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ikeGPS Group Limited (NZX: IKE) Q1 FY22 Performance Update

Tuesday 27th July 2021

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ikeGPS is pleased to release the attached update for the quarter to 30 June 2021. The revenue engine for IKE is driven by the number of enterprise customers subscribing to the IKE platform and the volume of assets (called Transactions) being processed through the IKE software.

Highlights for the June 2021 quarter:

+ Revenue in the quarter of approximately $2.6m (approximately 12% higher than pcp and 30% higher than pcp on a constant currency basis).

+ New contracts closed in Q1 FY22 were for approximately $6.1m (greater than 300% higher than pcp).

+ This is another very strong quarter for new contract wins and approximately $11.5m in new contracts have been closed in the past six months as U.S. markets have bounced forward from the impacts of COVID-19 in calendar 2020. The majority of these contracts are expected to be recognized over the next 12 months.

+ Gross margin of approximately $1.8m (pcp of $1.7m), with a gross margin percentage of approximately 68% (pcp of 71%).

+ Total cash and receivables 30 June 2021 of approximately $11.2m, with no debt.

IKE CEO, Glenn Milnes, commented “Q1 FY22 was another strong period for our business. The level of new contracts won these past two quarters, totaling approximately $11.5m against FY21 full year revenue of $9.3m, provides us with confidence around the potential for substantial revenue growth in the year ahead. We have also been pleased with progress across the recently acquired IKE Insight solution, with numerous prospect customers progressing positively. We are optimistic that this additive AI-based solution specific for poles can become another important growth driver for the IKE business in some new polerelated segments for the electric utility and communications market.”

Please see the link below for details

ikeGPS Q1 FY22 performance update

Source: ikeGPS Group Limited

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