ikeGPS performance update Q3 FY24

FOR IMMEDIATE RELEASE, 8 February 2024

Multiple large, multi-year subscription contracts closed
IKE performance update for Q3 FY24

ikeGPS Group Limited (IKE) (NZX: IKE / ASX: IKE) is pleased to release an update for the nine-
month period to 31 December 2023 (all figures in NZD). IKE will host a webinar 8 February 2024
at 11am AEDT/1pm NZDT to discuss performance and outlook. To register, please click:


https://us02web.zoom.us/webinar/register/WN_k6Z1Ze4oSampfz-39DwurQ

Highlights:
+ YTD revenue of ~NZ$15.3m (-34% pcp).
+ Subscription revenue of ~NZ$7.9m (+24% vs pcp).
+ Transaction revenue of ~NZ$5.1m (-65% vs pcp).
+ YTD gross margin of ~NZ$8.8m (-28% vs pcp), with a gross margin percentage of ~58%
(up from pcp of ~53%).
+ Total cash and receivables as of 31 December 2023 of NZ$15.2m (vs NZ$16.3m at 30
September 2023), comprised of NZ$8.0m cash and NZ$7.2m receivables, with payables
of NZ$0.8m and no debt.
+ Noting that as at 31 January 2023, cash increased to NZ$11.0 m and receivables
decreased to NZ$3.5m.

Commentary and outlook
IKE CEO Glenn Milnes commented, " Q3 FY24 was a stronger period at IKE. Customer wins and
growth in recurring subscription revenue was strong, and the adoption of our recently released
IKE PoleForeman product by key clients underscores its value & capabilities and sets a
precedent for further adoption across our expansive customer network in the coming quarters.
Recent subscription sales highlights included:
- Signing a ~NZ$3.7m subscription contract with a Fortune 150 Company and one of the
ten largest Investor-Owned-Utilities (IoU’s) in the U.S., upgrading them from IKE’s legacy
product to our new IKE PoleForeman structural analysis platform. Over the coming five
years, this long-term customer commitment means over 1,000 engineers at this utility
will use IKE PoleForeman’s advanced capabilities for network design. This upsell
signifies a more the tenfold increase in annual recurring revenue from this customer
versus IKE’s legacy product (~NZ$70k p.a. increased to ~NZ$700k p.a. subscription
revenue), demonstrating the value of the product to the customer.
- Early Q4 we closed another large U.S. electric utility to a ~NZ$450k three-year
subscription contract for IKE PoleForeman, representing a five-fold increase in annual
recurring revenue from this customer versus our legacy product.

2
- In addition, we signed a large national engineering firm to a ~NZ$0.5m three-year
subscription contract, also for the new IKE PoleForeman product.
o The signing of these long-term subscription contracts, at dramatically increased
revenue levels and with multi-year commitments, demonstrates the value of this
new product and validates our ability to transition tier-1 infrastructure
customers. Additional large subscription contracts from U.S. utility groups are
imminent over the coming months.
- Subscription deals for our IKE Office Pro included signing 12-month contracts for
~NZ$0.2m with one of the largest communications groups in North America, a
~NZ$0.3m subscription contract with a national engineering group, and a ~NZ$0.25m
subscription contract with another national engineering group.
In terms of transaction revenue, positively, we have seen an uptick in closed contracts as well as
various outsize pipeline opportunities being progressed. Recognized revenue continued to be
low in Q3 relative to pcp however. This slow-down has been well signaled to the market, with
several major IKE customers in the U.S. communications segment having network projects
slowed, mostly with unrelated regulatory impediments. We continue to reiterate that these long-
term customers are not lost, and they have communicated their expectation that the multi-year
outlook for use of the IKE platform is robust.
Recent transaction sales highlights included:
- An agreement with a U.S. electric utility expected to generate ~NZ$1.3m transaction
revenue over the next three years, with ~NZ$0.4m revenue expected over the coming 12
months.
- In addition, one of our ‘slowed’ long-term communications customers, referenced above,
has resumed some volume, placing orders that are expected to generate ~NZ$0.5m
transaction revenue over the coming quarter and with an expectation for another
~NZ$0.5m in the following quarter.
Overall, our sales pipeline is strong and has grown. We have won approximately 40 new
enterprise customers in the U.S. market over the past nine months, continuing a win rate of
approximately one new customer per week. As a reminder of our business model, IKE generates
additive transaction revenue, on top of subscription revenue, from some customers as they
engineer more network assets in our system.
During Q3 we also reduced our cost base to maintain the timeframe towards both EBITDA and
cash positive operations. Regrettably this included releasing team members representing
approximately 19% of total employee numbers and approximately 14% of total employee costs.
Most of the impacted roles were U.S.-based back-office and service positions. We also reduced
other contractor cost items, and in total expect the impact of this process to reduce annualized
costs by ~NZ$4m beginning Q4 FY24. The Company incurred one-time charges related to these
reductions of ~NZ$0.5m during the Q3 FY24 period. As consistently stated, management and
the Board remain cognizant of the importance of maintaining a strong balance sheet position,
executing against immediate revenue growth opportunities, whilst retaining the ability to manage
costs appropriately.
Our balance sheet remains robust, noting that the USD and AUD foreign exchange rates impact
our reported NZD position each quarter.
Macro-market tailwinds across North America remain highly supportive, driven by the multi-year
investment being made into building overhead fiber and 5G networks, and additively, the
forecasted US$300B investment by electric utilities into building & maintaining distribution power
network capacity and associated network hardening. To meet carbon-zero targets in the U.S. by
2050, analysts forecast that the approximately 50% of the energy in the U.S. needs to be on the
electrical grid, from a position of just 20% today. IKE’s product suite drives productivity in support
of these network engineering and capacity activities.

3
We are executing on sizable sales opportunities and based on closed long-term contracts and an
expanding pipeline expect healthy growth in the FY25 period and beyond.”


Performance across the business is set out in the following table and charts.














YTD FY24
PCP
(YTD FY23)% Change
Total Revenue
NZ$15.3m
NZ$23.3m-34%
Platform Transactions
# of Billable Transactions197k
376k-48%
Platform Transaction RevenueNZ$5.1m
NZ$14.3m-65%
Gross MarginNZ$0.7m
NZ$5.3m-87%
Gross Margin %14%
37%
Platform Subscriptions
Total # of Subscription Customers368
356
3%
Platform Subscription RevenueNZ$7.9mNZ$6.4m+24%
Gross Margin
NZ$6.9mNZ$5.7m
+21%
Gross Margin %
87%
88%
Hardware & Other
Hardware & Services RevenueNZ$2.3mNZ$2.5m-9%
Gross MarginNZ$1.3mNZ$1.3m
-3%
Gross Margin %
55%51%

4



Takeaways
Four-year
revenue
CAGR of 35%
Recurring
subscription
and
reoccurring
transaction
revenues
(shown by
the green
and blue
segments in
this chart)
dominate
IKE’s
revenue mix,
at 85% YTD.
An
expectation
for healthy
contract
growth in the
FY25 period
and beyond.



Takeaways
Significant
growth in
underlying
subscription
revenue.
Four-year
subscription
revenue
CAGR of
32%,
During FY25,
this is
expected to
increase
materially
due to sales
of IKE’s next-
generation
IKE
PoleForema
n product.

5


Takeaways
Four-year
transaction
revenue
CAGR of
45%, but 65%
lower YTD
FY24 vs pcp
due to FY23
seeing
outsize
customer
growth and
activity.
Based on
guidance
from long-
term
customers
IKE expects
transaction
volumes and
associated
revenue to
build into
FY25.


ENDS

About IKE
We’re IKE, the PoleOS™ Company. IKE seeks to be the standard for collecting, analysing and
managing pole and overhead asset information for electric utilities, communications companies,
and their engineering service providers.
The IKE platform allows electric utilities, communications companies, and their engineering service
providers to increase speed, quality, and safety for the construction and maintenance of distribution
assets.
The core revenue engine for IKE is driven by the number of enterprise customers subscribing to the
IKE platform and the volume of assets (called Transactions) being processed through IKE’s
software.


Contact:
Glenn Milnes
CEO
+1 720-418-1936
glenn.milnes@ikegps.com

Simon Hinsley
Investor Relations
+61-401-809-653
simon@nwrcommunications.com.au

ikeGPS Group Limited
329 Interlocken Parkway, Suite 329, Broomfield CO 80021, USA
Office: +1 303 222 3218
www.ikegps.com

---

IKE Performance Update
for the Q3 FY24 Period to 31 December 2023
We’re IKE, the Pole OS Company
Glenn Milnes, CEO
glenn.milnes@ikegps.com
February 2024
CONFIDENTIAL

ikeGPS
2
Important Notice
•Is for general information purposes only, and is not an offer or invitation for subscription, purchase, or
recommendation of securities in ikeGPSGroup Limited (IKE);
•Should be read in conjunction with, and is subject to, IKE’s FY23 financial results (audited), 1H FY24 financial results
(unaudited) , recent market releases, and information published on IKE’s website (www.ikegps.com);
•Includes forward-looking statements about IKE and the environment in which IKE operates, which are subject to
uncertainties and contingencies outsideof IKE’s control – IKE's actual results or performance may differ materially
from these statements;
•Includes statements relating to past performance, which should not be regarded as a reliable indicator of future
performance; and
•May contain information from third parties believedto be reliable, however no representations or warranties are
made as to the accuracy or completeness of such information.
•All information in this presentation is current at the date of this presentation, unless otherwise stated.
•All currency amounts are in NZ dollars unless stated otherwise.
Receipt of this Document and/or attendance at this presentation constitutes acceptance of the terms set out above in
this Important Notice.
Information in this Presentation:

ikeGPS
3
Agenda
Q3 FY24 performance
IKE PoleForeman product release, and broader sales update
Addressable market and IKE’s value proposition
Q&A

ikeGPS
4
•Four-year revenue CAGR of 35%
•Recurring subscription and reoccurring
transaction revenues (shown by the green and
blue segments in this chart) dominate IKE’s
revenue mix, at 85% YTD.
•An expectation for healthy contract growth in
the FY25 period and beyond.
Revenue 1H FY24 of ~$15.3m (-34% pcp)
Takeaways:

ikeGPS
5
•Significant growth in underlying
subscription revenue.
•Four-year subscription revenue
CAGR of 32%.
•During FY25, this is expected to
increase materially due to sales of
IKE’s next-generation structural
analysis product, called IKE
PoleForeman.
Subscription revenue growth has continued to be strong (+24% pcp)
Takeaways:

ikeGPS
6
•Four-year transaction revenue CAGR of
45%, but 65% lower that pcpYTD FY24 vs
pcpdue to FY23 seeing outsize customer
growth and activity.
•Based on guidance from long-term
customers IKE expects transaction
volumes and associated revenue to build
into FY25.
But transaction revenue was down vs pcp(-65% pcp)
Takeaways:

ikeGPS
7
At-a-Glance
Q3 FY24 performance headlines
$NZD
Financial Year Ending Mar-31
•YTD revenue of ~NZ$15.3m (-34% pcp).
•Subscription revenue of NZ$7.9m (+24% vs pcp).
•Transaction revenue of NZ$5.1m (-65% vs pcp).
•YTD gross margin approximately of ~NZ$8.8m (-28% vs pcp), with a gross margin percentage of
~58% (up from pcp of ~53%).
Headlines:

ikeGPS
8
Q3 FY24 Key Metrics

Q3 Update and Outlook

ikeGPS
10
Subscription sales highlights for our IKE PoleForemanincluded:
-~NZ$3.7m five-year subscription contract with a Fortune 150 Company and one of
the ten largest Investor-Owned-Utilities (IoU’s) in the U.S.
-Over 1,000 engineers at this utility will use IKE PoleForemanfor network
design.
-tenfold increase in annual recurring revenue from this customer.
-~NZ$0.45k three-year subscription contract with large U.S. electric utility
-five-fold increase in annual recurring revenue from this customer.
-~NZ$0.5m three-year subscription contract with national engineering firm
-Additional subscription contracts from U.S. utility groups are imminent over the
coming months.
Subscription sales highlights for our IKE Office Pro product included:
-~NZ$0.2m 12-month subscription with one of the largest communications
groups in North America,
-~NZ$0.3m 12-month subscription contract with a national engineering group
-~NZ$0.25m 12-month subscription contract with national engineering group.
Q3 Update and Outlook
Next gen structural analysis product released. Early adoption from tier-1 infrastructure groups.

ikeGPS
11
Transaction sales highlights included:
-An agreement with a U.S. electric utility expected to generate ~NZ$1.3m
transaction revenue over the next three years, with ~NZ$0.4m revenue expected
over the coming 12 months.
-One of our ‘slowed’ long-term communications customers has resumed some
volume, placing orders that are expected to generate ~NZ$0.5m transaction
revenue over the coming quarter and with an expectation for another ~NZ$0.5m
in the following quarter.
Overall, IKE has won approximately 40 new enterprise customers in the U.S. market
over the past nine months, continuing a win rate of approximately one new customer
per week.
The benefit (~NZ$4.0m p a) from the Q3 cost–down program impacts from Q4
Total cash and receivables as of 31 December 2023 of NZ$15.2m comprised of
NZ$8.0m cash and NZ$7.2m receivables, with payables of NZ$0.8m and no debt.
-As of 31 January 2023, cash increased to NZ$11.0m and receivables decreased to
NZ$3.5m.
Training and Education business, acquired in 1H FY24, off to a strong start.
Q3 Update and Outlook continued..........
Uptick in transaction contract wins vs 1H. Run rate of one new enterprise customer per week in North America.

What IKE does, and the market opportunity being addressed
Product and Market re-cap

ikeGPS
13
IKE has a Suite of Distribution Network Software Products
Built to address distribution network problems in North America
Digitization of network
assessment
Bulk data processing for
distributionnetwork
decision making
Pole loading analysis
and structural design
Technology & automation drivencapability
to accelerate engineering
+
Business model upshot
•A recurring Subscription to
access any IKE Solution
•Additive, reoccurring Fees
based on usage (license
seats or transactions)
•Optional value-added
products , such as IKE
Analyze and IKE University

ikeGPS
14
Communications Market Macro
More than 3,000 electric utilities and 200M distribution assets across the U.S.
Investing in decades-long grid resiliency and grid capacity programs
Facing common challenges
•Grid resiliency requirements
•Grid capacity requirements
•Significant legal liability risks
•Regulatory and Engineering code compliance
•An ageing workforce, requiring tech vs more people
IKE products dramatically improve the engineeringdesign & maintenance process

ikeGPS
15
Where IKE sells: U.S. Market-Map of Investor-Owned Utilities (multi-$B companies)
IKE is the Standard within 7 of the 10 largest today, with a huge expansion opportunity......

ikeGPS
16
Where IKE sells: U.S. Market-Map of >2,800 Municipalities and Co-Operatives
All of which represent sales opportunities for all IKE products
Takeaways
•Market timing is everything
•IKE is in the right place, and the
right time, with the right technology,
team and execution capability
•Overlay on these maps, >2,000
engineering companies that serve
the electric utilities

ikeGPS
17
25-year Macro-Market Tail Wind for Grid Resiliency & Expansion ($B’s)
An Electric Utility Industry, Spending 100’s of Billions, in Need for Productivity Solutions, such as IKE
7.27.27.27.27.27.27.27.27.27.27.27.2
3.63.63.63.63.63.63.63.63.63.63.63.6
3.63.63.63.63.63.63.63.63.63.63.63.6
44.9
46.4
49.3
52.2
59.4
65.2
71.0
78.3
82.6
87.0
89.9
95.7
$59.4
$60.9
$63.8
$66.7
$73.9
$79.7
$85.5
$92.8
$97.1
$101.4
$104.3
$110.1
201420152016201720182019202020212022202320242025
CanadianMuniCo-opsUS IOU
U.S. AND CANADIAN ELECTRIC DISTRIBUTION CAPITAL EXPENDITURES
ACTUALFORECASTED
$NZD in B

ikeGPS
18
7 of the 10 largest Investor-Owned Utilities have standardized on IKE products
IKE Lands-then-Expands
Takeaways
•7 of the 10 largest Investor-Owned
Utilities (“IOUs”) in North America, all
multi-billion dollar businesses
•>400 customers in North America,
with 60 logos added in FY23 or 1 per
week in FY24 YTD
•>5,000 enterprise target accounts
to pursue overall
Opportunities to:
•Grow, upsell and cross-sell IKE
products into existing customer
base
•Win new logos in the North
American market
•Expand into international markets
Communications
Electric Utilities
Engineering & Project Management

ikeGPS
19
IKE solutions make fiber and 5G network deployments faster
IKE dramatically speeds up the network deployment process.
•>$300B expected investment into fiber network development in the U.S over next 5+ years
•>$50B expected investment into 5G network development in the U.S. over the next 5+ years
•An additional >$60B expected investment into rural broadband development as part of the Biden administrations
new Infrastructure bill
•>200 Communications companiescompeting to build a networks and winunderlying customers
•>2,000 engineering serviceproviders supporting network development

ikeGPS
20
Fiber and 5G Investment Super-Cycle in North America Still In Its Early Stages
PROJECTED INVESTMENTS INTO 5G & FIBER OPTIC INFRASTRUCTURE
$39B
20102018
$43B
$72B
2025
$NZD
Source: Bell Potter Initiation of Coverage Report, GSMA, American Tower
Note: Labeled Capex Figures reflect Houlihan Lokey Estimates

ikeGPS
21
Some of the largest U.S. Communication groups have Standardized on IKE
And a growing footprint of tier-2 fiber businesses
Takeaways
•Several of the largest comms group
in North America: AT&T ($107B),
Crown Castle ($39B), Bell Canada
($47B)
•A growing footprint of the tier-2
fiber companies
Opportunities to:
•Grow, upsell and cross-sell IKE
products into existing customer
base
•Win new logos in the North
American market
•Expand into international markets
over time
Communications
Electric Utilities
Engineering & Project Management

ikeGPS
22
$5.4B
TAM
$550M Fiber / 5G
Market Opportunity
0.6M
Poles Needing
Small Cell
Deployments
Overall.. an Addressable Market Opportunity That is Expected to Grow Strongly
(1)Assumed 80% discount rate on range of fibre deployments
(2)Other services include design planning, grid hardening/resiliency programs, NESC violations, joint use attachment audit, billing audits , etc.
Source: Management Estimates, Bell Potter Initiation of Coverage Report, Houlihan Lokey Estimates
Note: Market analysis does not include opportunity that will arise from growth of pole infrastructure
$NZD
5G Small Cell
Antenna
Fibre Connections
5G and Fibre
4.2M
1
Poles
Requiring Fiber
Connections
$113 Cost of
Service
$4.8B Electric Utilities
Opportunity
40M Poles
Needed for
Audit per
annum
Estimated
$50 Cost of
Audit per
Pole
Estimated
$113 Cost of
New Build
per Pole
>200M Total No. of
Electrical Poles
25M Poles
Used for
Other
Services
2
Utilities
$NZD

ikeGPS
23
50%+
Of US energy consumption will be comprised of
electricity on the distribution grid by 2050 to attain
carbon net zero targets, and power the new EV market,
compared to current levels of just 20% = engineering
requirements to build capacity on the network.
Extensive Market Tailwinds Over the Coming Two Decades
Source: Bell Potter Initiation of Coverage Report, GSMA, American Tower, Accenture, Grandview Research, Global Newswire, Ryse Energy, World Economic Forum
Small Cell Deployments across North
America, much of it engineered on
distribution power poles
800,000+
Small cell site expansions are expected by 2025 as
communications infrastructure providers look to speed up 5G
rollout while reducing cost and time of deployment
Requirement for harder and higher
capacity distribution power networks
across all of North America
>3,200
Electric Utilities in North America with long-term, recurring
distribution network hardening, joint use, and capacity needs for
electrical distribution
7+ year macro-market tailwind of fiber
deployment, much of it engineered on
distribution power poles
>$350B
Investment forecast in fiber in the US by 2025, representing >30M
attachments; communications infrastructure providers seeking
partners to manage new fiber attachments for every pole
Infrastructure development via
Engineering Service Providers
>1,000
Engineering Service Providers in the US subcontracted by
telecom and utilities providers to assist in infrastructure
development and deployment
Massive engineering requirements for an
evolving distribution network supporting
an increase in global consumption of
electricity

ikeGPS
24
IKE Goes to Market Directly
With a deepened team of segment experts
SVP of
Sales
VP of Utilities
Solutions
Engineering
Manager
Solutions Engineer
Systems Engineer
Systems Engineer
Production Engineer
Sr. Account
Manager
Sr. Director of
Communications
Sales
Inside Sales
Lead
Generation
Sr. GIS
Manager
Sales
Operations
Coordinator
Director, Utility
Enterprise
Director, Utility
Enterprise
Director, Utility
Enterprise
Solutions Engineer
Inside Sales
Sr. Director of
Communications
Sales
Sales
Operations &
Marketing
automation
Each rep has 40-50
named accounts
Market focus: Utility &
Major ESP
Each rep 40-50 named
accounts
Market focus:
Communications &
some ESP
Some existing Business
mostly New business
hunting
Mostly Existing
Customer Expansion
and Inbound leads
Market Focus:
Communications, Small
Utilities (Coop/muni) &
Engineering firms

ikeGPS
25
A Map-View of Usage, and how IKE customers deploy our software
Crown Castle in Florida

ikeGPS
26
A map-view of Usage, and how IKE customers deploy our software
AT&T in 7 example States

ikeGPS
27
Multiple Avenues Supporting Future Growth Potential
Sales Team
Expansion / New
Customers
Inorganic
Growth
Cross Sell & Upsell into
Existing Customer Base
International
Expansion
$43mm
Revenue
“Today”
Revenue
“Future”
2
3
4
1
Sales Team
Expansion /
New Logos
1
Platform for
Inorganic Growth
3
Cross Sell &
Upsell
2
International
Expansion
4

ikeGPS
28
Thanks
Manaakitanga: We Rise By Lifting Others

ikeGPS
29
Q&A
We’re IKE, The PoleOSCompany
IKE seeks to bethe standard for collecting, analyzing and managing pole
and outside plant (“OSP”) information for electric utilities,
communications companies, and their engineering service providers
The IKE platform allows its customers to increase speed, improve
quality, and deliver safety in the assessment, construction, and
maintenance of distribution poles and other OSP assets
IKE’s purpose is Manaakitanga, which means”to rise by lifting others”