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- ikeGPS (IKE) records revenue and subscription growth over the fourth quarter of its 2022 financial year, with momentum expected to continue in FY23.
- Total revenue for the period ending in March grew by 114 per cent from the previous corresponding period to about $6 million, taking FY22 revenue to roughly $16 million
- Looking ahead, the company says it expects to record between $15 million and $17 million of its current signed contract backlog as revenue in FY23
- At the end of the quarter, ikeGPS finished in the same cash position as December, with $29 million in total cash and receivables
- IkeGPS shares last traded at 66 cents each on Monday, May 2
Software developer ikeGPS (IKE) has recorded revenue and subscription growth over the fourth quarter of its 2022 financial year, with momentum expected to continue in FY23.
Total revenue for the three months to the end of March grew by 114 per cent from the previous corresponding period to about $6 million — taking total revenue for IKE’s 2022 financial year to roughly $16 million.
Meanwhile, the value of IKE’s signed contracts improved by 122 per cent to about $26 million for the financial year.
CEO Glenn Milnes said the company expected continued growth into the future, supported by existing contracts and future customers.
“In terms of the depth of our customer base, in the FY22 period we grew to having 349 enterprise customers, almost all of which are operating in the North America electric utility and communications infrastructure market,” Mr Milnes said.
“Importantly, this demonstrates the increasing depth of our customer base and also the stickiness of our solutions in terms of year-on-year renewal.”
Looking ahead, the company said it expected to record between $15 million and $17 million of its current signed contract backlog as revenue in FY23.
At the end of the quarter, the company finished in the same cash position as December, with $29 million in total cash and receivables and no debt.
IkeGPS shares last traded at 66 cents each on Monday, May 2.
