ikeGPS Group FY26 Annual Report

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For the period ending 31 March 2026
Annual Report
ikeGPS Group Limited

22026 ikeGPS Annual Report

32026 ikeGPS Annual Report
Table of Contents
CEO and Chair Commentary
4
FY26 Performance Headlines
9
Corporate Governance
36
Customer and Market Re-Cap
15
Solution Overview
24
Leadership Team
32
Disclosures
46
Consolidated Financial Statements
54

42026 ikeGPS Annual Report
Commenting on full-year performance, and FY27 outlook, from
Chair Alex Knowles and CEO & Managing Director Glenn Milnes
"FY26 was the strongest year for IKE with recurring revenue growth and
EBITDA materially in line with guidance.
The business continued to execute its strategy and delivered strong
financial results driven by product innovation, including the fast adoption
of AI inside the company’s operations and inside of our products, intense
customer experience focus, and prudent financial management.”
Subscription growth and customer momentum
Our subscription business grew strongly throughout the year with recurring revenues
reaching ~NZ$19.2 million, up 33% on the prior comparable period with gross
margins of 94%.
We added 26 new subscription customers in the fourth quarter alone — approximately
two new customers per week — bringing our total to 463 subscription customers as at
31 March 2026. These additions came across all three of IKE's interrelated customer
segments: electric utilities, communications companies, and their engineering service
providers. Over the course of FY26, IKE added more than 83 new subscription
customers — each of them representing a new institutional relationship built on the
quality and reliability of IKE's platform.
Our platform subscription annualised exit run rate (ERR) on 31 March 2026 was
approximately NZ$20.7 million, representing 18% growth in NZD and 21% growth in
constant currency terms. We note that one larger, long term customer completed
an engineering project in the fourth quarter. This customer is not lost. Occasional
customer project completions are one-off in nature, and we are highly confident in the
future pipeline of opportunities which remain at the highest level. The fourth quarter
overall saw record contract renewals.
FY26 // Year in Review
CEO & Chair Commentary

52026 ikeGPS Annual Report
IKE PoleForeman — the new standard for U.S. distribution
network design
IKE PoleForeman, our next-generation distribution network structural analysis software,
achieved NZ$11 million in annualised recurring revenue during FY26 — inside two
years from product launch. Approximately 200 customers have now subscribed to IKE
PoleForeman to date, materially exceeding the adoption rate expectations we held at
launch. Today, IKE PoleForeman is the structural analysis standard inside 8 out of the
10 largest electric utilities in North America. That trajectory — from launch to market
standard in under two years — reflects both the quality of the product and the depth
of the relationships IKE has built across this industry over the past decade. We expect
further significant customer additions.
AI is viewed as IKE's accelerant — not its disruptor
There is a persistent narrative in technology markets that AI represents a risk to some
software companies. For IKE, our industry dynamics and the data suggest the opposite.
PolePilot — our AI automation module embedded inside IKE Office Pro — was released
during the year and enabled a ~10% pricing increase across the IKE Office Pro
subscription base without impacting churn. Customers paid more because PolePilot
delivers measurable, tangible productivity gains in the engineering of overhead utility
infrastructure. This is AI generating revenue uplift in the real world, not on a roadmap.
The recognized revenue benefit of this price increase will primarily hit in FY27.
The reason we believe IKE is defensible against AI disruption is based on three primary
factors. First, IKE is embedded inside utility engineering workflow standards. When
a Standards Director from a major utility co-creates a product specification with IKE,
that specification is generally written into their organisation's engineering standards.
Every engineer in that utility is then mandated to use IKE — not as a preference, but as
a requirement. General-purpose AI is likely to not displace a product that is written into
an engineering standard. Second, IKE owns a proprietary dataset of more than 20 million
human-engineered power assets. This data is the foundation for IKE-specific AI training
that general large language models or new market entrants cannot replicate. Third, IKE
has a direct go-to-market, customer experience model and an independently assessed
NPS customer experience of 91 — placing us in the top percentile of B2B software
businesses globally for customer trust and advocacy. Customers who trust IKE at that
level do not readily leave.
CEO and Chair Commentary – FY26 // Year in Review

62026 ikeGPS Annual Report
Every additional AI feature IKE seeks to deploy is intended to widen the productivity gap
between what we deliver and what any alternative could offer, it is intended to deepen
switching cost, and to create further pricing opportunity. We see the AI transition as the
most significant accelerant for IKE.
Educating and certifying the North American industry
IKE's investment in the education of the North American electric utility and communications
industry is a deliberate part of our long-term market development strategy. In FY26, more
than 3,000 industry professionals attended IKE's National Electric Safety Code webinar
series, representing over 800 organisations. A further 1,700 engineers completed IKE's
in-person NESC and OSHA certification programmes across more than 500 organisations,
becoming IKE Certified. IKE University — our end-to-end training platform — continues to
grow as the authoritative educational resource for NESC compliance, OSHA safety, and IKE
product proficiency across the industry. Every certified engineer is a potential IKE user, and
every organisation we train is a potential IKE customer. This is market development that
hope will deliver compounding returns.
Customer Council and new product development
IKE's Customer Council — comprising Standards Directors from Investor-Owned Utilities
such as Duke Energy, Southern Company, Exelon, Florida Power & Light, Consumers Energy,
Entergy, and a number of other major North American utilities — remains one of the more
strategically valuable assets in the business. These are not passive advisory relationships.
Standards Directors are co-architects of IKE's product roadmap. When they shape a product
specification, it is likely to be embedded into their organisation's engineering standards.
This creates high demand confidence before launch, standards-level lock-in on adoption,
and institutional switching cost at its maximum. No amount of capital can replicate this in
three years. IKE earned it through a decade of delivery.
The two new customer council-led subscription software modules that we referenced earlier
in the year are progressing on plan. For Module One, we are targeting initial beta customer
testing within the next nine months. Work on Module Two is also underway, with prototyping
complete as we move into full-scale development. We believe each of these products has
the potential to generate more revenue than any product IKE has launched to date. We look
forward to keeping shareholders updated as development milestones are achieved.
CEO and Chair Commentary – FY26 // Year in Review

72026 ikeGPS Annual Report
Balance sheet and financial position
IKE ended FY26 with approximately NZ$33 million in cash and deposits, with no debt.
This is a strong balance sheet by any measure, and it gives IKE the financial capacity to
invest in the three dimensions of long-term value creation: new product development, new
customer acquisition, and selective M&A where the right opportunity arises. We intend to
allocate capital with the same discipline that has characterised IKE's management of the
business to date.
Board appointment
We were pleased to welcome Rod Snodgrass to the IKE Board as Non-Executive Director.
Rod brings deep executive experience from senior leadership roles in the infrastructure and
technology sectors. His knowledge of the markets in which IKE operates, and the capital
and commercial dynamics that define them, is directly relevant to IKE's next phase of
growth. His appointment further strengthens a Board that has guided IKE from a start-up to
a respected utility infrastructure software businesses in North America.
Market tailwinds — a once-in-a-generation infrastructure cycle
IKE operates at the intersection of several of the most powerful structural investment
cycles in the North American economy. US electric utility capital expenditure is projected
at between US$1.1 trillion and US$1.4 trillion from 2025 to 2030 — approximately US$194
billion in 2025 alone, growing at an 8.5% five-year CAGR. The United States electric grid
must scale from providing 20% to 50% of national energy capacity by 2050. Morningstar
DBRS has declared this a utility investment 'super-cycle' — the steepest demand
growth in decades.
Much of this capital expenditure touches the distribution layer — the part of the grid
where poles are assessed, joint use attachments are engineered, make-ready analysis is
completed, and grid hardening programmes are executed. This is the workflow layer that IKE
occupies. We are not watching the investment cycle from the outside. We are inside it.
Layered on top of grid capacity investment, 130 million wooden poles across North
America are approaching the 45-to-50-year failure threshold. Up to 35 million poles will
require replacement or reinforcement by 2035. Severe weather events now account for
80% of major US outages. The requirement for digital pole intelligence is not discretionary
— it is increasingly mandated for reliability and resiliency compliance by regulators, by
utilities themselves, and by the federal grant programmes investing in distribution network
modernisation.
CEO and Chair Commentary – FY26 // Year in Review

82026 ikeGPS Annual Report
The $43 billion BEAD broadband funding programme is expected to continue to drive fibre
attachment volume across utility poles. Every major fibre and 5G deployment requires a
structural load assessment for every pole. IKE software is a tool to run those assessments.
Outlook — FY27 guidance
We believe IKE enters FY27 with strong momentum across subscription revenue growth,
product development, customer acquisition, and market positioning. We expect platform
subscription revenue in FY27 at similar growth rates to those achieved in FY26. Our balance
sheet is strong, our pipeline is strong, our two new customer council-led products are
progressing on plan, and the macro tailwinds underpinning our market are strengthening,
not weakening. There are of course risks when building a high growth business, such as
potential new competitor market entry, potential new disruptive technologies, and macro-
economic shocks however FY27 is expected to be a year of continued execution against a
well-defined strategy.
On behalf of the IKE team — thank you to you our shareholders, and every person who
contributes to making IKE what it is. FY26 was great. We will build on it."
CEO and Chair Commentary – FY26 // Year in Review
Yours sincerely,
Alex Knowles
Chair and Non-Executive Director
ikeGPS Group Limited
Glenn Milnes
CEO & Managing Director
ikeGPS Group Limited

92026 ikeGPS Annual Report
FY26 performance headlines
FY26: Guidance delivered. Both lines.
AI-first model connects revenue growth to operating
leverage — revenue up, opex scales more slowly as AI
adoption & implementation proliferates
FY26 Platform Subscription revenue ~$19.2m; (+33% growth vs. pcp and
99% of target)
Achieved positive underlying EBITDA in March 2026
FY26 Annualized Exit Run Rate (ERR) Platform Subscription Revenue
~NZ$20.7m (+18% growth vs. pcp; +21% in constant currency)
FY26 Gross Margin percentage increased to ~80% (up from pcp of 69%)
Total Cash ~NZ$32.8m (up from ~NZ$32.3m reported 3Q), no debt
FY26 EBITDA -NZ$5.0M (up from –NZ$6.1M in FY’2025)
FY26 YTD Total Revenue ~NZ$26.6m (+6%growth vs. pcp)
•
Lower margin services business is below pcp due to regulatory / government
volatility in U.S. fibre communications market, that is expected to rebound
PCP (Prior Calendar Period)

102026 ikeGPS Annual Report
FY26 Platform Subscription Revenue
Annual Platform Subscription Revenue Growth +33%; Materially at Guidance
Annualized Exit Run Rate of Platform Subscription
Revenue of +18%
Growth in Constant Currency +21%

112026 ikeGPS Annual Report
Total Platform Subscription Seats Growth of +15% vs. pcp
From cross-sells and upsells
FY26 Platform Transaction Revenue of ~NZ$5.0m
Transaction Revenue -35% vs. pcp

122026 ikeGPS Annual Report
~91% YTD Revenue from Recurring and Re-Occurring Sources
FY26 Total Revenue by Segment vs. pcp

132026 ikeGPS Annual Report
FY26FY25% Change
Total Revenue$26.6m$25.2m+6%
Gross Margin$21.3m$17.4m+22%
Gross Margin %80%69%
Platform Subscriptions
Total Number of Subscription Customers
1
463429+8%
Platform Subscription Revenue$19.2m$14.4m+33%
Gross Margin$18.0m$12.8m+41%
Gross Margin %94%89%
Platform Transations
Total Number Billable Transactions164.0k288.1k-43%
Platform Transaction Revenue$5.0m$7.6m-35%
Gross Margin$1.7m$2.4m-32%
Gross Margin %34%68%
Hardware & Other
Hardware & Other Revenue$2.4m$3.2m-24%
Gross Margin$1.6m$2.2m-25%
Gross Margin %66%68%
FY26 key metrics
NZ$'millions
Calculated using a trailing 12 month customer count using subscription revenue (FY 2025 restated using this methodology).
1

142026 ikeGPS Annual Report
FY 2026 FY 2025
Comprehensive Loss(7,581)(16,336)
Add Back:
Interest Expense74 102
Tax Expense 1
Depreciation1,651 1,928
Amortisation1,275 3,124
Less:
Interest Income(449)(181)
EBITDA(11,362)(10,463)
Other Non-Cash Adjustments
Share Based Compensation1,191 943
Unrealised Foreign Exchange(771)(61)
Fair Value Adjustments(519)17
FCTR Gains/(Losses)89 (2)
Restructuring Costs
Impairment of Intangible Assets 4,351
Adjusted EBITDA(5,038)(6,113)
Adjusted EBITDA

152026 ikeGPS Annual Report
Customer and Market
Re-Cap
What IKE does, and the large, long-term North American market
opportunity being addressed.

162026 ikeGPS Annual Report
Facing common challenges
Grid resiliency requirements
IKE products dramatically improve the
engineering design & maintenance process
Regulatory and Engineering code compliance
Grid capacity requirementsAn ageing workforce, requiring tech
vs. more people
Significant legal liability risks
Investing in decades-long grid resiliency and grid capacity programs
More than 3,000 Electric Utilities and 200M
distribution assets across the U.S.

172026 ikeGPS Annual Report
Sources:
https://info.ornl.gov/sites/publications/Files/Pub160200.pdf and https://www.energy.gov/sites/default/files/2024-11/111524_Utility_Pole_
Maintenance_and_Upgrades.pdf
https://www.climate.gov/news-features/blogs/beyond-data/2024-active-year-us-billion-dollar-weather-and-climate-disasters
https://www.pwc.com/us/en/industries/energy-utilities-mining/library/assets/pwc-grid-modernization-strategy.pdf
Market tailwinds over the coming decades
95% of the market is still untapped
~25-35M wood poles
will require replacement or
reinforcement by 2035
130M wood poles
approaching the 45-50 year
threshold
Need for digital solutions
to increase speed, reliability, and
resiliency compliance
$345B opportunity
for digital pole data
analysis tools
North America's electric grid is entering a once-in-a-generation
investment cycle.
•
Up to US$2 trillion is expected to flow into U.S. grid modernization over the next decade,
driven by an aging infrastructure crisis that has now reached its inflection point.
•
Approximately 130 million wooden utility poles are approaching the 45–50 year failure
threshold, with an estimated 25–35 million poles requiring replacement or reinforcement
by 2035. At an average replacement cost of roughly US$10,800 per pole, this represents
an opportunity of up to US$345 billion in distribution poles alone.
•
Severe weather is accelerating the urgency — extreme events now drive around 80% of
major outages, with U.S. disaster costs reaching US$27 billion in 2024.

182026 ikeGPS Annual Report
Alaska
Hawaii
Hawaiian Electric Co.
Alaska Electric
Light and Power Co.
EEI U.S. Member Company Service Territories
PG&E = Pacific Gas and Electric Company
PPL = PPL Electric Utilities Corporation
PSO = Public Service Company of Oklahoma
RG&E = Rochester Gas and Electric Corporation
TolEd = Toledo Edison
UI = The United Illuminating Company
SWEPCO = Southwestern Electric Power Company
WPS = Wisconsin Public Service Corporation
NIPSCO = Northern Indiana Public Service Company
CHG&E = Central Hudson Gas & Electric Corp.
ConEd = Consolidated Edison Company of New York
IMP = Indiana Michigan Power
MGE = Madison Gas and Electric Company
NYSEG = New York State Electric & Gas Corporation
DP&L = Dayton Power & Light Company
FPU = Florida Public Utilities
IC = The Illuminating Company
Map Abbreviation Key
Transmission-Only Utilities
American Transmission CompanyWisconsin, Michigan, Minnesota and Illinois
ITC Holdings Corp.Michigan, Iowa, Minnesota, Illinois, Missouri and Kansas
Sharyland Utilities Texas
Vermont Electric Power CompanyVermont
SCE&G = South Carolina Electric & Gas

Arizona Public
Service Co.
Avista Utilities
ComEd
Consumers
Energy
El Paso
Electric
Alliant Energy
MidAmerican Energy
Idaho Power
Montana-Dakota Utilities
NorthWestern Energy
NorthWestern Energy
Otter Tail Power
PG&E
Penelec
Potomac
Edison
Puget Sound
Energy
NV Energy
Southern
California Edison
DTE Energy
AEP Texas
Alabama
Power
CenterPoint Energy
Duke Energy
Mt. Carmel Public
Utility Co.
Entergy
Texas
Georgia
Power
Mississippi
Power
Duke Energy
FPU
TNMP
UniSource
Central Maine Power
Versant Power
Duke Energy
Entergy
Louisiana
Entergy
Mississippi
NYSEG
Oklahoma Gas &
Electric Company
PSO
Minnesota
Power
Penn Power
PNM
Xcel Energy
Rocky Mountain Power
Pacific Power
CHG&E
Entergy
Arkansas
NIPSCO
Ohio Edison
PPL
UGI
IC
SWEPCO
Oncor
TolEd
Evergy
Ameren Missouri
Appalachian
Power Company
Dominion Energy
Dominion Energy
AES Indiana
Kentucky
Power
LG&E and KU
AES Ohio
AEP Ohio
CenterPoint Energy
Ameren Illinois
UIUI
Black Hills Energy
Cleco
PSEG Long Island
Rhode Island Energy
PECO
Member Companies with No Service Territory
Ohio Valley Electric Corporation
Tennessee Valley Authority
(EEI Strategic Partner)
West Penn
Power
Mon Power
Liberty
Tucson Electric
Power
Duquesne Light
Company
Entergy New Orleans
Superior Water, Light, and Power
Tampa Electric
MGE
Atlantic City Electric
Delmarva Power
BGE
PEPCO
Met-Ed
National
Grid
RG&E
Portland General
Electric
Orange and Rockland
Public Service Electric and Gas Co.
Jersey Central Power & Light
ConEd
Florida Power & Light
Green Mountain Power
Unitil
Liberty
Eversource Energy
We Energies
Upper Peninsula Power Company
Xcel Energy
Upper Michigan Energy Resources
IMP
San Diego Gas
& Electric
Liberty
Source:
Produced by Edison Electric Institute.
Data Source: ABB, Velocity Suite. August 2024
https://www.eei.org/-/media/Project/EEI/Documents/About/EEI-Member-Map.pdf
A huge expansion opportunity at investor-owned utilities
U.S. market-map of Investor-Owned Utilities
(multi-$B companies)

192026 ikeGPS Annual Report
Source:
Produced by University of Wisconsin Center for Cooperatives.
Data Sources: University of Wisconsin Center for Cooperatives and UW-Extension
https://reic.uwcc.wisc.edu/electric/
Ta ke a w a y s
•
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.
Sales opportunities for IKE products
>2,800 Municipality and Co-Operative Electric
Utility groups

202026 ikeGPS Annual Report
•
8 of the 10 largest Investor-Owned Utilities (“IOUs”) in North America, all
multi-billion dollar businesses.
•
Several of the largest comms groups in North America: AT&T ($107B),
Crown Castle ($39B), and Bell Canada ($47B).
•
A growing footprint of the tier-2 fiber companies.
•
>490 customers in North America, with 83 new logos added in FY26 or
approx. 1.6 per week.
•
>5,000 enterprise target accounts to pursue overall.
Opportunities to:
•
Grow, upsell, and cross-sell IKE products into an existing customer base.
•
Win new logos in the North American market.
•
Expand into international markets.
Our customers
IKE lands and then expands

212026 ikeGPS Annual Report
IKE dramatically speeds up the network
deployment process
Speeding up network deployments
Utility poles remain the strategic backbone for fiber
and 5G small-cell deployments, supporting thousands
of new cell sites and fiber attachments per project.
IKE solutions make fiber and 5G network deployments faster.
•
$43B in BEAD funding drives unprecedented fiber attachment volume on utility poles.
•
FCC defines “large attachment requests” as 3,000+ poles per project
1
, mass digitization
is required for survey and make-ready.
•
Global 5G small cell market exploding from $7.5B (2025) to $74.6B (2032) – outdoor
deployments depend on pole loading and clearance analysis.
2

•
By 2026, there will be more than 800,000 small cells in the United States, up from
•
about 86,000 in 2018.
3
https://www.fcclawblog.com/2025/07/articles/fcc/fcc-adopts-new-pole-attachment-rules-to-streamline-broadband-deployment/
1
2
https://www.fortunebusinessinsights.com/industry-reports/5g-small-cell-market-101600
3
https://www.researchandmarkets.com/reports/4833401/small-cell-5g-network-market-share-analysis

222026 ikeGPS Annual Report
Crown Castle in Florida
AT&T in 7 example States
A map-view of usage
How IKE customers deploy our software

232026 ikeGPS Annual Report
Revenue
“Today”
Sales Team
Expansion/New
Customers
Cross Sell & Upsell
into Existing
Customer Base
Inorganic
Growth
International
Expansion
Revenue
“Future”
Sales Team
Expansion/
New Logos
1
Cross Sell
& Upsell
2
Platform for
Inorganic Growth
3
International
Expansion
4
1
2
3
4
Growth potential at IKE
Multiple avenues supporting future
growth potential

242026 ikeGPS Annual Report
Solution Overview
IKE's industry-leading data acquisition and structural
analysis solutions deliver actionable insights into power and
communication infrastructure, empowering electric utilities,
engineering firms, and communications companies to
efficiently and safely manage their overhead assets.

252026 ikeGPS Annual Report
The grid faces unprecedented challenges
IKE has complete field-to-finish solutions to engineer
a network through its lifecycle
Business model upshot
•
A recurring subscription to access any IKE Solution
•
Additive, recurring revenue based on usage (license seats or transactions)
•
Optional value-added products, such as IKE Analyze (driving further transaction
revenue) and training via IKE University
Field Data Collection platform
with back-office tools
and dashboards
Tech-enabled pole data analysis, delivered by IKE experts.
Self-paced or instructor-led product training offerings
and NESC courses to simplify the complex Code and offer
practical insights for utility and communications workers.
Accurate, reliable, and
defendable pole load analysis
adhering to NESC compliance
Solution for gaining actionable
insights from new or existing
digital imagery or data sources
IKE Office ProIKE Insight
IKE University
IKE Analyze
IKE PoleForeman
™

262026 ikeGPS Annual Report
We continue to advance our product development efforts with the launch of PolePilot™, a new AI-
powered automated assistant now available within IKE Office Pro, our leading pole data management
solution. PolePilot leverages IKE's proprietary AI/ML algorithms and computer vision capabilities to
automatically detect and annotate equipment and attachment heights on utility poles — including power
and communications lines, transformers, and streetlights. This launch reflects our ongoing commitment
to delivering intelligent automation across our platform, building on existing capabilities such as double
wood detection and joint-use ticket management, and expanding the value we provide to customers
managing critical overhead infrastructure.
PolePilot directly addresses key operational pain points for our customers by materially reducing the
time and cost required to annotate pole data, minimizing human error, improving data consistency, and
accelerating onboarding for new analysts.
Future PolePilot applications are already planned across the broader IKE overhead asset management
suite, underscoring our commitment to continuous innovation and positioning IKE as the platform of
choice for electric utilities, communications companies, and engineering firms as they tackle critical
infrastructure objectives such as grid resiliency and fiber broadband expansion.
Continuous innovations
Advancing user adoption through
product development

272026 ikeGPS Annual Report
IKE Office Pro
The IKE Device accelerates field data collection while improving data quality and worker safety.
Captured pole data flows into IKE Office Pro - a centralized cloud-based command center that enables
real-time collaboration across fielding crews, back-office teams, and third-party partners. IKE Office
Pro's automated photo analysis, verification tools, and standardized export capabilities integrate directly
with customers' existing GIS, asset management, and engineering platforms, eliminating workflow
bottlenecks and driving end-to-end process automation from field to finish.
Field data collection and management
IKE Office Pro

282026 ikeGPS Annual Report
IKE PoleForeman
™
IKE PoleForeman has been the industry standard for pole loading analysis (PLA) for more than 20
years, trusted by some of the largest electric utilities in North America to deliver accurate, reliable,
and defendable structural assessments. Its deep integration with IKE Office Pro enables high-
volume pole imports for rapid PLA at scale, with export capabilities built around the formats and
systems most widely used across the industry — reducing friction and accelerating time-to-insight
for utility customers. Together, IKE PoleForeman and IKE Office Pro maintain a consistent digital
twin of grid infrastructure, positioning IKE as an end-to-end platform for system resilience and
long-term grid modernization.
Structural analysis
IKE PoleForeman

292026 ikeGPS Annual Report
IKE Insight
IKE Insight is the industry’s go-to tool for gaining actionable insights from new or existing digital
imagery or data sources. IKE Insight allows utilities, communication companies and engineering firms
to detect, measure, ask questions, and take action using images and data sourced from Google Street
View, drones, satellites, and other methods.
Actionable insights and automation
IKE Insight

302026 ikeGPS Annual Report
IKE Analyze
IKE Analyze delivers customized engineering expertise across a comprehensive suite of structural
analysis, joint use management, permitting, and PE-stamped pole loading solutions - supporting utilities
and engineering firms through new project launches and large-scale operational growth, all delivered
across the industry's leading software and utility platforms.
Services
IKE Analyze

312026 ikeGPS Annual Report
IKE University
IKE University has become a universal training asset for IKE Customers. Customers consume content
via video and instructor-led channels. More than 3,000 engineers across the industry in North America
have become certified IKE experts through the IKE University curriculum. The business model is via
per-course fees.
IKE provides National Electrical Safety Code (NESC) and Occupational Safety and Health Administration
(OSHA) training. Ranging from 90-minute seminars to two-day in-depth classes, IKE can host virtual
or in-person training for your organization. Having acquired Marne & Associates Training business, IKE
continues to invest in educating the Utility industry’s professionals.
NESC, OSHA, and product training
IKE University

322026 ikeGPS Annual Report
Leadership Team

332026 ikeGPS Annual Report
Glenn Milnes
Chief Executive Officer & Managing Director
Glenn Milnes is the CEO and managing director at ikeGPS, where he
is accountable for the company’s overall strategy, performance, and
growth. Glenn joined ikeGPS following more than a decade of leadership
roles at organizations including International Communications group,
Cable & Wireless International, London, where he oversaw a group of
more than 30 fixed and wireless businesses, and No. 8 Ventures.
Before entering the business world, Glenn played professional cricket in
New Zealand, England, and The Netherlands, representing New Zealand
at various levels. Glenn holds an MBA with Distinction from Imperial
College London, a Bachelor of Science with First-Class Honors from
Oxford Brookes University and a Bachelor of Physical Education from the
University of Otago.
Malcolm Young
SVP Structural Analysis and Head of IKE PoleForeman
As VP of Structural Analysis Malcolm is responsible for the development
and delivery of IKE’s structural analysis products and for the quality
control function for IKE Analyze. Prior to joining IKE, Malcolm was
founder and president of PowerLine Technology – the developer of IKE’s
PoleForeman product – where he built the company to the position of
having some of the largest investor-owned utilities in North America
as embedded customers. Before that Malcolm held senior engineering
management positions at Alabama Power. Malcolm is a qualified
structural engineer and is considered to be one of the preeminent
thought leaders in the U.S.A. market related to power poles and a
structural analysis.
Lydia Siloka
Head of People
Lydia joined IKE in the second half of 2020 to lead our people function
and drive employee engagement. Lydia joins IKE having been in People
leadership positions across a range of international and growth businesses
including as Senior People Manager at Amazon, Country People Director at
Thales Digital and Security, HR Manager, South Africa for Teleperformance,
and a HR leader at Victoria University.

342026 ikeGPS Annual Report
Chris DeJohn
Senior Vice President of Sales and Business Development
Chris brings a wealth of experience in the enterprise and
telecommunications market, having participated in the emergence
and transformation of some of the largest data, cellular, and voice
network infrastructure in the world throughout his career. He has seen
how modernization and economics fundamentally changed with the
application of new technologies. With the nation’s utility industries on
the verge of a similar radical shift, Chris helps lead IKE’s application
of our cutting edge technology to guide customers in navigating
this evolution.
Jareth Rossking
Head of Engineering
Jareth leads our engineering teams across the IKE Office Pro, IKE
Structural (PoleForeman), and IKE Insight solutions. He has 10+ years of
experience in the information technology industry specializing in the utility
sector. Jareth started his career as a software developer and grew into
the Head of Engineering role at AgilityCIS, where his team consisted of 75
developers working across a number of countries and timezones.
Ani Adzhemyan
Chief Marketing Officer
As Chief Marketing Officer, Ani Adzhemyan leads IKE's Marketing,
Communications and Brand functions. Ani brings 19 years of experience
in marketing, focusing on the industrial and energy sectors. Prior to IKE,
Ani spearheaded marketing at an industrial automation startup and held
a range of marketing roles with technology leaders like IBM, GE, ABB,
and Hitachi Energy. Ani has led cross-functional global marketing teams
for over seven years, previously working as a marketing leader in various
regions: North America, Europe, the Middle East, and Africa. Ani drives
a culture of innovation combined with data-driven decision-making
in marketing.

352026 ikeGPS Annual Report
Leon Toorenburg
Chief Technology Officer
Leon Toorenburg is the Chief Technology Officer at ikeGPS, where
he leads the research department to investigate how to leverage new
technologies to simplify and speed up ikeGPS customers’ workflow.
Leon is the founder of ikeGPS and has been instrumental in the
development of all ikeGPS’ products. He holds numerous U.S. and
international patents on measurement technologies. Leon holds a
Bachelor of Science from Victoria University and Bachelor of Engineering
with honors from Canterbury University.
Brett Willitt
Senior Vice President Product
Brett brings an impressive track record with over 25 years in grid asset
management, earning him recognition as one of North America's foremost
experts in distribution structural analysis and asset management. Before
his tenure at IKE, he served as a Senior Director at Bentley Systems
Inc., following its acquisition of SPIDA Software in 2021, where he was
President. Brett's extensive utility industry experience includes key roles
such as Product Engineering Manager at Osmose Utilities Services, Inc.,
and Joint Use Program Manager at FirstEnergy Corp. His professional
journey began as an OSP Planning Engineer at Verizon and he holds a BS
in Civil Engineering from Clarkson University.
Paul Cardosi
Chief Financial Officer
Paul is a finance and business leader and brings experience scaling
smaller high-growth SaaS businesses as well as leading larger SaaS
businesses across the construction and supply chain industries. He most
recently held several senior finance and business leadership roles within
Trimble, Inc. (NASDAQ: TRMB), including finance leader of Trimble’s
engineering and construction technology business and general manager
of Trimble's fleet telematics business. Prior to Trimble, Paul was CFO
of Spatial Corp. a 3D design software division of Dassault Systemes
(Euronext: DSY), and CFO and co-founder of CreekPath Systems, a
data storage management company. Paul has an MBA from Strathclyde
Business School (Glasgow, UK) and holds an active Certified Public
Accounting (CPA) license.

362026 ikeGPS Annual Report
Corporate Governance

372026 ikeGPS Annual Report
Board of Directors
Alex Knowles
Chair & Director
(Appointed as a director in 2011 and Chair 2021)
Alex has investing and operating experience
with international companies in the information
technology and transportation industries. Based
in Los Angeles, he was formerly Chief Operating
Officer of the largest international freight
forwarder and small parcel consolidator in the U.S.
Roz Buick
Independent Director
(Appointed as a director in 2023)
Roz brings more than 25 years of experience
from executive leadership positions across global
utility, engineering, construction, real estate and
agriculture markets with companies including
Oracle Inc. and Trimble Inc. Roz is an industry
leader who has led businesses through new
growth strategies that are market differentiating
and innovative, both with product and go-to-
market strategies.
Fred Lax (MSEE AND BSEE)
Independent Director
(Appointed as a director in 2014)
Fred Lax is an executive leader with extensive
global experience in the telecommunications
industry and related technologies. Based in
California, he is a former director of NASDAQ-
listed Ikanos Communications Inc. (acquired by
Qualcomm Atheros), and former Chief Executive
Officer and President of NASDAQ-listed
Tekelec, Inc.
Rod Snodgrass
Independent Director
(Appointed as a director in 2025)
Rod is a recognized leader in business
transformation and growth strategy who has
successfully guided organizations through
market transitions, product innovation, and
revenue expansion initiatives across the
telecommunications and technology sectors.
Rod is a Fellow Chartered Accountant and is
also a member of the New Zealand Institute of
Directors, and immediately joined IKE’s Audit &
Risk Committee.
Glenn Milnes (MBA (Dist.),
BSc (Hons), B PhD)
CEO & Managing Director
(
Appointed as a CE0 and Managing Director in 2013)
Glenn Milnes is the CEO and Managing Director at
ikeGPS, where he is accountable for the company's
overall strategy, performance, and growth. Prior
to leading ikeGPS, Glenn previously held senior
executive, strategy and corporate development
positions in the Communications industry with
Cable & Wireless International, and No 8 Ventures.
Mark Ratcliffe
Independent Director
(
Appointed as a director in 2020)
Mark was the founding CEO of Chorus New
Zealand from 2007 to 2017 where he led the
deployment of New Zealand’s national fiber
network. Prior to Chorus Mark was CIO and COO
of Spark (formerly Telecom NZ). Prior governance
roles include Director of 2 Degrees from 2017 to
2020. The majority of his current portfolio is in the
Infrastructure Sector and currently the chair of
Clarus and Harmoney Energy, a member of other
private and public sector boards and a recent
appointment to Infratil owned OneNZ.

382026 ikeGPS Annual Report
•
Constitution
•
Corporate Governance Code
•
Code of Ethics
•
Diversity Policy
•
Securities Trading Policy
•
Continuous Disclosure Policy
•
Nominations and Remuneration Committee Charter
•
Audit and Risk Management Committee Charter
ikeGPS Group Limited (“the Group”) is a New Zealand company. Its shares are quoted on the New
Zealand Stock Exchange (NZX) and Australian Securities Exchanges (ASX). The Group became a foreign
exempt listed issuer on the ASX in September 2016.
On our website: https://ikegps.com/investors/ you will find the following corporate governance
documents referred to in this section:
There was no material changed in the nature of the Group’s business during the year ended
31 March 2026.
Corporate governance statement
Under NZX Rule 3.7.1 and 3.8.1, NZX has a set of principles and recommendations, the NZX Corporate
Governance Code, that listed companies must report against. The overarching purpose of the NZX Code
is to promote good corporate governance. The Board considers that, as at 31 March 2026, the Company
complies with the recommendations set by the NZX Corporate Governance Code, except where it
deems alternative measures are more appropriate as disclosed.
For the purposes of ASX Listing Rule 1.15.3, ikeGPS Group confirms it continues to comply with the
listing rules of the NZX.
Board composition and performance
The structure of the Group’s Board and its governance arrangements are set out in the Company’s
Constitution and in the Board’s written Charter setting out the Board’s roles and responsibilities. The
management and control of the business of the Group are vested in the Board. The Charter sets out the
matters reserved for our decision-making, including (amongst other key matters) the establishment of
the Company’s overall strategic direction and strategic plans.
Management is responsible for implementing the strategic objectives, operating within the risk appetite
the Board has set, and for all other aspects of the day-to-day running of the Company.
The Board delegates the day-to-day leadership and management of the Company to the CEO. The
delegations are set out in the Board Charter and in a Delegated Authority framework, which also sets
out authority levels for types of commitments that the Company’s management can make.
The nominations and remuneration committee identifies and recommends to the Board individuals
for nomination as members of the Board and its Committees considering such factors as it deems
appropriate, including experience, qualifications, judgment, and the ability to work with other Directors.
Board meetings
Between 1 April 2025 and 31 March 2026, 9 Board meetings were held. All meetings were attended by
all who were Directors (or committee members) at the time of the meeting.

392026 ikeGPS Annual Report
31 March 202631 March 2025
FemaleMale
Another
Gender
FemaleMale
Another
Gender
Directors15-15-
% of Directors17%83%-17%83%-
Officers-2--2-
% of Directors -100%--2-
Board composition
The Board considers its composition in accordance with the institute of directors’ framework. The
Directors believe the respective skills and experience of individual Directors to be complementary,
appropriate for the Group, balanced, and reasonably diverse. The Group’s Directors have expertise and
experience in strategy development, executive leadership, acquisitions and divestment, technology,
data, corporate responsibility, governance, legal and regulatory matters, public policy, and finance
(including the assessment of financial controls). In accordance with the applicable listing rules, all
directors are re-elected within three years or on the third annual general meeting following their
appointment.
The Board has three Directors who are ordinarily resident in New Zealand, these are Mark Ratcliffe, Rod
Snodgrass, and Roz Buick.
Director independence
The Board Charter requires that at least two Directors be Independent Directors, and sets out the
circumstances in which a Director will not be regarded as independent. The Board assesses the
independence of each non-executive Director annually, and on appointment, against the definition
of Independent Director in the NZX Listing Rules and the factors in Table 2.4 of the NZX Corporate
Governance Code. Each Director provides ongoing disclosure of interests, positions, associations and
relationships relevant to that assessment, and the interests register is updated at each Board meeting.
Both Alex Knowles and Fred Lax have (at balance date, or shortly thereafter) been Directors for longer
than 12 years triggering one of the factors described in the NZX Corporate Governance Code. In the
case of both the Board determined that this factor does not give rise to a Disqualifying Relationship
because they both have no employment, contractual or business relationship with the Group beyond
directorship; the fees charged do not represent a substantial portion of annual revenue; and their
experience continues to strengthen the Board's oversight of management rather than align him with it.
Following its review for the year ended 31 March 2026, the Board has determined that Alex Knowles,
Roz Buick, Mark Ratcliffe, Fred Lax, and Rod Snodgrass are Independent Directors, and that a majority
of the Board is therefore independent. Glenn Milnes, as CEO and Managing Director, is an executive
Director and is not independent.
Diversity policy
The Group fosters an inclusive working environment that promotes employment equity and workforce
diversity at all levels, including within the executive team and Board. The Diversity policy is available
on the investor relations website. A gender breakdown of Directors and Officers of the Group and its
subsidiaries as at 31 March 2026 and 31 March 2025 is detailed below. For the purposes of accurate
disclosure, Glenn Milnes is shown both as a Director and an Officer.

402026 ikeGPS Annual Report
Director training
Each Director undertakes appropriate education to remain current in how to best perform their duties as
Directors. Individual Directors maintain membership of relevant bodies such as the Institute of Directors
and receive information independently and from management in relation to specific issues relevant to
the Group, the markets in which it operates, or to NZX and ASX listed companies generally.
Board performance
On a regular basis the Board reviews how it is performing. The review process comprises a group
self-evaluation relating to Board and committee composition and performance. The Board believes
this process is effective and believes it helps to refine the Group’s strategy-setting processes, and the
information provided in Board papers. Broadly, the Board is satisfied that the Board and its committees
are operating well, and that the performance process used is both effective and suited to the company.
Remuneration
Remuneration of directors
Directors’ fees are currently set at a maximum of $550,000 for the non-executive Directors. The actual
amount of fees paid in the year to 31 March 2026 was $391,345.
Directors’ fees and other remuneration and benefits (including share option expense) from the Company
recognized in profit or loss during the accounting period ended 31 March 2026 are as follows:
Each Director is separately entitled to be reimbursed for reasonable traveling, accommodation, and
other expenses incurred in performing their role as a Director any reimbursement is not reflected above.
No Director of either of the Group’s subsidiaries receives any remuneration in that capacity.
Options granted to Directors are stated below in Directors’ relevant interests.
The last increase in Directors’ fees was made with effect from April 2025.
DirectorSalary & Board FeesShare Option Expense and Other Benefits
Alex Knowles$104,004$10,800
Frederick Lax$86,670$9,000
Mark Ratcliffe$85,835$9,270
Roz Buick$61,100$6,667
Rod Snodgrass $18,000$0
Glenn Milnes*$879,089$398,932
To t a l$1,234,698$434,669
Glenn Milnes received salary, STI, and entitlements in US$ as employee of ikeGPS Inc. The
remuneration shown above has been converted to NZ$ at the average rate for the month each
transaction took place. Glenn received no remuneration in his capacity as a Director of the Group.
*

412026 ikeGPS Annual Report
Chief Executive Officer (CEO)
Glenn Milnes’s employment agreement for his role as CEO commenced in July 2010. His agreement
reflects appropriate standard conditions for a CEO of a listed company.
Glenn’s remuneration is a combination of fixed salary and incentive arrangements.
The employee stock options have vesting dates from 2024 to 2030. Vesting at each date is dependent
on him remaining an employee at the applicable vesting date.
The variable remuneration items are a Short Term Incentive (STI) component set at up to 50% of
base salary, and a Long Term Incentive (LTI) component set at up to 50% of base salary, in employee
stock options. These are measured against specific financial and non-financial targets set annually
by the Board.
The CEO's variable remuneration for FY26 was structured with 50% linked to IKE's financial
performance, and 50% linked to Board-approved strategic KPIs covering capital markets management,
relative share price performance against ASX and NZX peers, new product development, and talent
retention & hiring.
IKE fully achieved the financial and capital markets component, reflecting approximately 33%
subscription revenue growth, balance sheet strength, and delivery of FY26 guidance for EBITDA. The
Board assessed achievement against the strategic KPI component based on investor engagement,
relative market performance, and organizational technology and talent outcomes
Remuneration of employees
The Group aims to have a remuneration framework and policies to attract and retain talented and
motivated people.
The Company wants to:
•
Be recognized as a great place to work, and attract, retain and motivate high-performing individuals.
•
Align employee incentives with the achievement of good business performance and shareholder return.
•
Recognize and reward individual success while encouraging teamwork and a high-performance culture.
•
Be competitive in the labour market.
•
Be fair, consistent, and easy to understand.
Salary and Benefits
1
Short Term Incentive
2
Long Term Incentive (Options)
3
Option Exercise Price (NZD)
FY26$516,338$201,150
4
1,257,2620.940
FY25$519,500$96,876
5
608,0000.475
Salary plus all Benefits (includes all taxes, Medical, 401k, etc.)
1
Long Term Incentive is set at up to 50% of base salary in employee stock options
3
STI paid in FY2026 relating to performance in FY2025
4
STI paid in FY2025 relating to performance in FY2024
5
Short Term Incentive is linked to specific financial and non-financial targets set annually by the Board.
This is set at up to 50% of base salary
2
All values in the below table are represented in US Dollars to reflect currency of payment unless otherwise indicated

422026 ikeGPS Annual Report
Employee remuneration principles
The Group uses market data to determine
competitive salary and total remuneration levels
for all staff. The Group makes allowance for
individual performance, scarcity of skills, internal
relativities, and specific business needs. The
Group is operating in a growth industry and has a
skilled and mobile workforce.
The Group has a annual performance review
process which supports and complements the
remuneration review process.
All employees have fixed remuneration.
Selected employees have the potential to earn
a Short Term Incentive (STI) and Long Term
incentive (LTI).
Ethical Behaviour
Code of conduct
The Group has a Code of Ethics, setting out the
ethical and behavioural standards expected of
Directors and staff. Directors and staff are also
expected to uphold the Group's values.
Whistleblowing
The Group Code of Ethics includes specific
direction on action to be taken by a person who
suspects a breach of the Code.
Avoiding conflicts of interest
The Board is updated at each meeting on
changes in Directors’ interests and any
potential conflicts. The register records relevant
transactions and our disclosures of interests. A
current listing of Directors’ interests is found on
pages 48-49.
Trading in securities
The Groups Directors are restricted from trading
in the Group's shares under New Zealand law
and by the Group's Security Trading Policy. This
policy applies to both Directors and employees.
The policy details “blackout periods” where
trading is forbidden, as well as a process for
authorization at other times. Our Director's
current shareholdings are set out on page 50.

432026 ikeGPS Annual Report
Committees
The Board committees review and consider in
detail the policies and strategies developed by
management. They examine proposals and make
recommendations to the Board. They don’t take
action or make decisions on behalf of the Board
unless specifically mandated to do so.
During the FY26 year, the Group’s standing
Board committees were the:
•
Audit, Risk Management, and Sustainability
committee
•
Nominations and Remuneration committee
Audit, Risk Management, and Sustainability (ARC)
committee:
Fred Lax (chair), Mark Ratcliffe, Rod Snodgrass
All members of the Committee are now
independent non-executive Directors, consistent
with recommendation 3.1 of the NZX Corporate
Governance Code and NZX Listing Rule 2.13.2.
The Committee is chaired by Fred Lax, an
Independent Director who is not the Chair of
the Board. Fred has extensive governance
experience and has chaired the audit committees
of other public companies. Mark Ratcliffe is
the member with the requisite finance and
accounting background for the purposes of NZX
Listing Rule 2.13.2(b). Rod Snodgrass joined
the Committee following his appointment to
the Board, bringing executive leadership and
technology-sector governance experience.
Changes during the year: Glenn Milnes, CEO
and Managing Director, stepped down as a
member of the Committee on 1 December 2025.
This change was made to align the Committee's
composition fully with recommendation 3.1
of the NZX Code, which recommends that an
audit committee comprise solely non-executive
Directors. Until that date, Mr Milnes served as a
member as disclosed in prior annual reports.
The CEO, CFO, and other members of
management attend Committee meetings by
invitation only.
The committee’s Charter is set out on the
investor relations website and is reviewed and
updated every two years, or as required. The
committee met four times in the year to 31
March 2026. All meetings were attended by all
who were committee members at the time of
the meeting.
Management attends meetings only at the
committee's invitation and are not present
for any part of a meeting at which their own
performance, remuneration or matters affecting
their independence are considered. At least
annually, the committee meets with the external
auditors with management excluded.
Nominations and Remuneration committee:
Mark Ratcliffe (Chair), Fred Lax
The committee members are independent
Directors. The committee met on two occasions
in the year to 31 March 2026. This committee has
oversight of matters of recruitment, retention,
and remuneration.
Other committee matters
The Board will occasionally appoint a committee
of Directors to consider or approve a specific
proposal or action if the timing of meetings
or availability of Directors means the matter
cannot be considered by the full Board. Their
deliberations and decisions are reported
back to the Board not later than the next
meeting following.
Takeover protocol
The Board has decided not to establish a
takeover committee or protocols documenting
the procedure to be followed in the event
it receives a takeover offer. The Board has
determined that due to the current size and
make-up of the Board, with a majority of
independent directors it can manage a takeover
process and any additional issues effectively as
a whole Board should it arise.
The Board will review this position if
the composition or size of the Board
changes materially.

442026 ikeGPS Annual Report
Reporting and disclosure
Financial reporting
The Board is responsible for ensuring
the integrity of the Group’s reporting to
shareholders, including for financial statements
that comply with generally accepted accounting
practices. The Board’s ARC oversees the
quality, reliability, and accuracy of the financial
statements and related documents (the ARC
role is described fully in its Charter). In doing so,
the committee makes inquiries of management
and external auditors (including requiring
management representations) so that the
committee can be satisfied as to the validity
and accuracy of all aspects of the Group’s
financial reporting.
The CEO and CFO certify to the Board that the
integrity of the financial statements is founded
on a sound system of risk management and
internal compliance and control.
Non-financial reporting
Under recent reforms and developments ikeGPS
will no longer classified as a Climate Reporting
Entity. Under the relief available whilst these
changes are enacted ikeGPS is not required to
prepare mandatory climate statements for the
year ended 31 March 2026.
The Board and management of ikeGPS will
continue to monitor legislative developments
in both jurisdictions and assess the Group's
reporting obligations as applicable thresholds
and commencement dates approach.
The Group is predominantly an office-based
software company with minimal impact on non-
financial risks.
Disclosure to the market
The Group has a written disclosure policy – the
Continuous Disclosure Policy, found on the
investor relations site. It sets out requirements
for full and timely disclosure to the market of
material issues, so all stakeholders have equal
access to information. The Board reviews and
approves material announcements. The Board
specifically consider with management at each
Board meeting whether there are any issues
which might require disclosure to the market
under the NZX and ASX continuous disclosure
requirements.
Information for investors
The Group’s annual meeting will be held virtually
on Thursday, 10 September 2026 (NZT). A notice
of the meeting and proxy form will be circulated
to shareholders closer to the time. The external
auditors, Grant Thornton, will respond to any
questions submitted prior to the meeting.
Risk management
The Group has an enterprise risk management
framework in place to identify, quantify and
monitor risks. That framework categorizes the
enterprise risks and sets out specific actions
to effectively manage each risk. Management
reviews the enterprise risk register.
The Group doesn’t have an internal audit
function. Given the size of the business and
the current stage of its development, the Board
has determined that the costs and benefits of
establishing a formal internal audit function are
not justified. The Board will continue to review
this position as the Group grows. Risk oversight
is maintained through management's ERM
framework and the ARC's oversight role.
Health and safety risk
The Group values our people's health, safety, and
wellness, and we believe that everyone should
be able to work in an environment where risks
are managed and controlled. Management has
adopted health, safety, and wellness measures
to address and mitigate identified risks.
The Group is a relatively low-risk office-based
business. However, we do have employees
performing training and, in some instances,
fieldwork for customers. The Board is conscious
of these risks to employees and have viewed the
actions currently in place to mitigate these. The
frequency of incidents has been very low, so the
Board has not required LTIFR reporting to date.

452026 ikeGPS Annual Report
Auditors
The Group has an external Auditor Policy that
requires the external auditor to be independent
and to be seen as independent. The Board is
satisfied that there is no relationship between
the auditor and the Group or any related
person at this time that could compromise the
auditor’s independence. The Board also obtained
confirmation of independence formally from
the auditor. To ensure full and frank dialogue
amongst the ARC and the auditors, the auditor’s
senior representatives meet separately with
the ARC (without management present) at least
once a year.
Non-audit work
The Audit Independence Policy sets out
restrictions on non-audit work that the auditor
can perform.
Shareholder rights and relations
The Group’s financial reports and corporate
governance documentation is available on the
group’s website https://ikegps.com/investors/.
The Group keeps shareholders informed
through periodic reporting to NZX and ASX and
through its continuous disclosure. The Group
provides briefings and presentations to media
and analysts (which are made immediately
available on the investor relations website)
and communicates with shareholders through
periodic reports, annual shareholder meetings,
as well as through a range of releases to media
on matters which the company believes will
interest shareholders and members. The Group
encourages shareholders to refer to the investor
relations website and to receive annual and
half-year reports electronically. The Group takes
care to write all shareholder communications in
a clear and straightforward way and to limit the
use of jargon.

462026 ikeGPS Annual Report
Disclosures

472026 ikeGPS Annual Report
Audit fees
The amounts payable to Grant Thornton as
auditor of the Group are as set out in Note 6 to
the financial statements.
There were no fees paid to Grant Thornton other
than those paid as audit fees.
Subsidiary company directors
The following people held office as Directors
of subsidiary companies of the Group on
31 March 2026:
1. ikeGPS Inc: Glenn Milnes
2. ikeGPS Limited: Glenn Milnes
Dividends
As part of the Group's growth plans, dividends
are not currently paid, and the Board did not
declare a dividend in respect of the period
ending 31 March 2026, nor does it expect to
declare any dividends during the period ending
31 March 2027.
Share trading
The Company does not trade in its own
shares and there no current on-market
buy-back scheme.
Net tangible assets
The Net Tangible Assets per security on 31
March 2026 was $0.09 (31 March 2025: -$0.09).
NZX waivers
There were no waivers obtained or relied on
during the period to 31 March 2026.
Officers
The Group’s officers as at 31 March 2026, and
their respective roles, were as follows:
Glenn Milnes, Chief Executive Officer
Paul Cardosi, Chief Financial Officer
Annual Meeting
The Group will hold an Annual Meeting of
shareholders on Thursday, 10 September 2026
(NZT). A notice of Meeting and Proxy Form will
be circulated to shareholders closer to the time.

482026 ikeGPS Annual Report
DirectorInterestDeclaration
Glenn Milnes - CEO & Managing DirectorNo conflicting interests
The Wild Group LimitedDirector
Alex Knowles - Non Executive DirectorNo conflicting interests
Alphian Investments LtdDirector
A Way To Move IncDirector
ShiAleDirector
AWA Shipping / Intelligent SCM LLCBoard Member
Climate Coatings LtdDirector
Road to Success InBoard Member
Mark Ratcliffe - Non Executive Independent
Director
No conflicting interests
Ratcliffe Barker Family TrustTrustee and Beneficiary
Mark Ratcliffe Consulting LtdDirector and Shareholder
Clarus GroupNon-Exec Director and Chair
Kaibosh Food Rescue
Board Member, Trustee, and
Chair
WilliamsWarn Ltd
Shareholder, Non-Exec
Director and Chair
Governing Council of Massey UniversityMember
Harmony Energy New ZealandNon-Exec Director and Chair
One NZDirector
Fred Lax - Non Executive DirectorNo conflicting interests
None
Entries recorded in interests register
The following are particulars of entries made in the Company’s interests register pursuant to section
140 of the Companies Act 1993 for the period 1 April 2025 to 31 March 2026 (including in respect of
those Directors who are Directors of the Company’s subsidiaries).

492026 ikeGPS Annual Report
DirectorInterestDeclaration
Roz Buick- Non Executive DirectorNo conflicting interests
TimescapesNon Executive Director
PTBlinkAdvisory Role
Utecture
Non Executive Director and
Shareholder
The Cawthron InstituteNon Executive Director
FrameCADNon Executive Director
AoFrioNon-Executive Director
Propeller Aero
Non Executive Director and
Shareholder
Rod Snodgrass - Non Executive DirectorNo conflicting interests
The Red Pill ConsultancyDirector and Shareholder
Forsyth Barr GroupDirector and Shareholder
WilliamsWarn LtdShareholder
Leaderbrand HoldingsDirector
Maker CapitalDirector and Shareholder
Maker PartnersDirector
Maker Tech LimitedDirector and Shareholder
SMX LimitedDirector and Shareholder
Earshots Limited
Director and Shareholder
(through a fund)
Snoddy Rentals LimitedDirector and Shareholder
The Energy CollectiveDirector
Rod Snodgrass Investment Trustee LimitedDirector and Shareholder
Entries recorded in interests register (cont.)

502026 ikeGPS Annual Report
Quoted Shares
With Beneficial
Interest
As Trustee or
Associated Person of
Registered Holder
Total Number of
Ordinary Shares
31 March 2025
Unlisted Options to
Acquire Ordinary Share
Alex Knowles---250,000
Glenn Milnes1,029,634120,3001,149,9343,899,962
Frederick Lax535,4990535,499250,000
Mark Ratcliffe-239,780239,78050,000
Roz Buick26,228-26,2280
Rod Snodgrass0000
To t a l1,591,361360,0801,951,4414,449,962
DateDirector
Registered Holder
/ Associated Entity
Class of Financial
Product
Acquired /
(Disposed of)
Consideration
$
Notes
11/13/25
Glenn
Milnes
Glenn MilnesOrdinary shares 37,249 -
Exercise of Unlisted
Options
11/13/25
Mark
Ratcliffe
Ratcliffe Barker
Family Trust
Ordinary shares 9,862 9,270 Directors Share Issue
11/13/25
Alex
Knowles
Naomi Jayne
Knowles Lane
Ordinary shares 11,489 10,800 Directors Share Issue
11/13/25
Frederick
Lax
Frederick LaxOrdinary shares 9,574 9,000 Directors Share Issue
11/13/25Roz BuickRoz BuickOrdinary shares 7,092 6,667 Directors Share Issue
8/14/25Roz BuickRoz BuickOrdinary shares 6,000 5,280
Participation in Share
Purchase Plan
8/14/25
Mark
Ratcliffe
Ratcliffe Barker
Family Trust
Ordinary shares 36,932 32,500
Participation in Share
Purchase Plan
8/14/25
Glenn
Milnes
Glenn MilnesOrdinary shares 36,931 32,500
Participation in Share
Purchase Plan
Director share dealing
Statement of Directors’ relevant interests
Directors (including Directors of subsidiary companies) held the following relevant interests in equity
securities of the Company as at 31 March 2026.

512026 ikeGPS Annual Report
RankShareholderHolding% Total Shares on Issue
1HSBC Custody Nominees (Australia) Limited 29,734,117 15.32%
2J P Morgan Nominees Australia Pty Limited 25,079,464 12.92%
3Nicola Jane Wilson & David Jonathan Wilson 24,159,975 12.44%
4
Tek & Naomi Jayne Knowles Lane & Njk Pearse Trustees
Limited
13,362,225 6.88%
5Citicorp Nominees Pty Limited 9,741,592 5.02%
6Forsyth Barr Custodians Limited 9,238,673 4.76%
7UBS Nominees Pty Ltd 7,844,925 4.04%
8Accident Compensation Corporation 5,052,564 2.60%
9Mmc Limited 3,881,491 2.00%
10Custodial Services Limited 3,608,886 1.86%
11Leveraged Equities Finance Limited 2,991,914 1.54%
12David Jonathan Wilson & Nicola Jane Wilson 2,631,578 1.36%
13New Zealand Depository Nominee 2,111,642 1.09%
14Warbont Nominees Pty Ltd 1,898,889 0.98%
15Forsyth Barr Custodians Limited 1,615,991 0.83%
16Naomi Jayne Knowless Lane 1,455,564 0.75%
17Certane Ct Pty Ltd 1,195,679 0.62%
18Bnp Paribas Nominees Pty Ltd 1,182,079 0.61%
19New Zealand Permanent Trustees Limited 1,010,000 0.52%
20Lennon Holdings Limited 1,000,000 0.52%
To t a l 148,797,248 76.66%
Size of ShareholdingNumber of Holders% of HoldersTotal Shares Held% of Shares
1-1,000 297 1881.0%176,4600%
1,001-5,0004833059.0%1,431,0831%
5,001-10,0002281444.0%1,792,6821%
10,001-50,0003562255.0%8,957,6965%
50,001-100,000108684.0%7,619,5954%
Greater than 100,000107678.0%174,161,56390%
To t a l1,57910001%194,139,079100%
Twenty largest registered shareholders
Analysis of shareholding on a disaggregated basis as at 10 June 2026.
Spread of security holders
Security holders as at 10 June 2026.

522026 ikeGPS Annual Report
NameShareholding%Nature of Relevant Interest
David Jonathan Wilson and Nicola
Jane Wilson
26,791,55313.80%
Registered holder and beneficial
owner of financial products
Regal Partners Funds Management
Pty Ltd
20,433,03110.52%
Relevant interest as investment
manager
Tek & Naomi Jayne Knowles Lane &
Njk Pearse Trustees Limited
14,817,7897.63%
Registered holder and beneficial
owner of financial products
MA Financial Group14,181,3077.30%
Relevant interest as investment
manager and trustee
UBS Group AG and its related bodies
corporate
11,941,7016.15%
Relevant interest through managed
accounts and custodial nominees
Band20262025
$100,000 to $109,99923
$110,000 to $119,99954
$120,000 to $129,99935
$130,000 to $139,99934
$140,000 to $149,99937
$150,000 to $159,99967
$160,000 to $169,99976
$170,000 to $179,99954
$180,000 to $189,99921
$190,000 to $199,99936
$200,000 to $209,99910
$210,000 to $219,99912
$220,000 to $229,99962
$230,000 to $239,99922
$240,000 to $249,99912
Band20262025
$250,000 to $259,99931
$260,000 to $269,99912
$270,000 to $279,99920
$280,000 to $289,99910
$290,000 to $299,99902
$300,000 to $309,99912
$310,000 to $319,99901
$320,000 to $329,99921
$330,000 to $339,99900
$340,000 to $349,99901
$350,000 to $359,99910
$360,000 to $369,99920
$370,000 to $379,99910
$380,000 to $419,99900
$420,000 to $429,99901
Employee remuneration
The following table shows the number of current or former employees (excluding employees
holding office as Directors) who received remuneration and other benefits (excluding non-cash
share-based payments and payments made under an asset purchase agreement entered into
as part of a business combination) in excess of $100,000 from the subsidiary companies of the
Group during the year ended 31 March 2026:
Substantial product holders
According to notices given under the Securities Markets Act 1988 and the Financial Markets Conduct
Act 2013 as at 10 June 2026, the following were substantial product holders in respect of the
194,139,079 ordinary shares of the Company on issue as at 10 June 2026 (being the Company’s only
class of quoted voting securities):

532026 ikeGPS Annual Report
The remuneration shown to the left has been
converted to NZ$ at the average rate for the
month each transaction took place.
Donations
No member of the Group made any significant
donations during the financial year. The Group
undertakes regular promotional sponsorship
activity through a variety of channels.
Employee remuneration (cont.)
Band20262025
$430,000 to $439,99901
$440,000 to $449,99912
$450,000 to $459,99901
$460,000 to $469,99921
$470,000 to $479,99921
$480,000 to $489,99900
$490,000 to $499,99931
$500,000 to $509,99910
$510,000 to $519,99910
$520,000 to $539,99900
$540,000 to $549,99901
$550,000 to $559,99901
$560,000 to $579,99900
$580,000 to $589,99901
$590,000 to $669,99900
$670,000 to $679,99910
$680,000 to $689,99910
$690,000 to $869,99900
$870,000 to $879,99911
$880,000 to $979,99900
$980,000 to $989,99910

Year End // 31 March 2026
Consolidated Financial Statements
ikeGPS Group Limited

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 - 37

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 37 which comprise the consolidated statement of financial position
as at 31 March 2026, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the 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 2026 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
Intangible assets- Impairment assessment and the
carrying value of assets
As disclosed in Note 3 and Note 12, the Group has
undertaken an assessment of the carrying value of its
assets, including intangible assets, in accordance with the
requirements of NZ IAS 36 Impairment of Assets.
Cash generating units (CGUs) that are not yet 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.
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 three CGUs:
• IKE core platform (CGU1);
• Spike (CGU2); and
• IKE Structural (CGU3).
During the year, the Directors resolved to amalgamate the
former IKE Insight (CGU4) into the IKE core platform CGU.
Impairment tests prepared by management were based on
discounted cashflow models using the Board approved
budget for the year ending 31 March 2027 and combined
with forecasted cash flows for subsequent years.
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.

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, reconciling
assets allocated to CGUs to accounting records, and
evaluating the basis for amalgamating CGU4 into
CGU1;
• 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;
• compared the forecasted cash flows used for the year
ending 31 March 2027 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; and
• 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.

Why the matter is significant How our audit addressed the key audit matter
Software Intangible assets – Capitalisation of
internally developed software and amortisation
The software intangible assets carrying value is
$5.758m at 31 March 2026. This is comprised of
computer software development assets and
development work in progress.
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, we
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.
In respect to the amortisation of intangible assets, our
procedures, amongst others, included the following:
• obtained an understanding of the controls and
processes implemented by management to ensure that
useful life assessments are appropriate;
• obtained managements paper supporting the basis for
their assessments of useful lives applied to capitalised
assets;
• assessed the basis of managements useful lives for
reasonableness and ensuring amortisation periods
applied to intangible assets were consistent with those
assessments.


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 2026

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



Note20262025
NZ$'000NZ$'000
Operating revenue526,549 25,155
Cost of revenue(5,262) (7,746)
Gross profit21,287 17,409
Other income5356 265
Foreign exchange gains636 195
Movement of fair value assets and liabilities5519 (17)
Total other income, gains, and losses1,511 443
Support costs(1,755) (1,655)
Sales and marketing expenses(10,530) (9,549)
Research and engineering expenses(10,358) (11,445)
Corporate costs(8,022) (7,268)
Impairment of Intangibles12- (4,353)
Expenses6(30,665) (34,270)
Operating loss(7,867) (16,418)
Net finance income375 79
Net loss before income tax(7,492) (16,339)
Income tax (expense)/credit7- 1
Loss attributable to owners of ikeGPS Group Limited(7,492) (16,338)
Other comprehensive loss
Exchange differences on translation of foreign operations(89) 2
Total Comprehensive loss(7,581) (16,336)
Basic and diluted loss per share 19 $ (0.04) $ (0.10)
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$'000NZ$'000 NZ$'000 NZ$'000 NZ$'000
Balance at 1 April 2024105,542 (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 and lapsed during
the year
- 296 (299) - (3)
Equity movements arising from business
combinations
112 - (112) - -
Issue of share capital from share based payment173 - - - 173
Total transactions with owners655 296 58 - 1,009
Balance at 31 March 2025106,197 (106,349) 3,959 963 4,770
Share capital
Accumulated
losses
Share-based
payment
reserve
Foreign
currency
translation
reserve

Total
NZ$'000NZ$'000 NZ$'000 NZ$'000 NZ$'000
Balance at 1 April 2025 106,197 (106,349) 3,959 963 4,770
Net loss for the year after tax- (7,492) - - (7,492)
Currency translation differences- - - (89) (89)
Total comprehensive loss for the year- (7,492) - (89) (7,581)
Transactions with owners:
Recognition of vesting of share-based options- - 1,259 - 1,259
Issue of shares from exercise of share options906 - (1,080) - (174)
Share-based options forfeited and lapsed during
the year
- 1 (69) - (68)
Issue of ordinary shares27,188 - - - 27,188
Issue of share capital from share based payment174 - - - 174
Total transactions with owners28,268 1 110 - 28,379
Balance at 31 March 2026134,465 (113,840) 4,069 874 25,568

The accompanying notes form part of, and should be read in conjunction with, these financial statements.
7
Consolidated
statement of financial position
Director Date: 29 May 2025 Director Date: 29 May 2025
NZ (New Zealand Time) NZ (New Zealand Time)
Note20262025
ASSETSNZ$'000NZ$'000
Current assets
Cash and cash equivalents811,700 10,282
Term Deposits11,551 -
Trade and other receivables94,560 6,077
Prepayments1,091 540
Contract costs1,301 1,347
Financial instruments15513 -
Inventory10315 1,428
Total current assets31,031 19,674
Non-current assets
Property, plant, and equipment111,310 2,148
Intangible assets126,532 6,336
Lease assets13558 913
Term Deposits9,550 -
Inventory102,314 181
Total non-current assets20,264 9,578
Total assets51,295 29,252
LIABILITIES
Current liabilities
Trade and other payables141,206 991
Employee entitlements2,573 2,209
Financial instruments- 3
Provision24284 285
Lease liabilities13175 408
Deferred revenue514,746 7,614
Total current liabilities18,984 11,510
Non-current liabilities
Lease liabilities13473 615
Deferred revenue56,270 12,357
Total non-current liabilities6,743 12,972
Total liabilities25,727 24,482
Total net assets25,568 4,770
EQUITY
Share capital18134,465 106,197
Share-based payment reserve214,069 3,959
Accumulated losses(113,840) (106,349)
Foreign currency translation reserve874 963
Total equity25,568 4,770
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


Note20262025
NZ$'000NZ$'000
Cash flows from operating activities
Cash receipts from customers 29,488 32,386
Cash paid to suppliers and employees (32,949) (31,503)
Payment of low value and short term leases 13(16) (18)
Net Tax refund received 170 263
Interest paid (74) (103)
Net cash used in operating activities 8(3,381) 1,025
Cash flows from investing activities
Purchases of property, plant, and equipment (489) (818)
Additions to intangible assets (1,455) (423)
Payments for Term Deposits (21,101) -
Interest received 231 180
Net cash used in investing activities (22,814) (1,061)
Cash flows from financing activities
Payment of principal portion of lease liabilities 13(367) (324)
Exercising of share options - -
Proceeds from issuance of shares 27,188 26
Net cash from/(used in) financing activities 26,821 (298)
Net increase/(reduction) in cash and cash equivalents 626 (334)
Cash and cash equivalents at 1 April 10,282 10,242
Effect of exchange rate fluctuations on cash held 792 374
Cash and cash equivalents 11,700 10,282
Year ended 31 March
Group

Notes to the consolidated financial statements for the
year ended 31 March 2026


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 2026 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 29 May 2026.
2. Basis of preparation
The consolidated financial statements for the year ended 31 March 2026 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 2026


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$7.5M for the year ended 31 March 2026 (2025: NZ$16.3M) 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 term
deposits and cash-on-hand of $32.8M as at 31 March 2026, 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 2026 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, Goodwill, 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.
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 $6.9M including goodwill. Future cash flows are forecasted
based on a five-year business model for CGU1, which included, what directors consider to be, a conservative
average revenue growth rate of 15% and operating expenses reflecting the FY27 business plan.
During the year, the Directors resolved to amalgamate the former CGU4 (IKE Insight) into CGU1. This decision
reflected a fundamental change in the commercial strategy for the underlying technology: rather than
continuing to offer the product as a standalone add-on (the basis on which CGU4 was originally identified), the
Directors approved its integration as a built-in feature of CGU1's core product offering.

Notes to the consolidated financial statements for the
year ended 31 March 2026


11
3. Material accounting policies (continued)
Following the integration, the cash inflows previously generated by CGU4 became inseparable from, those of
CGU1. The technology no longer generates discrete revenue streams; instead, it contributes to the pricing,
retention, and margin profile of the combined CGU1 product.
Therefore, CGU4 ceased to meet the definition of a cash-generating unit under NZ IAS 36, as it no longer generates
cash inflows that are largely independent of those from other assets or groups of assets. This represented a
change in the composition of the CGUs to which goodwill had been allocated, triggering the reallocation
requirements of NZ IAS 36.
In accordance with NZ IAS 36, management performed an impairment test on both CGU1 and CGU4 at half year,
prior to the reorganisation, using the pre-existing CGU structure. No impairment was identified in either CGU at that
date.
Management then assessed the appropriate basis for reallocating the goodwill previously held in CGU4. The relative
value approach contemplated by NZ IAS 36 was considered but determined the best method in this instance. The
Company identifies its CGUs on a product-set basis, and following integration, the technology acquired that
generated the original goodwill is deployed exclusively within, and generates economic benefits exclusively for,
CGU1. No other CGU derives synergies, cash flows, or margin uplift from the technology. On this basis,
management concluded that allocating 100% of the former CGU4 goodwill to CGU1 better reflects the location of
the synergies and future economic benefits than a relative value allocation would.
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 18.4% 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 27.3% lower than forecasted.
The Directors have determined that no impairment is required as CGU1’s carrying value does not exceed its value in
use.
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. CGU3 was determined to have a carrying value of $1.3M. A pre-tax discount rate of 25% 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 CGU4. An impairment would need to be recognised if
the average growth rate was 65.1% lower than forecasted.
The Directors have determined that no impairment is required as CGU3’s carrying value does not exceed its value in
use.

Notes to the consolidated financial statements for the
year ended 31 March 2026


12
3. Material accounting policies (continued)
Overall, across the CGUs the Directors have taken a prudent approach to forecasting future revenues.
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,
foreign exchange rates, 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").
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:

Notes to the consolidated financial statements for the
year ended 31 March 2026


13
4. Operating segments (continued)
Platform Transactions:
+ IKE Analyze revenue by providing an end-to-end technical solution for customers; IKE captures and
analyses pole loading and make-ready engineering assessments, or customers capture pole data and
transact on the platform,
+ transactional revenue by analysing pole data through an artificial intelligence and machine learning
platform.
Platform Subscriptions:
+ the IKE Platform solution where customers use the functionality of IKE Office and if applicable the IKE
Device,
+ 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:

GroupGroup
20262025
Platform Transactions
NZ$'000NZ$'000
IKE Analyze revenue4,956 7,573
IKE Insight revenue- 9
Cost of sales(3,287) (5,130)
Gross profit1,669 2,452
Platform Subscriptions
Platform as a service revenue3,996 3,886
Pole loading software licenses and subscription revenue8,907 4,572
Subscription revenue6,266 5,921
Cost of sales(1,166) (1,584)
Gross profit18,003 12,795
Hardware and other services
Hardware and accessories revenue1,270 2,103
Other service revenue1,154 1,091
Cost of sales(809) (1,032)
Gross profit1,615 2,162
Total Operating Revenue
26,549 25,155
Total Cost of Sales
(5,262) (7,746)
Total Gross profit21,287 17,409
Sales & marketing costs(10,530) (9,549)
Other corporate income and expenses(18,119) (19,846)
Impairment of Intangibles- (4,353)
Net loss before tax(7,362) (16,339)

Notes to the consolidated financial statements for the
year ended 31 March 2026


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 2026


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.
Over time
IKE Office is recognised over the
term of the contract.
The lease of the IKE device is
recognised over time in
accordance with NZ IFRS 16.
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 purchase a
subscription which provides a
right 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 2026


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
20262025
NZ$'000NZ$'000
Sale of products (Point in time)1,270 2,103
Platform-as-a-Service (Over time and Point in time)3,996 3,886
IKE Analyze (Point in time)4,956 7,573
IKE Insight (Point in time)- 9
IKE Subscription (Over time)6,266 5,921
IKE PoleForeman Subscriptions (Over time)8,907 4,089
IKE Structural licences (Over time and Point in time)- 483
Services (Point in time)1,154 1,091
Total operating revenue26,549 25,155
Government grants202 265
Other income154 -
Total other income356 265
Fair value movement on other liabilities- -
Fair value movement on financial instruments519 (17)
Total movement of fair value assets and liabilities519 (17)
Reconciliation of deferred revenue balances
20262025
NZ$'000NZ$'000
Opening deferred revenue balance19,971 11,230
Subscription revenue recognised(10,141) (5,401)
Platform-as-a-Service recognised(2,242) (434)
IKE Structural maintenance and support(104) (1,913)
Unsatisfied performance obligations for the current year13,532 16,489
Closing deferred revenue balance21,016 19,971
Current Deferred Revenue14,746 7,614
Non-Current Deferred Revenue6,270 12,357
Total Deferred Revenue21,016 19,971

Notes to the consolidated financial statements for the
year ended 31 March 2026


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


1. Relates to employee benefit expense, external contractors and consultants’ expenses that are directly
attributable to the development of intangible assets and have been capitalised.
2. Relates to short-term and low-value leases and common area maintenance costs.
3. Selling and marketing expenses included promotional activities, travel, commissions, and other direct
marketing costs.
4. Impairment charge relating to obsolete intangible assets (for more detail see note 12).
5. Other operating expenses include corporate advisory, travel, engineering, facilities, and IT costs.
Employee benefits
Liabilities for wages, salaries, and short-term incentives (both settled and accrued), including non-monetary benefits
that are expected to be settled wholly within 12 months after the end of the period in which the employees render
the related service, are recognised in respect of employees’ services up to reporting date. They are measured at the
amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the consolidated statement of financial position.
For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance
plans on a mandatory, contractual, or voluntary basis. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as an employee benefit expense when they are due.
20262025
NZ$'000NZ$'000
Audit of consolidated financial statements307 252
Total fees paid to auditor307 252
Amortisation of Intangible Assets12 1,281 3,195
Depreciation on Property, Plant, and Equipment11 1,334 1,642
Depreciation on Leased Assets13 354 346
Depreciation transferred to Cost of Goods(1,125) (1,380)
Total amortisation and depreciation1,844 3,803
Employee benefit expense19,817 16,852
Share-based payment1,191 1,015
External contractors and consultants1,815 1,642
Employee benefit expense capitalised
1.
(1,453) (443)
Operating lease expenses
2.
286 264
Direct selling and marketing
3.
2,857 2,830
Sales tax expense/(expense reversal)(10) (8)
Impairment of intangible asset due to obsolescence
4.
12 - 4,353
Credit loss provision movement and write-off expense(635) 155
Other operating expenses
5.
4,646 3,555
Total operating expenses30,665 34,270

Notes to the consolidated financial statements for the
year ended 31 March 2026


18
6. Expenses (continued)
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.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
Prima facie income tax expense on pre-tax accounting loss from operations reconciles to the income tax expense
in the consolidated financial statements as follows:

Notes to the consolidated financial statements for the
year ended 31 March 2026


19
7. Current and deferred tax (continued)


Deferred tax assets on deductible temporary differences have been recognised to the extent taxable temporary
differences exist in the same tax jurisdiction. No deferred tax asset is recognised in excess of the available taxable
temporary differences, due to the uncertainty of when the unused tax losses can be utilised.
Unrecognised deferred tax assets related to deductible temporary differences total $3,566,700 (2025: 4, 720,617).
ikeGPS Group Limited has unrecognised tax losses of $21,666,328 (2025: $13,787,444) available for use against
future taxable profits, subject to the New Zealand Tax Legislation requirements being met. ikeGPS Inc has
unrecognised tax losses of $47,346,806 (2025: $53,460,201), 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.




20262025
NZ$'000NZ$'000
Net loss before income tax(7,492) (16,339)
Prima facie income tax credit at 28%(2,098) (4,575)
Effect of different foreign income tax rates320 336
Non-deductible expenses 716 1,388
Deferred tax on temporary differences1,082 1,538
Unrecorded tax losses(20) 1,312
Income tax expense- (1)
20262025
NZ$'000NZ$'000
Deferred tax opening balance- -
Temporary differences
Employee entitlements and provisions73 61
Deferred research and development- -
Leases22 7
Accruals- -
Property, plant, and equipment(107) (336)
Intangible assets(403) (269)
Other- 156
Tax losses415 381
Deferred tax closing balance- -

Notes to the consolidated financial statements for the
year ended 31 March 2026


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:



20262025
NZ$'000NZ$'000
Cash at bank11,700 10,282
Total11,700 10,282
20262025
NZ$'000NZ$'000
Loss for the year(7,492) (16,338)
Less Investment interest received(487) (180)
Add non-cash items included in net loss
Depreciation 1,650 1,928
Amortisation of intangible assets1,281 3,124
Impairment of Intangible Assets (including Goodwill)- 4,353
Raw materials and finished goods write-off102 363
Trade receivables write-off(219) 122
Share-based payment expense1,191 943
Write-off of obsolete materials and assets1 36
Movement of fair value assets and liabilities(519) 16
Interest on leases
Foreign exchange losses on translation movement(776) (161)
2,711 10,724
Add/(less) movement in working capital items
Decrease/(Increase) in trade and other receivables1,873 (763)
(Increase)/decrease in inventories(1,124) 110
(Increase)/decrease in prepayments(548) 261
Decrease/(Increase) in contract costs43 (595)
Increase/(decrease) in trade and other payables199 (296)
Increase in provision22 14
(Decrease) in other liabilities- (281)
Increase in deferred income1,058 7,915
Increase in employee entitlements364 454
1,887 6,819
Net cash used in operating activities(3,381) 1,025

Notes to the consolidated financial statements for the
year ended 31 March 2026


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.


20262025
NZ$'000NZ$'000
Trade receivables4,226 6,359
Impairment provision(113) (748)
GST receivable109 93
Other receivables338 373
Total trade and other receivables4,560 6,077
20262025
NZ$'000NZ$'000
Finished goods576 536
Components2,052 1,073
Total inventory2,628 1,609
Current315 1,428
Non-current2,314 181

Notes to the consolidated financial statements for the
year ended 31 March 2026


22
10. Inventory (Continued)
During the year, IKE materials have been written down by $30,041 (2025: $31,268) and Spike finished goods by Nil
(2025: Nil).
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 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
Balance at 1 April 20251,362 5,755 1,472 126 8,715
Additions- 272 232 - 504
Disposals- (71) (42) - (113)
Exchange differences- (12) (3) - (15)
Balance at 31 March 20261,362 5,944 1,659 126 9,091

Notes to the consolidated financial statements for the
year ended 31 March 2026


23
11. Property, plant, and equipment (Continued)


12. Intangible assets
Capitalised development costs
The Group capitalises employee and consultants’ costs directly related to development of an intangible asset. The
carrying values of capitalised development costs are annually evaluated for indicators of impairment. Management
has reviewed the expected remaining useful life of these assets and concluded that they are appropriately amortised
over periods of 4 to 10 years.
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,
i. there is an ability to use or sell the software product,
ii. it can be demonstrated how the software product will generate probable future economic
benefits,
iii. adequate technical, financial, and other resources to complete the development and to use or
sell the software product are available, and
iv. the expenditure attributable to the software product during its development can be reliably
measured.

Plant and
equipment
IKE rental
devices
Office
furniture and
equipment
Leasehold
ImprovementsTotal
NZ$'000NZ$'000NZ$'000NZ$'000NZ$'000
Depreciation
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
Balance at 1 April 20251,321 3,992 1,222 32 6,567
Depreciation for the year24 1,094 198 18 1,334
Disposals- (70) (39) - (109)
Exchange differences- (8) (3) - (11)
Balance at 31 March 20261,345 5,008 1,378 50 7,781
Carrying amounts
At 31 March 202541 1,763 250 94 2,148
At 31 March 202617 936 281 76 1,310

Notes to the consolidated financial statements for the
year ended 31 March 2026


24
12. Intangible assets (continued)
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
All research costs are recognised as an expense when they are incurred.
Other intangible assets
Separately purchased intangible assets (i.e. software) were recognised at cost, plus any initial directly attributable
costs. They are subsequently measured at cost less accumulated amortisation and impairment. Purchased
software has a useful life ranging from 4 to 10 years.
Software, customer contracts, relationships, trademarks, and training material acquired through business
combinations were initially recognised at fair value. They are subsequently measured at initial recognition value less
accumulated amortisation and impairment and have a useful life ranging from 2 to 10 years.
Goodwill
Goodwill is carried at cost less accumulated impairment losses and is annually tested for impairment, or more
frequently if events or changes in circumstances indicate that it might be impaired.
Goodwill is allocated to CGU 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 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
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 2026


25
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 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
     
Balance at 1 April 202520,067 716 174 4,018 617 229 25,821
Additions- 1,482 - - - - 1,482
Transfers1,130 (1,130) - - - - -
Exchange differences(13) (1) - (8) (1) - (23)
Balance at 31 March 202621,184 1,067 174 4,010 616 229 27,280
   
Amortisation and impairment losses
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
     
Balance at 1 April 202515,269 - 174 3,243 570 229 19,485
Amortisation for the year1,235 - - - 46 - 1,281
Impairment- - - - - - -
Disposals- - - - - - -
Exchange differences(11) - - (6) (1) - (18)
Balance at 31 March 202616,493 - 174 3,237 615 229 20,748
   
Carrying amounts    
At 31 March 20254,798 716 - 775 47 - 6,336
At 31 March 20264,691 1,067 - 773 1 - 6,532
 Development

Notes to the consolidated financial statements for the
year ended 31 March 2026


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

Lease liabilties
20262025
NZ$'000NZ$'000
Balance at 1 April1,023 1,333
Additions during the year- -
Payments made(448) (437)
Interest charges74 103
Derecognition of lease liability- -
Exchange differences(1) 24
Balance at 31 March 648 1,023
The maturity of the lease liabilities is as follows:20262025
NZ$'000NZ$'000
Less than one year175 408
Greater than one year473 615
Lease liabilities recognised as at 31 March 648 1,023
Lease assets
20262025
NZ$'000NZ$'000
Balance at 1 April913 1,245
Additions during the year- -
Depreciation charges(354) (346)
Derecognition of lease assets- -
Exchange differences(1) 14
Balance at 31 March 558 913

Notes to the consolidated financial statements for the
year ended 31 March 2026


27
13. Leases (continued)
The following leases are exempt from the application of NZ IFRS 16 and have been recognised as an expense in the
consolidated statement of profit and loss:

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

15. 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:


20262025
NZ$'000NZ$'000
Photocopier2 6
Office space203 203
205 209
20262025
NZ$'000NZ$'000
Trade payables907 702
Other payables71 47
Accrued expenses228 242
Total trade and other payables1,206 991

Notes to the consolidated financial statements for the
year ended 31 March 2026


28
15. Financial instruments and financial risk management (continued)
Financial instrument Classification
Cash and cash equivalents Measured at amortised cost
Term Deposits Measured at amortised cost
Trade and other receivables and payables Measured at amortised cost
Foreign exchange options Fair value through profit or loss (Level 2 of hierarchy)
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:

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 equivalents11,700 - 11,700 10,282 - 10,282
Term Deposits21,101 - 21,101 - - -
Trade and other receivables4,451 - 4,451 5,984 - 5,984
Foreign exchange options- 513 513 - (4) (4)
Total financial assets
37,252 513 37,765 16,266 (4) 16,262
Financial liabilities
Trade payables907 - 907 702 - 702
Other payables71 - 71 47 - 47
Accrued expenses227 - 227 242 - 242
Lease liabilities
648 - 648 1,023 - 1,023
Total financial liabilities
1,853 - 1,853 2,014 2,014
20262025

Notes to the consolidated financial statements for the
year ended 31 March 2026


29
16. Financial instruments and financial risk management (continued)
Financial risk factors
The main risks arising from the Group’s financial instruments are credit risk, liquidity risk, foreign currency risk and
interest rate risks, which arise in the normal course of the Group’s business. The Group uses different methods to
measure and manage different types of risks to which it is exposed. Liquidity risk is monitored through the
development of future rolling cash flow forecasts.
Credit risk
The Group’s exposure to credit risk arises from potential default of a counterparty, with a maximum exposure equal
to the carrying amount of these instruments. Financial instruments that potentially subject the Group to credit risk
principally consist of cash and cash equivalents, trade and other receivables, and the foreign exchange options. All
cash and cash equivalents are held with high credit quality counterparties, being trading banks with at least an ‘AA-
‘ credit rating in New Zealand, and a Moody’s ‘A2’ rating in the USA.
The Group does not require collateral or security from its trade receivables, it performs credit checks, ageing
analyses, and monitors specific credit allowances. The Group does not anticipate any material non-performance by
customers. The total impaired trade receivables as at reporting date is $112,594 (2025: $748,016).
At reporting date, 83% (2025: 50%) 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:
20262025
NZ$'000NZ$'000
Cash at bank11,700 10,282
Term Deposits21,101 -
Trade and other receivables4,560 5,984
Foreign exchange options513 (4)
Total37,874 16,262

Notes to the consolidated financial statements for the
year ended 31 March 2026


30
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:




2026
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 payables907 907 - - - -
Other payables71 71 - - - -
Accrued expenses227 227
-
- - -
Lease liabilities
774 131 83 340 219 -
Other liabilities- - - - - -
Total financial liabilities
1,979 1,336 83 340 219 -
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 liabilities
1,223 224 225 383 391 -
Other liabilities- - - - - -
Total financial liabilities
2,214 1,215 225 383 391 -

Notes to the consolidated financial statements for the
year ended 31 March 2026


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

Interest rate risk management
The Group’s interest rate risk arises from its cash balances. The Group currently has no significant exposure to
interest rate risk other than in relation to the amount held at the bank. A reasonably expected movement in the
prevailing interest rate would not materially affect the Group’s consolidated financial statements.
17. Fair value estimation
The Group measures certain assets and liabilities at fair value either at initial recognition and/or continually. To
determine these fair values, valuation techniques are utilised.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has identified
what level of input is utilised in the valuation in the note for each asset or liability. An explanation of each level is
below.
Level 1: The fair value of assets/liabilities traded in active markets (such as publicly traded derivatives, and equity
securities) is based on quoted market prices at the end of the reporting period.
2025
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 equivalents
4,032 2,808 5,259 773
Trade and other receivables2,404 - 3,394 -
Trade and other payables
(95) (18) (277) (4)
6,341 2,790 8,376 769
Carrying
amount
Change in
USD rate
Effect on loss
before tax
Sensitivity analysis
US$'000%NZ$'000
10%(1,007)
-10%1,231
10%(1,274)
-10%1,557
Carrying
amount
Change in
AUD rate
Effect on loss
before tax
AU$'000%NZ$'000
10%(304)
-10%371
10%
(76)
-10%93
769
2026
2025
2026
6,341
8,376
2,790
2026
2025

Notes to the consolidated financial statements for the
year ended 31 March 2026


32
17. Fair value estimation (continued)
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
20262025
NZ$'000NZ$'000
On issue at the beginning of the year106,197 105,542
Exercise of share options906 370
Issue of ordinary shares27,188 -
Issued as part of business combinations- 112
Issue of share capital from share based payment174 173
Total share capital 134,465 106,197
Shares on issue
20262025
Fully paid total shares at the beginning of the year161,062,692 160,242,975
Ordinary shares issued on settlement of options435,724 312,955
Ordinary shares issued as part of capital raise32,442,948 -
Ordinary shares issued as part of business combinations- 134,668
Issue of share capital from share based payment174,920 372,094
Fully paid ordinary shares194,116,284 161,062,692

Notes to the consolidated financial statements for the
year ended 31 March 2026


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

The potential shares and options are anti-dilutive in nature due to the Group being in a loss position. The diluted loss
per share is therefore the same as the undiluted EPS at ($0.04) and ($0.10) 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.
During the year the group undertook an equity raise and issued an additional 32,442,948 ordinary shares, raising a
net additional $27.2M. Otherwise 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.


20262025
Total loss for the year attributable to the owners of the parent (NZ$'000)(7,492) (16,338)
Ordinary shares issued194,116,304 161,062,692
Weighted average number of shares issued183,199,915 160,603,675
Basic loss per share(0.04)$ (0.10)$
20262025
NZ$'000NZ$'000
Share-based payment reserve
Share options4,069 3,959
Contractual share-based payments- -
Total4,069 3,959

Notes to the consolidated financial statements for the
year ended 31 March 2026


34
21. Share-based payments reserve (continued)
The contractual share-based payments are in relation to employees who have service conditions, which when
completed grant the right to shares. These arrangements arose from prior business combinations.
The Group has no legal or constructive obligation to settle the shares in cash and has no history of choosing to
settle these payments in cash. As such, these awards are treated as equity settled share-based payments.
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 174,920 shares at a value of $173,815 were issued during the period for services rendered (2025: 372,094
shares at a value of $173,206).
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 2026 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 12,138,887 outstanding options 8,008,932 (2025: 8,215,719) had vested and were exercisable at 31 March
2026.

20262025
Average
exercise price
Number of
options
’000's
Average
exercise price
Number of
options
’000's
At 1 April
$0.810 11,317 $0.000 9,855
Granted$0.940 3,707 $0.475 2,917
Exercised$0.749 (2,637) $0.540 (1,136)
Forfeited$0.546 (241) $0.790 (309)
Lapsed$0.768 (8) $0.790 (10)
Expirednilnilnilnil
$0.77012,138 $0.81011,317

Notes to the consolidated financial statements for the
year ended 31 March 2026


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

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

22. Related Parties
ikeGPS Limited and ikeGPS Incorporated are 100% owned by ikeGPS Group Limited (2024: 100%). All subsidiaries
have 31 March reporting dates.


20262025
Year GrantedExpiry date Exercise price
Number of
options
Term
remaining
(years)
Number of
options
Term
remaining
(years)
202130-Jun-25$0.750 00.001,000,0000.25
202230-Jun-25$0.750 00.00325,0000.25
202230-Jun-26$1.060 1,739,0000.252,074,0001.25
202230-Sept-26$1.060 150,0000.50150,0001.50
202331-Jul-27$0.780 1,999,0001.332,193,0002.33
202431-Jul-28$0.790 1,898,3642.342,458,0003.34
202430-Nov-28$0.630 200,0002.67200,0003.67
202530-Jun-29$0.475 2,170,9313.252,917,0004.50
202531-Jul-29$0.475 317,0003.342,917,0004.50
202630-Jun-30$0.940 3,664,5924.25
Weighted average share price
Exercise price
Volatility
Dividend yield
Risk free interest rate
Fair value of options issued in the year
3.17%, 3.57%, 3.73%, 3.84%4.63%, 4.34%, 4.40%
2025
$0.37, $0.40, $0.43, $0.45$0.16, $0.30, $0.35
$0.90, $0.93, $0.97$0.44, $0.63, $0.70
$0.940 $0.475
2026
42.7%, 44.0%, 50.7%44.2%, 45.4%, 46.0%
NilNil

Notes to the consolidated financial statements for the
year ended 31 March 2026


36
22. Related Parties (continued)

Key management are identified as the Chief Executive Officer, Chief Financial Officer, and Board Directors.

The Group issued 1,507,262 unlisted share options at NZD$0.94 to Key Management during the period in
accordance with the ikeGPS Group Limited Employee Share Scheme (2025: 925,000 at NZD$0.475).
In addition to the unlisted options issued, 695,970 options were exercised by key management or Board Directors
resulting in the issue of 126,161 shares (2025: 500,000 options were exercised resulting in 158,373 shares).
As part of the director’s remuneration package 38,017 shares were issued at NZD$0.94.

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.

20262025
Name of entity
Country of
incorporationPrincipal 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
20262025
NZ$'000NZ$'000
Short term benefits to Board Directors and senior management1,835 2,126
Share-based payment expense Board Directors and senior management36 305
20262025
NZ$'000NZ$'000
Non-cancellable short-term and low-value leases or lease related costs
Less than one year3 2
Between one and five years2 -
Total 5 2

Notes to the consolidated financial statements for the
year ended 31 March 2026


37
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 were no material events post 31 March 2026 that require disclosure.
20262025
NZ$'000NZ$'000
Opening balance285 272
Foreign exchange movement(1) 13
Closing balance284 285

38
ikeGPS Group Limited
Level 2, 79 Boulcott Street
Wellington, 6011
Telephone: +64 4 382 8064

Directors of ikeGPS Group Limited
Alex Knowles
Frederick Lax
Roz Buick
Mark Ratcliffe
Glenn Milnes
Roderick Snodgrass

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

552026 ikeGPS Annual Report
www.ikegps.com