IKE Reports Strong Q1 FY25 Growth

IkeGPS Group Limited(NZX: IKE) released an update for its Q1 period ending 30 June 2024. A webinar will be held on 15 July 2024 at 11 am AEDT/1 pm NZDT to discuss performance and outlook.

Q1 FY25 Highlights:

• Annual platform subscription revenue grew by 40% to ~NZ$12.9m.
• Total revenue increased by 4% to ~NZ$5.8m.
• Subscription revenue rose by 29% to ~NZ$3.2m.
• Gross margin improved by 18% to ~NZ$4.0m, with a margin percentage of ~70%.
• Cash and receivables totaled ~NZ$14.0m, with no debt.

CEO Comments: CEO Glenn Milnes highlighted significant subscription contracts with tier-1 North American customers, boosting subscription revenue run rates. The company expects subscription revenue to grow by ~50% in FY25.

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