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ikeGPS FOR IMMEDIATE RELEASE 12 February 2021 ikeGPS ( IKE ) is pleased to release an update for the quarter to 31 December 2020 ( all figures NZD ) . The IKE platform allows electric utilities , communications companies , and their engineering service providers to increase speed , quality , and safety for the construction and maintenance of distribution assets . The revenue engine for IKE is driven be the number of assets being processed through the IKE platform . In the Q3 FY21 period , less engineering activity occurred on certain network projects while COVID - 19 response measures were put in place in specific U.S. regions . Deferred contracts in Q3 are generally transitioning to delivery and recognized revenue from Q4 FY21 , which IKE expects to grow against prior calendar period ( pcp ) . Highlights for the December 2020 quarter : + The process to acquire certain assets of Visual Globe LLC , a US - based Artificial Intelligence ( Al ) and low code software company that specializes in the automated analysis of power poles from very large data sets . Q3 FY21 performance update Acquisition of Artificial Intelligence software business + Revenue in the quarter of approximately $ 2.1m and approximately $ 6.5m YTD ( pcp of $ 7.3m ) reflects a solid outcome in the context of Q1 and then Q3 periods disrupted by COVID - 19 impacts on customer projects . + New contracts closed in Q3 FY21 were for approximately $ 2.5m . + Gross margin of approximately $ 4.3m ( pcp of $ 5.2M ) , with a gross margin percentage of approximately 67 % ( pcp of 72 % ) . + Total cash and receivables 31 December 2020 of approximately $ 18m , with no debt . Communications & Utility Segment Revenue mix ; transition by year $ 10,000,000 $ 9,000,000 $ 8,000,000 $ 7,000,000 $ 6,000,000 $ 5,000,000 $ 4,000,000 $ 3,000,000 $ 2,000,000 $ 1,000,000 $ FY18 FY19 Transactions & subscription revenue One - time revenue FY20 YTDQ3 Takeaways IKE's revenue mix has shifted materially with greater than 75 % of revenue expected from transaction & subscription sources in FY21 ( shown by the blue bar in the chart ) . This is an important transition in terms of increasing revenue quality and predictability to underpin growth . ikeGPS Group Limited 350 Interlocken Blvd , Suite 390 , Broomfield CO 80021 , USA Office : +1 303 222 3218 www.ikegps.com