IkeGPS Group has released its 1H FY24 performance update, reporting a revenue of approximately $10.5 million, a decrease of 32% compared to the previous corresponding period (pcp).
However, the company experienced strong ongoing growth in subscription revenue, which increased by 24% compared to the pcp.
Transaction revenue slowed down due to delayed engineering projects with long-term customers, but volumes are expected to resume.
The company's gross margin for 1H FY24 was approximately $6.2 million, reflecting a 24% decrease compared to the pcp.
Cash and receivables as of September 30, 2023, amounted to approximately $16.3 million.
The company's CEO remains optimistic about the long-term growth outlook for IkeGPS, citing the requirements for electric utilities and communications companies to build infrastructure as key market drivers.
See more
