Mapspeople (MAPS) Q4 2024 earnings summary

Executive summary

• Achieved 54% year-over-year revenue growth in 2024, reaching DKK 62.4 million, with a focus on right-sizing costs, staff, and shifting to higher quality, invoiced ARR contracts.

• EBITDA loss improved from DKK -59.7 million in 2023 to DKK -29.7 million in 2024, reflecting enhanced productivity and organizational efficiency.

• MapsPeople Inc contributed 40% of group revenue, and MapsIndoors accounted for 70% of total revenue in 2024.

• The company replenished lost ARR from churned partners with new, healthier contracts, resulting in higher quality recurring revenue.

• ARR increased 12% and MapsIndoors ARR grew 18% in 2024.

Financial highlights

• Revenue grew from DKK 40.5 million in 2023 to DKK 62.4 million in 2024, including DKK 5 million in one-off revenue from contract changes.

• EBITDA loss narrowed to DKK -29.7 million from DKK -59.7 million year-over-year.

• Net loss for 2024 was DKK -49.6 million, an improvement from DKK -69.2 million in 2023.

• Cost base (external expenses and staff) reduced from DKK 108 million to DKK 92 million.

• Cash position at year-end was DKK 10.8 million, up from DKK 6.0 million in 2023.

Outlook and guidance

• 2025 revenue guidance is DKK 70–80 million, with ARR expected at DKK 66–75 million and growth rates above 30%.

• EBITDA is projected to improve by 30–50% in 2025, with guidance of DKK -10 million to DKK 0, and positive EBITDA expected towards the end of 2025.

• CAGR targets through 2025: Revenue 34%, ARR 33%, MapsIndoors ARR 35%.

• Cost growth will be limited in 2025, with some headcount increases and continued investment in product and technology.