MapsPeople: Final 2024 results in line with the pre-announced expectations

Today, MapsPeople released its 2024 full-year results after they delivered preliminary figures at the end of January that also included its new 2025 guidance. Revenue of DKK 62.4m was at the high end of the 2024 guidance range (DKK 58-63m). The 2025 guidance was reiterated. 

Read the full-year 2024 report here: https://4209721.fs1.hubspotusercontent-na1.net/hubfs/4209721/Investors/AGM%202025/MapsPeople%20-%20Annual%20Report%202024%20(1).pdf

On profitability, 2024 showed a 50% improvement in EBITDA, realizing a negative EBITDA result of DKK 29.7m, which is a result at the high end of the negative EBITDA range of between DKK -30m to -26m. The improvement was achieved by strict cost management, meaning OPEX decreased from DKK 108m in 2023 to DKK 92m in 2024.

In 2024, MapsPeople grew its ARR by 12% to DKK 58.2m (end of 2024) from DKK 52.0m (end of 2023). The number was the same as in the preannounced results.

Looking at the SaaS metrics for MapsIndoors, which constitute 77% of the business, the NRR ended at 103%, and the CAC payback ended at 17 months, within their target range of 12 to 18 months, despite the Net new ARR ending lower than they expected going into 2024.

2024 showed a negative free cash flow of DKK 37.9m, an improvement of around DKK 6m compared to 2023. This was driven by an improvement in the operating cash flow, partly driven by an improvement in the operating results. The cash balance ended the year at DKK 10.8m (DKK 6m in 2023)

For 2025, MapsPeople expects an ARR (end of December 2025) between DKK 70-80m and revenue between DKK 66-75m. EBITDA is expected to be in the range of DKK -20m to -10m. 

As announced earlier to the market, 2025 plans will require additional capital of DKK 15-20m during 2025. No further details on how this capital is expected to be raised were released in today’s announcement. The cash is required both for realizing the growth potential as well as continued product innovations.

On the 10th of March at 14:00, MapsPeople’s management will present the 2024 results in more detail and the plan behind the outlook for 2025. Sign up and ask questions here: https://www.inderes.dk/videos/mapspeople-presentation-of-annual-report-2024

Disclaimer: HC Andersen Capital receives payment from MapsPeople for a Digital IR/Corporate Visibility subscription agreement. /Michael Friis 13:48 (latest updated 16:30), 06-03-2025.