Mapspeople (MAPS) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw recognized revenue rise 4% year-over-year to DKK 15 million, with EBITDA improving 19% to a loss of DKK 7 million, but overall growth slowed due to global turmoil and trade uncertainty impacting new contract signings and ARR growth.

• Total ARR grew 12% year-over-year to DKK 59.8 million, with MapsIndoors ARR up 19% to DKK 46.3 million, though this was a significant deceleration from prior years.

• Apex Group Technologies, backed by Round13, agreed to acquire at least 51% of shares, injecting DKK 39 million in new capital and initiating a transition to private ownership and delisting from Nasdaq First North.

• Customer decision delays and internal focus on the acquisition process contributed to slower growth.

Financial highlights

• MapsIndoors product revenue and ARR grew 19% year-over-year, with recognized revenue for Q1 at DKK 15 million.

• Net revenue retention improved to 105% in Q1, up from 103% in Q4.

• Customer acquisition cost payback period remained within the 12–18 month target, currently at 16–17 months.

• 12-month rolling revenue reached DKK 63 million, up from DKK 46 million a year ago; 12-month rolling EBITDA loss reduced from DKK 51 million to DKK 28 million.

• EBIT for Q1 2025 was negative DKK 10.6 million, improved from negative DKK 11.9 million year-over-year.

Outlook and guidance

• Management remains cautiously optimistic, focused on ARR growth, cost optimization, and expects to meet full-year guidance despite slower net ARR growth.

• DKK 39 million capital injection from Apex is expected to support continued growth and expansion.