ikeGPS Share Price: Up 41% as Its Utility Software Hits Profitability
ikeGPS Share Price Today
The ikeGPS share price sits at about $1.23 NZD (NZX: IKE) in mid-June 2026, up roughly 41% over the past year, one of the better-performing technology stories on the exchange. With a market cap near $239 million, ikeGPS is a New Zealand software company that has built a strong niche serving North American electric utilities, and it is finally approaching sustained profitability.
After years as a promising-but-lossmaking growth story, ikeGPS is reaching the inflection point investors had been waiting for.
What ikeGPS Does
ikeGPS provides software and measurement technology for managing utility poles and overhead power and telecom assets. Its platform helps electric utilities and engineering firms capture field data, measure poles, and plan work, increasingly through AI-driven automation tools like PolePilot. The business has shifted decisively toward recurring software subscriptions, the high-margin, high-quality revenue that the market prizes. This puts ikeGPS in the same SaaS league as utilities-software peer Gentrack and travel-software firm Serko.
Its competitive position is genuinely strong: IKE software is deployed across all 50 US states and used by 8 of the 10 largest investor-owned utilities in North America.
Recent Performance: The Inflection
ikeGPS's FY26 result (year to March 2026) showed the model maturing:
- •Total revenue of about $26.6 million
- •Platform subscription revenue of about $19.2 million, up 33%, with an exit run-rate near $20.7 million annualised
- •Gross margin up to roughly 80% (subscription gross margins ~84%)
- •Positive underlying EBITDA achieved in March 2026
- •463 subscription customers, with 83 added during the year and effectively no churn even after a price increase
Reaching underlying EBITDA breakeven, with 33% subscription growth and 80% gross margins, is exactly the trajectory a SaaS company should show. The 41% share price gain reflects the market recognising it.
Key Metrics
- •Share price: ~$1.23 NZD
- •Market cap: ~$239 million NZD
- •52-week move: about +41%
- •Subscription revenue: ~$19.2 million (up 33%)
- •Gross margin: ~80%
- •P/E ratio (trailing): negative (just reaching breakeven)
- •Gross dividend yield: 0%
The trailing P/E is still negative because full-year net profit has only just turned the corner. For a SaaS business at this stage, subscription growth, gross margin, churn, and the EBITDA trajectory matter far more.
What to Watch
- •Sustained profitability: March's underlying EBITDA breakeven needs to become a consistent, full-year reality. This is the key proof point.
- •Subscription growth and churn: 33% growth with near-zero churn is excellent. Watch that both hold.
- •US utility spending: Demand depends on North American utilities' grid-investment and inspection budgets.
- •Valuation: At a $239 million market cap on ~$27 million revenue, the stock already prices in continued growth. Any stumble would be punished.
The Bottom Line
ikeGPS is a maturing SaaS business with a dominant niche in North American utility-pole software, fast subscription growth, high gross margins, and a freshly reached EBITDA breakeven. The bull case is a high-quality recurring-revenue company at its profitability inflection, with a strong, sticky customer base. The bear case is that the valuation already reflects a lot of success, the company is only just profitable, and it depends on US utility budgets. This is a growth stock for investors comfortable paying up for a quality SaaS inflection, not for value or income seekers.
For how we evaluate SaaS businesses reaching profitability, see our methodology.
*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*