IkeGPS has announced the closure of multiple large subscription contracts, which are expected to drive significant subscription revenue growth in the 2025 financial year.
The company provided an update for the fourth quarter and 12-month period ending on March 31 2024, reporting revenue of approximately $21.1 million, down 31% from the previous year.
However, subscription revenue saw a 22% increase to around $10.7m.
IkeGPS also highlighted its strong cash position, with total cash and receivables of $15.4m as of March 31.
The company's outlook for FY25 is optimistic, as it anticipates strong growth in subscription revenue, while transaction revenue is expected to grow with a wide range of potential profiles.
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