MapsPeople A/S releases Q1 2024 Financial results with strong improvement of EBITDA

MapsPeople A/S | Quarterly Report

Company Announcement No. 10-2024
Aalborg, May 22, 2024

Q1 2024 Financial Highlights

  • EBITDA for Q1 2024 was negative tDKK 8,532 compared to negative tDKK 16,650 in Q1 2023, delivering a 49% improvement YoY. QoQ EBITDA improved to negative tDKK 8,532 in Q1 2024 from negative tDKK 14,471 in Q4 2023
  • Revenue grew 65% and was tDKK 14,473 in Q1 2024, compared to tDKK 8.759 in Q1 2023. This is a QoQ growth of 39% compared to Q4 2023 (tDKK 10,376)
  • ARR ended at tDKK 52,845 which is a YoY growth of 52% compared to Q1-2023 (tDKK 34,840). The QoQ growth was modest at 2% compared to Q4 2023 (tDKK 51,956).
  • Guidance for 2024 remains unchanged, see below.

Business Summary

Recognised revenue grew 65% from Q1 2023 to Q1 2024 and with the cost reductions carried out in 2023 now showing full impact, EBITDA improved with 49%.

In the Q1 revenues we see the impact of the new partners and contract expansions that were entered in the second half of 2023 that are now put live and generating growth in our revenues.

In Q1 2024, we closed a substantial 39 month contract expansion with a large North American customer, with a total contract value of tDKK 5,213 which will be entirely prepaid in Q3 2024. During Q1 2024 a total value of mDKK 3.4 of new ARR was signed by the company and we had a large extraordinary customer contraction of mDKK 0.9.

The full effect of the cost reductions initiated in 2023 are now fully reflected in this quarter's EBITDA and clearly paves the way to profitability within the next 12 months. The initiatives and work associated with implementing the organizational simplifications behind the cost reductions have taken a substantial effort for the company. As we see these impacts in our financial results, it is now time to redirect all of our efforts toward the growth of our business in order to become cash flow positive and shortly thereafter profitable.

Our partner strategy continues to make good progress, but we are not satisfied with the overall growth in Q1 2024. Factors include that new partners require time to deploy our platform into their application where we are dependent on the partner doing this work before they will deliver subsequent growth, which slowed down our ARR growth in Q1 2024.

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 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 Q1 2024 Financial report will be hosted and moderated by HCA Capital on Thursday May 23rd at 1pm CET. There will be an opportunity to ask questions to management. Sign up for this event at:

On Thursday May 23rd at 4pm CET there will be an additional presentation of the Q1 2024 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.




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 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.