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IKE · NZX

ikeGPS Group (IKE)

Technology / Geospatial softwareCovered: FY21 - FY269 published briefings

ikeGPS Group is an NZX-listed technology / geospatial software company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 29 May 2026

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IKE latest metrics
MetricValueChange
Revenue$26.5m↑ +25.8%
EBITDA-$5m↑ +67.3%
NPAT-$7.5m↑ +50.0%
Operating cash flow-$3.4m↑ +25.0%
OCF / EBITDA %67.8%↑ +38.2pp
ROE %-29.3%↑ +45.3pp
PBT-$7.5m↑ +50.0%
FCF pre-lease-$3.9m↑ +37.2%
Debtor days58Outside range low debtor days. 58d; 3-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 3-period mean 84.6 days, range 59.0 days-102.9 days.↓ -36.8%
Inventory days182Outside range high inventory days. 182d; 3-period range 29d to 90d. Inventory days: 182.4 days, above normal range; 3-period mean 54.7 days, range 29.3 days-89.9 days.↑ +102.9%

Source: latest published briefing (FY26, released 29 May 2026). Change compares against the prior equivalent period: FY24, released 30 May 2024.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 4 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$214.5m

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

Not available

i

Not meaningful when recent earnings are negative.

EPS

-0.04

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

Not available

i

Not meaningful when recent EBITDA is negative.

P/FCF

Not available

i

Not meaningful when free cash flow is negative or unavailable.

P/B

8.39x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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IKE metric history
MetricFY2612 MONTHS29 May 2026HY266 MONTHS28 November 2025HY256 MONTHS21 November 2024FY2412 MONTHS30 May 2024HY246 MONTHS29 November 2023FY2312 MONTHS30 May 2023HY236 MONTHS29 November 2022FY2212 MONTHS29 November 2021FY2112 MONTHS31 May 2021Trend
Revenue$26.5m$12.8m$12.2m$21.1m$10.5m$30.8m$15.4m$5.7m$9.3m
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Revenue growth %5.5%5.6%15.7%-31.5%Outside range low revenue growth. -31.5%; 3-period range -5.2% to 438.7%. Revenue growth: -31.5%, below normal range; 3-period mean 146.3%, range -5.2%-438.7%.-31.8%Outside range low revenue growth. -31.8%; 3-period range 5.6% to 169.7%. Revenue growth: -31.8%, below normal range; 3-period mean 63.7%, range 5.6%-169.7%.438.7%Outside range high revenue growth. 438.7%; 3-period range -31.5% to 5.5%. Revenue growth: 438.7%, above normal range; 3-period mean -10.4%, range -31.5%-5.5%.169.7%Outside range high revenue growth. 169.7%; 3-period range -31.8% to 15.7%. Revenue growth: 169.7%, above normal range; 3-period mean -3.5%, range -31.8%-15.7%.-38.7%Outside range low revenue growth. -38.7%; 4-period range -31.5% to 438.7%. Revenue growth: -38.7%, below normal range; 4-period mean 101.9%, range -31.5%-438.7%.-5.2%
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  • HY24 Revenue growth %: Outside range low revenue growth. -31.8%; 3-period range 5.6% to 169.7%. Revenue growth: -31.8%, below normal range; 3-period mean 63.7%, range 5.6%-169.7%.
  • FY24 Revenue growth %: Outside range low revenue growth. -31.5%; 3-period range -5.2% to 438.7%. Revenue growth: -31.5%, below normal range; 3-period mean 146.3%, range -5.2%-438.7%.
EBITDA-$5m-$4.4m-$7.2m-$15.2m-$7m-$2.1m$1.1m-$6.2m-$7.4m
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EBITDA margin %-18.8%-34.6%-58.9%-72.2%-66.4%-6.8%7.2%-108.3%-79.0%
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PBT-$7.5m-$4.3m-$7.1m-$15m-$6.8m-$7.9m$1.1m-$6.2m-$7.4m
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NPAT-$7.5m-$4.4m-$7.1m-$15m-$6.8m-$7.9m$1.1m-$6.2m-$7.4m
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Operating cash flow-$3.4m-$3m-$2.6m-$4.5m-$5.2m-$2.5m$0.86m-$2.8m-$3.3m
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OCF / EBITDA %67.8%68.4%35.9%29.6%74.7%117.7%76.9%45.8%45.0%
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FCF pre-lease-$3.9m-$4m-$2.9m-$6.2m——-$1.7m-$4.6m-$4.2m
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FCF post-lease————————-$4.2m
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ROE %-29.3%-31.1%-51.5%Outside range low roe. -51.5%; 3-period range -31.1% to 5.3%. ROE: -51.5%, below normal range; 3-period mean -16.8%, range -31.1%-5.3%.-74.6%-24.5%-21.4%5.3%Outside range high roe. 5.3%; 3-period range -51.5% to -24.5%. ROE: 5.3%, above normal range; 3-period mean -35.7%, range -51.5%--24.5%.-15.6%Outside range high roe. -15.6%; 3-period range -34.6% to -21.4%. ROE: -15.6%, above normal range; 3-period mean -28.4%, range -34.6%--21.4%.-34.6%
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  • HY25 ROE %: Outside range low roe. -51.5%; 3-period range -31.1% to 5.3%. ROE: -51.5%, below normal range; 3-period mean -16.8%, range -31.1%-5.3%.
Debtor days58Outside range low debtor days. 58d; 3-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 3-period mean 84.6 days, range 59.0 days-102.9 days.1Outside range low debtor days. 1d; 3-period range 46d to 105d. Debtor days: 0.8 days, below normal range; 3-period mean 72.1 days, range 46.0 days-105.4 days.6592105Outside range high debtor days. 105d; 3-period range 1d to 65d. Debtor days: 105.4 days, above normal range; 3-period mean 37.3 days, range 0.8 days-65.1 days.594667103Outside range high debtor days. 103d; 3-period range 58d to 92d. Debtor days: 102.9 days, above normal range; 3-period mean 69.7 days, range 58.1 days-92.0 days.
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  • HY24 Debtor days: Outside range high debtor days. 105d; 3-period range 1d to 65d. Debtor days: 105.4 days, above normal range; 3-period mean 37.3 days, range 0.8 days-65.1 days.
  • HY26 Debtor days: Outside range low debtor days. 1d; 3-period range 46d to 105d. Debtor days: 0.8 days, below normal range; 3-period mean 72.1 days, range 46.0 days-105.4 days.
  • FY26 Debtor days: Outside range low debtor days. 58d; 3-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 3-period mean 84.6 days, range 59.0 days-102.9 days.
Inventory days182Outside range high inventory days. 182d; 3-period range 29d to 90d. Inventory days: 182.4 days, above normal range; 3-period mean 54.7 days, range 29.3 days-89.9 days.3919Outside range low inventory days. 19d; 3-period range 22d to 73d. Inventory days: 18.8 days, below normal range; 3-period mean 44.7 days, range 21.5 days-73.4 days.9073Outside range high inventory days. 73d; 3-period range 19d to 39d. Inventory days: 73.4 days, above normal range; 3-period mean 26.5 days, range 18.8 days-39.3 days.29Outside range low inventory days. 29d; 3-period range 45d to 182d. Inventory days: 29.3 days, below normal range; 3-period mean 105.8 days, range 45.0 days-182.4 days.223545
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  • HY24 Inventory days: Outside range high inventory days. 73d; 3-period range 19d to 39d. Inventory days: 73.4 days, above normal range; 3-period mean 26.5 days, range 18.8 days-39.3 days.
  • HY25 Inventory days: Outside range low inventory days. 19d; 3-period range 22d to 73d. Inventory days: 18.8 days, below normal range; 3-period mean 44.7 days, range 21.5 days-73.4 days.
  • FY26 Inventory days: Outside range high inventory days. 182d; 3-period range 29d to 90d. Inventory days: 182.4 days, above normal range; 3-period mean 54.7 days, range 29.3 days-89.9 days.
Total assets$51.3m$51.4m$29.2m$36.1m$39m$43.3m$53.1m$49.8m$30.7m
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Reference: annolyse.ai/companies/ike

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY22 IKE FY: Outside range low revenue growth. -38.7%; 4-period range -31.5% to 438.7%. Revenue growth: -38.7%, below normal range; 4-period mean 101.9%, range -31.5%-438.7%.
  • FY23 IKE FY: Outside range high revenue growth. 438.7%; 3-period range -31.5% to 5.5%. Revenue growth: 438.7%, above normal range; 3-period mean -10.4%, range -31.5%-5.5%.
  • FY24 IKE FY: Outside range low revenue growth. -31.5%; 3-period range -5.2% to 438.7%. Revenue growth: -31.5%, below normal range; 3-period mean 146.3%, range -5.2%-438.7%.
  • HY23 IKE HY: Outside range high revenue growth. 169.7%; 3-period range -31.8% to 15.7%. Revenue growth: 169.7%, above normal range; 3-period mean -3.5%, range -31.8%-15.7%.
  • HY24 IKE HY: Outside range low revenue growth. -31.8%; 3-period range 5.6% to 169.7%. Revenue growth: -31.8%, below normal range; 3-period mean 63.7%, range 5.6%-169.7%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • FY22 IKE FY: Outside range high roe. -15.6%; 3-period range -34.6% to -21.4%. ROE: -15.6%, above normal range; 3-period mean -28.4%, range -34.6%--21.4%.
  • HY23 IKE HY: Outside range high roe. 5.3%; 3-period range -51.5% to -24.5%. ROE: 5.3%, above normal range; 3-period mean -35.7%, range -51.5%--24.5%.
  • HY25 IKE HY: Outside range low roe. -51.5%; 3-period range -31.1% to 5.3%. ROE: -51.5%, below normal range; 3-period mean -16.8%, range -31.1%-5.3%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY21 IKE FY: Outside range high debtor days. 103d; 3-period range 58d to 92d. Debtor days: 102.9 days, above normal range; 3-period mean 69.7 days, range 58.1 days-92.0 days.
  • FY26 IKE FY: Outside range low debtor days. 58d; 3-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 3-period mean 84.6 days, range 59.0 days-102.9 days.
  • HY24 IKE HY: Outside range high debtor days. 105d; 3-period range 1d to 65d. Debtor days: 105.4 days, above normal range; 3-period mean 37.3 days, range 0.8 days-65.1 days.
  • HY26 IKE HY: Outside range low debtor days. 1d; 3-period range 46d to 105d. Debtor days: 0.8 days, below normal range; 3-period mean 72.1 days, range 46.0 days-105.4 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • FY23 IKE FY: Outside range low inventory days. 29d; 3-period range 45d to 182d. Inventory days: 29.3 days, below normal range; 3-period mean 105.8 days, range 45.0 days-182.4 days.
  • FY26 IKE FY: Outside range high inventory days. 182d; 3-period range 29d to 90d. Inventory days: 182.4 days, above normal range; 3-period mean 54.7 days, range 29.3 days-89.9 days.
  • HY24 IKE HY: Outside range high inventory days. 73d; 3-period range 19d to 39d. Inventory days: 73.4 days, above normal range; 3-period mean 26.5 days, range 18.8 days-39.3 days.
  • HY25 IKE HY: Outside range low inventory days. 19d; 3-period range 22d to 73d. Inventory days: 18.8 days, below normal range; 3-period mean 44.7 days, range 21.5 days-73.4 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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  • HY23 IKE: Outside range high operating working-capital movement. $2.5m; 3-period range $-2.8m to $2.1m. Operating working-capital movement: NZ$2.5m, above normal range; 1/3 prior periods had builds averaging NZ$2.1m, and 2 had releases averaging NZ$-2.5m.
  • HY26 IKE: Outside range low operating working-capital movement. $-2.8m; 3-period range $-2.2m to $2.5m. Operating working-capital movement: NZ$-2.8m, below normal range; 2/3 prior periods had builds averaging NZ$2.3m, and 1 had releases averaging NZ$-2.2m.

The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From Subscription mix shift drives 38.9% PBT improvement on 5.6% revenue growth

The company reiterated FY26 guidance of approximately 35% or greater growth in platform subscription revenue and improving EBITDA. The HY26 subscription revenue result of NZ$8.8m (+35% versus HY25) and an exit run rate of approximately NZ$19.4m annualised (+47%) suggest the first half is tracking in line with that guidance on revenue. The FY25 seasonality pattern shows the second half has historically been slightly stronger on revenue, with HY25 representing 48.4% of the FY25 full-year total — so current first-half run rates are consistent with meeting the full-year subscription target.

However, the EBITDA component of guidance is harder to assess. With no EBITDA figure supplied in the current financial statements, and with operating cash outflow widening despite the PBT improvement, the trajectory to EBITDA improvement depends on whether the transaction revenue decline and inventory build are transitional or persistent.

Open questions

Open questions from HY26

  • What drove the 32% decline in transaction revenue and the compression of transaction gross margin from 37% to 17.2% — is this a deliberate mix shift away from lower-quality transactional work, a timing effect, or customer loss?
  • How does management reconcile the widening operating cash outflow with the reiterated EBITDA improvement guidance for FY26, given that no EBITDA metric is provided in the financial statements?
  • What does the NZ$2.8m inventory build represent in terms of product type and anticipated deployment timing?
  • Will the exit run rate of NZ$19.4m in subscription revenue convert to recognised revenue at a rate consistent with reaching the full-year subscription target, given typical recognition timing for this business model?
  • Is the tripling of capitalised development spend this half a one-period step-up or the beginning of a higher sustained investment rate?

This briefing cannot assess the sustainability of the transaction revenue decline, the underlying EBITDA trajectory, or the conversion rate between subscription ARR and recognised revenue without additional segment disclosure and management commentary on those points.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

1. ikeGPS Results Announcement

FY26 / results announcement

2. ikeGPS FY26 Financial Results and Performance Update

FY26 / results release

3. ikeGPS FY26 Audited Financial Statements

FY26 / financial report

Prior comparable period

ikeGPS Group Limited FY2025 Annual Report

FY25 / financial report

Interim context

ikeGPS Group 1H FY26 Financial Results

HY26 / results release

ikeGPS Group 1H FY26 NZX Results Announcement

HY26 / results announcement

ikeGPS Group Limited 1H FY26 Interim Financial Statements

HY26 / financial report

Release context

1. Date for release of IKE’s quarterly performance update, and conference call timing

FY25 / commentary

1. ikeGPS Q3 FY25 Performance Update

FY25 / commentary

251501 Timing for IKE Q3FY25 performance update and conference call notice

FY25 / commentary

1. ikeGPS Q4 FY26 Performance Update

FY26 / commentary

ikeGPS FY26 Full Year Results Investor Presentation

FY26 / commentary

ikeGPS Group 3Q FY26 Performance Update

FY26 / commentary

2025 ikeGPS - Annual Meeting Presentation

HY26 / commentary

Peer context

Other covered Technology companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

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RAK · HY26

Rakon

7 published result briefings

ERD · FY26

EROAD

6 published result briefings

Compare IKE, SKO, VGL, RAK →Technology result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 29 May 2026

Loss narrowed 54.1% as subscription mix lifted gross margin to 80.2%

Platform subscription revenue grew ~33% and gross margin expanded 1,099bps, but operating cash flow swung to NZ$-3.4m and inventory days jumped

Read briefing

HY26 · Released 28 November 2025

Subscription mix shift drives 38.9% PBT improvement on 5.6% revenue growth

Platform subscription revenue grew 35% to NZ$8.8m and now represents 69% of revenue, but transaction revenue fell 32% and cash burn widened, so loss

Read briefing

HY25 · Released 21 November 2024

Revenue up 15.7% but gross margin improvement masked by widening losses

Strong subscription growth and an 800bps gross margin expansion to 67% haven't stopped the pre-tax loss deepening to NZ$7.1m as operating costs

Read briefing

FY24 · Released 30 May 2024

PBT loss widened 91% as transaction revenue collapsed 61%

A sharp drop in high-volume transaction revenue more than offset 21% subscription growth, driving PBT to NZ$-15.0m and cash to NZ$10.2m.

Read briefing

HY24 · Released 29 November 2023

Transaction revenue collapse flipped IKE to a $6.9m loss

A 60% drop in transaction revenue overwhelmed 24% subscription growth, burning $15.2m of cash and stretching receivable days to 105.

Read briefing

FY23 · Released 30 May 2023

ikeGPS FY23 revenue +93% to $30.8m, but capex tripled to $5.1m

Recurring sources delivered ~90% of revenue at 53% gross margin, yet pre-lease FCF burn of -$7.6m cut cash to $18.0m with no debt at year end.

Read briefing
Open all 9 result briefings

Related insights

Compare this company

The latest IKE metrics also appear in these cross-company comparisons.

Insight

Cash conversion quality

This result converted 67.8% of EBITDA to operating cash flow.

Open insight

Insight

Working-capital pressure

Inventory days were 182 days, +107 days versus the prior comparable period.

Open insight

Insight

ROE and capital efficiency

ROE was -29.3%, +313.2pp versus the prior comparable period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 0.0pp.

Open insight

Get notified when IKE publishes

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