Welcome to ikeGPS's f irst quarter of financial year 2023 performance update following the release of the quarterly on the ASX and NZX yesterday. On the line today we have CEO Glenn Milnes and also the CFO, Stephen Fairbrother. Before I hand it over to Glenn to get started, I'll just remind you that if you did wanna ask questions, you can do so via the Q&A panel at the bottom of the screen, and we'll get to those post the brief presentation. Glenn, I'll hand it over to you to get started. Thanks very much.
Thanks, Simon, and thanks everyone for taking the time to join. I'll look to plow through this material very quickly in 10 minutes or less, and then open things up for questions. I think in summary, we had a very strong quarter through Q1, and we expect this momentum to continue just based on the market tailwinds and also based on contract backlog and our sales funnel in front of us. As you know, Ike, we're focused on the North American electric utility and communications market. We've got three software solutions that drive productivity for our customers when they're engineering their network. I think the really pleasing part of this last quarter has been the way that we've had continued expansion of existing customers, but at the same time, we've added important new ones.
This is really the thesis for ikeGPS. It's building decades-long relationships with these really sticky, large infrastructure companies. I'll go through the material quickly. Just an important notice around the information in this presentation. Okay, lots of words on this chart. What I'll do is actually just get to the graphs so it's easier for everyone to consume. Revenue in the period grew 162% against prior calendar period. Keep in mind the prior calendar period was also a strong period of growth for us. Subscription revenue, which is recurring and reoccurring transaction revenue, is the core driver of growth, and that grew 167% to $5.7 million.
This is obviously important because the quality of that revenue is much higher. It's much more predictable, in terms of how we, you know, have a forward lens of where the business is tracking to. I think the other really important metric for our shareholders to be aware of is the way that our signed contracts flow through to recognized revenue. The subscriptions are typically recognized over 12 months after signing. Transactions revenue flows depending on how fast our customers engineer their network and run their projects. The orange bar here is the signed contracts level quarter-over-quarter, and the blue bar represents revenue, recognized revenue. It's a good proxy for how we expect the revenue growth picture to flow.
Just the chart here that we always report is around the transaction level of transaction revenue. Every time a customer processes an asset or an engineering exercise through our software, we take a transaction fee in most cases. It's a great proxy for the utilization of the platform. That's continued to grow strongly up nearly 300% on PCP. This table here just details the key metrics in the business that we track daily and weekly. But it is really what drives the revenue engine of ikeGPS. It's the number of transactions, the level of subscription revenue, and it's also the stickiness of our customers. The number of enterprise customers that are using our platform.
Keep in mind, we're, you know, we're probably less than 5% penetrated in terms of the number of parties or participants across the North American landscape. A lot of room to add new logos. A lot of words on this slide. Apologies, but there's probably some important talking points. In terms of the new customers that we won through the quarter, we've worked with. It's one of the largest engineering service providers that operates across the whole of the United States market. We won them with quite a material contract supporting a 10-year network hardening program for an underlying electric utility, which is a customer of this electric engineering service provider.
It's very long-term contract work, and it becomes very predictable for us just in terms of run rate revenue that will come through supporting, for example, this customer. It's obviously an opportunity to go much more broadly across this engineering company's underlying customer base. The other note here, which I think is interesting, is around some of the market development activities that we're performing. This is sitting in front of closing contracts and obviously subsequent recognition of revenue. One very large electric utility, we trained 325 of their engineers through this last quarter on Ike products and Ike workflows.
This is a utility that got hit very hard by a hurricane, less than 12 months ago, and are looking at how they harden their network and looking at Ike software and capability to help them support that. It hasn't translated to revenue yet, but we're optimistic that it will. The other note here is just around the signed contract backlog. We estimate that about $13 million-$15 million of the signed contracts that we have in the backlog will be recognized through the next three quarters, so in FY 2023.
Just noting that the ultimate timing is always subject to the execution speed of our customers. Last note is, you know, The Board and the management team are just highly cognizant of the importance of maintaining a fortress balance sheet, given market volatility. We're in a very strong position now. I think we can grow strongly and make sure that that's always maintained. You know, we do have a focus on our track to positive cash flow. I think most people on the call are familiar with our products. The following slides are ones that you've seen before. Our products just speed up engineering for our customers.
There's some examples here of what the software looks like in practice, just so you can see the way that we digitize network assets and how we drive accuracy and other productivity outcomes. This is our IKE structural product used by five of the ten largest investor-owned utilities in the United States. IKE Insight, which we're infusing into automation capability into all of our products based on the IKE Insight platform, but it's also an offering to the market, which lets us do some new exciting things with bulk data that customers may have already captured or they're looking to capture in the future, and our ability to very efficiently process and provide engineering outcomes from these huge datasets. Just from a market standpoint, the tailwinds in the sector continue.
If anything, they just strengthen, I think year-over-year. We really see the electric utility, the underlying folks that own the power assets to be the biggest prize, taking a 10-year lens. We still have this very significant communications fiber and 5G tailwind getting attached to power poles. Again, we help these folks do this engineering faster. Look, I will pause there and be happy to take any questions.
Perfect. Thanks, Glenn. Just a reminder for those on the call, if you did wanna ask a question, please do so by the Q&A button at the bottom of the screen. We've got a couple of questions. First up, Glenn, I note ikeGPS signed a top five engineering group in this quarter. Is it more important to sign utilities or engineering groups?
That's a really good question. The answer is both. The engineering companies are becoming more and more important in this market. The utilities have got an aging workforce, but increasing network engineering demands, and so they're leaning on their engineering companies more and more. The reason winning the engineering companies matters is I mean, this group, for example, have been in the industry for 75 years. They've just got very established relationships and very long-term contracts already in place with the utilities. Going in through the, you know, partnering with engineering companies, not only do we make them more profitable, but it also means that ikeGPS, you know, doesn't need to be involved in RFP processes and some of these things that take longer typically in the sales cycle.
Yeah, we see them as of equal importance.
All right. Thanks, Glenn. Just the next question. Adding 50 new enterprise customers in the last 12 months is commendable. Believe last year was 20. That's one per week. Will this run rate continue?
We're focusing hard on it, in terms of some of the investment we're making in sales team expansion. It's such an enormous market that we play in, and as I've mentioned before, you know, more than 6,000 enterprise customers to target. We're, you know, we're in 350 odd at the moment. Yeah, that's the opportunity. Most of the revenue growth that you're seeing, though, at the moment is coming from existing customers. They're customers we won two or three years ago that have just scaled up their use of the platform. That's pleasing. It's a case of, you know, account management plus new logo programs.
Thanks, Glenn. Given recession fears over the next couple of years, do you see this having any significant impact on the company's sales, growth, margins, et cetera?
I mean, we're fortunate because of the industry that we're in. It's very defensive to those types of recessionary headwinds. I think the exception to that may be how the communications companies, how fast they keep building their next generation networks if they're fearful of, you know, underlying consumer behavior. You know, the customers we're supporting, the projects we're supporting are generally multi-year CapEx and OpEx projects that are very well committed to already.
Perfect. Thanks very much there, Glenn. That concludes the Q&A. Well done battling COVID throughout. I'll hand it back to you for closing remarks.
Thanks, Simon, and thanks again, everyone, for joining. Hopefully, just this short, efficient update was useful. Be happy to follow up with anyone if there are follow-on questions.
Perfect. Thanks, Glenn. Thanks, all.