IKEGPS GROUP LIMITED (IKE)
Share Price Analysis and Chart

02/06/2026

1

Buy

$1.21

19.80%

ikeGPS Group delivered 33% growth in subscription revenue in FY26, to $19.2m, with revenue growth of 6% to $26.6m. Earnings were largely in line with Bell Potter's expectations and the net loss was also expected, albeit more than half that of the prior year.

The company is progressing its product development and module 1 is expected to enter beta testing within nine months and module 2 has completed prototyping, now shifting to development.

FY27 guidance has been reiterated for similar subscription growth while the broker notes the gross margin of 94% appears to support breaking even in terms of operating cash flow.

The company expects its current product pipeline has the potential for more revenue than any product launched to date, although this is not expected to materialise until FY28. Buy rating and $1.21 target unchanged.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.61 cents.
Bell Potter forecasts a full year FY28 EPS of 1.30 cents.

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01/06/2026

3

Hold

$1.02

0.99%

Moelis maintains a Hold rating for ikeGPS Group with its target price reduced to $1.02 following structural revisions to the electronic equipment provider's intermediate cost expectations.

Although positive underlying EBITDA was achieved in March FY26, higher cost disclosures within the final full-year accounts necessitate upward expense adjustments.

The broker points out ikeGPS Group's strategy continues to leverage specialized domain expertise in electrical distribution network maintenance alongside accelerated software product development outlays.

Anticipated price increases across the core user subscription base and the deployment of a new network management solution by the end of 2026 support operational revenue momentum.

Near-term balance sheet positions remain well funded by previous capital raising initiatives and upfront deferred revenue collections, the report concludes.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -2.69 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 0.43 cents.

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