MapsPeople: Expects to deliver high growth and projects positive cash flow from operations during Q4 2024
Today, MapsPeople released its annual report 2023 with results in line with the recent guidance announced in late February.
In 2023, ARR grew to DKK 52.0m by the end of 2023 (DKK 31.8m by the end of 2022), corresponding to a growth rate of approx. 63% YoY. The company’s main product, MapsIndoors, grew by 103% YoY, now constituting 73% of MapsPeople's total ARR. The acquisition of Point Inside's customers added DKK 3.5m in new ARR in 2023. EBITDA was DKK -59.7m in 2023 (DKK -56.9m in 2022), which is also in line with the company’s recent guidance range. The company also reports a net revenue retention rate (NRR) of 111% in 2023 on its MapsIndoors product, demonstrating a growing existing customer base.
MapsPeople describes 2023 as a year of change after some challenges despite the high growth rate. The company changed its reporting methodology to focus on invoiced and delivered ARR (before contracted ARR). MapsPeople has also reduced its cost base significantly by DKK 30m on an annualized basis. Combined with capital increases and new loans, the company projects to be fully funded until reaching positive cash flow from operations towards the end of 2024.
Looking into 2024, MapsPeople expects continued market opportunities, especially in the US and EMEA. In the latter part of 2023, MapsPeople has seen the Smart Building Market pick up in pace which is expected to continue in 2024. Financially, ARR is guided in the range of DKK 72-80m by the end of 2024, corresponding to a growth rate of 38-54%. In 2024, revenue is expected to be in the range of DKK 58-63m, and EBITDA is expected to be between DKK -25m and -20m.
Read more here and access the full report (PDF): https://4209721.fs1.hubspotusercontent-na1.net/hubfs/4209721/9c50150ec43a0eb0.pdf
MapsPeople’s CEO Morten Brøgger and CFO Christian Læsø will present the 2023 annual report and 2024 outlook on Thursday, 21 March at 14:00. Sign up for the virtual live event and ask your questions now: 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 15:10, 19 March 2024.
Sisäänkirjautuminen vaadittu
Tämä sisältö on näkyvissä vain sisäänkirjautuneille käyttäjille
MapsPeople
MapsPeople is active in the IT sector. The company specializes in the development of SaaS solutions. The software is self-developed and is mainly used for navigation in large office buildings, hospitals, arenas, and universities. The company has developed its own indoor map and navigation platform, MapsIndoors, which the company's customers use in their own apps and other systems on a global level.
Lue lisää yhtiösivulla