GeoJunxion (GOJXN.AS) – Financial & Business Update Q1 2022-23 (July – September)

Capelle aan den IJssel, The Netherlands – 10 November 2022 – GeoJunxion (GOJXN.AS) announces to have doubled Q1 revenue (versus Q1 2021-22) and realized a profit after taxes of €448 K for the first quarter of the 2022/23 accounting year.  

Key Facts:

  • 102% revenue growth for Q1 2022/23 compared to the same period in 2021/22;
  • 10% reduction in Net Operational Expenses (OPEX) for Q1 2022/23 compared to the same period in 2021/22;
  • EBITDA and EBT positive in Q1 2022/23 by respectively €875 K and €565 K;
  • Net Profit after tax of €448 K in Q1 2022/23, compared to a Net Loss of €155 K in Q1 of 2021/22.

Link to the full document: GeoJunxion Q1 Financial and Business Update Q1 2022/23 (FULL DOCUMENT)

GeoJunxion CEO Ivo Vleeschouwers: “We are excited with the progress in the first quarter of the financial year. We had an exceptional order intake for Location Intelligence Services compared to the same period last year.  Moreover, we expect the top line to continue its growth on a full year basis.”

The current financial year covers the 12 months period from 1 July 2022 to 30 June 2023.  The first quarter of this financial year covers the period from 1 July to 30 September 2022.

In the first quarter, GeoJunxion’s business showed a very strong performance: Revenue doubled (+102%) compared to the same quarter of the previous financial year. Order intake was more than 6 times bigger than the value in Q1 last year.  In this extremely positive first quarter of FY 2022/23, we booked orders for a value higher than during the entire accounting year 2021-22. Operational expenses reduced by 10% YoY. The operating result, the result before tax and the Net Profit all turned to positive numbers.  The cash flowfor the quarter was negative by €388 K, as this metric lags revenue generation by approximately 2 months. This cash out is expected to be recovered during Q2 when the open receivable will be collected.

The main driver for the growth in the current accounting quarter is our Location Intelligence Service. As announced in August, we won significant new contracts. The execution of these projects absorbed most of the company’s resources during the quarter and is still on-going.

FINANCIAL HIGHLIGHTS Q1 2022/23 (July–September) vs SAME PERIOD  2021/22

  • 102% revenue growth for Q1 2022/23 compared to the same period in 2021/22;
  • 10% reduction in Net Operational Expenses (OPEX) for Q1 2022/23 compared to the same period in 2021/22;
  • Operating Profit of €644 K for Q1 2022/23, compared to an Operating Loss of €125 K in Q1 of 2021/22;
  • EBITDA and EBT positive in Q1 2022/23 by respectively €875 K and €565 K;
  • Net Profit after tax of €448 K in Q1 2022/23, compared to a Net Loss of €155 K in Q1 of 2021/22.


Despite the uncertainty pictured by the European Central Bank in their September economic outlook, GeoJunxion expects the top line to continue its growth by 25 to 30% for the full year 2022-2023 compared to 2021-22. This expectation is built on orders booked in the first quarter of 2022-23 and a promising pipeline of opportunities.  As a result of inflationary pressure and growing staff costs to deliver revenues, we expect our full year cost base to increase by 5 to 10%. GeoJunxion is reasonably confident to convert the above-mentioned guidance into positive EBITDA and EBIT at break-even, or close to that, for this financial year. On this basis, cash flow is also expected to be positive for the full accounting year 2022-23.  


Strategy Update

GeoJunxion’s strategy remains focused on creating “map agnostic” data products: digital geo-localized content, designed to be fully integrated into or overlaid on any commercial or open-source maps, or to be utilised in developing smart solutions for a large variety of use cases, in different industries and market sectors.

This strategy has proven itself, as it delivered year-on-year growth of +40% during the last 36 months.  We will therefore continue to diligently execute on this strategy and expand the scope of our existing product portfolio.

GeoJunxion’s activities are directed towards establishing long-term relationships with our customers, through the creation of recurring business models rather than one-off opportunities. Although the relationship with clients frequently starts with a proof-of-concept or a custom one-off project, most of the Company’s efforts go into building value-added, dynamic content, requiring continuous and frequent updates to maintain and increase their value over time. This means that most of our proof-of-concept and one-off projects are a launch-pad for establishing a service or license contract, converting the initial activities into a recurring, more predictable and sustainable business model.

When executing projects, GeoJunxion typically also retains the Intellectual Property and ownership of the newly developed datasets and solutions, which can be subsequently resold to other customers.  Thereby, leveraging the initial investment and creating a virtuous business cycle.

Our mission remains focused on improving road safety and contributing to a more sustainable world, reducing the impact on the environment through intelligent solutions enabling more environmentally conscious decisions.

Central to GeoJunxion’s strategy are:

  • Cost effective research, sourcing, production, ingestion, and aggregation of geodata.
  • Flexible licensing models at competitive pricing.
  • Direct delivery of dynamic, up-to-date content via APIs.
  • Highly customised solutions and content creation.

Market Developments

While clear signs of improvement were showing in some industry sectors, the conflict in Ukraine and its direct and indirect consequences brought new concerns in the market. Existing and perspective customers continue to pay great attention to all their expenditures. GeoJunxion has no direct material business exposure to the events in Ukraine. We have no active customers, or deliveries due to, or to be received from Ukraine or Russia.  GeoJunxion is however exposed to rising inflation rates, resulting from increased energy and other raw material prices.  This is likely to have an impact on the salary & benefit expenses of our staff in the near future.

All the above said, the demand for location-aware content is still increasing in various industries and markets despite the general concerns on the health of the global economy.

The largest market opportunity for GeoJunxion remains, by far, with big Tech Companies, making extensive use of geo-localized data for their business and end-user solutions. In this sector we dedicated most of the project execution efforts during the first quarter of the financial year 2022/23. However, it also has interesting opportunities in the pipeline to be explored during the coming months.

In automotive we see growing opportunities with the adoption of advanced driver-assistance systems, such as ISA (Intelligent Speed Assistance). There is also a growing demand for more cost-effective mapping solutions while providing the most up-to-date and relevant data content. Premium data content towards safety on the road and environmental sustainability remain our major interest and focus of development.

GeoJunxion also believes that other opportunities will be identified in markets traditionally consuming geo-localized data such as Transport & Logistics, Real Estate, Geo-Marketing, Business Analysis, Travel & Tourism, as well as with the Public Administration.

Business Development

In Q1 (July to September) 2022-23, the Location Intelligence Services have played, once again, a fundamental role in our business development. We completed the execution of tailor-made Location Intelligence contracts, won during the previous quarters and started with the execution of newly won projects. These new contracts will continue to convert into revenue during the second quarter as well.

During the quarter, our Sales and Business development teams attended various events in person and remotely, to promote GeoJunxion’s brand, products and services:

  • GeoJunxion was present at the State of The Map (SoTM) 2022 in Florence (Italy) with our Head of Sales and Marketing, Arjan Spigt, and CBO, Francesco Altamura. State of the Map is the annual event for all mappers and OpenStreetMap users. The State of the Map conference was a three-day hybrid conference where our people had the opportunity to meet with various potential partners and clients. It also offered the opportunity to share opinions about future development in the field of geo-localized data and location intelligence technology.
  • In September, our Head of R&D, Johannes Smits, attended, the ITS World Congress in Los Angeles, as a speaker,

In July, we announced a partnership with the Dutch Red Cross, providing a custom-made digital map to assist first-aid responders to quickly find and get to the precise location in case of an emergency at the Zwarte Cross, a 4-day Dutch festival. The Red Cross was present with hundreds of volunteers, to supervise an area of 2,800,000 m2 and about 220,000 visitors. This makes it the biggest Dutch event and requires a high safety standard. The Red Cross has been partnering with the Zwarte Cross for many years. GeoJunxion developed the digital map of the area with all relevant Points of Interest (POI), such as entrances, campgrounds, stages, and all the Red Cross first aid locations. On top of the Outdoor Venue Plan of the event area, GeoJunxion created a grid to help the volunteers to identify the precise locations. In case of an emergency, the volunteers receive the grid location of the emergency place and are guided to this location on their mobile device. In this way, they can easily find and navigate to the emergency location and intervene quickly.

At the end of July, GeoJunxion announced also to have signed a NDW framework agreement with Royal HaskoningDHV, together with 11 other partners. This consortium was created to deliver traffic data from non-road systems such as Probe Vehicle Data, Floating Car Data and crowd-sourced data. The National Data Portal for Road Traffic (NDW) will use the contract to supply traffic data from navigation systems, vehicles and mobile apps, among other things. In addition, the consortium will be given the opportunity to offer complete services based on that traffic data. The data supply and services relate to new methods for traffic management, asset management, traffic safety analyses and evaluations. The use of Floating Car Data, Probe Vehicle Data and crowd-sourced data is central to applying data science and advanced analytics.

Product Development

School Safety Zones

The quarter from July to September is the one when students return to school across Europe and around the World. This means that more vehicles and vulnerable pedestrians are on the road on weekdays. Increased traffic and density of pedestrians in certain areas can also increase the risk of collisions between vehicles and children or their relatives commuting to/from school.

European statistics, global and for each individual Country, confirm that thousands of accidents happen during schooldays close to schools, with serious consequences and injuries. Such accidents often involve car or bike drivers failing to recognize the vulnerable pedestrians on the road. Most of these accidents occur as children are getting on/off buses or crossing intersections near the school. The root causes are various: when drivers are speeding, driving recklessly or distracted and weather conditions may worsen those risky behaviors.

To prevent similar situations, certain countries started adopting and enforcing School Safety Zones by law. Speed limits through those areas, during school hours, are often limited to encouraging drivers to slow down and pay more attention to children and pedestrians. In other cases, areas may be completely closed to traffic. Drivers who are caught speeding in school zones or entering areas closed to traffic are subject to severe penalties and fines.

Unfortunately, not many Countries in Europe adopted these solutions. Even in cases where such limitations are in force, the decision of adopting and implementing such solutions is left to local Municipalities. The result is that we still lack wide adoption of School Safety Zones to protect children from (deadly) accidents.

For this reasons GeoJunxion decided to build and maintain up to date a unique database of School Safety Zones, including those defined and enforced by local Municipalities, as well as hundreds of thousands of areas created through proprietary algorithms, taking in consideration the location of the schools, bus stops, zebra crossing, dangerous road intersections and many other parameters.

Eco Alert Zones

In parallel with the efforts on the School Safety Zones, GeoJunxion has continued the real-time maintenance of the Eco Alert Zones, which are continuously increasing in number. While at the beginning of 2022 the total number of environmental areas encoded in the EAZ data suite was about 2500, as of today it exceeds 2750, with an increase of 10% in less than a year. This confirms the relevance of this type of data and the strategic decision to have invested in such a development.

Custom project execution

As already remarked, however, the biggest challenge this past quarter was to execute the custom project for a global Tech Company. That project required a significant scale up of our resources, mainly in Operations. This has been achieved during the summer period, when, usually, limited resources are available. This is an additional reason to be proud of the efforts made and satisfied with the results achieved. The GeoJunxion team showed great adaptability and flexibility: this allowed the company to promptly react to the client’s request and timely made partial deliveries, despite the extensive scope and the challenging deadlines.

Automotive product development

On the R&D side, the product development was focused on continuing the development and refinement of new data for the unnamed Infotainment System Manufacturer. The partnership together with this important Tier 1 manufacturer in the Automotive Industry is strengthening month-over-month. This is in line with our Company’s strategy, starting with custom Proof of Concepts converted and expanded step by step into bigger projects, aiming to build a long strategic partnership.


The order intake for the first quarter of this financial year 2022/23 (July-September 2022) showed an increase of more than 6 times compared with the same period of the previous year, thanks to the big Location Intelligence Contract announced early August. The value of orders booked in this remarkable first quarter of FY 2022/23, exceeded the total order intake during the entire financial year 2021-22.


In Q1 2022-23, revenue increased by +102%, doubling the amount realized during the same quarter last year.

GeoJunxion tracks its revenue by product type and by the nature of the underlying contract (recurring versus non-recurring).  The main revenue growth has been realized in non-recurring location services, but also the recurring revenue from licenses and royalties showed an increase. The recurring service revenue showed a reduction, primarily due to the timing of the project execution.  This will be caught up during Q2 2022-23.   Recurring service revenue includes the updating services of our Eco Alert Zones product and other data products. The non-recurring service revenue includes tailored research and collection of data sets and creation of geo-located content.


The Q1 2022-23 operating result showed a profit €644K, compared to a loss of €125K during the same quarter last year. There are three main drivers for this year over year improvement:

  • A very strong increase in revenue: +€691K (+102% YoY)
  • A decrease in operational expenses: -€15K (2% YoY). This primarily resulting from lower personnel expenses (-24K) linked to the December 2021 restructuring, lower other operating expenses (-€24K), linked to diligent cost saving measures and organizational structure simplification. These savings are partially offset by higher depreciation, and amortisation costs (+€21).
  • Higher Capitalized development costs +€24K (+22%) due to ongoing investments in new products and coverage extension of existing products.


GeoJunxion has received Level 2 certification on Social Entrepreneurship: the Prestatieladder Socialer Ondernemen. This independent assessment showed that GeoJunxion offers high-quality employment to people who have difficulty accessing the labor market and collaborates with like-minded organizations. With this certification, GeoJunxion provides an above-average contribution in the field of social entrepreneurship in a sustainable way.


GeoJunxion continues to make great progress in turning its business around from a digital map supplier to a premium location content and location intelligence service provider with a subscription based, recurring “data as a service” revenue model. The results reported for Q1 2022-23 with growing revenue and a net profit for the quarter, are evidence of this progress. Based on our current outlook, the available cash on hand is estimated to be sufficient to cover our operational requirements for at least the next 12 months.


With the 2021-22 Annual Accounts recently published and strong Q1 2022-23 results in hand, we are starting another round of consultations reaching out to OOB/PIE licensed auditing firms in the Netherlands.  In the past two years, we have consistently delivered results, showing a continuous growth YoY, in accordance with our guidance. We have significantly reduced the Group’s complexity and, consequently, the inherent risks.  We believe that our position is stronger and more persuasive. Therefore, we will re-engage auditing firms with renewed energy and determination, with the goal to secure a statutory auditor for the current and subsequent accounting years.


Risk management is an integral managerial task. Our risk management and control procedures take into consideration the size of the company and the character of the business to identify the most significant risks which the company is exposed to. The risks identified are discussed on a periodical basis and mitigated or fully resolved, where possible. Such a system cannot provide absolute certainty that objectives will be realized. Neither can it guarantee prevention of potential cases of material mistakes, damage, fraud, or breaches of statutory laws.

The 2021-22 annual report, as published on 27 October 2022, describes the primary strategic, operational, and financial risks. The risks and uncertainties described in the annual report are relevant and are deemed incorporated and repeated by reference in this report. There were no cases of material damage, fraud or breaches of law detected since issuing the Annual Accounts.

On the Social aspect, we continue to pay particular attention on preventive actions to limit exposure of our people to Covid-19, encouraging and supporting smart working from home, combined with making the best use of our office space to facilitate personal contact and create an optimal work environment. Our people are our key assets, and we do whatever we can to keep them safe and healthy.


The Board of Management hereby declares that, to the best of its knowledge, the summarized Q1 (July – September 2022) interim consolidated financial statements, drawn up in accordance with IAS 34 “Interim financial reporting”, represents a faithful rendering of the assets, liabilities, financial position, profit and cash flow of GeoJunxion NV and its subsidiary as stated in the consolidated financial statements, and that the Board Report, as included in this Interim Financial statements, represents a faithful rendering of the information required in relation to item 5:25d subs 8 and 9 of the Dutch Financial Supervision Act.


The GeoJunxion group structure was simplified to a maximum extent during the past 2 years. The group contains 2 entities: GeoJunxion N.V., (the holding entity, quoted on Euronext Amsterdam) and its 100% operating subsidiary GeoJunxion B.V.


This document contains certain forward-looking statements with respect to the financial position and results of GeoJunxion. We have based these forward-looking statements on our current expectations and projections about future events, including assumptions regarding our present and future business strategies, operations, and the environment in which we will operate in the future. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, and you should not place undue reliance on them.

Many of these risks and uncertainties relate to factors that are beyond the company’s ability to control or estimate precisely, such as timing of placement of orders of our customers, exchange-rate and interest-rate fluctuations, labor and other cost inflation, changes in tax rates, regulatory and legal changes, the rate of technological change, the competitive landscape, political developments in countries in which the company operates and the risk of a downturn in the market.

The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to update any public information or forward-looking statement in this document to reflect events or circumstances after the date of this document, except as may be required by applicable laws.

Capelle aan den IJssel, 10 November 2022,

Ivo Vleeschouwers – CEO / CFO

Francesco Altamura – CBO

Attachment: GeoJunxion Q1 Financial and Business Update Q1 2022/23 (FULL DOCUMENT)

This is a public announcement by GeoJunxion N.V., pursuant to article 17, paragraph 1 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or solicitation of an offer, to buy or offer securities in GeoJunxion N.V.


About GeoJunxion  

GeoJunxion is the crossroads where fundamental, location-aware content connects with superior, customised intelligence and highly focused innovations to empower exceptional experiences. With an emphasis on safety and sustainability, we are constantly expanding our portfolio to meet the demands of a diverse and fast-evolving market. Building on decades of experience in mapping, the company focuses on high value, dynamic content and building environmentally conscious applications, which enrich safety in everyday life. With location-aware content at our core, we know where our strengths lie and have the know-how and technology needed to offer unrivalled, intelligent products and services.

GeoJunxion NV is listed on the regulated market of Euronext Amsterdam, under the symbol GOJXN.AS


GeoJunxion Press Contact  

Tel: +31 (0)10 885 1200 


This is a public announcement by GeoJunxion N.V., pursuant to article 17, paragraph 1 of the European Market Abuse Regulation (596/2014). This public announcement does not constitute an offer, or solicitation of an offer, to buy or offer securities in GeoJunxion N.V.