Today, MapsPeople announced its Q3 financial report, reaching a total ARR of DKK 56.8m at the end of the quarter. This corresponds to a growth rate of 61% YoY (the same growth rate as Q2 2022 YoY). As expected, growth is primarily driven by the segment MapsIndoors, which has reached a total ARR of DKK 45.0m, corresponding to a growth of 89% YoY (93% growth rate in Q2 2022). MapsPeople maintains guidance for 2022.
Other SaaS metrics for MapsIndoors are still solid with a net revenue retention rate (NRR) of 119% YoY (121% in Q3 2021 and recently 113% in Q2 2022). MapsIndoors' churn and contraction are 7% YTD.
Looking at the expectations for 2022, ARR guidance remains unchanged in the range of DKK 75-85m for 2022, which implies that MapsPeople must deliver a very strong Q4 2022 to reach the guidance range. Outlook for revenue of DKK 26-31m and EBITDA of between DKK -58m and -53m also remain unchanged.
Importantly in the current market environment, MapsPeople also states that the financial position is better than expected, implying that the current funding enables MapsPeople to continue its growth strategy. Yet, MapsPeople continues to evaluate funding requirements based on sensitivity analysis of different scenarios.
In line with the strategy, MapsPeople continued its focus on both current and new strategic partners within strategic verticals, primarily Corporate Offices, Sports & Entertainments, and Conventions. In Q3 2022, 95% of the new ARR was partner based.
Earlier this morning, MapsPeople also announced that the company has entered into a partnership agreement with US-based Vizsafe to offer indoor mapping in Vizsafe's Incident Management platform. This is important since the agreement is one of MapsPeople's top 3 agreements based on size.
MapsPeople’s new CEO Morten Brøgger, former CEO and current board member Michael Gram, as well as Chairman Lars Brammer, will present the financial results at a virtual event this Thursday at 11:30. Sign up for the virtual event here: https://hca.videosync.fi/mapspeople-q3-presentation-2022-24-nov/register
Read the full Q3 2022 report here: https://view.news.eu.nasdaq.com/view?id=b907c5fe7741f93ee15334b7d33300dfc&lang=en
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 13:00, 22 November 2022.
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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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