Kia ora, and good afternoon. On behalf of the board, management, and staff of ikeGPS, thank you for attending our twenty twenty-four annual meeting. My name is Alex Knowles, and I'm the Board Chair of ikeGPS. We welcome you as online participants through our virtual meeting platform provided by our share registrar, MUFG Corporate Markets. A special welcome also to the many new shareholders who have joined ikeGPS since our last AGM. We note that you can vote and ask questions online and encourage you to do so. I'll provide you with further instructions as we progress through the meeting. If you encounter any issues, please refer to the virtual meeting guide, or you can phone the helpline on oh eight hundred two hundred two two zero from New Zealand, or one eight hundred nine nine oh three six three if you are calling from Australia.
I would encourage you to send through your questions as soon as you can. This will allow us to answer these questions at the appropriate time. In the meeting today, we have Fred Lax, Independent Director; Mark Ratcliffe, Independent Director; and Glenn Milnes, Managing Director and CEO. Also present today is Brian, our CFO, and our representatives of our twenty-four auditors, Grant Thornton. Ladies and gentlemen, with the introductions out of the way, let us move on to the formal part of the meeting. I will make some opening remarks, and then our Managing Director and CEO, Glenn Milnes, will present and outline some of the performance highlights of the year. After that, the resolutions that are before you today will be put forward. Covering the formalities of this meeting, the company's constitution prescribes a quorum requirement of three shareholders. I can confirm that this requirement has been met.
Proxies have been appointed for the purposes of this meeting in respect of 30 million shares, representing over 18.8% of the total number of shares. I'd like to thank shareholders for their level of participation in today's meeting. My fellow directors and I intend to vote all discretionary proxies as we've received in favor of resolutions one through four, as set out in the notice of meeting. Voting on all resolutions in today's meeting will be conducted by way of poll. You will have the opportunities to ask questions. Actually, how to ask a question, you will need to click Ask a Question within the online meeting platform to select what item it's regarding in the dropdown window, type your question in, and then submit. I encourage shareholders who are intending to send their questions through as soon as they can.
The financial statements for the twelve-month period to the thirty-first of March, twenty twenty-four, together with the auditor's report, are set out in the company's annual report. The annual report was made available on the ikeGPS website on the first of July, twenty twenty-four. I would like to share with you a few thoughts I have covering the last year. As you know, my name is Alex Knowles. I'm the chair of ikeGPS, and I'm based in Los Angeles, USA. Through the twenty-four period, I was pleased to continue in the chair role, having been appointed in twenty twenty-two. At this time, I would like again to introduce my fellow board directors who are here with us today, being Fred Lax, Mark Ratcliffe, Rick Christie, who I'll get to in a minute, Glenn Milnes. Onto the company's performance.
The 2024 financial year marked another significant period for ikeGPS, a year in which we continued to grow our subscription footprint and made meaningful strides in developing, launching, and selling new products to some of the largest utilities in the North American market. We won 59 new subscription customers in the US market over the past year, continuing a win rate of approximately one new customer per week. That said, the 2024 period was also a year-on-year reduction in revenue from a lower margin transaction revenue that occurred. A 61% reduction versus PCP was due to the 2023 period being out, having outsized activity from certain national communication customers. For context, this was up 191% from the 2022 levels.
Our three-year transaction revenue CAGR or growth rate is 47%, and based on guidance from these long-term customers, we expect transaction volumes and associated revenue to build further into financial year twenty-five. In terms of financial performance, we reported revenue of NZD 21.1 million, with approximately 89% of this revenue coming from recurring subscriptions and recurring transaction sources. Our gross margin was NZD 12.7 million and a net loss of NZD 15 million. Our balance sheet remains strong, with cash and receivables position of NZD 15.4 million and no debt. Momentum across the business is robust. Quarter four of financial year twenty-four and quarter one of financial year twenty-five to date have been strong periods at Ike, with more significant subscription contracts closed with Tier One North American utility customers that will substantially grow our financial year twenty-five subscription revenue run rates.
At the time of writing this, it includes adding more than 3,900 additional subscribers to our new IKE Platform. Since its release in quarter three of financial year twenty-four, the total contract volume, value in closing has exceeded $12 million for mostly Tier One electric utilities in the U.S. market. In total, 47 customers have subscribed to the platform, of which 28 were existing customers and 19 are new. We expect further new customers to close in the near term, and IKE Platform will ultimately be the standard for structural analysis in 8 of the 10 largest electric utilities in the United States. We have a number of examples of these subscriptions. A couple I will mention. This also can be seen in the availability of all of this report at the end of this meeting.
An agreement with the second-largest electric utility group in North America for a five-year term. A large US electrical utility signed a three-year subscription contract, representing a five-fold increase in annual recurring revenue with this customer versus our previous legacy product. Another three-year subscription contract from a major East Coast US utility, which is a Fortune 500 company, has chosen to use IKE PoleForeman. A three-year subscription contract with a Fortune 150 ne company and one of the ten largest investor-owned utilities in the USA, upgrading to IKE's from IKE's legacy platform to our new IKE PoleForeman structure. We expect to retain and grow these recurring revenues, generating accounts for the long term. From a team perspective, we are pleased to add several new North American industry experts.
People joining Ike in the financial year 2024 include Roz Buick as Non-Executive Director, Brian as our Chief Financial Officer, Arnie as our Chief Marketing Officer, and Brett as our SVP of Product. Each of their professional profiles are detailed further in this report. We would also like to extend a very special thanks to Rick Christie, who resigned from our board this year. Rick was Ike's Chairman from its earliest stage and has been very instrumental in all aspects of Ike's growth over the past decade or so. So thank you, Rick. Looking to the financial year 2025 outlook, subscription revenue is expected to grow strongly this year at 40% or greater versus PCP to $15 million per annum or greater.
This outlook is based on the ongoing growth in the core IKE Office Pro subscription product, which has seen a 30% CAGR over the past three years and with 95% customer retention. It is also based on the success of the launch of the new IKE PoleForeman product, as detailed above, with more than 12 million of TCV closed since quarter three launch and an active subscriber base in excess of 3,900 users. Transaction revenue in financial year 2025 is expected to grow, but with a wider range of potential growth profiles, and as such, represents higher risk, both upside and downside. Transaction growth at IKE over the last three years has grown at a 45% CAGR through financial year 2024 year levels that were down against 2023 due to the outsized customer activity that occurred.
Based on guidance and from long-term customers, we expect transaction volumes and association revenue to build in financial year 2025. Overall, we closed $27 million of contracts in financial year 2024, against approximately $21 million of recognized revenue. Our customer retention rate is excellent at approximately 95%... and our sales pipeline for new business is strong and is growing. As a reminder of our business model, IKE generates additive transactional revenue on top of subscriber revenue from some customers as they engineer more network assets in our system. Our margin profile improved to 60% in financial year 2024, from 53% in financial year 2023, due to the continued shift in the product mix through higher margin subscription revenue.
We expect this trend to continue into financial twenty-five, with the growth in our subscription revenue outpacing other segments, resulting in a material improvement in margins again in financial year twenty-five. During the second half of financial year twenty-four, we also reduced our cost profile to maintain the time frame towards both EBITDA and cash positive operations. As consistently stated, management and the board remain cognizant of the importance of maintaining a strong balance sheet position, executing against immediate revenue growth opportunities, whilst retaining the ability to manage costs appropriately. Financial year twenty-five is also an exciting period for IKE in terms of the introduction of our new AI-based automation capabilities into existing products and new products. IKE has significantly invested into building automation that is specific to distribution network workflows, and we look forward to putting this into our customers' hands in the near term.
Macro market tailwinds across North America remain supportive of the productive products that Ike delivers, driven by the forecasted $300 billion investment by electric utilities into building and maintaining distribution power, network capacity, and associated network hardening. To meet carbon zero net targets in the U.S. by 2050, analysts forecast that approximately 50% of the energy in the USA needs to be on the electric grid from a position of just 20% today. Overall, analysts forecast that CapEx and OpEx spent across distribution networks in the U.S. market will increase by greater than 4% annually for the next decade. Further, the multi-year investments made into building overhead fiber and 5G networks is increasing and is enormous. Ike's products drive productivity in support of these network engineering and capacity activities.
We extend our thanks to our shareholders for your support and the belief in our vision. As we continue to innovate and grow, we do so with the confidence that we're building something valuable together. Thank you. I'd like to now turn it over to Glenn to give the CEO's presentation.
Great. Thank you, Alex, and thanks, everyone, for taking the time to meet today and to get an update. So, Brendan, if you're able to just confirm that we're sharing the PowerPoint docs. And, what I would, what I'd like to do is to run you through a current view of how we're tracking, in particular, looking at market and market trends, some customer adoption trends, some products specific to Ike in terms of productivity tools and how we're feeling about the year that we're in and the, you know, the periods that are ahead. So assuming everyone can see these slides, please first take note of this important notice in terms of the documents we're about to look at.
What I wanted to do is just touch on Q1 financial performance. We're close to the end of Q2. Business continues to track and grow really strongly. So we're pleased with where we are. There's probably a few key takeaways, I think, from today's discussion. The major one is we're building a subscription software business in the U.S. electric utility market. So I'm based here in Colorado, in the United States. Our core team is here. We've got a team of just under 100 people. We're addressing the biggest power companies and the biggest telecommunication companies in North America and also their engineering companies. It takes a bit of patience and a sense of humor to sell into this market.
These are brilliant people and brilliant companies doing a very important thing in terms of power distribution. You know, we're trying to help the mission. We're seeing really strong growth in terms of our subscription revenue backbone, so this just keeps growing. You know, it's over 40% CAGR over the last three years, four years, five years. We expect that will continue to grow at these kind of rates. You can see here we've started talking about our exit run rate of platform subscription revenue. Again, think of these customers. You know, if we do a good job, we keep these customers for decades. They're sticky customers.
They take some time to make platform software decisions, but once we have them, and if we do a good job, we keep them forever. And you can kind of see our exit run rate continuing to really accelerate. We don't see any reason that will stop. Again, as we've continued to move the business towards, you know, pure SaaS, as you'd think about in many other industries, with tracking seat count, so the number of engineers that subscribe to the software, that's growing super fast. It's not a complete apples-for-apples comparison because we launched the next generation IKE PoleForeman product, which I can show you with some pictures shortly. But again, we just see this really profound acceleration in terms of engineers that are using IKE software every day for network design.
Alex touched on this next item, which is around the transaction revenue in our business. So when we go and sell to a customer, they subscribe to our products and our software. Some of them want more help in terms of the work that they're doing inside our software platform, and we call this transaction revenue. It's the number of poles that we help customers to process. So it's a really important business model for parts of the industry. And we had this massive spike in 2023, but the medium-term and long-term trends are extremely solid, and we're seeing we haven't lost any of these big customers. They kinda even flow in terms of their volume.
But we see this as an important add-on in terms of what we do, in terms of customer success. So this is now trending very much back up and to the right. And then more generally, looking at the key thing here, the blue bar in this chart is subscription revenue. The green part is transaction revenue that we talked about, and then the orange piece is hardware and services and other revenues. So again, a really healthy compound growth rate of 30%+. And, you know, gross margins increased through this year. It's to 70% or greater from, well, 60% the prior year, et cetera. So, you know, higher quality products, better pricing, based on brand and customer experience.
We've got good overall trends and feeling optimistic about the future. I'll just buzz through this. This is the table we publish every quarter. These are kind of the key economic engine drivers for Ike, so you can sorta see how we think about the business. Internally, more than four hundred subscription customers today, including eight of the ten biggest utilities and many of the biggest communications companies. I promise to go extremely quickly through some of these following slides, but I did again, just wanna reiterate A, how we think about Ike and differentiation, because differentiation is what makes us a long-term partner for the customers that we serve.
And then I think even more importantly for shareholders and investors is trying to reemphasize just what a massive market opportunity that we address here in North America. We're a small company. We're serving the biggest infrastructure groups in the world, but the demand for what we do in terms of productivity is growing. So we have three software products that help an electric utility plan, assess, digitize, and then maintain their power network, and we're talking about residential distribution assets that serve... You know, deliver power to businesses and homes. There's a big hurricane coming into Florida at the moment.
We help networks be strong, and keep the power on, keep people safe, and then we help communications companies just get their fiber networks delivered much faster and at a much higher standard. That's the mission that we support. The picture here is of a failed distribution power asset, and you can kinda see the... Here, the power infrastructure sits at the top of this pole. Everything down below is, you know, cable TV and fiber, and pot, plain old telecom services, et cetera. Again, we help these electric utilities just design a much more resilient and much higher capacity network. And Alex touched on this.
The North American market has to more than double the amount of capacity going into the electrical grid over the next 20-30 years. This is a huge problem, and we, you know, we help an element of this process in terms of letting utilities design things and build and engineer their assets in a much more effective way. And I know that just having been down in Australia recently, like, this is a topic that's on a lot of people's minds in Australia, rewiring the nation. Again, grid resilience, grid capacity, it's a really big issue, and we're, we're sorta lucky to be part of this process. And you can see these are billions of dollars in terms of what's being invested into grid resiliency and grid expansion in North America. It's really important as the-...
technology company to be in the right market at the right time, and we feel fortunate to certainly be in that space at the moment. And again, just trying to paint the picture of how large the North American landscape is. This is a map of the hundred and six investor-owned utilities that operate across North America and keep the lights on for a lot of the bigger urban centers. And then if you drill down further, there's another three thousand municipalities and co-ops power companies that are supporting smaller towns and smaller centers, and they've all got the same problems that we can support.
So while we, you know, we're close to 500 enterprise customers now here in the USA, we haven't even scratched the surface in terms of just the size of this market. And yeah, as I say, it takes some patience, but we're, you know, now the standard inside eight of the 10 largest investor-owned utilities in the US in terms of distribution design. It really matters because it means that we are central to standards engineering, but groups like all of Exelon, all of Southern Company, Duke Energy, Florida Power and Light. It's a list now that we're...
Of customers that we're very proud to support, and it gives us an amazing growth opportunity as we, you know, we land and then expand inside customers from a sales standpoint, which means, you know, you get a footprint in one part of a utility, and then you've got the opportunity to sell more products into other groups. And that's the strategy that we follow. The other industry problem we solve is deploying fiber. Comms companies are in a rush to get fiber onto, onto overhead assets and get their networks built. Probably another five years of market tailwinds sitting behind the North American fiber market.
It's a bit different to other parts of the world, but, you know, more than two hundred communications companies now competing with one another to just go as fast as they can in terms of network deployment, and we help speed up that process dramatically. And just such a lot of investment to come over the next five plus years in terms of the fiber market, so again, lucky to be in the right place at the right time in terms of the North American fiber landscape. And some examples here of some of our customers that we serve. AT&T, it's the world's largest communications company. Crown Castle, they're the biggest shared infrastructure group in North America, and a whole bunch of other communications groups. Some more data here.
I won't spend too much time on this in terms of the market, the addressable market. It's very significant, and it's growing, and it's not gonna stop for the next decade or two. Again, another industry trend, which is a tailwind for us, is just the amount of energy capacity that needs to go onto the distribution grid, by, you know, twenty fifty, to hit these carbon net zero targets, also to power the electric vehicle market. Everything that's happening with solar and, you know, people putting energy back into the grid, it's a really vibrant space, and it requires innovation, it requires technology. There's an aging workforce there. There aren't enough people. There's a requirement for products and technology to help, which is where we fit.
And a map view here, again, just graphically to sort of show how our software gets used in practice. This is the... This is Florida. Just a snapshot of how Crown Castle's using IKE software for each of these dots represents a network design. And then with AT&T, again, across seven states in North America, standardizing on IKE in terms of how they build their poles. So I promise to go fast, and I will try to from here. There's been... You know, we've invested significantly into technology and into new products, and, you know, the key takeaway for, I think, for our shareholders is, you know, we're really seeing the payback from those investments. So the product you're looking at here is called IKE PoleForeman.
It's the design software that's being used by many of the biggest utilities in the country now. It's a beautiful product. We launched it at the start of this year. We've sold through, well, close to $15 million of contracts now through this calendar year, and these customers are sticky, and we just see an opportunity to just keep growing and growing this particular product, so yeah, we're really excited about where the differentiation in this product takes us. There's two other competitors in the market that we compete against, and we think we've got something to truly disrupt those other two players. The other thing that we've invested in is artificial intelligence, so being able to automate and analyze lots and lots and lots of network data.
So, you know, whole of power network data information for a you know a whole state for example. So we've brought these products to market through this quarter. Again, all about driving productivity and quality and safety for various groups. There's a bit of detail here around the specifics of what we do. We automate joint use ticketing. This is how comms companies and engineering companies and utilities all coordinate with each other about who's using what on an asset. So it's a really manual labor-intensive process today which we have automated. And other things, again, it's really specific sort of technical, electric utility applications, but this is around they call it Double Wood records or twin pole or Sister Pole records.
There's like 10 million assets in North America that are joint poles. I'll show you a photo here down the bottom, where you've got pole transfers, et cetera. Again, providing utilities with a whole of network lens into where they have double wood or sister pole situations, because they can be the very weakest and most vulnerable point in a power network that utilities are trying to manage. Last thing that we invested in, just thinking about what's developed since we last met through the AGM format. We acquired a training and education business called Marne & Associates. And the really exciting thing about this is we bring to life education around complying with the National Electrical Safety Code, for example here.
And in doing that, we're able to put IKE into the market as a thought leader, as an educator. We've already trained thousands and thousands of engineers on some of these topics, but it's obviously also a great way for us to be in front of them and talk about technology and products, and you know, earn their trust. So a bit more detail there around the products. As a business headquartered in Colorado, United States, targeting the North American market landscape, we sell and we deliver directly. We employ experts that understand how to design, maintain, and build distribution networks. So we've got a pretty fabulous group of people.
We're lucky to have such a talented team, and we focus really hard on, you know, customer experience outcomes and building the best brand in our industry. Also really pleased to add some very talented people into the leadership group through this year. Rick, sorry, Alex commented on these folk, Roz Buick, who is up for election through the resolution process today. Based here in North America. She ran the Oracle Utilities business until very recently, so we're very pleased to have her on board. Alex talked to Arnie, Brett and Brian. And multiple avenues for growth as we look ahead in terms of just expanding our sales engine. We were winning a new customer every week. We're tracking ahead of that this year so far.
We can upsell and cross-sell our products. We're looking at international markets and, we feel there, you know, potentially are some M&A opportunities as well to bolt on, great technology, but where there's, perhaps an opportunity to improve, sales, marketing, brand, pricing, et cetera. And so with that, I'll pause there. Alex, back to you.
Thank you, Glenn. We've now reached the point where we can open the floor, and any questions after the CEO's presentation can be answered. Our CFO, Brian, will aggregate the questions that he's receiving online and will read them out to the meeting. We will also seek to address questions submitted prior to the meeting. If we do run short of time and we're unable to answer your question today, we will endeavor to respond to you after the meeting via email. Brian, are there any questions received from shareholders?
No, there are no questions from shareholders at this time, Alex.
Well, I'm not sure whether that's good or bad, but I'll take it as positive. In the absence of no questions, we will proceed forward to the formal part of the meeting, where we address the resolutions that we have outlined in the notice of meeting. You may ask questions on each matter being put to the shareholders through the virtual meeting website. Please note, you will only be able to ask a question after you have been registered as a shareholder. Now, moving to the resolutions, I propose to call a poll on each of these resolutions. As mentioned, shareholders will be able to cast their vote using the electronic voting card received when online registration is validated. To vote, you will need to click Get Voting Card within the online meeting platform.
You will be asked to enter your shareholder or proxy number to validate. Please then mark your voting card in the way you wish to vote by clicking For, Against, or Abstain on the voting card. Once you've made your selection, please click Submit Vote on the bottom of the card to lodge your vote. Please refer to the virtual meeting guide or use the helpline specified if you require assistance. Voting will remain open until five minutes after the conclusion of this meeting. The results of the vote on each resolution will be announced on NZX and ASX after the meeting. Each resolution set out in the notice of meeting is to be considered as an ordinary resolution, and as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. Let's move to the first resolution.
This motion concerns the fixing of the auditor's remuneration and the board's shareholder approval that the directors be authorized to fix the remuneration. Brian, are there any questions on this resolution?
Yeah, there are no questions on this matter from the shareholders.
Okay, thank you for that. Can you now make your selection by selecting either For, Against, or Abstain on the voting card? We'll give a pause to allow the voting to proceed. Moving to the resolution of the election of Roz Buick. In accordance with the NZX listing rule two point seven point one, a director appointed by the board must not hold office without re-election past the next annual meeting following the director's appointment. Accordingly, Roz Buick is required to retire, having been appointed by the board in November 2023. Being eligible, Roz Buick has offered herself for election. The board considers that Roz Buick will be an independent director for the purposes of the NZX listing rules if elected to the board. The board unanimously supports the election of Roz.
We will now play a video presentation from Roz Buick, who was unfortunately unable to join us today.
Hello, everyone, and thank you for this opportunity to be considered for the Ike board. I'm both honored and excited to work with the management team and board to support Ike's pivotal strategies towards delivering more software for information management, analytics, and automation in the power and communication network sector. I've had thirty years of leading technology businesses, both building innovative product with synchronized go-to-market strategies across hardware, software, SaaS, data analytics, IoT systems, and services in a variety of vertical markets, particularly engineering and construction segments over the past seventeen years. I love working on technology and process innovation to disrupt markets, ensuring there is product market segment fit, and designing the synergistic go-to-market models with key strategic partners that all help scale up the business faster. I've been very fortunate to experience a number of scaling challenges that I believe will be helpful to Ike's journey.
First, as a senior leader at Nasdaq-listed Trimble Inc., formerly known as Trimble Navigation, and more recently at Nasdaq-listed Oracle Corporation. In their construction and engineering business unit, also interfacing to the utilities business. As a general manager, I grew a Trimble global business unit over eight years from $100 million to $400 million. In senior vice president roles across Trimble and Oracle, I've successfully tackled the transition from on-premise to SaaS subscription software and analytics in their software business. In the past eight years, I've been designing strategy and leading business teams to execute around cloud-based network effect software platforms, wherein oftentimes multiple key acquisitions have to come together to shift the industry to transformative customer workflows while driving significant business efficiencies. So thank you again for this opportunity to be considered for the board and working with the Ike team.
This is opportunity now for any questions to the board concerning Roz's election to the board. Brian, do we have any questions?
We do not have any questions on this matter.
Thank you, Brian. Accordingly, it's now time to vote. Can you please select either For, Against, or Abstain for Resolution Two on the voting card? I will make a pause for the voting to occur.... We come to Resolution Three, the re-election of Fred Lax. In accordance with NZX Listing Rule 2.7.1, a director must not hold office without re-election past the third annual meeting following the director's appointment or three years, whichever is longer. Accordingly, Fred Lax, being eligible, has offered himself for re-election. The board considers that Fred will be an independent director for the purposes of the NZX Listing Rules if re-elected to the board. The board unanimously supports the election of Fred. Fred will now speak to his re-election.
Good afternoon, good morning to everybody. I'd like to add my welcome to everybody at today's meeting, and I'm pleased to run for re-election to the Ike board. I have a lot of experience, thirty years in the telecom industry, both in the U.S. as well as beyond, and I was CEO of a one billion dollar company listed on the Nasdaq. I'm very comfortable working with the Ike leadership team. I have a lot of confidence in them, and I believe in our strategic plan. As Chair of the Audit and Risk Committee, I believe we have an excellent and strong relationship with the auditors at Grant Thornton, and I also serve on the Nominating and Remuneration Committee. So I'm gonna leave it at that, and thank you. Again, I will welcome you to our meeting today.
Are there any questions for Fred or the board concerning the re-election of Fred Lax? Brian?
There are no questions on this matter from the shareholders.
Thank you, Brian. Please now select either for, against, or abstain for Resolution three on the voting card. I will pause to allow for voting to occur. We've now reached the point of Resolution four, the re-election of Mark Ratcliffe. In accordance with the NZX Listing Rule two point seven point one, a director must not hold office without re-election past the third annual meeting, following that director's appointment or three years, whichever is longer. Accordingly, Mark Ratcliffe, being eligible, has offered himself for re-election. The board considers that Mark will be an independent director for the purposes of the NZX Listing Rules if re-elected to the board. The board unanimously supports the re-election of Mark. Mark will now speak to his re-election.
Good afternoon, good morning to you, depending on which part of the world you're in. I've been on the Ike board for about four years now, and I welcome the opportunity to continue as a director. I am the chair of the audit, the Remuneration Committee, and I'm also on the Audit and Risk Committee. I had a long career in telecommunications in New Zealand with Telecom New Zealand, now Spark, and there's the Founding Managing Director and CEO, of course, and I would welcome the opportunity to continue in the role of Independent Director of Ike, Ike GPS. Thank you.
Are there any questions for Mark or the board concerning the motion for his re-election?
There are no questions on this matter from shareholders.
Thank you, Brian. Accordingly, please now select either for, against, or abstain for Resolution four on your voting card. I will pause for the voting to occur. Before we close this meeting, I'd like to provide the opportunity for shareholders to raise any further questions, whether related to the presentations, the financial statements, or the management of the company. Brian-
Yeah.
Are there any questions received?
Yeah. The first question would be for Glenn, from Kaushik Patel. "Are we confident at Ike that you are likely to be cash positive with no further need for equity raises?
Yes, is the answer. We have an opportunity to just grow a really large business in this space, and we're fortunate to have a very strong balance sheet, so we feel we're in a super, super strong place in terms of managing and balancing growth and the objective to be cash and EBITDA positive.
One more question, also for Glenn. This question comes from Matthew Chen: "Do you have any major competitors in the US market?
Yes, we do. We've got three different software products, and we compete with different players, depending on whether we're addressing network planning, if we're addressing, you know, network design and digitization, or if we're doing resilience and engineering build-outs. And they vary between products from some smaller players right through to the very biggest technology companies that operate in this space. So think GE Energy, Schneider Electric, Oracle, Siemens, et cetera. So yeah, it's there are competitors for everything that we do. The biggest item for us is replacing status quo engineering practices. You know, we address these amazing people and amazing companies that are very, very good at what they do, but they're using old-fashioned work practices in some cases, and that's very hard to replace at times.
Brian, are there any further questions?
There are no further questions from shareholders.
Thank you very much, Brian. If there's no further questions, we will be bringing this meeting to a close. Ladies and gentlemen, thank you for your attendance and engagement today. We'll be announcing the results of the voting on NZX and ASX later this afternoon, and thank you for all involved to put this meeting together and make it happen. With that, I will end the meeting.