IkeGPS : FY22 Annual Report

CEO and Chair Commentary

onlyFY22 - Year in Review

useFY22 was a strong growth period for IKE in relation to our financial performance, market development, and product development. Entering FY23, our signed contract backlog is strong (at >$20m at

the time of writing), and our balance sheet is healthy. Our market personalin the North American electric utility and communications sector

is stronger than ever in terms of expected ongoing demand for productivity solutions like ours. Our focus on building a recurring (subscription) and re-ocurring (transactional) business model along with continued development of product capability, translates to high visibility into higher-quality revenue

Despite current valuation headwinds in the public capital markets for technology companies, we are optimistic about our growth and value creation prospects for FY23 and beyond.

For

4 2022 ikeGPS Annual Report

Financial

Performance Highlights

We were pleased to hit all key growth targets through the period. Highlights include:

• FY22 revenue of ~$16m (+71% vs. PCP).
• • 2H FY22 revenue of ~$10.3m (+108% vs. PCP)
  • FY22 Subscription and Transaction revenue of ~$12.m (+73% vs. PCP). ~75% of IKE's revenue in FY22 came from these recurring and re-occurring sources.
• FY22 signed contracts of ~$26m (+122% vs. PCP).
• FY22 gross margin of ~$9.9m (PCP of $5.9m), with FY22 gross margin percentage of 62% (PCP of 64%).
• FY22 EBITDA loss of ~$5.3m (PCP -$5.5m)
• FY22 Net Loss of ~$7.9m (PCP -$7.5m)
• • 2H FY22 Net Loss of ~$1.7m (PCP -$5.0m)
• Total cash and receivables 31 March 2022 of ~$29.4m, comprised of $24.4m cash and $5m receivables. This is approximately the same total position as of December 2021. No debt.

Quarterly signed contracts and relationship to timing for recognized revenue ($NZ$)

Takeaways

+ This chart shows the approximate nine- month correlation between the timing of signed contracts and subsequent timing to recognized revenue levels. The reason for this timing lag is that subscription and transaction contracts are recognized and delivered over time (normally 12 months), based on the usage of IKE products.

use only

Communications &

Utility segment

Takeaways

• IKE has delivered 48% CAGR of recurring subscription and reoccurring transaction revenues (shown by the Green and Blue segments in this chart).
• IKE's revenue mix has continued to shift positively over the past four years because of the investment into extending its software products.
• This is an important trend in terms of increased revenue quality that will underpin predictable growth as IKE continues to execute on its solution and Pole OS™ strategy.

Operating Scale

From an operating perspective, the broader IKE team grew from approximately 50 to 85 full time employees. IKE expects that its revenue and margins will continue grow faster than operating expenses, however this growth of outside plant experts across the team is important such that IKE can optimally deliver account management, support, and deployment into a customer base that includes some of the largest infrastructure companies in North America.

Leadership Team Development

From a leadership team perspective, the FY22 period saw a deepening of the leadership group with appointments including Lydia Siloka as Head of People, Jareth Rossing as Head of Engineering and CIO, Jonathan Brigham as Director of Operations, and Stephen Fairbrother promoted to Chief Financial Officer.

Board Development

From a Board perspective, the FY22 period saw the appointment of Eileen Healy as non-executive director. Eileen is based in San Francisco and joins

+ Our products are designed to deliver network engineering outcomes that are faster, safer, and to a higher quality (digitized) data standard.

+ Macro risks do continue to be present, in particular the long-tail impacts of COVID-19 on global supply chains. For IKE, this continues to present ongoing challenges to reliably source and produce its IKE field tools in the face of increasing demand.

6 2022 ikeGPS Annual Report

IKE with considerable industry experience as the founder of two high- growth technology companies that served tier-1 infrastructure companies across the US electric utility and communications market. The period also saw Rick Christie, chairman of IKE since its NZX listing, stand down from the role and replaced by LA-based Alex Knowles. Rick continues as a non- executive director however IKE's leadership team and the Board would like to again thank Rick for his considerable work and contribution to the company as Chair since its earliest days.