MapsPeople Q1 Financial Report 2023

Inside information

Company Announcement No.  17-2023

MapsPeople announces 16% growth in ARR during Q1

Q1 -2023 Performance Highlights:

  • ARR increased tDKK 5,295 in Q1 2023 to tDKK 38.913 (16% QoQ growth)
  • ARR increased tDKK 9,309 from Q1 2022 to Q1 2023 (31% YoY growth)
  • MapsIndoors accounted for 70% of the growth in Q1-2023, Other Licenses delivered 30% of the growth in Q1 2023
  • EBITDA amounted to negative tDKK 16,650 in Q1 2023 compared to negative tDKK 10,236 in Q1 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 had at the end of Q1 a contracted orderbook from our partner channels of more than mDKK 30 and a combined orderbook (partners and direct customers) of more than mDKK 32, and is continuing our focused efforts to convert this orderbook to new ARR in the coming quarters. In addition our Sales teams have worked to optimize the structure and terms for new partner contracts to provide a faster and more predictable contract to new ARR process. These initiatives, switching our partner contracts from a traditional committed framework agreement to a prepaid platform license model resulted in some encouraging initial success during Q1.

The acquisition of Point Inside that completed in April will impact Q2 ARR positively with approximately mDKK 8 as announced in Company Announcement 11 from April 19th 2023. 

In the light of the above growth trends MapsPeople is working to secure a better balanced cost structure, and as announced in Company Announcement 15 from May 3, 2023, in the beginning of Q2 has taken steps to reduce our annual cost run rate with mDKK 21. We will continue to work with our structure and processes through 2023 to drive further efficiency gains and optimizations going forward.



The Q1 2023 report is available to read here and will also be presented at a webinar hosted by HC Andersen Capital Tuesday May 30,2023 at 10.00 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 Q1 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.