Mapspeople (MAPS) Q1 2025 earnings summary

Executive summary

• Q1 marks the final earnings call before de-listing, with Apex and Round13 acquiring a majority stake and leading the transition to private ownership, including a DKK 39 million capital injection.

• Recognized revenue increased 4% year-over-year to DKK 15 million, with EBITDA improving 19% to a loss of DKK 7 million.

• Achieved 12% YoY growth in total ARR to DKK 59.8 million, with MapsIndoors ARR up 19% YoY to DKK 46.3 million.

• Growth was slower than anticipated due to customer decision delays, macroeconomic uncertainty, and internal focus on the acquisition process.

Financial highlights

• MapsIndoors product revenue grew 19% year-over-year and 3% quarter-over-quarter, with ARR reaching DKK 46.3 million.

• Net revenue retention improved to 105% from 103% last quarter.

• Customer acquisition cost payback period remains within the 12–18 month target, currently at 16–17 months.

• Rolling 12-month revenue reached DKK 63 million, up from DKK 46 million a year ago; EBITDA loss reduced from DKK 51 million to DKK 28 million.

• Net cash outflow from operating activities reduced to DKK 6.1 million from DKK 11.3 million year-over-year.

Outlook and guidance

• Management remains cautiously optimistic that customer hesitancy is easing and expects to meet full-year guidance.

• Focus remains on ARR growth, cost optimization, and pipeline efficiency, with support from the DKK 39 million capital injection.