Mapspeople (MAPS) Q4 2024 earnings summary

Executive summary

• Achieved 54% year-over-year revenue growth in 2024, reaching DKK 62.4 million, with visible results from transformation efforts and improved ARR quality.

• EBITDA loss narrowed significantly from DKK -59.7 million in 2023 to DKK -29.7 million in 2024, reflecting cost discipline and operational improvements.

• MapsPeople Inc now contributes 40% of group revenue, up from 31% last year; MapsIndoors share increased to 70%, driving all growth.

• Management views 2023 and 2024 as a single transformation period, with average growth rates providing a clearer picture of underlying performance.

• The company improved ARR quality, replaced uncertain framework agreements with active contracts, and managed planned churn, resulting in a healthier revenue base.

Financial highlights

• Revenue grew 54% year-over-year to DKK 62.4 million, with approximately DKK 5 million from non-recurring, non-SaaS revenue.

• ARR increased 12% in 2024, with MapsIndoors ARR up 18%; revenue averaged 46% growth over the last two years.

• EBITDA loss was halved to DKK -29.7 million from DKK -59.7 million the previous year.

• Net loss reduced to DKK 49.6 million from DKK 69.2 million in 2023; EPS improved to negative 0.53 DKK from negative 1.05 DKK.

• Expenses (external and staff) reduced to DKK 92 million from DKK 108 million year-over-year.

Outlook and guidance

• 2025 revenue guidance set at DKK 70–80 million, with ARR expected to reach DKK 66–75 million.

• 2025 guidance targets ARR growth of 33-35% and revenue growth above 30%, with EBITDA expected to improve by 30-50%.

• Guidance is considered slightly conservative, with strong pipelines and stable market drivers supporting the outlook.

• ARR growth is expected to be back-end loaded, with revenue impact materializing in 2026.

• No new M&A activities are included in 2025 guidance beyond the Point Consulting acquisition.