ikeGPS Group Limited (IKE), listed on both the NZX and ASX under the ticker IKE, has announced a robust performance update for the first half of fiscal year 2026. The company, which aims to become the standard for collecting, analyzing, and managing pole and overhead asset information for electric utilities, communications companies, and their engineering service providers, reported significant growth in platform subscription revenue. The exit run rate (ERR) of platform subscription revenue reached approximately NZ$19.4 million annually, marking a 47% increase compared to the prior corresponding period (pcp).
Recognised platform subscription revenue also saw substantial growth, climbing to around NZ$8.8 million, a 35% increase year-over-year. Total revenue amounted to approximately NZ$12.8 million, a 5% increase from pcp. The company noted a decline in lower-margin services revenue due to volatility in the fibre communications market, but anticipates a rebound in this sector. Gross margin improved to approximately NZ$9.6 million, up 18% from pcp, with the gross margin percentage increasing to approximately 75% from 67% in the prior period. In August, IKE completed a significantly oversubscribed capital raise, securing approximately NZ$26 million (A$24.0 million) in new equity capital.
The company also highlighted the launch of PolePilot™, an AI-driven capability within its core IKE Office Pro product, designed to automate electric utility distribution network analysis. This innovation promises material productivity gains for customers and increased ARPU for IKE. CEO Glenn Milnes noted that the business continues to execute its strategic plan and remains confident in delivering FY26 guidance. He said, “2Q26 was another strong quarter for IKE across multiple dimensions – operational performance, product innovation, balance sheet strength, and team capability”.
IKE reaffirmed its FY26 guidance, projecting approximately 35% or greater growth in platform subscription revenue and EBITDA breakeven on a run-rate basis within the second half of the fiscal year. As of 30 September 2025, the company held NZ$34 million in cash with no debt. In September, IKE was elevated to the ASX All Ordinaries Index.
