IkeGPS secures $19m contract with US utility

IkeGPS has secured a contract that is expected to generate approximately $19 million in revenue over the next 36 months.

The contract, which begins immediately at the end of July 2024, will see IkeGPS supporting a multi-year fiber and grid resiliency program for a prominent utility in the southwest United States.

IkeGPS CEO, Glenn Milnes, said the deal was a significant product expansion with a longstanding partner and would strengthen the company's revenue stream.

He also noted that the contract was another important step towards targeted EBITDA breakeven and continued high revenue growth.

IkeGPS, listed on the NZX and ASX, specialises in collecting, analysing, and managing pole and overhead asset information for electric utilities and communications companies.