IKE · NZX

ikeGPS Group (IKE)

Technology / Geospatial softwareCovered: FY21 - FY269 published briefings

ikeGPS Group is an NZX-listed technology / geospatial software company with FY21 - FY26 of published result briefings.

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Snapshot

Latest metrics

FY26, released 29 May 2026

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IKE latest metrics
Metric	Value	Change
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 days	58Outside range low debtor days. 58d; 4-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 4-period mean 80.2 days, range 59.0 days-102.9 days.	↓ -36.8%
Inventory days	182Unprecedented high inventory days. 182d; 4-period range 29d to 90d. Inventory days: 182.4 days, unprecedented high; 4-period mean 49.9 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.

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Longitudinal view

Performance over time

The latest period is shown first.

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IKE metric history
Metric	FY2612 MONTHS29 May 2026	HY266 MONTHS28 November 2025	HY256 MONTHS21 November 2024	FY2412 MONTHS30 May 2024	HY246 MONTHS29 November 2023	FY2312 MONTHS30 May 2023	HY236 MONTHS29 November 2022	FY2212 MONTHS29 November 2021	FY2112 MONTHS31 May 2021	Trend
Revenue	$26.5m	$12.8m	$12.2m	$21.1m	$10.5m	$30.8m	$15.4m	$5.7m	$9.3m	Chart
Revenue growth %	5.5%	5.6%	15.7%	-31.5%	-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%Unprecedented high revenue growth. 438.7%; 4-period range -38.7% to 5.5%. Revenue growth: 438.7%, unprecedented high; 4-period mean -17.5%, range -38.7%-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%	Chart 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%.
EBITDA	-$5m	-$4.4m	-$7.2m	-$15.2m	-$7m	-$2.1m	$1.1m	-$6.2m	-$7.4m	Chart
EBITDA margin %	-18.8%	-34.6%	-58.9%	-72.2%	-66.4%	-6.8%	7.2%	-108.3%	-79.0%	Chart
PBT	-$7.5m	-$4.3m	-$7.1m	-$15m	-$6.8m	-$7.9m	$1.1m	-$6.2m	-$7.4m	Chart
NPAT	-$7.5m	-$4.4m	-$7.1m	-$15m	-$6.8m	-$7.9m	$1.1m	-$6.2m	-$7.4m	Chart
Operating cash flow	-$3.4m	-$3m	-$2.6m	-$4.5m	-$5.2m	-$2.5m	$0.86m	-$2.8m	-$3.3m	Chart
OCF / EBITDA %	67.8%	68.4%	35.9%	29.6%	74.7%	117.7%	76.9%	45.8%	45.0%	Chart
FCF pre-lease	-$3.9m	-$4m	-$2.9m	-$6.2m	-$8.1m	-$7.6m	-$1.7m	-$4.6m	-$4.2m	Chart
FCF post-lease	—	—	—	—	—	—	—	—	-$4.2m	—
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%Outside range low roe. -34.6%; 3-period range -29.3% to -15.6%. ROE: -34.6%, below normal range; 3-period mean -22.1%, range -29.3%--15.6%.	Chart 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%.
Net debt	—	—	—	—	—	-$18m	—	-$29.6m	—	Chart
Net debt / EBITDA	—	—	—	—	—	8.59x	—	4.79x	—	Chart
Debtor days	58Outside range low debtor days. 58d; 4-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 4-period mean 80.2 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.	65	92	105Outside 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.	59	46	67	103Unprecedented high debtor days. 103d; 4-period range 58d to 92d. Debtor days: 102.9 days, unprecedented high; 4-period mean 69.0 days, range 58.1 days-92.0 days.	Chart 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; 4-period range 59d to 103d. Debtor days: 58.1 days, below normal range; 4-period mean 80.2 days, range 59.0 days-102.9 days.
Inventory days	182Unprecedented high inventory days. 182d; 4-period range 29d to 90d. Inventory days: 182.4 days, unprecedented high; 4-period mean 49.9 days, range 29.3 days-89.9 days.	39	19Outside 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.	90	73Outside 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; 4-period range 35d to 182d. Inventory days: 29.3 days, below normal range; 4-period mean 88.2 days, range 35.3 days-182.4 days.	22	35	45	Chart 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: Unprecedented high inventory days. 182d; 4-period range 29d to 90d. Inventory days: 182.4 days, unprecedented high; 4-period mean 49.9 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	Chart

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.

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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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

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.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

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

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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

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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

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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.

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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.

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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.

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HY23 · Released 29 November 2022

ikeGPS swung to a NZ$1.1m HY profit on 170% revenue growth

Operating cash flow turned positive, but a 974bps gross margin step-down and a NZ$1.7m free cash outflow temper the read.

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FY22 · Released 29 November 2021

HY22: $5.7m revenue, $6.2m loss, $29.6m cash after equity inflow

Equity lifted 85.9% to $39.9m and capex more than doubled to $1.8m, but the supplied prior comparable is FY21 full year, distorting headline changes.

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FY21 · Released 31 May 2021

Cash burn tripled to NZ$3.3m as losses widened 31% on a 5% revenue decline

Gross margin improved 400bps to 71% on richer recurring mix, but an equity raise — not operations — rebuilt the cash balance.

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ikeGPS Group (IKE)

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Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

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

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

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

PBT loss widened 91% as transaction revenue collapsed 61%

Transaction revenue collapse flipped IKE to a $6.9m loss

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

ikeGPS swung to a NZ$1.1m HY profit on 170% revenue growth

HY22: $5.7m revenue, $6.2m loss, $29.6m cash after equity inflow

Cash burn tripled to NZ$3.3m as losses widened 31% on a 5% revenue decline

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ikeGPS Group (IKE)

Latest metrics

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Performance over time

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Briefing archive

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

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

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

PBT loss widened 91% as transaction revenue collapsed 61%

Transaction revenue collapse flipped IKE to a $6.9m loss

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

ikeGPS swung to a NZ$1.1m HY profit on 170% revenue growth

HY22: $5.7m revenue, $6.2m loss, $29.6m cash after equity inflow

Cash burn tripled to NZ$3.3m as losses widened 31% on a 5% revenue decline

Compare this company

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