- IkeGPS Group (IKE) has secured a $1.2 million contract extension with a major U.S. electricity utility following a pilot and phase 1 program
- The initial $700,000 contract with the Fortune 100 company was signed in October 2020 and covered the use of the IKE platform to help assess power infrastructure
- Aside from the contract extension, the IKE outlined a further $5.4 million in new contract wins in the three months to the end of March
- While still subject to audit, IKE also reported its revenue came to $9.3 million in the 2021 financial year, which it reports to the end of the March quarter
- Shares last traded at 86 cents on May 4, 2021
IkeGPS Group (IKE) has secured a $1.2 million contract extension with a major U.S. electricity utility to help assess and design its power infrastructure.
It follows an initial $700,000 contract with the Fortune 100 company, signed in October 2020, for the use of the IKE platform to assess 350,000 power pole assets.
IKE CEO Glenn Milnes said the company is looking forward to continuing to work with this group and expanding its customer base in North America.
"The expansion of this existing customer contract demonstrates the value that the IKE platform provides to large electric utilities, and confirms our ability to expand the use of our platform over time across targeted tier-1 infrastructure operators."
"We are also pleased with the broader strength of new contract wins over the quarter to 31 March, of approximately $5.4 million, and now with contract wins in the initial weeks of the first quarter of the 2022 financial year, of approximately $2.2 million," he added.
Additionally, IKE reported unaudited revenue of $9.3 million in the 2021 financial year which it reports to March 31, 2021.
Shares last traded at 86 cents on May 4, 2021.