Q1 FY27: Locate2u Revenue Up 72%, Net Profit Positive

NZX: LOC NZX MARKET RELEASE
6th October 2026 · Q1 FY27
Locate2u Revenue Up 72%, Group Net Profit Positive.
Welcome to our Q1 FY27 update.
Q1 FY27 was a milestone quarter for Locate Technologies. The Group recorded a net profit after tax of
NZ$62k, its first quarterly net profit as a listed company, alongside operating cash flow of NZ$828k and a
NZ$0.56 million increase in cash at bank to NZ$1.73 million. Locate2u revenue reached a record NZ$1.50
million, up 72% year on year, and now makes up 67% of Group revenue.

The growth is coming from enterprise customers. Large organisations are adopting Locate2u to run their
delivery operations, and we are onboarding them faster than we could in prior periods. AI assists our
team throughout development, so integrations and customer-specific requirements that once took
months are now delivered in weeks. That speed helps us win customers, and it helps those customers see
value from the platform sooner.

Group revenue rose to NZ$2.22 million, up 36% year on year. Reported EBITDA was NZ$521k and
Normalised EBITDA was NZ$603k, compared with losses of NZ($209k) and NZ($3k) respectively in Q1
FY26. Reported EBITDA was positive in every month of the quarter.

We delivered this growth without growing the team. Total wages for the quarter were 14% lower than a
year earlier, while Group revenue grew 36%. We continue to use AI to support growth rather than adding
headcount as the business scales.

Q1 FY27 at a Glance

All figures in NZD. Most of the Group’s revenue is generated in Australian dollars and has been translated
at the average AUD/NZD rate for each period (A$1 = NZ$1.2140 for Q1 FY27; A$1 = NZ$1.1037 for Q1
FY26). Comparison shown against Q1 FY26 (the three months to 30 September 2025).

Metric Q1 FY27 Q1 FY26 YoY
Group Revenue $2.22m $1.63m +36%
Locate2u Revenue $1.50m $0.87m +72%
Zoom2u Revenue $0.72m $0.76m (6%)
Reported EBITDA +$521k ($209k) +$729k
Normalised EBITDA +$603k ($3k) +$607k
Net Profit After Tax +$62k ($578k) +$640k
Operating Cash Flow +$828k ($347k) +$1,175k
Cash Balance $1.73m $1.32m +30%
Locate Technologies Limited (NZX: LOC) · Q1 FY27 Update · Page 1

Q1 FY26 comparatives were announced in Australian dollars on 29 October 2025 and are translated here at the Q1 FY26 average
rate. Q1 FY26 net profit after tax is drawn from the Group’s management accounts. Bitcoin holdings shown at market value at each
quarter end: approximately NZ$1.81m at 30 September 2026. No Bitcoin revaluation is recognised in Q1 results.

What Happened This Quarter

First quarterly net profit, and the business is generating cash
The Group recorded a net profit after tax of NZ$62k for the quarter, compared with a net loss of NZ$578k
in Q1 FY26. This is after depreciation and amortisation of NZ$329k and interest of NZ$130k. Q1 is not a
formal reporting date, so no Bitcoin revaluation is included in the result.

Operating cash flow was NZ$828k, the second consecutive quarter of positive operating cash flow and a
turnaround of NZ$1.17 million on Q1 FY26. After investing NZ$237k in product development and
equipment, the Group generated NZ$592k of cash before financing activities. Cash at bank rose from
NZ$1.16 million at 30 June 2026 to NZ$1.73 million at 30 September 2026.

Locate2u delivered another record quarter
Locate2u revenue of NZ$1.50 million was a record, up 72% year on year, and now represents 67% of
Group revenue, up from 62% in Q4 FY26. Recurring software revenue grew 39% year on year, and setup
and implementation services revenue increased significantly as enterprise onboarding activity stepped
up.

Enterprise customers: onboarding at pace
We continue to work closely with FedEx Australia on its onboarding onto Locate2u, following the
agreement announced to NZX on 6 May 2026. We are also onboarding a number of other enterprise
customers onto the platform, and we plan to share further detail on these as they become available.

What Locate2u is doing for large enterprises
Enterprise customers come to us with operational problems rather than a list of features: delivery costs
that keep climbing, the administrative load of bringing drivers on board and keeping them compliant, and
end customers who want to know exactly when their delivery is arriving. Locate2u addresses each of
these:

•
Lower operating costs. Route optimisation plans more efficient routes across the fleet, helping
customers reduce distance travelled, driver hours and fuel.

•
Driver onboarding and compliance. The compliance module brings driver and vehicle onboarding
and ongoing compliance, including heavy-vehicle and insurance-related information, into one place.

•
A better customer experience. Live tracking and arrival notifications let end customers see where
their driver is and when the driver is due to arrive.

At enterprise scale, small improvements on each delivery add up across the whole operation, which is
why the impact for large customers is significant.

AI: growing the business without growing the team
AI is used across development, sales, product and operations. In development, AI assists our engineers to
scope, build and test customer requirements, and work that previously took months is now delivered in
weeks, and often in days. This is the main reason we can onboard enterprise customers faster.

Across the business, AI has allowed us to absorb growth without adding people. Total wages for the
quarter were 14% lower than in Q1 FY26 while Group revenue rose 36%. We remain focused on delivering
for customers while managing the cost base carefully.

Locate Technologies Limited (NZX: LOC) · Q1 FY27 Update · Page 2

Zoom2u
Zoom2u revenue was NZ$0.72 million for the quarter, down 6% year on year.
We continue to look for ways to optimise how Zoom2u runs, drawing on the same AI tools and product
work used across the Group. During the quarter we launched a new Zoom2u website, and we plan to
relaunch the Zoom2u platform in the coming quarter. We continue to see opportunity in Zoom2u, and our
focus is on returning the business to growth.

Capital Management

PURE debt facility refinancing
As set out in our Q4 FY26 update, the PURE debt facility is due to be refinanced before 7 November 2026.
The Company has received multiple refinancing proposals and is progressing the refinancing ahead of that
date.

PURE royalty shares issued
The 10,000,000 ordinary shares issued to PURE in full settlement of the Locate2u revenue royalty, as
announced to NZX on 30 June 2026, were issued on 1 July 2026.

On-market share buyback
The on-market share buyback programme announced on 20 April 2026 continued during the quarter with
86,652 shares acquired for NZ$4,266 at prices between NZ$0.049 and NZ$0.050. Shares acquired under
the programme are cancelled on acquisition. The programme remains open and operates only during
Permitted Periods under the Company’s Securities Trading Policy.

EBITDA

Reported EBITDA for Q1 FY27 was NZ$521k. Normalised EBITDA, which adds back non-cash ESOP expense
(NZ$38k) and one-off items (NZ$45k) , was NZ$603k. Reported EBITDA was positive in each month:
NZ$164k in July, NZ$128k in August and NZ$229k in September. Because Q1 is not a formal reporting
date, no Bitcoin revaluation is recognised in the quarter.

The following table reconciles Reported EBITDA to Normalised EBITDA:
Item (NZ$’000) Q1 FY27 Q1 FY26
Reported EBITDA 521 (209)
Add back: one-off normalisation items 45 158
Add back: ESOP (non-cash) 38 47
Add back: Bitcoin unrealised revaluation (non-cash) nil nil
Normalised EBITDA +603 (3)
Totals may not sum due to rounding. Q1 FY26 translated from the Australian dollar figures announced on 29 October 2025.
Bitcoin Treasury: holdings maintained at 12.3 BTC

Holdings were unchanged at 12.3 BTC. Bitcoin is revalued in reported results only at the Group’s formal
reporting dates: the half-year (31 December) and the full-year (30 June). No revaluation is recognised in
Q1 FY27 results; any movement in value is recognised at the next formal reporting date.

Locate Technologies Limited (NZX: LOC) · Q1 FY27 Update · Page 3

Metric NZ$
Total Holdings 12.3 BTC
Average purchase price $178,454
Total capital allocated $2.20m
Market value ~$1.81m
Market value of approximately NZ$1.81m at 30 September 2026, compared with approximately NZ$1.27m at 30 June 2026;
provided as a point-in-time reference. Live holdings can be viewed at https://locatetech.nz/bitcoin.

Our view is unchanged: Bitcoin is a long-term store of value (scarce, liquid and globally recognised) and,
while volatile, we believe it offers better preservation of value than cash over long horizons. When it
makes sense for the business, we intend to continue accumulating Bitcoin through the ATM facility and
operating cash flow, in line with our Treasury Management Policy.

How to Think About Our Financials

Locate Technologies is a company in transition, shifting from a logistics services business (Zoom2u) to a
higher-margin logistics software business (Locate2u), while holding a Bitcoin treasury.

On revenue: Locate2u is the larger and faster-growing part of the Group, at 67% of revenue this quarter.
Zoom2u is mature and cash-generative but navigating cyclical consumer headwinds.

On profitability: Normalised EBITDA strips out one-off items and non-cash ESOP expense to show
underlying operating performance. Bitcoin revaluation flows through reported results only at the
half-year and full-year reporting dates, so the Q1 net profit contains no Bitcoin revaluation.

On currency: The Group reports in New Zealand dollars but earns most of its revenue and incurs most of
its costs in Australian dollars. These are translated to New Zealand dollars at the average exchange rate
for each period, so movements in the AUD/NZD rate affect reported figures and growth rates.

On the balance sheet: The PURE debt facility is disclosed as a current liability pending its refinancing.
Once refinanced for a multi-year term, the principal component is reclassified to non-current.

Outlook

The Company’s strategic priorities are unchanged:
1.
Scale Locate2u. Continue winning and onboarding enterprise customers globally, built on our
ability to deliver customised requirements for complex clients.

2.
Operating leverage. Maintain a lean team and cost discipline as revenue scales, converting
AI-driven efficiency into margin.

3.
Bitcoin treasury accumulation. Continue to hold Bitcoin as a long-term reserve asset and
accumulate through the ATM facility and operating cash flow when it makes sense, managing
dilution carefully.

Near-term milestones: completion of the PURE facility refinancing, the Annual Shareholders’ Meeting
23rd November 2026, and continued progress under the on-market share buyback.



Locate Technologies Limited (NZX: LOC) · Q1 FY27 Update · Page 4

Investor Webinar
We will host an investor webinar to discuss the Q1 FY27 results at 12:00pm NZDT on Thursday 22 October
2026 (10:00am AEDT). The session will be held online and presented by Steve Orenstein, Founder & CEO.
Register and find joining details at investor.locatetech.nz. Questions can be submitted in advance to
investors@locatetech.nz, and a Q&A will be available during the webinar. The recording will be made
available at investor.locatetech.nz following the webinar.

About Locate Technologies

Locate Technologies Limited (NZX: LOC) is an AI-powered delivery and logistics technology company. The
Group operates two complementary platforms: Locate2u, a route optimisation and delivery management
platform used by fleet operators, retailers, and logistics providers internationally, with AI features
deployed in the product for customers; and Zoom2u, an on-demand courier and delivery marketplace
across Australia that uses AI internally to run its dispatch and logistics operations. The Group’s platforms
provide route planning, delivery management, and real-time visibility for businesses of all sizes.

Locate Technologies is also New Zealand’s first listed Bitcoin treasury company, holding Bitcoin as a
reserve asset alongside its operating businesses.

END
This statement was authorised by the Board of Locate Technologies Limited.
For further information, please contact:
Steve Orenstein, Founder & CEO
investors@locatetech.nz
locatetech.nz
Forward-Looking Statements and Disclaimer
This announcement contains forward-looking statements subject to risks and uncertainties. These statements are not guarantees of
future performance. Actual results may differ materially due to changes in market conditions, regulations, and other factors.
Readers should not place undue reliance on forward-looking statements. This announcement has been prepared by Locate
Technologies Limited (NZX: LOC) for informational purposes only. It contains historical and current information based on reported
results and publicly available data. It does not constitute financial advice, an offer to sell, or a solicitation to buy securities.
Investors should conduct their own due diligence and consult professional advisors before making investment decisions. Past
performance is not indicative of future results. Bitcoin and digital assets are highly volatile. All Q1 FY27 financial information is
unaudited management information and remains subject to the FY27 half-year review and full-year audit. This announcement
includes non-GAAP financial measures (Normalised EBITDA) which are not defined under NZ IFRS.

Locate Technologies Limited (NZX: LOC) · Q1 FY27 Update · Page 5