brian.musfeldt@ikegps.com
November 2024
CONFIDENTIAL

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Important Notice
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or
recommendation of securities in ikeGPSGroup Limited (IKE);
•Should be read in conjunction with, and is subject to, IKE’s FY24 financial results (audited), FY25 financial results
for the six months to September 2024, recent market releases, and information published on IKE’s website
(www.ikegps.com);
•Includes forward-looking statements about IKE and the environment in which IKE operates, which are subject to
uncertainties and contingencies outside of IKE’s control – IKE's actual results or performance may differ materially
from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future
performance; and
•May contain information from third parties believed to be reliable, however no representations or warranties are
made as to the accuracy or completeness of such information.
•All information in this presentation is current at the date of this presentation, unless otherwise stated.
•All currency amounts are in NZ dollars unless stated otherwise.
Receipt of this Document and/or attendance at this presentation constitutes acceptance of the terms set out above in
this Important Notice.
Information in this Presentation:

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Agenda
1H Financial Performance Headlines
October 2024 performance update
Outlook
Addressable market and IKE’s value proposition
Q&A

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•Exit run rate of annual platform subscription revenue grew to ~NZ$13.2m (+34% vs pcp).
•Total recognized revenue in the six-month period of ~NZ$12.2m (+16% vs pcp).
•Recognized subscription revenue of ~NZ$6.5m (+28% vs pcp).
•Recognized transaction revenue of ~NZ$4.0m (+6% vs pcp).
•Recognized hardware and other services revenue of ~NZ$1.7 (in-line with pcp).
•Gross margin of ~NZ$8.1m (+31% vs pcp), with a gross margin percentage of ~67% (up from pcp of ~59%).
•Net loss was ~NZ$6.9m (pcp ~NZ$6.4m).
•Non-cash items included in this Net loss amount totaled ~$3.7M (pcp ~NZ$2.2m).
•Cash used in Operating activities of ~NZ$2.6m (~51% lower vs pcp).
An exit run rate of ~NZ$13.2m annualized subscription revenue (+34% vs pcp).
Gross margin improves to ~NZ$8.1m (+31% vs pcp), with a Gross Margin percentage of ~67%.
Record ~NZ$33m in contracts won in the period, across ~415 deals.
1H FY25 performance highlights:

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•Significant growth in underlying
subscription revenue.
•Three-year subscription revenue CAGR of
+38%.
•During FY25, this is expected to increase
materially by ~40% vs pcp.
Subscription revenue growth has continued to be consistently strong
with a three-year CAGR of 38%
In 1H, a total of ~$33M of contracts closed
Takeaways:

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•+34% YoY growth in the exit run
rate (ERR) of annual platform
subscription revenue.
•As stated, during the FY25 period
this metric is expected to
continue to grow materially (by
~40% vs pcp) driven by continued
growth of IKE Office Pro
subscription sales and the
successful sell-through of IKE’s
next-generation IKE
PoleForeman subscription
product, with TCV of ~NZ$12.5m
already closed.
Exit Run Rate (ERR) of annual platform subscription has grown to NZ$13.2m
as at 30 September 2024
Takeaways:

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•Subscription seat license
growth of +179% over the past
year.
•Seat count growth has
accelerated at a fast pace due
to customer additions and
upsells, as well as selling
customers onto a new per-seat
subscription model when
adopting the new IKE
PoleForman product (released
late FY 2024).
179% YoY increase in subscription seat licenses, evidencing the impact of
new product introductions with very sticky customers
Takeaways:

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•Three-year transaction revenue
CAGR of +20%.
•Noting gross margin increased
+107% vs pcp.
•Based on contracts signed in Q2
FY25, IKE expects transaction
volumes and associated
revenue to continue to build
into 2H FY25.
Three-year transaction revenue CAGR of 20%, and improved margin profile
Takeaways:

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•Revenue 1H FY25 of ~NZ$12.2m
(+32% pcp)
•Gross margin percentage 1H
FY25 of ~67% (up from ~59%
pcp)
•Net loss was ~NZ$6.9M (pcp
~NZ$6.4M). Net loss includes
non-cash items of ~NZ$3.7m
(pcp ~NZ$2.2m)
•Cash used in operations
improves to ~NZ$2.6m, a
decrease of 51% vs. pcp.
Revenue, gross margin, and profit/(loss)
Takeaways:

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•Total cash and receivables as at 30 September 2024 of
~NZ$11.1m, comprised of ~NZ$6.8m cash and
~NZ$4.3m receivables, with payables of NZ$1.0m and
no debt.
•As context, cash has reduced ~NZ$3m over the past 12
months during a period of substantial investment into
building five new products, three of which have now
been launched to market, and through a period of
substantial recurring revenue and customer growth.
• Investment into product development is paying back,
an example being IKE PoleForeman. This new product
has been in-market for ~nine months and to date the
product has generated ~$12.5m in Total Contract Value
and has increased IKE’s ARR by ~NZ$4.0m.
Key metrics table
Other Takeaways:
Customer Number Recon ciliatio n:
Since 31 D ecember 2023, IKE has change d its reportin g o f custo mer
numbers from ‘All Enterprise Customers’ to ‘Subscription
Customers’, reflecting only customers with recurring subscription
reve nue. The reconciliation be tween these two metrics will be
repo rte d until 31 Decemb er 2 024 . Reco nciliatio n is as fo llows:
1H FY25
1H FY24
% Change
Total Revenue
$12.2m
$10.5m
+16%
Platform Subscriptions
Total # of Subscription Customers
413
368
+12%
Total Number of Seat Licenses
5,990
2,144
+179%
Platform Subscription Revenue
$6.5m
$5.1m
+28%
Gross Margin
$5.7m
$4.5m
+27%
Gross Margin %
87%
87%
Platform Transactions
# of Billable Transactions
160k
142k
+13%
Platform Transaction Revenue
$4.0m
$3.7m
+6%
Gross Margin
$1.5m
$0.7m
+107%
Gross Margin %
37%
19%
Hardware & Other
Hardware & Services Revenue
$1.7m
$1.7m
0%
Gross Margin
$1.0m
$1.0m
0%
Gross Margin %
58%
60%

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Consolidated Interim Statement of Profit or Loss

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Consolidated Interim Balance Sheet

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Consolidated Interim Balance Sheet cont.

Progress update since the release of the quarterly
performance update mid-October 2024

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•Continued sales momentum
•In the period from 1 October to mid-November, an additive ~NZ$2.8m of Total Contract Value closed from sales
of the IKE PoleForeman subscription product. This equates to an additional ~NZ$0.7m of ARR added from IKE
PoleForeman only.
•In the period from 1 October to mid-November, ~NZ$6.6m in contracts closed across all products, with a healthy
pipeline of further sales opportunities.
•Two important items were also advanced from a product perspective since September. AI & automation capabilities
have been launched inside of IKE’s core IKE Office Pro product. This will initially drive productivity and increase the
gross margin of IKE’s tech-enabled IKE Analyze business process but is expected to become an additional up-sell
subscription product for the many hundreds of external IKE Office Pro enterprise customers.
•IKE has also continued to collaborate closely with its customer council of leaders of North American electric utility
businesses, representing companies delivering power to over seventy million customers. This key customer
collaboration targets our development efforts, and based on their inputs, to drive more subscription product
adoption.
October to mid-November update

Update & Outlook
The commentary below reflect what was released in the mid-October 2024
performance update. It is repeated here for consistency.

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IKE PoleForeman as the Standard for Distribution Network Design.
New SaaS Product to Market https://ikegps.com/ike-poleforeman/
•The new IKE PoleForeman product has been in-market
for ~nine months and to date has generated ~$12.5m in
Total Contract Value and has increased IKE’s ARR by
~NZ$4.0m.
•In total, ~84 customers have initially subscribed to this
new platform, of which ~50 were existing customers
and ~34 are new customers. Far exceeding our
adoption rate expectations.
•This translates to several thousand new seat licenses,
each representing a distribution network design
engineer utilizing the software.
•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 North America.
Takeaways:

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AI-based automation products in-market Q2.
Built to drive dramatic productivity improvements into specific distribution-network engineering workflows.

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AI-based automation products in-market Q2.
Double-Wood Detective AI Product
Validate
Confirm instances of double wood from
existing records.
Change detection
Capture changes to double wood records,
such as pole removal status.
Detect
Locate undetected instances of
double wood

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AI-based automation products in-market Q2.
Joint-Use Ticket Automation AI Product
Make-ready construction
Prep poles for new attachments while
maintaining safety and compliance with
standards.
Pole transfers
Transfer attachments from an existing
pole to a newly installed one.
Violation reporting
Address common issues that arise during
inspections and audits, such as NESC
infractions and double wood.

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Appendices
Manaakitanga: We Rise By Lifting Others

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

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Liz Etzel
Product Manager: Knows virtually
every customer and is persnickety
about exemplary customer
experience.
Jessica Walker
IKE Analyze Manager: Delivers every
customer project on time and on
scope. Started at IKE as an analyst.
Blake Collins
Solutions Engineering Manager: From
the field to the office, Blake speaks and
geeks on the complexities of utility
pole dynamics.
Sara Deere
Systems Engineer: Current holder of
the world-record for running
customer fieldteams with the least
recollects.
Dan Allan
Design Director: Loves CX, and lives its
importance when delivery brand and
CX specific to poles.
Selling and Delivering Directly from Colorado, USA HQ
Meet some of the IKE people representing the next generation CX of our
industry
Spencer Hankin
Senior GIS Manager: The brightest data
analyst in the Pole GIS universe,
andcustomers like Crown Castle know it.

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IKE has developed Software Products to Engineer a Network through its Lifecycle
Digitizing network
Assessment
AI for whole-of-network
distribution Planning
Pole loading analysis and
structural Design,
Maintenance & Resilience
Technology & automation capability to
accelerate customers engineering processes
+
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 further transaction
revenue) and training &
education service via IKE
University
<Network Planning> <Assessment & Digitization> <Network Design> <Network Maintenance & Resilience>

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

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25-year Macro-Market Tail Wind for Grid Resiliency & Expansion ($B’s)
An Electric Utility Industry, Spending 100’s of Billions, in Need for Productivity Solutions, such as IKE
7.27.27.27.27.27.27.27.27.27.27.27.2
3.63.63.63.63.63.63.63.63.63.63.63.6
3.63.63.63.63.63.63.63.63.63.63.63.6
44.9
46.4
49.3
52.2
59.4
65.2
71.0
78.3
82.6
87.0
89.9
95.7
$59.4
$60.9
$63.8
$66.7
$73.9
$79.7
$85.5
$92.8
$97.1
$101.4
$104.3
$110.1
201420152016201720182019202020212022202320242025
CanadianMuniCo-opsUS IOU
U.S. AND CANADIAN ELECTRIC DISTRIBUTION CAPITAL EXPENDITURES
ACTUALFORECASTED
$NZD in B

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

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

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

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IKE solutions make fiber and 5G network deployments faster
IKE dramatically speeds up the network deployment process.
•>$300B expected investment into fiber network development in the U.S over next 5+ years
•>$50B expected investment into 5G network development in the U.S. over the next 5+ years
•An additional >$60B expected investment into rural broadband development as part of the Biden administrations
new Infrastructure bill
•>200 Communications companiescompeting to build a networks and winunderlying customers
•>2,000 engineering serviceproviders supporting network development

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Fiber and 5G Investment Super-Cycle in North America Still In Its Early Stages
PROJECTED INVESTMENTS INTO 5G & FIBER OPTIC INFRASTRUCTURE
$39B
20102018
$43B
$72B
2025
$NZD
Sour ce: Bell P otter I ni tiat ion of Cov er age R eport, G SM A, A mer ican Tow er
Not e: Labeled Capex F igures reflect Houlihan Lokey E sti mates

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

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$5.4B
TAM
$550M Fiber / 5G
Market Opportunity
0.6M
Poles Needing
Small Cell
Deployments
Overall.. a Large Addressable Market Opportunity That is Expected to Grow
(1 )A ssum ed 80% discount rate on range of f ibre deployments
(2)O ther serv ices include desi gn planning, grid hardening/ resi liency pr ogr ams , NES C vi olations , joint use att achm ent audi t, bi lling audi ts , etc.
Sour ce: Management E sti mat es , Bell P otter I niti ation of Cov erage R eport, Houli han Lok ey Es tim ates
Not e: M ark et analy sis does not i nclude opportunit y that w ill aris e f rom grow th of pole infras tructure
$NZD
5G Small Cell
Antenna
Fibre Connections
5G and Fibre
4.2M
1
Poles
Requiring Fiber
Connections
$113 Cost of
Ser vice
$4.8B Electric Utilities
Opportunity
40M Poles
Needed for
Audit per
annum
Estimated
$50 Cost of
Audit per
Pole
Estimated
$113 Cost of
New Build
per Pole
>200M Total No. of
Electrical Poles
25M Poles
Used for
Other
Services
2
Utilities
$NZD

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50%+
Of US energy consumption will be comprised of
electricity on the distribution grid by 2050 to attain
carbon net zero targets, and power the new EV market,
compared to current levels of just 20%, this equals an
engineering requirements to build capacity on the
network.
Market Tailwinds Over the Coming Decades
Sour ce: Bell P otter I ni tiat ion of Cov er age R eport, G SM A, A mer ican Tow er, A ccenture, G randvi ew Resear ch, G lobal Newsw ir e, R yse E ner gy , World Economi c For um
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
800,000+
Small ce ll site expansion s are expected by 2025 as
commu nication s infrastru ctu re p ro vid ers look to spee d up 5G
rollo ut while red ucing cost and time o f dep loymen t
Requirement for harder and higher
capacity distribution power networks
across all of North America
>3,200
Electric Utilities in North A merica with lon g-term, recurring
distribu tion network harde ning, joint use, and capacity nee ds for
electrical distribution
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
>$350B
Investme nt forecast in fibe r in the US b y 2 025, rep re sentin g >30M
attach ments; commun ications infrastructure pro vid ers seeking
partners to manage new fib er attachments for every po le
Infrastructure development via
Engineering Service Providers
>1,000
Engineerin g Serv ice Pro vid ers in the US sub contracted by
teleco m and utilities p ro vid ers to assist in infrastructure
de velop ment an d deplo yment
Massive engineering requirements for an
evolving distribution network supporting
an increase in global consumption of
electricity

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

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

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

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

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Thanks
Manaakitanga: We Rise By Lifting Others

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