MapsPeople Financial Report Q2 2023

Company Announcement No.  23-2023

MapsPeople announces 69% YoY growth in ARR

Q2 - 2023 Performance Highlights:

  • ARR increased by tDKK 13,973 in Q2 2023 to tDKK 52,900 (36% QoQ growth)
  • ARR increased by tDKK 21,627 from Q2 2022 to tDKK 52,900 in Q2 2023 (69% YoY growth)
  • MapsIndoors accounted for 86% of the growth YoY. 
  • Recognised Revenue in Q2 2023 is up tDKK 3,023 (39%) to tDKK 10,720 from Q2 2022 
  • Recognised Revenue for 2023 YTD is up tDKK 4,980 (35%) to tDKK 19,479 compared to the same period 2022.
  • EBITDA amounted to negative tDKK 32,475 YTD compared to negative tDKK 23,145 in the same period of 2022


Outlook Guidance 2023 (Unchanged from earlier announcement):

  • ARR outlook mDKK 77 - 87 corresponding to a growth rate of 129-159%
  • Revenue outlook mDKK 38 - 45 corresponding to a growth rate of 31-55%
  • EBITDA outlook negative mDKK 52 - 62 


Management Summary

MapsPeople completed a capital increase in Q2 resulting in a gross capital raise of tDKK 28,262 to finance the high growth plans for 2023 and into 2024. 

In addition MapsPeople closed the acquisition of Point Inside (Asset purchase) which added tDKK 8,000 in ARR. At the same time the company delivered a solid performance in generating new ARR both from new customers and partners as well as increased utilization of existing contracted partner commitments. Combined these efforts have led to a very satisfying growth performance during Q2 2023.

At the end of April 2023 the company also initiated a cost reduction plan that will reduce our budgeted annual cost run rate with tDKK 21,000, setting our ambitions to have a structure with a higher level of capital efficiency, while not compromising our growth ambitions. This plan will have full financial effect as of Q4 2023.



The Q2 2023 report is available to read here and will also be presented at a webinar hosted by HC Andersen Capital Wednesday August 23rd 2023 at 14:00 CET. 

The webinar hosted by HC Andersen Capital can be attended live by registering here.


MapsPeople A/S

The Board of Directors


Download company announcement (pdf) >

Download Financial Report Q2 2023 (pdf) >



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.