MapsPeople: Announces revenue and EBITDA outlook for 2023

Analyst Comment

Ahead of the annual report for 2022, which is expected to be published on 24 March 2023, MapsPeople today announces its revenue and EBITDA outlook for 2023, in addition to its previously announced cARR and ARR guidance from January 2023.  

In 2023, MapsPeople expects revenue in the range of DKK 52-62m and EBITDA between DKK -55m and DKK -45m. As previously announced, cARR is expected in the range of DKK 105-115m (growth between 50% and 64%) and ARR in the range of DKK 77-87m (growth between 129% and 159%) by the end of 2023. In line with a previous announcement, MapsPeople also projects to reach positive cash flow from operations towards the end of 2023.

In earlier announcements in 2022, MapsPeople reported that they have seen longer decision-making processes from both new channel partners and large enterprise customers. Moreover, the implementation of the MapsIndoors platform takes longer (6-9 months) than expected for some of MapsPeople’s new larger contracted channel partners. In 2023, this will affect the revenue and thus also EBITDA. MapsPeople comments that these factors are the main reasons for the company's lower revenue and EBITDA guidance levels than originally forecasted in the prospectus. In connection with that, MapsPeople’s core focus is to ensure faster integration and has also established initiatives to ensure a faster conversion of contracted framework agreements into subscriptions. 

On 27 March 2023 at 09:00 (CET), you can meet MapsPeople’s CEO Morten Brøgger and Chairman Lars H. Brammer, who will present the annual report for 2022 and comment on the expectations for 2023. The presentation will be followed by a Q&A session. Sign up for the virtual live event here:

HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 15:52, 14 March 2023.