Mapspeople (MAPS) Q2 2024 earnings summary

Executive summary

• Total ARR grew 19% year-over-year to DKK 55.6M, with MapsIndoors ARR up 27% to DKK 40.9M, and recognized revenue increased 35% year-over-year to DKK 14.4M in Q2 2024.

• EBITDA before special items improved by 48% year-over-year to negative DKK 8.2M, with cost reductions and staff down 19–20%.

• Net Revenue Retention (NRR) held at 110%, mainly driven by US partner/customer expansions.

• Guidance for 2024: ARR DKK 72–80M, revenue DKK 58–63M, EBITDA before special items negative DKK 20–25M.

• Management is testing market options for a capital raise to support increased investment in Sales & Marketing and potential M&A.

Financial highlights

• Recognized revenue for Q2 2024 was DKK 14.4M, up 35% year-over-year; 12-month rolling revenue reached DKK 50.3M.

• EBITDA before special items was negative DKK 8.2M, a 48% improvement year-over-year.

• Net loss for Q2 2024 was DKK 14.8M, improved from DKK 17.6M in Q2 2023.

• Staff costs reduced by 19–20% year-over-year; depreciation increased due to completed development projects.

• Earnings per share (basic) for Q2 2024 was DKK -0.18, improved from DKK -0.27 in Q2 2023.

Outlook and guidance

• Revenue and EBITDA expected to accelerate in the second half as ARR growth flows through, with cost base now stable.

• Guidance for 2024 remains unchanged despite increased investment in Sales & Marketing.

• No further special items expected for the remainder of 2024; EBITDA after special items guidance negative DKK 22–27M.

• No specific guidance for 2025, but cash flow positivity is expected before profitability due to prepaid contracts.

• Guidance does not include potential impact from future acquisitions; positive effects from M&A could exceed current guidance.