MapsPeople A/S: Financial Report Q3 2023
MapsPeople A/S
Company Announcement No. 29-2023
Aalborg, November 14, 2023
Mapspeople Announces 75% YoY growth in ARR.
Q3 -2023 Performance Highlights:
- Q3 ARR growth of mDKK 5 to mDKK 51.4 (75% YoY Growth).
- MapsIndoor product line grew mDKK 5 in Q3 to mDKK 37.1 (126% YoY Growth).
- YTD Revenue at mDKK 30.2 40% growth compared to the same period last year.
- YTD Ebitda at negative mDKK 45.2 compared to mDKK 39.9 in the same period last year.
- Staff costs and other costs combined were lowered with mDKK 2.7 in Q3 compared to Q2.
- NRR in Q3 is at 129%, mainly due to growth from our partner channels and a large expansion of an Enterprise customer during Q3.
Outlook Guidance 2023 (Adjusted ARR guidance in company announcement no 27-2023):
- 2023 ARR guidance adjusted to mDKK 58-64 in company announcement 27-2023.
- 2023 Revenue guidance unchanged mDKK 38-45.
- Ebitda guidance unchanged at negative mDKK 52-62.
Capital requirement (in company announcement no 28-2023):
- Additional capital might be required, as the remaining tDKK 5,000 in facility from EIFO has not yet been drawn, due to the milestones set in the loan agreement. We are in close dialogue with EIFO in regards to this. If the amount is not released to MapsPeople within December 2023, we will have to seek additional capital to finance operations through 2023.
- Due to the revised ARR guidance for 2023 we foresee a capital requirement in 2024 to fully finance operations through 2024 and execute the 2024 strategy towards profitability and positive cashflow. The management will start negotiations in regards to securing the capital needed for this.
- The additional capital requirement until positive cash flow is in the range of mDKK 15-20 including the short term need if the EIFO loan is not paid out.
Management Summary
- Addition of growth from our partner ecosystem developed to our satisfaction during Q3 wich is traditionally a weak quarter due to vacations, and contributed with approximately one third of the Q3 growth in ARR
- One third of the growth in the quarter comes from new partners signed up on prepaid platform licences
- We do foresee the need for more time converting our old contracted framework agreements with partners than originally anticipated in Q4 and some will be shifted into 2024 in order to achieve acceptable outcomes.
- We continue to drive organisational simplification and efficiencies beyond the cost reductions from Q2 to ensure a capital efficient growth through 2024.
Presentation
CEO Morten Brøgger and CFO Jesper Tidemand will present the Q3 report on Wednesday 15th at 12:00. Signup can be done at: https://www.inderes.dk/videos/mapspeople-presentation-of-q3-2023
Link to Q3 2023 report
MapsPeople A/S
The Board of Directors
FURTHER INFORMATION
MapsPeople A/S
Morten Brøgger, CEO
Mobile (+45) 31 23 48 72
Email [email protected]
Stigsborgvej 60, 9400 Nørresundby
Denmark
Certified Advisor
Grant Thornton
Jesper Vestergaard
Mobile (+45) 31 79 90 00
Stockholmsgade 45
2100 Copenhagen Ø
Denmark
IMPORTANT INFORMATION
This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.
This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.
Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication of a prospectus, registration or other measures.
Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.
Source: MapsPeople
Tag: MapsPeople-Company-Announcements
