IKEGPS GROUP LIMITED (IKE)
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29/10/2025

1

Buy, High Risk

$1.40

47.37%

Shaw and Partners assesses a strong 1H26 trading update by ikeGPS Group showing exit run-rate subscription revenue up 47% year-on-year while costs were materially unchanged. Management reiterated its FY26 outlook.

Subscription revenue rose 35% y/y to NZ$8.8m, tracking ahead of guidance, with PoleForeman driving growth and new AI products like PolePilot expected to contribute from FY27.

The broker highlights gross margins of 75%, improved earnings (EBITDA), and reduced cash burn, with the group closing the half with NZ$34m in cash and no debt, having successfully raised NZ$26m during the period.

Shaw raises its target price to $1.40 from $1.30 and retains a Buy, High Risk rating.

FORECAST
Shaw and Partners forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.53 cents.
Shaw and Partners forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -1.72 cents.

01/12/2025

3

Hold

$1.00

5.26%

ikeGPS Group offered a 3Q26 update which revealed a robust period for subscription software sales and comes on top of the 1H26 results which were announced in late October, Moelis notes.

Management explained there is a seasonal weighting of subscription sales around the 2H of the fiscal year. Wages expense came in higher than anticipated for 1H26 even though management had pointed to higher costs at the time of the capital raising.

Cash outflows were above the analyst's forecast by around -$1m due to more elevated working capital balances and higher costs.

The company has cash on hand of $33.6m, considered "ample". Hold rated with a $1 target price.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -2.81 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 0.36 cents.