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Highlights
- Revenue climbs 19% YoY to NZ$25.2m
- Subscription seat licenses more than double
- ARR run rate surges 48% YoY to NZ$17.6m
ikeGPS (ASX:IKE), a provider of asset intelligence and field services technology, has delivered a robust performance for the fourth quarter ending 31 March 2025. The company reported a 19% year-on-year rise in total revenue, reaching NZ$25.2 million, underpinned by solid customer demand and a surge in subscription-based revenue.
Operational and Financial Strength
The company’s gross margin expanded significantly to 69%, up from 60% in the prior comparable period. This margin growth reflects improved operational efficiency and a shift towards higher-value recurring revenue streams. ikeGPS also strengthened its financial position during the quarter, with total cash and net receivables increasing by NZ$1.8 million to NZ$15.4 million. The balance includes NZ$10.3 million in cash and NZ$5.1 million in net receivables, while maintaining a debt-free status.
Surging Subscriptions and ARR Growth
In Q4, the company secured around NZ$12 million in new contracts, including multi-year subscription agreements with leading U.S.-based electric utilities. These wins drove the exit run rate of annual platform subscription revenue to NZ$17.6 million—a 48% increase compared to the same time last year. The number of active subscription seat licenses more than doubled, rising 103% year-on-year to over 8,500.
Looking ahead, ikeGPS projects its annual recurring revenue (ARR) to grow at a rate exceeding 35% in FY26, bolstered by strong customer demand and a deepening market presence in North America.
Strategic Update
The company also revealed that it received an unsolicited, non-binding acquisition proposal valuing its enterprise at approximately NZ$165-170 million (NZ$1 per share). However, after a thorough assessment, the Board determined that the offer did not reflect the company’s full potential and decided to end discussions. This move reaffirms ikeGPS’s commitment to its long-term strategic growth trajectory.
Leadership Perspective
CEO Glenn Milnes emphasized the strength of the fourth quarter, highlighting key contracts with tier-1 North American customers as a major driver of growth. He noted that the continued rise in ARR and expanding subscription base positions ikeGPS well for sustained growth in the medium and long term.
With its technology platform gaining traction and a growing base of recurring revenue, ikeGPS (IKE) is poised to carry its momentum into FY26 and beyond.
