Today, MapsPeople announced its annual report for 2022 with results in line with its previous update in January 2023. MapsPeople’s cARR grew by 71% YoY to DKK 70.1m by the end of 2022 (MapsIndoors grew by 94%), and 78% of the cARR was from its partner channel.
Looking at other key financials for 2022, ARR grew to DKK 33.6m (27% growth), revenue grew to DKK 29.1m (4% growth), and EBITDA declined to DKK -56.9m (DKK -34.7m in 2021) in line with its latest outlook.
With a new guidance methodology announced in January 2023, MapsPeople provides further insights and transparency of differences between recognized revenue, cARR, and ARR. As outlined before, MapsPeople also comments that market conditions have changed which has led to longer decision-making processes and longer integration time of new partners than originally expected.
The annual report also unfolds key SaaS metrics in 2022 such as net retention rate, which was 105% for MapsIndoors based on cARR. The combined churn (and for MapsIndoors) was 9% in 2022, including one churn from a US retail partner (accounted for 12% of the total value of terminated subscriptions).
MapsPeople closed 2022 with an order book of more than DKK 30m, which is expected to be delivered in 2023 and thus driving much of the growth and guidance for 2023. As announced earlier, MapsPeople’s 2023 guidance is cARR in the range of DKK 105-115m (50-64% growth), ARR in the range of DKK 77-87m (129-159%), revenue in the range of DKK 52-62m, and EBITDA between DKK -55m and -45m.
With the capital increase in February 2023 (new shares of DKK 10m in a private placement and DKK 10m in a new loan agreement) as well as cost adjustments, MapsPeople projects to be fully funded until reaching positive cash flows from operations towards the end of 2023.
Read the full annual report here: https://s27.q4cdn.com/211554065/files/doc_news/att-3-MapsPeople-AS-publish-Annual-Report-2022-with-71-growth-in-cARR-2023.pdf
MapsPeople’s CEO Morten Brøgger and Chairman Lars Brammer will present the results for 2022 and expectations for 2023 at a virtual event on Monday at 09:00. Sign up for the virtual event here, where you also can ask your questions to the management: https://hca.videosync.fi/2023-03-27-mapspeople/register
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 14:45, 24 March 2023.
MapsPeople
MapsPeople is a Software-as-a-Service (SaaS) company focusing on digital mapping for indoor navigation. The two primary revenue streams are 1) MapsIndoors which is MapsPeople’s own developed mapping solution for indoor navigation 2) Google Maps partnership with Google. MapsIndoors is the key segment with high double-digit growth rates, and the Google Maps segment is expected to be a more steady business going forward. MapsPeople has a global presence with offices in Denmark, Germany, Singapore and United States, and customers include some of the largest brands in the world. The company has been listed at Nasdaq First North Premier in Denmark since June 2021.
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