Mapspeople (MAPS) Q2 2024 earnings summary

Executive summary

• Achieved 19% year-over-year growth in total ARR to DKK 55.6M and 35% year-over-year growth in recognized revenue to DKK 14.4M for Q2 2024, with MapsIndoors ARR up 27% year-over-year.

• EBITDA before special items improved by 48% year-over-year to negative DKK 8.2M, with net loss for Q2 2024 at DKK 14.8M, and basic EPS improved from DKK -0.27 to DKK -0.18.

• New ARR bookings in Q2 totaled DKK 6.9M, with DKK 5.0M from customer expansions and DKK 2.0M from new partners/customers.

• Cost initiatives resulted in a 19% reduction in staff costs and improved cost efficiency.

• Organizational changes in sales management and increased investment in Sales & Marketing to support future growth.

Financial highlights

• Q2 2024 recognized revenue was DKK 14.4M, up 35% year-over-year but flat sequentially; 12-month rolling revenue reached DKK 50.3M.

• EBITDA before special items was negative DKK 8.2M, a 48% improvement year-over-year; EBIT for Q2 2024 was negative DKK 14.0M, improved from negative DKK 18.3M year-over-year.

• Net cash flow for the quarter was positive DKK 0.3M; cash at period end was DKK 1.8M.

• Net revenue retention held at 110%.

• Staff costs decreased by 19% year-over-year to DKK 18.6M.

Outlook and guidance

• 2024 full-year guidance: ARR DKK 72–80M, revenue DKK 58–63M, EBITDA before special items negative DKK 20–25M; guidance remains unchanged.

• Guidance for recognized revenue and EBITDA is maintained, with expectations of continued revenue growth and further EBITDA improvement, especially in Q4.

• Organic growth in 2025 is expected to match 2024, with potential for additional M&A-driven growth.

• Targeting 10–20 million DKK in acquired ARR by end of 2025.

• Plans to increase lead generation spend to build a strong pipeline for H2 2024.