ikeGPS Group Limited (ASX: IKE), a company dedicated to becoming the standard for collecting, digitising, analysing, and managing pole and overhead asset information for electric utilities, communications companies, and their engineering service providers, has announced its financial update for the full year ended 31 March 2026. The company reported material delivery on its FY26 guidance, achieving positive underlying EBITDA in March 2026 and approximately 33% growth in platform subscription revenue, reaching NZ$19.2 million. Total revenue for FY26 stood at approximately NZ$26.6 million, an increase of 6% compared to the prior corresponding period. IKE also provided FY27 guidance, expecting similar levels of growth for platform subscription revenue.
The positive financial performance was underpinned by strong customer momentum and product innovation. IKE saw its platform subscription gross margin increase to approximately 94%, contributing to an overall gross margin percentage of around 80%. The company added 83 new subscription customers in FY26, bringing the total to 463, while maintaining a high customer retention rate of approximately 97%. Its PoleForeman software, launched less than two years ago, achieved NZ$11 million in annualised recurring revenue. Furthermore, the introduction of PolePilot™, an AI automation module, enabled a 10% price increase across the IKE Office Pro subscription base without impacting churn, demonstrating AI’s validated revenue uplift.
IKE concluded FY26 with a robust balance sheet, holding approximately NZ$32.8 million in cash and no debt, positioning it well for future product development and market initiatives. The company’s strategic engagement with its Customer Council is progressing two new subscription software modules, with the first targeting beta testing within nine months. Rod Snodgrass was also appointed to the IKE Board as a Non-Executive Director. IKE highlighted its integration into major North American infrastructure investment cycles, including significant capital expenditure in electric utilities and widespread pole replacement programs, which are expected to continue driving demand for its software.
