Locate Technologies Limited Analysis

Overview

Locate is a founder-led technology-driven company with a mission to revolutionise the last mile of delivery by providing customer-centric solutions.

Locate’s business is made up of the Locate2u, Zoom2u, and 2u Enterprises businesses.

Locate has adopted a Bitcoin Treasury Strategy. This reflects the Directors’ conviction that Bitcoin is a powerful store of value and an effective hedge against inflation. By building a significant Bitcoin reserve, Locate positions itself to have the strength and flexibility to seize strategic acquisitions and unlock growth opportunities across its businesses.

Performance

The following information was extracted from Locate Technologies Limited’s Market Update, released 23 April 2026:

Q3 FY26 delivered the first positive Reported EBITDA quarter at the Group level. Reported EBITDA of +NZ$167k represents a NZ$269k year-on-year improvement, on Group revenue of NZ$1.80 million, up 15% year-on-year. Locate2u revenue grew 42% to NZ$1.08 million and now contributes 60% of Group revenue.

Underneath those numbers is a structural shift in how the business operates. AI is embedded across engineering, sales, and product work, and during Q3 our engineering release cadence moved from weekly to daily.

On capital management, after quarter-end the Company announced an on-market share buyback programme of up to NZ$500,000, reflecting the Board’s view that the current share price does not reflect the underlying value of the business. Bitcoin holdings remained at 12.3 BTC during Q3 with no acquisitions.

EBITDA

Reported EBITDA for Q3 FY26 was a profit of NZ$167k (A$139k), the first positive Reported EBITDA quarter at the Group level and a NZ$269k year-on-year improvement from a loss of NZ$103k in Q3 FY25. Excluding one-off NZX transition costs (NZ$57k) and non-cash ESOP expenses (NZ$51k), Normalised Group EBITDA was +NZ$275k. Reported monthly EBITDA stepped up through the quarter: –NZ$7k (Jan) → +NZ$66k (Feb) → +NZ$108k (Mar).