MapsPeople: Announces Q3 2023 report and updates the market on capital requirement

MapsPeople has released its Q3 2023 results following its recent ARR downgrade of the 2023 guidance and today's announcement of a capital requirement.

Before today's results were released, MapsPeople announced that they will need additional capital to reach the point of positive cash flow due to the revised ARR guidance from Friday. Read more about the ARR downgrade here: https://www.inderes.dk/analyst-comments/mapspeople-downgrades-arr-guidance-after-corrections-and-delays 

Looking short-term, MapsPeople has a remaining DKK 5m loan facility from EIFO that has not yet been drawn due to the milestones set in the agreement. If the amount is not released to MapsPeople within December 2023, the company has to seek additional capital to finance operations through 2023. The company's additional capital requirement until positive cash flow and to execute its 2024 strategy is in the range of DKK 15-20m, including the short-term need if the loan from EIFO is not paid out. MapsPeople's cash balance at the end of Q3 2023 was DKK 2.6m.

In Q3 2023, MapsPeople grew its total ARR to DKK 51.4m based on its revised methodology, corresponding to 75% growth YoY. Revenue for the first nine months of 2023 was DKK 30.2m, corresponding to 40% growth compared to the same period last year. EBITDA for the first nine months of 2023 was DKK -45.2m compared to DKK -39.9m in the same period last year. The company continues its focus on cost reductions. In Q3 2023, MapsPeople's staff costs and other costs were lowered by DKK 2.7m compared to Q2 2023.

Following the ARR downgrade from Friday, MapsPeople expects to reach a total ARR in the range of DKK 58-64m by the end of 2023. Revenue 2023 guidance is DKK 38-45m, and EBITDA 2023 guidance is between DKK -62m and DKK -52m.  

Read the full report through the following link: https://view.news.eu.nasdaq.com/view?id=bab27445f21bf63b2ee0729ea04bc040e&lang=en&src=listed

MapsPeople’s management will present the Q3 results and the recent news tomorrow, 15 November at 12:00. Sign up for the virtual live event here where you can ask your questions now: https://www.inderes.dk/videos/mapspeople-presentation-of-q3-2023

HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 16:55, 14 November 2023.