MapsPeople A/S releases Annual Report 2023 with 63% growth in ARR


MapsPeople A/S releases Annual Report 2023 with 63% growth in ARR

Company Announcement No. 03-2024

Aalborg, March 19, 2024

2023 Financial Highlights

  • ARR grew 63% through 2023 from mDKK 31.8 at the end of 2022 to mDKK 52.0 by the end of 2023.
  • The main growth product MapsIndoors ARR grew 103% from mDKK 18.7 at the end of 2022 to mDKK 38.0 by the end of 2023.
  • Revenue grew 39% from mDKK 29.1 in 2022 to mDKK 40.5.
  • Ebitda for 2023 ended at negative mDKK 59.7 compared to mDKK negative 56.9 in 2022 in line with guidance.

Business Summary

In 2023, we witnessed many changes within MapsPeople to establish a robust platform for profitable growth, building new product features, and an organization well positioned for scaling up both during 2023 but more importantly for the years to come.

Through several initiatives to build more efficient processes and a more simple organizational structure within MapsPeople, the company has managed to reduce the annual cost run rate by more than 30% from when it was at its highest in the beginning of 2023 to the end of 2023. At the same time MapsPeople continued to invest in the MapsIndoors product, especially in our machine learning automation tools enabling our partners to generate and update indoor maps at an industry best speed and costs. 

Furthermore, the investments in the Partner First go to market model is beginning to show strong growth results through an exponential go to market capacity, where each new onboarded smart building partner adds their own sales force selling smart building products containing an indoor map from MapsPeople. MapsPeople continues to strengthen these initiatives in the years to come delivering gross margins above 85%.

Despite a slow market in the beginning of 2023, primarily driven by global economic uncertainties, MapsPeople has seen the Smart Building Market pick up pace in the latter part of 2023 and we expect this to continue through 2024. The Smart Building Market continued to see a high growth during 2023 with many new entrants into existing verticals and solutions while also seeing many new innovative smart building solutions enter the market place, where most benefits from embedding an indoor map in their application. The Smart Building solutions include Employee engagement/corporate office, Smart hospitals, Smart universities, Smart airports, Smart retail, Smart parking, Smart conferences, Smart multifamily housing and Smart sports event to name the key drivers of MapsPeoples growth in 2023.

Outlook 2024

While management believes the company has become more efficient and more competitive during 2023 and the overall market trends continue to be healthy, the expectations for 2024 are in line with the 2023 performance resulting in a guidance of:

  • 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 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

Management presentation of the 2023 annual report and the 2024 guidance will be hosted and moderated by HCA Capital on Thursday March 21st at 2pm CET. There will be an opportunity to ask questions to management. Sign up for this event at:

On Thursday March 21st at 4pm CET there will be an additional presentation of the 2023 financial report hosted by You can now sign up and start submitting questions for the event via this link: 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.

Link to report:

Annual Report 2023

Remuneration Report 2023

For additional information, please contact

MapsPeople A/S
Morten Brøgger, CEO 
Mobile (+45) 31 23 48 72 
Stigsborgvej 60, 9400 Nørresundby 

Certified Advisor
Grant Thornton
Stockholmsgade 45 
2100 Copenhagen Ø


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 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.