IkeGPS sees 24% rise in subscription revenue

IkeGPS has announced the closure of multiple large, multi-year subscription contracts.

The update for the nine-month period ending Dec 31 2023, revealed a 24% increase in subscription revenue to approximately $7.9 million, while transaction revenue saw a significant decline of 65% to about $5.1m.

IkeGPS also reported a year-to-date revenue of around $15.3m, down 34% from the previous corresponding period.

The company's gross margin for the period was approximately $8.8m, with a gross margin percentage of 58%.

IkeGPS ended the period with total cash and receivables of $15.2m.

The announcement highlighted the strong customer wins and growth in recurring subscription revenue during the third quarter of the financial year.

IkeGPS CEO, Glenn Milnes, noted that the adoption of the company's IKE PoleForeman product by key clients boded well for future expansion.