Q2 FY26 Investor Update

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



1

Locate2u Revenue Up 40%
Q2 FY26 Investor Update

Welcome to our first quarterly update for 2026 and our first as a company listed on the NZX.
Locate Technologies is built on two core beliefs.
First, that last-mile logistics is being transformed by AI. Businesses need software that doesn't
just track deliveries but actively optimises them, automates decisions, and learns from every
route. We're building that software with Locate2u.
Second, that Bitcoin is the best long-term store of value for corporate treasuries. Rather than
holding excess cash, we are building a Bitcoin treasury as a strategic asset for shareholders.
These two beliefs led us to list on the NZX in December 2025, making Locate Technologies
New Zealand's first listed Bitcoin Treasury company.
Q2 FY26 was about executing on our core business while completing the NZX transition.
Locate2u delivered 40% revenue growth relative to the prior corresponding period ("pcp") and
achieved positive EBITDA for the quarter.
If you're an investor in Locate Technologies, we ask you to build conviction in these two ideas:
that AI will reshape logistics software, and that Bitcoin belongs on corporate balance sheets.

Q2 FY26 at a Glance
1,2
(NZD)
Metric Q2 FY26 Q2 FY25 YoY Change
Group Revenue $1.88m $1.83m +3%
Locate2u Revenue $1.02m $0.73m +40%
Zoom2u Revenue $0.86m $1.10m -22%
Reported EBITDA -$829k -$32k -$797k
Normalised EBITDA +$144k -$13k +$157k
Operating Cash Flow
3
-$335k -$399k +$64k
Cash Balance $1.6m $1.6m -
Bitcoin Holdings (BTC) 12.3 - -
Bitcoin Holdings (NZD) $1.5m - -

1
Most of the Group’s revenue is generated in Australian dollars. Quarterly results have been translated from AUD to NZD using
the average AUD/NZD exchange rate for the period.
2
BTC value is as at 5 February 2026
3 Q2 FY25 reported operating cashflow benefitted from the timing of quarterly interest payments and other creditor payments
falling into January (Q3) when in prior periods they have been paid in Q2. Figure for Q2 FY25 above has been adjusted to
present the result on a comparable basis

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



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Group Trading Update
Group revenue recorded in Q2 FY26 was NZ$1.88 million (A$1.64 million).

EBITDA
Reported EBITDA for Q2 FY26 was a loss of NZ$829k (A$724k). Excluding one-off
costs expensed in relation to the NZ transition (NZ$464k), non cash ESOP expenses in
the quarter (NZ$49k), and an unrealised Bitcoin revaluation loss (NZ$460k) normalised
Group EBITDA was +NZ$144k.
The following table reconciles reported EBITDA to normalised EBITDA:

Item NZ$
Reported EBITDA -829k
Add back: NZ transition costs +464k
Add back: ESOP (non-cash) +49k
Add back: BTC unrealised loss (non-cash) +460k
Normalised EBITDA +144k

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



3

The Zoom2u business (including 2u Enterprises) achieved an EBITDA of NZ$432k
(A$377k) for the quarter, whilst Locate2u produced another positive EBITDA quarter
of NZ$95k (A$83k).

Cash used in Operating Activities
Cash used in operating activities for Q2 FY26 was NZ$335k. Q2 has historically been
a weak cash quarter for the Company as the Zoom2u business experiences an increase
in working capital over the peak holiday season
4
.


4
Q2 FY25 reported operating cashflow benefitted from the timing of quarterly interest payments and other creditor payments
falling into January (Q3) when in prior periods they have been paid in Q2. Figure for Q2 FY25 above would have been -$399k if
presented on a comparable basis.

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



4

What Happened This Quarter
We completed the move to the NZX
The NZX listing on 3 December 2025 and the Scheme of Arrangement on 16
December 2025 were significant milestones. The transition involved one-off costs
(approximately NZ$464k expensed in the quarter
5
), but it positions the Company to
execute its long-term strategy.
Why NZX? Because it provides a regulatory environment suited to our Bitcoin Treasury
strategy. With this transition complete, management's focus shifts from corporate
restructuring to execution.
Locate2u delivered another strong quarter.
Revenue grew 40% year-on-year to $1.02 million. More importantly, Locate2u
achieved positive EBITDA for the quarter, demonstrating the operating leverage in the
model.
This growth came from two sources: expanding revenue from existing customers and
winning new accounts. We're in the pilot stage with a large UK distributor with over
300 drivers. If that project proceeds, it will be our largest offshore customer to date.
Locate2u now contributes 54% of Group revenue and the business continues to scale.



5

These are costs expensed through the P&L and exclude costs accounted for as a reduction in equity. Total costs incurred to
January 2026 are approximately A$850k.

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



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We're embedding AI deeply into the product
AI is not a marketing term for us. It's changing how we build software and what we can
offer customers.
Internally, AI is materially improving development speed. Features that previously took
weeks or months now take days, enabling faster responses to customer needs and
more efficient deal execution.
Externally, we're building AI agents that will automate logistics workflows for
customers: dispatch decisions, route adjustments, exception handling. This is a core
part of our product roadmap and a key differentiator against legacy logistics software
products.
Zoom2u: Where our logistics expertise began
Locate2u exists because of Zoom2u. Running a delivery network for over ten years has
given us firsthand knowledge of the pain points in last-mile logistics. We built Locate2u
to solve them.
This quarter, Zoom2u revenue was down 22% in NZD terms versus the prior
corresponding period, reflecting consumer spending pressure in Australia. The
business remains profitable, delivering EBITDA of $432k for the quarter, and continues
to generate cash that supports the Group's strategic priorities.
Bitcoin Treasury
ATM Facility — A First for the NZX
During Q2, we established New Zealand's first At-The-Market (ATM) equity facility on
the NZX. This facility allows the Company to raise capital progressively by issuing
shares directly into the market at prevailing prices, rather than through traditional
placements or rights issues.
The ATM structure is well suited to our strategy. It allows us to raise capital
efficiently, in small tranches, and deploy it into Bitcoin without the delays and costs
of repeated capital raises.

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



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Bitcoin Accumulation
As at 5 February 2026, the Company was holding the following BTC
6
:

Metric NZ$
Total Holdings 12.3 BTC
Average purchase price $178,454
Total Capital Allocated $2.2m
Market value $1.5m

The ATM facility is in place and provides a flexible mechanism to fund Bitcoin
accumulation in line with our Treasury Management Strategy. You can view our
holdings on our live dashboard here https://locatetech.nz/bitcoin
Our Approach
We view Bitcoin as a long-term strategic asset, not a trading position. Our focus is on
accumulation, not timing. We expect volatility in the Bitcoin price and, by extension, in
our reported results. We're comfortable with that trade-off.
The quarterly unrealised revaluation (a loss of NZ$460k in Q2) reflects this volatility.
It's a non-cash accounting entry. The Bitcoin we have acquired remains on our balance
sheet, and our conviction in the long-term thesis is unchanged.
The Opportunity Ahead
Locate2u: AI-powered logistics software
Most logistics software was built in the pre AI era. It tracks deliveries but it doesn't
think. It requires manual input at every step.
We're building something different: software that understands real-world operations -
customers, drivers, and their routes, and actively optimises operations.
This is the opportunity with AI agents. Instead of a dispatcher manually assigning jobs,
an AI agent does it automatically, by considering driver availability, customer
preferences, and delivery windows. Instead of a customer service rep fielding "where's

6
Capital allocated is based on AUD purchase price translated into NZD using the AUD/NZD exchange rate on the transaction
date

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



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my delivery?" calls, an AI agent proactively communicates status and resolves
exceptions.
The logistics software market is large and fragmented. Locate2u is a platform that
brings these capabilities together, with AI at the core.
Our growth strategy is straightforward: win more enterprise customers, expand
internationally, and deepen the product with AI capabilities that makes Locate2u a
core part of our customers’ infrastructure.
Bitcoin Treasury: A long-term store of value
We believe Bitcoin is the best treasury asset for a company.
Bitcoin is scarce, liquid, and globally recognised. It's not without volatility, but over long
time horizons, we believe it offers better preservation of value than cash or bonds.
Our approach is simple: accumulate Bitcoin over time, hold it for the long term, and be
transparent with shareholders about our holdings and strategy.

How to Think About Our Financials
Locate Technologies is a company in transition. We're shifting from a logistics services
business (Zoom2u) to a logistics software business (Locate2u), while simultaneously
building a Bitcoin treasury.
This means our financials will look different from a typical SaaS company or a typical
treasury company.
On revenue: Locate2u is growing rapidly (40% year-on-year) and is now over 50% of
Group revenue. Zoom2u is mature and cash-generative but facing cyclical headwinds.
Over time, we expect Locate2u to become an increasingly dominant share of the
business.
On EBITDA: Locate2u is now EBITDA positive. Group EBITDA will be affected by one-
off costs (like the NZX transition) and non-cash items (like Bitcoin revaluation).
Normalised EBITDA gives the clearest picture of underlying performance.
On the balance sheet: We hold both cash and Bitcoin. We report Bitcoin at fair value,
so our balance sheet will fluctuate with the Bitcoin price. We're comfortable with this
volatility and believe it's the right approach for long-term shareholders.
On capital raising: The ATM facility allows us to raise capital progressively without the
friction of traditional placements. Expect us to use it opportunistically to fund raise
capital while managing dilution carefully.

NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



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Outlook
The NZX transition is complete and the one-off costs are largely behind us. With the
ATM facility established, the infrastructure for our Bitcoin Treasury strategy is in
place.
In the second half of FY26, our focus will be on:
1. Growing Locate2u: Win more enterprise customers, expand in the UK and other
international markets, and continue to improve retention and expansion within
our existing base.
2. Shipping AI capabilities: Deliver AI that automates logistics workflows and
creates tangible value for customers.
3. Building the Bitcoin Treasury: Continue accumulating Bitcoin through the ATM
facility and operating cash flow, in line with our Treasury Management Policy.
We enter the second half of the year with a clear strategy, a strengthening core
business, and a differentiated position as New Zealand's first listed Bitcoin Treasury
company.
Investor webinar
The Company intends to hold an investor webinar at 12.00pm (NZDT) (10.00am AEDT)
on Tuesday 10 February 2026 to discuss the Q2 FY26 quarterly results. Click the link
below to register your attendance: Register here
If you wish to submit your questions ahead of the webinar, please send an email to
investors@locatetech.nz. A Q&A function will be available during the webinar.
The webinar recording will be available via our Investor Centre following the webinar
at Investor presentations.

END
This statement was authorised by the CEO of Locate Technologies Limited.
For further information, please contact
Steve Orenstein, Founder & CEO
investors@locatetech.nz
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NZX:LOC
NZX MEDIA RELEASE
6 February 2026
Q2 FY26



9

About Locate Technologies
Locate Technologies is New Zealand's first Bitcoin Treasury company, combining a long-term
Bitcoin holding strategy with a growing AI-powered SaaS business.
The Company operates three platforms: Locate2u, Zoom2u, and Shred2u. Locate2u is the
flagship product, using AI to help businesses manage last-mile delivery and logistics. A core
focus for growth is building AI agents that automate logistics operations and create durable
competitive advantage.
Forward-Looking Statements and Disclaimer
This announcement contains forward-looking statements subject to risks and uncertainties.
These statements are not guarantees of future performance. Actual results may differ
materially due to changes in market conditions, regulations, and other factors. Readers should
not place undue reliance on forward-looking statements.