ikeGPS FY25 Financial Results
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023
Results for announcement to the market
Name of issuer ikeGPS Limited
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$25,155 19.2%
Total Revenue $25,420 18.1%
Net profit/(loss) from
continuing operations
($16,338) 8.6%
Total net profit/(loss) ($16,338) 8.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.01) $0.04
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This results announcement should be read in conjunction with
the consolidated financial statements for the twelve months
ended 31 March 2025 and associated documents
Authority for this announcement
Name of person
authorised
to make this announcement
James Macdonald
Contact person for this
announcement
James Macdonald
Contact phone number +64 4 382 8064
Contact email address james.macdonald@ikegps.com
Date of release through MAP
29 May 2025
Audited financial statements accompany this announcement.
---
For immediate release, 29 May 2025
FY25 Financial Results for the Period to 31 March 2025
+48% growth of FY25 annual subscription revenue exit run rate.
Subscription revenue growth in FY26 expected to be +35% or greater.
Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with a net loss of NZ$16.3m.
Total cash & net receivables NZ$15.4m. The March 2025 cash position of NZ$10.3m is consistent with the
position 12 months prior.
Unsolicited, non-binding acquisition approach received in the period at NZ$1/share, or ~NZ$165-170m EV.
power
ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to release its full year audited results for
the 12-month period to 31 March 2025. All figures are in NZD, rounded to the nearest decimal.
The results are in line with the performance update reported to the market in April. Highlights:
+ Exit run rate of annual platform subscription revenue grew to NZ$17.6m (+48% vs pcp).
+ Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with recognized revenue
in 4Q of NZ$6.6m. Comprising the above was:
+ Subscription revenue of NZ$14.4m (+34% vs pcp).
+ Transaction revenue of NZ$7.6m (+3% vs pcp).
+ Hardware and other services revenue of NZ$3.2m (+5% vs pcp).
+ Gross margin of NZ$17.4m (+37% vs pcp), with gross margin in 4Q of NZ$4.8m (73%).
+ Gross margin percentage of 69% (up from pcp of 60%), driven by revenue mix
continuing to shift to high margin subscription software products.
+ Cash Operating Expenses 2% lower than pcp.
+ Adjusted EBITDA loss of NZ$6.1m (improved from pcp Adjusted EBITDA loss NZ$9.8m)
+ Net Comprehensive Loss of NZ$16.3m (-11% vs pcp).
+ Excluding impairment (non-cash) the Net Comprehensive Loss position improved by
18% vs pcp.
+ Total cash and net receivables NZ$15.4m.
+ This comprises NZ$10.3m in cash and NZ$5.1m in net receivables (NZ$6.1m in
receivables with payables of NZ$1.0m) and no debt. This grew +NZ$1.8m in the
fourth quarter.
+ The 31 March 2025 cash position is consistent with the level 12 months prior.
Commenting on the company’s FY26 outlook and FY25 performance, IKE CEO Glenn Milnes said:
"Looking ahead to FY26 (the period beginning 1 April 2025) based on contracts in place and broader
momentum in the company we expect our subscription revenue to continue to increase strongly at
growth levels of 35% or greater, positioning us well for the medium and long term. We also expect to
be approximately EBITDA break-even on a run rate basis within the second half of FY26. It is of note
2
that our FY25 cash operating expenses reduced year-over-year while materially growing subscription
revenues, evidencing the operating leverage opportunity. The current global tariff situation has no
material impact on IKE’s business as U.S. software provider into materially all U.S. businesses.
In terms of the FY25 audited result, we had reported headline revenue, margin and balance sheet
performance in April and the result is in-line. The year was a very strong operating period marked by
significant subscription contracts closed with tier-1 North American customers, driving continued
growth in ARR run rates. This has resulted in the addition of >4,300 new subscription seat licenses,
bringing the total to over 8,500. This is a greater than 100% increase compared to the prior year.
Total recognized subscription revenue for FY25 grew by ~34% compared to the prior year, and the
exit run rate for annual platform subscription revenue is up +48% as at 31 March 2025 compared to
the same time in the prior year. Our margin percentage profile strengthened during the 12-month
period, increasing to 69% from 60%. This improvement was driven across all revenue segments and
reflects a shift in the product mix towards higher-margin subscription revenue. This trend is expected
to continue.
Adjusted EBITDA loss was NZ$6.1m, improving materially from pcp of a NZ$9.8m loss. The net loss
was NZ$16.3m. Excluding non-cash impairments this result also improved from pcp by 18%.
Our balance sheet remains strong. The cash and net receivables position increased again in th e
fourth quarter, by~NZ$1. 8m. This is a result of continued overall growth, from winning numerous
large subscription contracts and the associated collection timing, and ongoing operating cost control.
Our March 2025 cash position of NZ$10.3m is consistent with the level reported at the same time in
2024
. This has been achieved while investing significantly into building five new products and while
we have continued our expansion in the market with many new customer wins.
The investment in both product and market development is yielding returns. For example, since the
launch of the IKE PoleForeman product late calendar FY24, Total Contract Value (TCV) closed has
now surpassed NZ$17m, driven by adoption among tier-1 electric utilities in the U.S. market. Since
launching in late 2024, 127 customers have subscribed to the platform, including 68 existing
customers and 59 new customers. This growth has driven the issuance of a total of 8,500
subscription seat licenses, each representing a distribution network engineer using IKE’s software.
The highly sticky nature of these customers ensures substantial lifetime contract value.
We note the impact to the FY25 P&L of the non-cash impairment of aspects of our capitalized AI
asset, called IKE Insight. As context, the Company conducted a review of its intangible assets in
accordance with IAS 38 Intangible Assets. As part of this review, we assessed the carrying value of
intangible assets for indicators of obsolescence. Considering the extremely rapid recent
advancements in platform artificial intelligence such as the large language models that are leveraged
to deliver IKE’s power-specific software applications, some legacy assets related to IKE Insight were
determined to no longer provide future economic benefits to the Company. As a result, an impairment
charge of $4.4m was recognised. This write-down is non-cash in nature, has no impact on the
Company’s operations or liquidity position, and does not alter Management’s expectations regarding
the future value and cash flows to be generated from the Group’s ongoing investments in AI-based
automation applications & products – noting that IKE’s value to customers stems from the specific
applications it delivers related to distribution grid workflows.
As disclosed in late January 2025, we were approached, on a confidential and non-binding basis by a
potential acquirer about the acquisition of 100% of IKE’s shares, to be affected by way of a scheme
of arrangement. The proposal was conditional on several material matters, including the potential
acquirer undertaking detailed due diligence. After seeking appropriate advice from legal and financial
advisers, the Board of IKE assessed that the indicative valuation range presented by the potential
acquirer was sufficient to justify granting this short period of exclusive due diligence with a view to
the Potential Acquirer providing a subsequent firm offer that was sufficiently compelling for the board
to engage. The firm offer from the potential acquirer equated to approximately NZ$1.00 per IKE share,
an approximately +62% premium to IKE’s share price at the time, equating an enterprise value of
approximately NZ$165-170m.
3
The construct of IKE’s share register is such that without the key support of its largest few
shareholders, no takeover transaction can be successful. Having then taken direct, confidential
soundings under stand-still agreements from these specific shareholders, IKE’s Board determined
that a transaction at this price had no realistic chance of securing sufficient support. IKE’s Board
therefore concluded that continuing to devote resources and incurring the significant costs to
progress this specific process would not be in the best interests of the Company and its shareholders
and accordingly ceased discussions.
Looking forward, macro-market tailwinds in North America related to electrical grid hardening and
electrical grid capacity remain highly supportive of IKE’s business and are expected to drive growth
over the coming decades. Today, eight of the ten largest electric utilities in the U.S. are Standardized
on IKE software for distribution network structural analysis, across a total of nearly 400 subscription
customers. We continue to win approximately one new customer per week, with a direct sales focus
on the largest network owners and engineering firms. Our North American-based business continues
to capitalize on these significant sales opportunities.
Performance summary
Performance across the business is set out in the following charts and table:
Takeaways
+48% YoY growth in the exit
run rate (ERR) of annual
platform subscription
revenue.
YoY subscription CAGR of
34%
Three-year subscription
revenue CAGR of +37%.
Takeaways
Subscription seat license
growth of +103% YoY.
Seat count growth has
accelerated at a fast pace
due to customer additions
and upsells, as well as
selling customers onto a
per-seat subscription model
when adopting the new IKE
PoleForman product
(released late FY24).
4
Takeaways
Three-year transaction
revenue CAGR of +6%.
Gross margin increased to
32% vs 24% pcp.
IKE expects transaction
volumes and associated
revenue to continue to build
through the end of FY26.
Takeaways (NZ$000)
Recurring subscription and
reoccurring transaction
revenues (shown in the
green and blue segments in
this chart) dominate IKE’s
revenue mix, at 87% for YTD
FY25.
An expectation for healthy
revenue growth in the full
FY26 period, including ~35%
or greater growth in
subscription revenue.
5
*The Company added 72 new subscriptions customers during FY 2025 (15 in 4Q25), or approximately 1.4 new customers per week.
In turn, approximately 40 legacy PoleForeman customers, representing total ~NZ$100k of ARR did not convert to the new IKE
Poleforman platform upon the Company discontinuing support for the Company’s legacy application in 4Q25. As such, we have
recorded these customers as lost on the table above, keeping our customer count flat at 395 at the end of FY 2025. We do expect
some of these customers will eventually adopt the new platform based on project timing, and budgeting cycles, but note the average
ARR lost from these customers was under $3k per customer.
ENDS
About IKE
We are IKE, the PoleOS™ Company. IKE aims to become the standard for collecting, analyzing and
managing pole and overhead asset information for electric utilities, communications companies,
and their engineering service providers.
The IKE platform enables electric utilities, communications companies, and their engineering
service providers to enhance speed, quality, and safety in the construction and maintenance of
distribution assets.
The core revenue engine for IKE is driven by the number of enterprise customers subscribing to the
IKE platform and the volume of assets (called Transactions) being processed through IKE’s
software.
Contact:
Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com
Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au
ikeGPS Group Limited
329 Interlocken Parkway, Suite 329, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com
---
ikeGPS Group Limited
Year End // 31 March 2025
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
Grant Thornton New Zealand Audit Limited is a related entity of Grant Thornton New Zealand Limited. ‘Grant Thornton’ refers to the brand under which the Grant Thornton
member firms provide services to their clients and/or refers to one or more member firms as the context requires. Grant Thornton New Zealand Limited is a member firm of
Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are
delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of and do not obligate one another and are not liable for
one another’s acts or omissions. In the New Zealand context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton New Zealand Limited and its New
Zealand related entities.
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 2025, 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
consolidated financial position of the Group as at 31 March 2025 and of its consolidated 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, amongst others, included the
following:
• obtained an understanding of the controls and
processes implemented by management to ensure that
capitalisation assessments are appropriate and that
costs are accurately determined;
• obtained from management their capitalisation analysis
for asset additions during the period, including the basis
of cost determination and the classification of assets;
• selected samples of development costs recognised
within work-in-progress (WIP) additions during the year
and assessed whether these costs were directly
attributable to development activities. This included
review of supporting documentation such as JIRA epics
and stories, salary allocations, consultant invoices, and
internal project tracking, including monthly approvals
from project engineers as evidenced through meeting
minutes;
• for sampled projects that were transferred from WIP to
capitalised development assets during the year,
evaluated whether the capitalisation criteria under NZ
IAS 38 – Intangible Assets had been appropriately met,
including whether the project was available for use; and
• reviewed the disclosures in the consolidated financial
statements for completeness 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 and goodwill. Accordingly, these
assets are required to be tested for impairment annually.
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:
The procedures we performed to evaluate the impairment
assessment, amongst others, included the following:
• performed procedures to evaluate and challenge the
Group’s determination of cash-generating units (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;
• obtained management’s impairment assessments and
tested the completeness and mathematical accuracy of
the value-in-use calculations;
• considered and challenged key assumptions, including
cash flow projections, annual forecasted revenue growth
rate, discount rates, and terminal growth rates, and used
our internal valuation experts to assess the valuation
methodology’s compliance with NZ IAS 36. This
included evaluating the appropriateness of pre-tax
discount rates and terminal growth rates by
benchmarking against external data and industry-
specific rates;
Why the matter is significant How our audit addressed the key audit matter
• 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).
• 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 2026 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:
• Cash flow projections;
• 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.
• compared the forecasted cash flows used for the year
ending 31 March 2026 to the Board-approved business
plan and assessed the basis for cash flow forecasts
beyond this period, including management’s justification
for long-term growth assumptions;
• evaluated the historical accuracy of management’s
forecasting by comparing previous period budgets to
actual outcomes to assess the reliability of future
projections;
• assessed the sensitivity analysis prepared by
management, including the impact of changes in key
assumptions such as discount rates, growth rates, and
forecasted cash flows, and evaluated whether the
related disclosures highlight estimation uncertainty and
potential impairment risk appropriately;
• considered whether any internal or external indicators of
impairment (e.g., changes in market conditions,
technology, regulation, or performance) existed and
whether these were factored into the impairment
assessment;
• reviewed the disclosures in the consolidated financial
statements to assess whether they were complete,
accurate, and compliant with the requirements of NZ
IAS 36, particularly in areas involving significant
estimation and judgement.
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.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required
to communicate the matter to those charged with governance.
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
29 May 2025
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
Note20252024
NZ$'000NZ$'000
Operating revenue525,155 21,104
Cost of revenue(7,746) (8,424)
Gross profit17,409 12,680
Other income5265 427
Foreign exchange gains195 326
Movement of fair value assets and liabilities5(17) 23
Total other income, gains, and losses443 776
Support costs(1,655) (1,344)
Sales and marketing expenses(9,549) (10,201)
Research and engineering expenses(11,445) (10,287)
Corporate costs(7,268) (6,868)
Impairment of Intangibles12(4,353) -
Expenses6(34,270) (28,700)
Operating loss(16,418) (15,244)
Net finance income/(expense)79 199
Net loss before income tax(16,339) (15,045)
Income tax (expense)/credit71 -
Loss attributable to owners of ikeGPS Group Limited(16,338) (15,045)
Other comprehensive loss
Exchange differences on translation of foreign operations2 351
Comprehensive loss(16,336) (14,694)
Basic and diluted loss per share 19 $ (0.10) $ (0.09)
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
reserveTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Balance at 1 April 2023105,118 (75,492) 3,699 610 33,935
Net loss for the year after tax- (15,045) - - (15,045)
Currency translation differences- - - 351 351
Total comprehensive loss for the year- (15,045) - 351 (14,694)
Transactions with owners:
Recognition of vesting of share-based options- - 790 - 790
Issue of shares from exercise of share options57 - (57) - -
Share-based options forfeited during the year230 (288) - (58)
Equity movements arising from business
combinations
201 - (243) - (42)
Issue of share capital from share based
payment
166 - - - 166
Total transactions with owners424 230 202 - 856
Balance at 31 March 2024105,542 (90,307) 3,901 961 20,097
Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserve
Total
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Balance at 1 April 2024 105,542 (90,307) 3,901 961 20,097
Net loss for the year after tax- (16,338) - - (16,338)
Currency translation differences- - - 2 2
Total comprehensive loss for the year- (16,338) - 2 (16,336)
Transactions with owners:
Recognition of vesting of share-based options- - 812 - 812
Issue of shares from exercise of share options370 - (343) - 27
Share-based options forfeited during the year- 296 (299) - (3)
Equity movements arising from business
combinations
112 - (112) - -
Issue of share capital from share based
payment
173 - - - 173
Total transactions with owners655 296 58 - 1,009
Balance at 31 March 2025106,197 (106,349) 3,959 963 4,770
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
7
Consolidated
statement of financial position
Director Date: 28 May 2025 Director Date: 28 May 2025
NZ (New Zealand Time) NZ (New Zealand Time)
Note20252024
ASSETSNZ$'000NZ$'000
Current assets
Cash and cash equivalents810,282 10,242
Trade and other receivables96,077 5,114
Prepayments540 782
Contract costs51,347 696
Financial instruments- 10
Inventory101,428 1,865
Total current assets19,674 18,709
Non-current assets
Property, plant, and equipment112,148 2,857
Intangible assets126,336 13,085
Lease assets13913 1,245
Inventory10181 205
Total non-current assets9,578 17,392
Total assets29,252 36,101
LIABILITIES
Current liabilities
Trade and other payables14991 1,226
Employee entitlements2,209 1,664
Financial instruments3 -
Current Tax Liability7- -
Provision24285 272
Other liabilities15- 279
Lease liabilities13408 324
Deferred revenue57,614 7,403
Total current liabilities11,510 11,168
Non-current liabilities
Lease liabilities13615 1,009
Deferred revenue512,357 3,827
Total non-current liabilities12,972 4,836
Total liabilities24,482 16,004
Total net assets4,770 20,097
EQUITY
Share capital18106,197 105,542
Share-based payment reserve213,959 3,901
Accumulated losses(106,349) (90,307)
Foreign currency translation reserve963 961
Total equity4,770 20,097
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
Note20252024
NZ$'000NZ$'000
Cash flows from operating activities
Cash receipts from customers 32,386 26,901
Cash paid to suppliers and employees (31,503) (31,433)
Payment of low value and short term leases 13(18) (71)
Tax refund received 263 97
Interest paid - -
Net cash used in operating activities 81,128 (4,506)
Cash flows from investing activities
Purchases of property, plant, and equipment (818) (1,655)
Additions to intangible assets (423) (2,173)
Settlement/(purchase) of financial instruments - 207
Interest received 180 304
Net cash used in investing activities (1,061) (3,317)
Cash flows from financing activities
Payment of principal portion of lease liabilities 13(427) (343)
Proceeds from issuance of shares 26 -
Net cash (used in)/from financing activities (401) (343)
Net (reduction)/increase in cash and cash equivalents (334) (8,166)
Cash and cash equivalents at 1 April 10,242 18,048
Effect of exchange rate fluctuations on cash held 374 360
Cash and cash equivalents 10,282 10,242
Year ended 31 March
Group
Notes to the consolidated financial statements for the
year ended 31 March 2025
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 2025 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 28 May 2025.
2. Basis of preparation
The consolidated financial statements for the year ended 31 March 2025 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. NZ IFRS 18 has been issued but is not yet
effective, this standard sets out requirements for the presentation and disclosure of information in financial
statements. IKE is still assessing the impact of this standard.
Notes to the consolidated financial statements for the
year ended 31 March 2025
10
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.
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$16.3M for the year ended 31 March 2025 (2024: NZ$15.0M) 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 2025, 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 at 31 March 2025 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
(including intangibles not yet available for use). 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 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 $12.2M. Future cash flows are forecasted based on a five-year
business model for CGU1, which included a conservative average revenue growth rate of 21% and operating
expenses reflecting the FY26 business plan.
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 recognised if
the average growth rate was 37% lower than forecasted.
Notes to the consolidated financial statements for the
year ended 31 March 2025
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
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 released to market in FY24. CGU3 was determined to have a carrying value of $2.2M. 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 $3.1M including goodwill (following the impairment of intangible
assets that were determined to be obsolete). CGU4 is an early-stage business segment and technology asset.
Future cash flows are forecasted based on a five-year business model for CGU4, with the year two revenue
forecasted to be $1.0m with an average revenue growth rate of 123% in years three to five and operating expenses
reflecting the FY26 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 use of artificial intelligence to
complete pole analysis the CGU could outperform these estimates. During the prior year the first of several
customer projects was successfully delivered.
CGU4 continues to be focused in working towards delivering several products that in the coming year will be
released to market as a value driven add-ons to existing subscription products.
However, given the prior year 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 of is
required as the carrying amount does not exceed 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 2025
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);
+ 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,
Notes to the consolidated financial statements for the
year ended 31 March 2025
13
4. Operating segments (continued)
+ 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,
+ 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 2025 was as
follows:
Group Group
20252024
Platform Transactions
NZ$'000 NZ$'000
IKE Analyze revenue7,573 7,325
IKE Insight revenue9 16
Cost of sales(5,130) (5,589)
Gross profit2,452 1,752
Platform Subscriptions
Platform as a service revenue3,886 3,776
Pole loading software licenses and subscription revenue4,572 1,736
Subscription revenue5,921 5,200
Cost of sales(1,584) (1,494)
Gross profit12,795 9,218
Hardware and other services
Hardware and accessories revenue2,103 2,247
Other service revenue1,091 804
Cost of sales(1,032) (1,341)
Gross profit2,162 1,710
Total Operating Revenue
25,155 21,104
Total Cost of Sales
(7,746) (8,424)
Total Gross profit17,409 12,680
Sales & marketing costs(9,549) (10,201)
Other corporate income and expenses(19,846) (17,524)
Impairment of Intangibles(4,353) -
Net loss before tax
(16,339) (15,045)
Notes to the consolidated financial statements for the
year ended 31 March 2025
14
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.
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 revenue.
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.
Notes to the consolidated financial statements for the
year ended 31 March 2025
15
Revenue
Type
Description Key Judgements Outcome
Timing of revenue
recognition
IKE Platform
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, 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.
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.
Notes to the consolidated financial statements for the
year ended 31 March 2025
16
5. Revenue (continued)
Consideration received prior to the service being provided is recognised as deferred revenue (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.
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 FY24 research and
development costs.
In the current year, no customer contributed over 10% of revenue (2024: nil).
Revenue
20252024
NZ$'000NZ$'000
Sale of products (Point in time)2,103 2,246
Platform-as-a-Service (Over time and Point in time)3,886 3,776
IKE Analyze (Point in time)7,573 7,325
IKE Insight (Point in time)9 16
IKE Subscription (Over time)5,921 5,200
IKE PoleForeman Subscriptions (Over time)4,089 333
IKE Structural licences (Over time and Point in time)483 1,404
Services (Point in time)1,091 804
Total operating revenue25,155 21,104
Government grants265 426
Other income- 1
Total other income265 427
Fair value movement on other liabilities- -
Fair value movement on financial instruments(17) 23
Total movement of fair value assets and liabilities(17) 23
Reconciliation of deferred revenue balances
20252024
NZ$'000NZ$'000
Opening deferred revenue balance11,230 4,911
Subscription revenue recognised(5,401) (2,734)
Platform-as-a-Service recognised(434) (1,557)
IKE Structural maintenance and support(1,913) (537)
Unsatisfied performance obligations for the current year16,489 11,147
Closing deferred revenue balance19,971 11,230
Current Deferred Revenue7,614 7,403
Non-Current Deferred Revenue12,357 3,827
Total Deferred Revenue19,971 11,230
Notes to the consolidated financial statements for the
year ended 31 March 2025
17
6. Expenses
Operating expenses consist of operating, sales, marketing, engineering, research, and corporate costs.
1. Total depreciation for the year is $1,928k (2024: $1,872k), comprised of depreciation on fixed assets of
$1,582k (2024: $1,550k) as per note 11 and depreciation on leased assets of $346k (2024: $322k) as per
note 13. Engineering and research expenses included all the $3,124k of amortisation (2024: $2,558k) and
$35k of depreciation on fixed assets (2024: $54k). Corporate costs included all the $346k of depreciation
on leased assets under NZ IFRS 16 (2024: $322k). The balance of depreciation totalling to $1,547k (2024:
$1,332k) is included in cost of sales.
2. Relates to employee benefit expense, external contractors and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
3. Relates to short-term and low-value leases and common area maintenance costs.
4. Selling and marketing expenses included promotional activities, travel, commissions, and other direct
marketing costs.
5. Impairment charge relating to obsolete intangible assets (for more detail see note 12).
6. Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.
Employee benefits
Liabilities for wages, salaries, and short-term incentives (both settled and accrued), including non-monetary benefits
that are expected to be settled wholly within 12 months after the end of the period in which the employees render
the related service, are recognised in respect of employees’ services up to reporting date. They are measured at the
20252024
NZ$'000NZ$'000
Audit of consolidated financial statements252 211
Total fees paid to auditor252 211
Amortisation of development asset123,124 2,558
Depreciation548 540
Total amortisation and depreciation
1.
3,672 3,098
Employee benefit expense16,852 17,219
Share-based payment1,015 860
External contractors and consultants1,642 1,924
Employee benefit expense capitalised
2.
(443) (1,940)
Operating lease expenses
3.
264 226
Direct selling and marketing
4.
2,830 3,580
Sales tax expense/(expense reversal)24 (8) 41
Impairment of intangible asset due to obsolescence
5.
4,353 -
Credit loss provision movement and write-off expense155 506
Other operating expenses
6.
3,686 2,975
Total operating expenses34,270 28,700
Notes to the consolidated financial statements for the
year ended 31 March 2025
18
6. Expenses (continued)
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 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 profit and loss 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.
Notes to the consolidated financial statements for the
year ended 31 March 2025
19
7. Current and deferred tax (continued)
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:
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 $4,720,617 (2024: 4,776,347).
ikeGPS Group Limited has unrecognised tax losses of $13,787,444 (2024: $16,290,471) available for use against
future taxable profits, subject to the New Zealand Tax Legislation requirements being met. ikeGPS Inc has
unrecognised tax losses of $53,460,201 (2024: $51,180,652), of which $7,917,482 is available indefinitely for use
against future taxable profits and $45,542,719 available to be carried forward up to 20 years from the date the tax
loss was created.
20252024
NZ$'000NZ$'000
Net loss before income tax(16,339) (15,045)
Prima facie income tax credit at 28%(4,575) (4,213)
Effect of different foreign income tax rates336 634
Non-deductible expenses 1,388 2,160
Deferred tax on temporary differences1,538 478
Unrecorded tax losses1,312 941
Income tax expense(1) -
20252024
NZ$'000NZ$'000
Deferred tax opening balance- -
Temporary differences
Employee entitlements and provisions61 54
Deferred research and development- 191
Leases7 (3)
Accruals- -
Property, plant, and equipment(336) 368
Intangible assets(269) (728)
Other156 117
Tax losses381 1
Deferred tax closing balance- -
Notes to the consolidated financial statements for the
year ended 31 March 2025
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 $75,000.
Reconciliation of operating cash flows:
20252024
NZ$'000NZ$'000
Cash at bank10,282 10,242
Total10,282 10,242
20252024
NZ$'000NZ$'000
Loss for the year(16,338) (15,045)
Less Investment interest received(180) (304)
Add non-cash items included in net loss
Depreciation 1,928 1,872
Amortisation of intangible assets3,124 2,558
Impairment of Intangible Assets (including Goodwill)4,353 -
Raw materials and finished goods write-off363 171
Trade receivables write-off122 490
Tax expense- -
Share-based payment expense943 860
Write-off of obsolete materials and assets36 166
Movement of fair value assets and liabilities17 (23)
Interest on leases102 105
Foreign exchange losses on translation movement(161) (300)
10,827 5,899
Add/(less) movement in working capital items
(Increase) in trade and other receivables(763) (199)
(Increase)/decrease in inventories110 482
(Increase)/decrease in prepayments261 137
(Increase)/decrease in contract costs(595) (383)
Increase/(decrease) in trade and other payables(296) (1,113)
(Decrease)/increase in provision14 25
(Decrease)/Increase in other liabilities(281) (273)
Increase/(Decrease) in deferred income7,915 5,984
Increase/(Decrease) in employee entitlements454 284
6,819 4,944
Net cash used in operating activities1,128 (4,506)
Notes to the consolidated financial statements for the
year ended 31 March 2025
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.
20252024
NZ$'000NZ$'000
Trade receivables6,359 5,319
Impairment provision(748) (593)
GST receivable93 137
Other receivables373 251
Total trade and other receivables6,077 5,114
20252024
NZ$'000NZ$'000
Finished goods536 485
Components1,073 1,585
Total inventory1,609 2,070
Current1,428 1,865
Non-current181 205
Notes to the consolidated financial statements for the
year ended 31 March 2025
22
10. Inventory (Continued)
During the year, IKE materials have been written down by $31,268 (2024: $6,774) and Spike finished goods by Nil
(2024: $9,364).
11. Property, plant, and equipment
Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is calculated on
a straight-line basis over the estimated useful lives of the assets, as follows:
Office furniture and equipment 20% - 33%
Plant and equipment 20% - 50%
IKE rental devices 30%
Leasehold improvement Over the period of the lease
Depreciation methods, useful lives, and residual values are reviewed and adjusted, if appropriate, at each reporting
date. Gain and losses on disposals are determined by comparing proceeds with the carrying amount and are
included in the consolidated statement of profit or loss.
Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Cost
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
Balance at 1 April 20241,362 4,971 1,295 126 7,754
Additions- 732 117 - 849
Disposals- (179) - - (179)
Exchange differences- 231 60 - 291
Balance at 31 March 20251,362 5,755 1,472 126 8,715
Notes to the consolidated financial statements for the
year ended 31 March 2025
23
11. Property, plant, and equipment (Continued)
12. Intangible assets
During the period ended 31 March 2025, the Group undertook a review of its intangible assets, including capitalized
software, intellectual property, customer lists and goodwill. As a result of this review, the Group determined that
certain intangible assets, primarily including acquired and internally developed AI-related software, were obsolete
due to rapid technological changes and advancements made by the Company’s internal development teams. As
such they no longer provided future economic benefit to the Company.
Based on this analysis, an impairment charge of $4.4M was recognized in the statement of comprehensive income.
This charge is non-cash in nature and has no impact on the Group’s operations or liquidity positions.
Capitalised development costs
The Group capitalises employee and consultants’ costs directly related to development of an intangible asset. The
carrying values of capitalised development costs are annually evaluated for indicators of impairment. Management
has reviewed the expected remaining useful life of these assets and concluded that they are appropriately amortised
over periods of 4 to 10 years.
Development costs that are directly attributable to the design and testing of identifiable and unique software
controlled by the Group are recognised as intangible assets when the following criteria are met:
+ it is technically feasible to complete the software product so that it will be available for use,
+ management intends to complete the software product and use or sell it,
Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Depreciation
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
Balance at 1 April 20241,290 2,647 946 14 4,897
Depreciation for the year31 1,363 230 18 1,642
Disposals- (141) - - (141)
Exchange differences- 123 46 - 169
Balance at 31 March 20251,321 3,992 1,222 32 6,567
Carrying amounts
At 31 March 202472 2,324 349 112 2,857
At 31 March 202541 1,763 250 94 2,148
Notes to the consolidated financial statements for the
year ended 31 March 2025
24
12. Intangible assets (continued)
a. there is an ability to use or sell the software product,
b. it can be demonstrated how the software product will generate probable future economic benefits,
c. adequate technical, financial, and other resources to complete the development and to use or sell the
software product are available, and
d. 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.
During the review of the purchased intangibles in CGU4 it was determined that the potential for obsolescence
required further investigation. Following this investigation, it was determined that the purchased intangibles had
become outdated due to rapid advancements made by the Company’s internal development teams, and these
should be impaired. Please note that this does not impact the remaining internally developed assets.
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 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 cost of disposal 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
Notes to the consolidated financial statements for the
year ended 31 March 2025
25
12. Intangible assets (continued)
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 2025
26
12. Intangible assets (continued)
Work in
Customer
contracts,
relationships, Training
assets Progress Patents Goodwill trademarks materialsTotal
NZ$'000 NZ$'000 NZ$'000 NZ$'000NZ$'000 NZ$'000 NZ$'000
Cost
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/Disposals(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
Balance at 1 April 202424,477 2,063 174 3,840 1,047 219 31,820
Additions- 710 - - - - 710
Transfers1,824 (1,824) - - - - -
Expensed/Disposals- (276) - - - - (276)
Impairment(6,781) - - - (479) (7,260)
Exchange differences547 43 - 178 49 10 827
Balance at 31 March 202520,067 716 174 4,018 617 229 25,821
Amortisation and impairment losses
Balance at 1 April 202312,123 - 174 2,969 373 75 15,714
Amortisation for the year2,342 - - - 178 71 2,591
Impairment- - - - - - -
Disposals- - - - - - -
Exchange differences272 - - 130 26 2 430
Balance at 31 March 202414,737 - 174 3,099 577 148 18,735
Balance at 1 April 202414,737 - 174 3,099 577 148 18,735
Amortisation for the year2,936 - - - 184 75 3,195
Impairment(2,689) - - - (218) - (2,907)
Disposals- - - - - - -
Exchange differences285 - - 144 27 6 462
Balance at 31 March 202515,269 - 174 3,243 570 229 19,485
Carrying amounts
At 31 March 20249,740 2,063 - 741 470 71 13,085
At 31 March 20254,798 716 - 775 47 - 6,336
Development
Notes to the consolidated financial statements for the
year ended 31 March 2025
27
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
20252024
NZ$'000NZ$'000
Balance at 1 April1,333 14
Additions during the year- 1,520
Payments made(437) (293)
Interest charges103 106
Derecognition of lease liability- (14)
Exchange differences24 -
Balance at 31 March 1,023 1,333
The maturity of the lease liabilities is as follows:20252024
NZ$'000NZ$'000
Less than one year408 324
Greater than one year615 1,009
Lease liabilities recognised as at 31 March 1,023 1,333
Lease assets
20252024
NZ$'000NZ$'000
Balance at 1 April1,245 12
Additions during the year- 1,560
Depreciation charges(346) (314)
Derecognition of lease assets- (13)
Exchange differences14 -
Balance at 31 March 913 1,245
Notes to the consolidated financial statements for the
year ended 31 March 2025
28
13. Leases (continued)
The following leases are exempt from the application of NZ IFRS 16 and have been recognised as an expense in the
consolidated statement of profit and loss:
14. Trade and other payables
Trade and other payables are obligations to pay for goods and services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one
year or less. Otherwise, they are presented as non-current liabilities. They are initially recognised at their fair value
and subsequently measured at amortised cost using the effective interest method.
15. Other liabilities
Other liabilities are obligations from prior year business combinations and were initially recorded at fair value. Those
that are deferred consideration are subsequently measured at amortised cost, and those liabilities that are the result
of contingent consideration are subsequently measured at fair value through profit or loss.
Accrued liabilities for services
The Group has employment agreements that result in cash payments being made to certain staff at the end of a
service period. The expense is accrued as services are delivered and payment is made at the end of the service
period.
20252024
NZ$'000NZ$'000
Photocopier6 6
Office space203 65
209 71
20252024
NZ$'000NZ$'000
Trade payables702 1,072
Other payables47 33
Accrued expenses242 121
Total trade and other payables991 1,226
20252024
NZ$'000NZ$'000
Less than one year
Accrued liabilities for services- 279
- 279
Notes to the consolidated financial statements for the
year ended 31 March 2025
29
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
Foreign exchange options Fair value through profit or loss
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 2025
30
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 $748,016 (2024: $509,793).
Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
Financial assets
and liabilities at
amortised cost
Financial assets
and liabilities at
fair value
Total
carrying
value
NZ$'000NZ$'000 NZ$'000NZ$'000NZ$'000 NZ$'000
Financial assets
Cash and cash equivalents10,282 - 10,282 10,242 - 10,242
Trade and other receivables
5,984 - 5,984 4,977 - 4,977
Foreign exchange options- (4) (4) - 10 10
Total financial assets16,266 (4) 16,262 15,219 10 15,229
Financial liabilities
Trade payables702 - 702 1,072 - 1,072
Other payables47 - 47 33 - 33
Accrued expenses242 - 242 121 - 121
Lease liabilities1,023 - 1,023 1,333 - 1,333
Other liabilities- - - 279 279
Total financial liabilities2,014 - 2,014 2,559 2,838
20252024
Notes to the consolidated financial statements for the
year ended 31 March 2025
31
16. Financial instruments and financial risk management (continued)
At reporting date, 50% (2024: 82%) of the Group’s cash and cash equivalents were with one bank.
Liquidity risk
Liquidity risk is the risk that the Group cannot pay contractual liabilities as they fall due. Management monitors
rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs,
taking into consideration the Group’s forward financing plans. Management believes that the Group has sufficient
liquidity to meet its obligations as they fall due for the next 12 months.
The following table sets out the undiscounted cash flows for all financial liabilities of the Group:
Maximum exposure to credit risk at reporting date:
20252024
NZ$'000NZ$'000
Cash at bank10,282 10,242
Trade and other receivables5,984 4,977
Foreign exchange options(4) 10
Total16,262 15,229
2025
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000
Trade payables702 702 - - - -
Other payables47 47 - - - -
Accrued expenses242 242 - - - -
Lease liabilities1,223 224 225 383 391 -
Other liabilities- - - - - -
Total financial liabilities2,214 1,215 225 383 391 -
2024
Contractual
cash flows
6 months
or less
6 months
to 1 year
1 to 2
years
3+ Years
No stated
maturity
NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000 NZ$'000
Trade payables1,072 1,072 - - - -
Other payables33 33 - - - -
Accrued expenses121 121 - - - -
Lease liabilities1,633 212 213 649 560 -
Other liabilities279 279 - - - -
Total financial liabilities3,138 1,717 213 649 560 -
Notes to the consolidated financial statements for the
year ended 31 March 2025
32
16. Financial instruments and financial risk management (continued)
Foreign currency risk management
The Group is exposed to foreign currency risk on its revenue and a significant portion of its expenses that are
denominated in USD, which is different to the Group’s presentational and parent’s functional currency NZD.
Additionally, the institutional placement and share purchase plan completed in previous years was predominantly in
AUD, creating additional foreign currency risk exposure. Therefore, the Group has purchased AUD/USD foreign
exchange options to mitigate the risk on its AUD cash holdings.
If the NZD strengthened / weakened against the USD or AUD by 10% at 31 March 2025, the pre-tax loss would have
been (higher) / lower as follows:
Interest rate risk management
The Group’s interest rate risk arises from its cash balances. The Group currently has no significant exposure to
interest rate risk other than in relation to the amount held at the bank. A reasonably expected movement in the
prevailing interest rate would not materially affect the Group’s consolidated financial statements.
2024
Carrying
amount in
USD
Carrying
amount in
AUD
Carrying
amount in
USD
Carrying
amount in
AUD
US$'000 AU$'000 US$'000AU$'000
Cash and cash equivalents5,259 773 3,812 3,417
Trade and other receivables3,394 - 3,038 -
Trade and other payables(277) (4) (505) 12
8,376 769 6,345 3,429
Carrying
amount
Change in
USD rate
Effect on loss
before tax
Sensitivity analysis
US$'000%NZ$'000
10%(1,274)
-10%1,557
10%(989)
-10%1,208
Carrying
amount
Change in
AUD rate
Effect on loss
before tax
AU$'000%NZ$'000
10%(76)
-10%93
10%(549)
-10%671
3,429
2025
2024
2025
8,376
6,345
769
2025
2024
Notes to the consolidated financial statements for the
year ended 31 March 2025
33
17. Fair value estimation
The Group measures certain assets and liabilities at fair value either at initial recognition and/or continually. To
determine these fair values, valuation techniques are utilised.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has identified
what level of input is utilised in the valuation in the note for each asset or liability. An explanation of each level is
below.
Level 1: The fair value of assets/liabilities traded in active markets (such as publicly traded derivatives, and equity
securities) is based on quoted market prices at the end of the reporting period.
Level 2: The fair value of assets/liabilities that are not traded in an active market (for example, over-the-counter
derivatives) is determined using valuation techniques which maximise the use of observable market data and rely
as little as possible on entity-specific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the asset/liability is included
in level 3.
18. Contributed equity.
The share capital of the Group consists of fully paid ordinary shares with no-par value attached. Authorised shares
that have not been issued have been authorised for the Group’s employee share options and other contractual share-
based payments (see Note 21)
Share capital
20252024
NZ$'000NZ$'000
On issue at the beginning of the year105,542 105,118
Exercise of share options370 57
Issued as part of business combinations112 201
Issue of share capital from share based payment173 166
Total share capital 106,197 105,542
Shares on issue
20252024
Fully paid total shares at the beginning of the year160,242,975 159,731,745
Ordinary shares issued on settlement of options312,955 28,241
Ordinary shares issued as part of business combinations134,668 264,352
Issue of share capital from share based payment372,094 218,637
Fully paid ordinary shares161,062,692 160,242,975
Notes to the consolidated financial statements for the
year ended 31 March 2025
34
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 ($0.10) and ($0.09) for the respective period.
20. Capital management
The capital structure of the Group consists of equity raised by the issuance of ordinary shares. The Group manages
its capital to ensure it can continue as a going concern and is not subject to any externally imposed capital
requirements.
The Group’s aim is to have a sufficient capital base to maintain investor and creditor confidence and to sustain
future development of the business. Capital requirements are regularly reviewed by the Board of Directors.
There have been no material changes in the Group’s management of capital from the previous year.
21. Share-based payments reserve
The share-based payments reserve is used to recognise both the fair value of options issued to employees but not
exercised and contractual share payments to be made to employees based on the period of employment.
The contractual share-based payments are in relation to employees who have service conditions, which when
completed grant the right to shares. These arrangements arose from prior business combinations.
20252024
Total loss for the year attributable to the owners of the parent (NZ$'000)(16,338) (15,045)
Ordinary shares issued161,062,692 160,242,975
Weighted average number of shares issued160,603,675 159,559,589
Basic loss per share(0.10)$ (0.09)$
20252024
NZ$'000NZ$'000
Share-based payment reserve
Share options3,959 3,790
Contractual share-based payments- 111
Total3,959 3,901
Notes to the consolidated financial statements for the
year ended 31 March 2025
35
21. Share-based payments reserve (continued)
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.
The Group determined the value of shares issued under contractual share-based payments based on the share price
at the time of grant. This price is fixed.
A total of 372,094 shares at a value of $173,206 were issued during the period for services rendered (2024: 264,352
shares at a value of $200,908).
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 2025 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 11,317,000 outstanding options 8,215,719 (2023: 7,105,812) had vested and were exercisable at 31 March
2025.
20252024
Average
exercise price
Number of
options
’000's
Average
exercise price
Number of
options
’000's
At 1 April$0.770 9,855 $0.790 7,886
Granted$0.475 2,917 $0.790 2,755
Exercised$0.540 (1,136) $0.710 (155)
Forfeited$0.790 (309) $0.840 (341)
Lapsed$0.790 (10) $0.840 (290)
Expirednilnilnilnil
$0.81011,317 $0.7709,855
Notes to the consolidated financial statements for the
year ended 31 March 2025
36
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:
22. Related Parties
ikeGPS Limited and ikeGPS Incorporated are 100% owned by ikeGPS Group Limited (2024: 100%). All subsidiaries
have 31 March reporting dates.
20252024
Year GrantedExpiry date Exercise price
Number of
options
Term
remaining
(years)
Number of
options
Term
remaining
(years)
202031-Mar-25$0.510 00.001,140,0001
202131-Dec-24$0.900 00.00300,0000.75
202130-Jun-25$0.750 1,000,0000.251,000,0001.25
202230-Jun-25$0.750 325,0000.25325,0001.25
202230-Jun-26$1.060 2,074,0001.252,074,0002.25
202230-Sep-26$1.060 150,0001.50150,0002.50
202331-Jul-27$0.780 2,193,0002.332,193,0003.34
202431-Jul-28$0.790 2,458,0003.342,473,0004.34
202430-Nov-28$0.630 200,0003.67200,0004.67
202530-Jun-29$0.475 2,917,0004.50
Weighted average share price
Exercise price
Volatility
Dividend yield
Risk free interest rate
Fair value of options issued in the year
4.63%, 4.34%, 4.40%4.62%
2024
$0.16, $0.30, $0.35
$0.27
$0.44, $0.63, $0.70
$0.78
$0.475
$0.79, $0.63
2025
44.2%, 45.4%, 46.0%42%
NilNil
Notes to the consolidated financial statements for the
year ended 31 March 2025
37
22. Related Parties (continued)
Key management are identified as the Chief Executive Officer, Chief Financial Officer, and Board Directors.
The Group issued 925,000 of unlisted share options at NZD$0.475 to Key Management during the period in
accordance with the ikeGPS Group Limited Employee Share Scheme (2024: 1,087,367 at NZD$0.79).
In addition to the unlisted options issued, 500,000 options were exercised by key management or Board Directors
resulting in the issue of 158,373 shares (2024: 53,188 options were exercised resulting in 20,297 shares).
As part of the director’s remuneration package 74,878 shares were issued at NZD$0.475.
23. Commitments
Operating leases are in relation to rented premises (short-term under one year) and photocopiers (low-value assets).
These exclude leases accounted for under IFRS 16.
20252024
Name of entity
Country of
incorporation Principal activityNZ$NZ$
ikeGPS LimitedNew ZealandProduct development and business operations1,000 1,000
ikeGPS IncorporatedUSAProduct development and business operations1,000 1,000
2,000 2,000
20252024
NZ$'000NZ$'000
Short term benefits to Board Directors and senior management2,126 2,108
Share-based payment expense Board Directors and senior management305 376
20252024
NZ$'000NZ$'000
Non-cancellable short-term and low-value leases or lease related costs
Less than one year2 3
Between one and five years- 2
Total 2 5
Notes to the consolidated financial statements for the
year ended 31 March 2025
38
24. Provisions
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
There are no material events post 31 March 2025 that require disclosure.
2025Corporate TaxSales TaxTotal
NZ$'000NZ$'000NZ$'000
Opening balance272 - 272
Provision Added- - -
Provision Used-
Provision estimate reversed- - -
Foreign exchange movement13 - 13
Closing balance285 - 285
2024Corporate TaxSales TaxTotal
NZ$'000NZ$'000NZ$'000
Opening balance262 - 262
Provision Added- - -
Provision Used- - -
Provision estimate reversed- - -
Foreign exchange movement10 - 10
Closing balance272 - 272
39
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
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
---
IKE FY25 Results Presentation
We’re IKE, the Pole OSCompany
Glenn Milnes, CEO, Brian Musfeldt, CFO
glenn.milnes@ikegps.com
May 2025
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or recommendation of
securities in ikeGPS Group Limited (IKE);
•Should be read in conjunction with, and is subject to, IKE’s FY25 financial results (audited), FY24 financial results (audited),
FY25 Performance update, and 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.
2
AGENDA
FY25 Results Headlines
FY26 Outlook Headlines
Company overview
Q&A
3
FY25 PERFORMANCE HEADLINES
+ExitrunrateofannualplatformsubscriptionrevenuegrewtoNZ$17.6 m(+48%vspcp).
+Total recognized revenue in the period of NZ$25.2m (+19% vs pcp), with recognized revenue in 4Q of NZ$6.6m. Comprising
the above was:
+SubscriptionrevenueofNZ$14.4m(+34%vspcp),TransactionrevenueofNZ$7.6m(+3%vspcp),Hardwareand
otherservicesrevenueofNZ$3.2 m(+5% vspcp).
+Gross margin of NZ$17.4m (+37% vs pcp), with gross margin in 4Q of NZ$4.8m.
+Gross margin percentage of 69% (up from pcp of 60%)
+Cash Operating Expenses 2% lower than pcp.
+Adjusted EBITDA loss of NZ$6.1m (improved from pcp Adjusted EBITDA loss NZ$9.8m)
+NetLossofNZ$16.3 m(-11%vspcp).
+Excludingimpairment(non-cash)thenetlosspositionimprovedby18%vspcp.
+TotalcashandnetreceivablesNZ$15.4m.
+ThiscomprisesNZ$10.3mincashandNZ$5.1 minnetreceivables(NZ$6. 1minreceivableswithpayablesof
NZ$1.0m)andnodebt. Thisgrew+NZ$1.8minthefourthquarter.
+The31March2025cashpositionis consistentwiththelevel12monthsprior.
4
FY26 OUTLOOK
Basedoncontractsinplaceandbroadermomentuminthebusinesstheoutlookincludes:
+Subscriptionrevenuetocontinuetoincreasestrongly,atgrowthlevelsof35%orgreater.
+TobeapproximatelyEBITDAbeak-evenona runratebasiswithinthesecondhalfofFY26.
+IKE’sfocuswillremainsolelyonwinning/ becomingtheindustrystandardintheNorthAmericanmarket.
ThecurrentglobaltariffsituationhasnomaterialimpactonIKE’sbusiness,asa U.S. softwareprovider
deliveringintoU.S. customers.
+NewautomationapplicationsandmodulestobeintroducedintoIKE’sestablishedproducts
5
FY25 RESULTS: SUBSCRIPTION GROWTH
•+48% YoY growth in the exit run rate
(ERR) of annual platform
subscription revenue.
•Subscription seat license growth of
+103% YoY.
•YoY subscription revenue CAGR of
34%
•Recurring subscription and re-
occurring transaction revenue
(shown in the blue and green
segments of this chart) dominate
revenue at 87% for FY 2025.
•Seat count growth has accelerated
at a fast pace due to customer
additions and upsells, as well as
selling customers onto a per-seat
subscription model when adopting
the new IKE PoleForman product.
Takeaways:
6
KEY REVENUE AND MARGIN METRICS TABLE
•Our blended gross margin profile continues to improve, with
Gross margin dollar growth of +37% vs prior year, and gross
margin percentage growth to 69% in FY2025 vs 60% in FY2024.
The increase in gross margin was driven by improvements
across all segments
•Customer Adds: The Company added 72 new subscriptions
customers during FY 2025 (15 in 4Q25), or approximately 1.4
new customers per week.
•Customer Losses: In Q4, approximately 40 small legacy
PoleForeman customers, representing total ~NZ$100k of ARR
did not convert to the new IKE PoleForman platform upon the
Company discontinuing support for the Company’s legacy
application in 4Q25. We have recorded these customers as lost
on the included table, reducing our customer count from 420
customers at the end of 3Q 2025 and keeping our customer
count flat at 395 year over year. We do expect some of these
customers will eventually adopt the new platform based on
project timing, and budgeting cycles, but note the average ARR
lost from these customers was under $3k per customer.
Takeaways:
7
YTD FY25YTD FY24% Change
Total Revenue
$25.2m$21.1m
+19%
Total Gross Margin
$17.4m
$12.7m+37%
Gross Margin %
69%
60%
Platform Subscriptions
Total # of Subscription Customers395 395 +0%
Total Number of Seat Licenses8,539 4,200 +103%
Platform Subscription Revenue
$14.4m$10.7m+34%
Gross Margin$12.8m$9.2m+39%
Gross Margin %89%86%
Platform Transactions
# of Billable Transactions288k279k+3%
Platform Transaction Revenue$7.6m$7.3m+3%
Gross Margin$2.4m$1.8m+40%
Gross Margin %32%24%
Hardware & Other
Hardware & Services Revenue$3.2m$3.1m+5%
Gross Margin$2.2m$1.7m+26%
Gross Margin %68%56%
•Cash Operating Expenses have declined 2% YoY when removing non-cash
expenses and the difference in the capitalization of operating expenses,
as the company continues to manage costs in-line with revenue and
EBITDA objectives.
•Employees are still the largest driver of the Company’s operating
expenses, representing 50% of the total operating expenses, and 66% of
our cash operating expenses. The Company had 85 employees worldwide
atMarch 31, 2025vs 88 atMarch 31 ,2024.
•Non-cash operating expenses increase was primarily driven by the Impact
of the impairment of Intangible assets and increased amortization of
internally developed assets.
•The Capitalization of internal labor declined in FY25 as a result ofthe
engineering teams changing focus during FY25 to the launch of IKE
Poleforman. The team will resume new product development into FY
2026.
•Minimal Departmental spend increases primarily driven by non-cash
charges and employee cost inflation.
•The increase in R&D was driven by the decrease of capitalization of
Internal development costs noted above.
* See footnote 6 for further breakdown of expenses by type.
Operating Expenses
Takeaways:
8
•Revenue of ~NZ$21.2m (+19% vs PCP)
•Subscription revenue of ~NZ$14.4m (+34% vs pcp)
•Gross Margin of ~NZ$17.4m (+37% vs pcp), with a
gross margin percentage of ~69% (up from ~60%
pcp)
•Cash Operating Expenses decline ~2% pcp
•Net Loss of ~NZ$16.3m (-11% vs pcp), excluding
impairment (non-cash) net loss improves ~NZ$18%
vs pcp
CONSOLIDATED STATTEMENT OF PROFIT & LOSS
Takeaways:
9
Note20252024
NZ$'000NZ$'000
Operating revenue5
25,155 21,104
Cost of revenue
(7,746) (8,424)
Gross profit17,409 12,680
Other income5265 427
Foreign exchange gains195
326
Movement of fair value assets and liabilities5(17) 23
Total other income, gains, and losses443
776
Support costs(1,655) (1,344)
Sales and marketing expenses(9,549)
(10,201)
Research and engineering expenses
(11,445) (10,287)
Corporate costs
(7,268) (6,868)
Impairment of Intangibles12(4,353)
-
Expenses6(34,270) (28,700)
Operating loss
(16,418) (15,244)
Net finance income/(expense)79 199
Net loss before income tax(16,339) (15,045)
Income tax (expense)/credit
71 -
Loss attributable to owners of ikeGPS Group Limited(16,338)
(15,045)
Other comprehensive loss
Exchange differences on translation of foreign operations2 351
Comprehensive loss(16,336)
(14,694)
Basic and diluted loss per share 19
$ (0.10) $ (0.09)
Year ended 31 March
Group
•Adjusted EBITDA Improves materially as the Company
continues to reduce operating losses through increased
margins and control of cash operating expenses.
•The Company targets to be approximately EBITDA break-
even on a run rate basis within the second half of FY26.
EBITDA: ADJUSTED & CASH
Takeaways:
10
EBITDA
FY 2024FY 2025
Comprehensive Loss(14,694)$ (16,336)$
Add Back:
Interest Expense105 102
Tax Expense- 1
Depreciation1,872 1,928
Amortization2,558 3,124
Less:
Interest Income(304) (181)
EBITDA(10,465)$ (11,362)$
Other Non-Cash Adjustments:
Stock Based Compensation863$ 943$
Unrealized Foreign Exchange (300) (61)
Fair Value Adjustments(23) 17
FTCR Gains/Losses)(351) (2)
Restructuring Costs459 -
Imparment of Assets- 4,353
Adjusted EBITDA(9,817)$ (6,113)$
% of Revenue-47%-24%
Capitalization of Internal Costs(1,940)$ (443)$
Cash EBITDA(11,757)$ (6,556)$
% of Revenue-47%-26%
Note20252024
ASSETSNZ$'000NZ$'000
Current assets
Cash and cash equivalents810,282 10,242
Trade and other receivables96,077 5,114
Prepayments540 782
Contract costs51,347 696
Financial instruments- 10
Inventory101,428 1,865
Total current assets19,674 18,709
Non-current assets
Property, plant, and equipment112,148 2,857
Intangible assets126,336 13,085
Lease assets13913 1,245
Inventory10181 205
Total non-current assets9,578 17,392
Total assets29,252 36,101
LIABILITIES
Current liabilities
Trade and other payables14991 1,226
Employee entitlements2,209 1,664
Financial instruments3 -
Provision24285 272
Other liabilities15- 279
Lease liabilities13408 324
Deferred revenue57,614 7,403
Total current liabilities11,510 11,168
Non-current liabilities
Lease liabilities13615 1,009
Deferred revenue512,357 3,827
Total non-current liabilities12,972 4,836
Total liabilities24,482 16,004
Total net assets4,770 20,097
EQUITY
Share capital18106,197 105,542
Share-based payment reserve213,959 3,901
Accumulated losses(106,349) (90,307)
Foreign currency translation reserve963 961
Total equity4,770 20,097
As at 31 March Group
•Total cash and net receivables NZ$15.4m.
•This comprises NZ$10.3m in cash and NZ$5.1m in
net receivables (NZ$6.1m in receivables with
payables of NZ$1.0m) and no debt. This grew
+NZ$1.8m in the fourth quarter.
•The 31 March 2025 cash position is consistent with
the level 12 months prior.
•Contract Costs primarily represent the deferral of
commissions to align with the amortization of software
subscription revenue.
•Intangible Assets declined primarily as a result ofa $4.4m
non-cash impairment taken atMarch 31, 2025
•Deferred Revenue Increase as a result ofpre-paid Multi-
year subscription contracts with several key Investor-
Owned Utilities driven by customer demand.
BALANCE SHEET
Takeaways:
11
COMPANY RE-CAP:
Products, Market and Go-
to-Market
12
AI for whole-of-network
distribution Planning
Digitizing network
Assessment
Pole loading analysis and
structural Design,
Maintenance & Resilience
Technology & automation capability to
accelerate customers engineering processes
•A recurring Subscription to
access any IKE Solution
•Additive, recurringrevenue
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
13
The Top 8 IKE Customers:
~43M homes & businesses,
>4x the entire Australian market
Standardized on IKE
Total Australian Market, ~11m
homes & businesses
01020304050
National Grid
Florida Power & Light
Southern Company
Exelon Group
Entergy
Consumers Energy
Duke Energy
Total
LUMA Energy
Millions of Electricity Customers
14
15
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
16
>$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
companies
competingto
builda networks
andwin
underlying
customers
>2,000
engineering
service provider
s supporting
network
development
17
Sara Deere
Systems Engineer: Current holder of the
world-record for running customer field
teams with the least recollects.
Dan Allan
Design Director: Loves CX, and lives its
importance when delivery brand and CX
specific to poles.
Spencer Hankin
Senior GIS Manager: The brightest data
analyst in the Pole GIS universe,
and customers like Crown Castle know it.
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.
18
FY 2025 Strong Financial Performance:
•+48% YoY growth in annual subscription ERR.
•103% YoY increase in subscription seats.
•3-year subscription revenue CAGR +~37%.
•FY25 revenue of NZ$25.2m
Leading U.S. Electric Utilities are Standardizing on IKE
•Trusted by Tier-1 utilities including 8 of the 10 largest, Core to network digitization, Positioned for
multi-decade growth.
Activity and interest in Grid Expansion and Resiliency Tech Growing
•Unsolicited, non-binding acquisition approach received at NZ$1 per share, or ~NZ$165-170m EV.
Growth Runway Ahead
•ARR growth in FY26 expected to continue at similar, very strong levels.
•Only ~6% of U.S. addressable customers are currently touched by IKE, and those sold to are at early
stages of penetration.
•U.S. grid infrastructure spend is projected >$400B next 5 years, with investment levels expected to
grow through to 2050.
19
Q&A
20
THANK YOU
21
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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