MapsPeople A/S releases Q2 2024 Financial results with strong improvement of EBITDA

MapsPeople A/S | Quarterly Report

Company Announcement No. 15 - 2024

Aalborg, August 19, 2024

Q2 2024 Financial Highlights

• ARR grew to at tDKK 55.623 which is a YoY growth of 19% compared to Q2-2023 (tDKK 46.682). The QoQ growth was 5% from Q1 2024 (tDKK 52.845).
• Revenue grew 35% YoY and was tDKK 14.442in Q2 2024, compared to tDKK 10.720 in Q2 2023.
• EBITDA before special items for Q2 2024 was negative tDKK 8.206 compared to negative tDKK 15.776 in Q2 2023, delivering a 48% improvement YoY.
• Guidance for 2024 remains unchanged, see below.

Business Summary

The growth in ARR was improved somewhat compared to Q1 2024. In Q2-2024 new business amounted to tDKK 6.907, tDKK 1.951 with new partners and customers, and tDKK 4.957 as upsell to existing partners and customers which was at a better level than the first quarter of the year.
NRR for the quarter was  at 110% compared to 111% last quarter.

Recognised revenue grew 35% from Q2 2023 to Q2 2024 and revenue on our main product, MapsIndoors grew 75% YoY. Recognised revenue is on the same level as Q1 2024 and the increase from Q4 2023 has therefore been sustained.

EBITDA before special items ended negative with tDKK 8.206 compared to negative tDKK 15.776 in Q2 2023 and negative tDKK 8.532 in Q1 2024. This is a 48% improvement YoY. Special items are related to cost for the two executives leaving the business in April as announced in Company Announcement 08 - 2024.

With the significant cost reductions carried out in previous quarters, we have shifted our focus to contain the more efficient organization and monitor costs while continuing using our technology to gain additional productivity in our organization.

During the quarter we saw some solid partner and customer expansions in the business mainly driven by the shift towards our enhanced visual capabilities with high definition and 3D maps, which has been one of our large technology investments in the past two years.

Beyond that, the main focus for the quarter was the organizational changes initiated in April, and in particular the work on reshaping how we structure and manage our demand generation and sales functions. The main purpose of this work is to build a better and more efficient sales motion, and this work will continue for the remainder of the year to achieve more repeatability and predictability in our growth, as consistent improvements in our profitability must come from the growth in ARR and revenue.

Outlook 2024

2024 guidance remains unchanged at:

• End of 2024 ARR in the range of mDKK 72 - 80 corresponding to a growth in the range of 39% - 54%.
• 2024 recognized revenues of mDKK 58-63 corresponding to 43% - 55% growth, resulting in
• EBITDA before special items outlook for 2024 in the range of mDKK negative 20 - negative 25, constituting an improvement of 58% to 67% over 2023 results.

The growth in 2024 is expected to be evenly distributed between EMEA and North America.

Management Presentations

On Wednesday August 21st at 3pm CET there will be an additional presentation of the Q2 2024 financial report hosted by Stock.io. You can now sign up and start submitting questions for the event via this link: https://app.stokk.io/app/mapspeople/event/167/q2-2024-presentation-and-qa/ . By pre-submitting questions via the link you do not have to attend the event live to get answers if you are unavailable during the time of the event. The moderator will direct your questions to the management team and you will after the event be able to find answers in one single click in text, video and audio.

Management presentation of the Q2 2024 Financial report will be hosted and moderated by HCA Capital on Thursday August 22nd at 2:30pm CET. There will be an opportunity to ask questions to management. Sign up for this event at:https://www.inderes.dk/videos/mapspeople-presentation-of-q2-2024

For additional information, please contact

MapsPeople A/S

Morten Brøgger, CEO

Mobile (+45) 31 23 48 72

Email mobr@mapspeople.com 

Stigsborgvej 60, 9400 Nørresundby

Denmark

Certified Advisor

Grant Thornton

Jesper Vestergaard

Mobile (+45) 31 79 90 00

Stockholmsgade 45 2100 Copenhagen Ø

Denmark

IMPORTANT INFORMATION

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.

This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.

Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication up of a prospectus, registration or other measures.

Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.

Source: MapsPeople

Tag: MapsPeople-Company-Announcements