MapsPeople: Downgrades 2023 ARR guidance (now 64% growth YoY) and sets new 2024 guidance with expected ARR growth of 39-54% and improved EBITDA
Yesterday, after the market closed, MapsPeople announced a lower 2023 ARR guidance and its new 2024 guidance.
MapsPeople now expects its ARR at DKK 52m by the end of 2023 (64% growth YoY), below its latest guidance of DKK 58-64m. One of the reasons is that MapsPeople was in dialogue with a large customer about a large renewal (also mentioned in November 2023). Despite that the customer is still using the service, MapsPeople is still in dialogue with the customer about a renewal. This has a negative ARR impact of DKK 3.5m. Second, MapsPeople had two partners reconstructing their businesses and continued with new legal entities. These contracts (negative ARR impact of DKK 3.2m) are not included in the reported ARR for 2023, however, any positive outcome may have a positive effect in 2024. Third, MapsPeople also had a delayed project due to issues on the customer side, which moved the invoicing of ARR from December 2023 into 2024 with an ARR impact of DKK 0.7m in 2023.
Looking ahead, MapsPeople sets out 2024 guidance for ARR, revenue, and EBITDA. By the end of 2024, MapsPeople expects ARR in the range of DKK 72-80m (39-54% growth YoY). In 2024, revenue is expected to be in the range of DKK 58-63m (44-57% growth), and EBITDA is expected to be between DKK -25m and -20m.
The improved EBITDA guidance (from its 2023 guidance of between DKK -62m to -52m) is driven by both growth in revenues in 2024 and cost reductions which have been carried out in 2023. The cost reductions include a reduction in the number of employees from 131 to 92 employees, which will have almost full impact in 2024.
MapsPeople also repeats that the financial plan for 2024 is fully financed with its capital initiatives completed in Q4 2023, including new loans from EIFO paid out in February 2024 as agreed milestone requirements have been met.
A clawback of 50% of the purchase price for the acquisition of Point Inside’s activities is also agreed and initiated due to occurred churn of customers.
Read the full announcement here: https://www.inderes.dk/releases/mapspeople-as-adjust-arr-expectations-for-2023-and-sets-guidance-for-2024
MapsPeople expects to announce its annual report for 2023 on 19 March 2024. MapsPeople’s management will present the results, highlights for the year, and its expectations for 2024 on 21 March 2024 at 13:00 in a virtual live event. Sign up and ask your questions here: https://www.inderes.dk/videos/mapspeople-presentation-of-annual-report-2023
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 08:50, 28 February 2024.
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MapsPeople
MapsPeople is a Software-as-a-Service (SaaS) company focusing on digital mapping for indoor navigation. The two primary revenue streams are 1) MapsIndoors which is MapsPeople’s own developed mapping solution for indoor navigation 2) Google Maps partnership with Google. MapsIndoors is the key segment with high double-digit growth rates, and the Google Maps segment is expected to be a more steady business going forward. MapsPeople has a global presence with offices in Denmark, Germany, Singapore and United States, and customers include some of the largest brands in the world. The company has been listed at Nasdaq First North Premier in Denmark since June 2021.
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