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NZX-listed tools and cloud developer IkeGPS soars past stretch targets

NZX-listed tools and cloud developer IkeGPS soars past stretch targets

Company reports significant revenue and gross margin growth.

Credit: Supplied

IkeGPS, the NZX-listed developer of tools and a cloud platform used to maintain electricity infrastructure, is thriving as customers invest in their networks.

Revenue to the end of March of around $30.8 million was up 93 per cent on the previous corresponding period, around $6 million ahead of internal budgets and above upgraded analyst consensus.

Gross margin of around $16.4 million, was up 67 per cent, with a gross margin percentage of around 53 per cent.

Total cash and receivables at 31 March of $23.2 million, comprised of $18 million cash and $5.2 million receivables, with payables of just $2.3 million and no debt.

Last month, IkeGPS reported more than a quarter of its cash, $5.3 million, was held at the failed Silicon Valley Bank. A solution later emerged ensuring depositors would be paid in full.

"The 2023 period saw continued strong momentum across Ike," said CEO Glenn Milnes.  "We have achieved very significant revenue and gross margin growth and have closed the period materially ahead of all internal stretch targets."

Fourth quarter highlights included winning about one new enterprise customer per week, including another of the largest tier-one electric utilities operating on the East Coast of the US, displacing the incumbent competitor who had served the company for more than 20 years.

Another milestone in included advancing an integration and AI automation project with one of the largest digital data collection businesses for global infrastructure.

Growth was expected to continue in 2024, Milnes said.

"Macro-market tailwinds across North America remain highly supportive, driven by the multi-year investment being made into building overhead fiber networks, and additively, the forecasted $300 billion investment by electric utilities into building and maintaining distribution network capacity and associated network hardening.

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Tags broadbandnetworksUtilitiesengineeringSilicon Valley BankIkeGPSdigital twinsartificial intelligence

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