ikeGPS (ASX:IKE) - CEO, Glenn Milnes (left)
CEO, Glenn Milnes (left)
Source: ikeGPS
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

IKE by the numbers
More From The Market Herald
X2M Connect (ASX:X2M) - Chief Operating Officer, Keith Jelley

" X2M Connect (ASX:X2M) signs two service contracts in South Korea

X2M Connect (ASX:X2M) has secured two new Software-as-a-Service (SaaS) and maintenance contracts with Gochang County and…

" Strategic Elements (ASX:SOR) sees increase in Battery Ink electrical charge

Strategic Elements (ASX:SOR) announces a significant improvement in the performance of its prototype Battery Ink cells.
LiveTiles (ASX:LVT) - Co founders, Karl Redenbach (left) and Peter Nguyen Brown (right)

" LiveTiles (ASX:LVT) grows revenue in December quarter

In the December quarter, LiveTiles (ASX:LVT) increased operating revenue by 32 per cent year-on-year to $26.7…
Harvest Technology Group (ASX:HTG) - Managing Director, Paul Guilfoyle

" Harvest Technology Group (ASX:HTG) joins Inmarsat’s marine network

Harvest technology Group (ASX:HTG) pens a deal with Inmarsat Global to become a member of its…