GeoJunxion (GOJXN.AS) – Financial & Business update Q3 (January ’23 – March ’23) and first 9 months of F.Y. 2022-23 (July ‘22 – March ’23)

Capelle aan den IJssel, The Netherlands, 4 May 2023: For the first nine months of the accounting year 2022/23, GeoJunxion announces 60% revenue growth (vs same period of 2021-22), a net profit after taxes of €403K and positive cash flow of €444K.  

Key Facts:

  • 60% revenue growth for the first 9 months of F.Y. 2022/23 and 50% growth in Q3 2022-23 compared to the same period in 2021/22;
  • 2% reduction in Net Operational Expenses (OPEX) for the first 9 months of F.Y. 2022/23;
  • EBITDA, EBIT and EBT positive in first 9 months of F.Y. 2022/23 by €1.499K, €790K and €508K respectively;
  • Net Profit after tax of €403K in the first 9 months of F.Y. 2022/23, compared to a Net Loss of €610K in the same period of F.Y. 2021/22;
  • Positive Cash Flow of €444K in the first 9 months of F.Y. 2022/23, compared to €79K in the same period of F.Y. 2021/22.

Link to the full document: GeoJunxion Financial and Business Update Q3 and 9 months FY 2022/23 (FULL PDF)

GeoJunxion CBO & MD Francesco Altamura: “We are extremely happy about the positive direction our business is evolving in this financial year 2022/23. After fantastic first two quarters, also during the third quarter, we continued having very strong order intake and revenue generation, in particular for our Location Intelligence Services. Costs remain well under control, with a slight reduction compared with the previous year, despite the substantial growth in revenues and operational activities. In the first nine months, all business and financial key performance indicators remain positive, including EBITDA, EBIT and Cash Flow, confirming the trajectory indicated in the previous quarters.

The current financial year covers the 12 months period from 1 July 2022 to 30 June 2023.  The first nine months cover the period from 1 July 2022 to 31 March 2023 and Q3 covers the 3 months period from January 2023 to March 2023.

In the first nine months of FY 2022-23, GeoJunxion’s business continued with a strong performance: Revenue grew sharply (+60%) compared to the same period of the previous financial year. Order intake maintained a positive trajectory: the third quarter was in line with the results achieved in the same period of the previous year; while year to date, order intake is more than double compared with the same period of FY 2021/22. In Q3 FY 2022/23, operational expenses increased 10% compared with the same period in 2021/22, however this is justified given the 50% revenue growth in the quarter and 60% revenue growth for the first nine months. This resulted in a reduction of 2% for Net Operating Expenses, when compared with the first nine months of the previous financial year. The operating result, the result before tax, and the Net Profit are all positive.  While the cash flowfor the Q3 was slightly negative by €54K, the nine months still resulted in an overall positive cash flow of €444K. It’s also worth noting that the slightly negative cash flow for the quarter is due to timing; something that will be recovered during the course of the last quarter of the financial year.

FINANCIAL HIGHLIGHTS Q3 (January ‘23 – March ‘23) and the first 9 months of F.Y.  2022/23 (July ‘22 – March ‘23) vs same period in 2021/22

  • 60% revenue growth for the for the first 9 months of F.Y. 2022/23 (50% growth in Q3 2022-23) compared to the same period in 2021/22;
  • 2% reduction in Net Operational Expenses (OPEX) for the 1H 2022/23 (10% increase in Q3 2022-’23);
  • EBITDA and EBIT positive in the first 9 months of F.Y. 2022/23 by respectively €1.499K and €790K;
  • Net Profit after tax of €403K in the first 9 months of F.Y. 2022/23, compared to a Net Loss of €610K in the same period of FY 2021/22;
  • Positive Cash Flow of €444K in the first 9 months of F.Y. 2022/23, compared to €79K in the same period of F.Y. 2021/22.

Note: the positive sign in the variation % means improvement period over period


GeoJunxion is very pleased to increase, once again, the outlook for the accounting year 2022-’23: At the end of H1 FY 2022/23, we increased our topline growth to 30-35%. At this point in time, we expect an even more positive trajectory, with our topline to grow by 35-40% compared to last year.  This expectation is built primarily on orders already booked and; to a much lesser extent, on a pipeline of opportunities from existing and new customers.  With this improved topline, EBITDA, EBIT net income and Cash flow are expected to be positive.


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 multiple industries and market sectors.

Our strategy is solid as it has delivered year-over-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 and services.

During the last quarter of the financial year, great attention and dedication will continue to be paid to the existing clients (Global Tech Companies) in executing custom Location Intelligence services and extending the scope of those projects.

GeoJunxion’s activities are directed towards establishing long-term relationships with our customers, through the creation of recurring business models rather than opportunistic one-off contracts. 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 retains the Intellectual Property and ownership of the newly developed datasets and solutions, for licensing to other customers.  Thereby, leveraging the initial investment and creating a virtuous business cycle.

Our mission remains focused on improving navigational safety and enhancing people mobility, contributing to a more sustainable world, reducing the impact on the environment, through intelligent solutions enabling more environmentally conscious decisions through informed choices.

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 flexible solutions and content creation

Market Developments

While existing and prospective clients strictly monitor their expenditures and continue to be prudent in contracting projects, we are experiencing a growing interest in our Location Intelligence Services and last-mile mapping.

In regard to some of the geopolitical challenges, GeoJunxion has no direct impact as a result of the war in Ukraine. Like others, we are susceptible to rising inflation, resulting from increased energy and other raw material prices.  This does impact salaries, staff expenses, office costs and other indirect services. However, as already mentioned, such costs remain under control due to continuous and diligent monitoring.

We also remark on the interest in and demand for location-aware content despite the concerns about the health of the global economy. While many big Companies in the last 6 to 12 months are making reductions in their respective workforces and cutting costs, GeoJunxion remains positive, having strengthened the team in recent years, with key hires necessary to drive growth and deliver strong results.

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 market segment, we are dedicating a significant portion of our resources to project execution. We booked and executed sizable projects in all previous quarters, awarded project extensions and booked new opportunities also in the third quarter.

In the automotive industry we confirm the previously announced interest derived from the adoption of advanced driver-assistance systems, such as ISA (Intelligent Speed Assistance). We confirm a growing demand for more cost-effective mapping solutions, with the most up-to-date and relevant content. This consideration is valid for the leisure market as well as for commercial heavy vehicle applications. Premium content pertaining to road safety and environmental sustainability remains our major interest and focus for product development.

GeoJunxion also remains active in identifying opportunities in more traditional markets, such as Transport & Logistics, Real Estate, Geo-Marketing, Business Analysis, Travel & Tourism, as well as Public Administration. In the last quarter, Transport & Logistics and Business Analytics were the most active sectors.

Business Development

In the third quarter of FY 2022-23, as well as for the entire fiscal year to date (9 months), the Location Intelligence Services continued playing an essential role in our business development. The scope of certain projects awarded at the beginning of this financial year was extended and executed in the third quarter. Some of them are still on-going and will be complete in this Q4. As said, also in Q3 we have been awarded for new Location Intelligence projects. These contracts will continue to convert into revenue during this final quarter of the Financial Year 2022/23.

During Q3, our Sales and Business development teams had the opportunity to attend more trade events in person. Meeting with partners and clients face to face, to promote GeoJunxion’s brand, its products and services. We also attended the Autonomy Mobility World Expo in Paris, in the Dutch Pavilion, as part of the Dutch delegation of Companies promoting their solutions to the mobility market. We give thanks to the Dutch Embassy in Paris and all the people that contributed to the organization of this important event.

Business Development has been also very much focused on developing new solutions for the last-mile mapping market.  In this regard, Altamura Francesco, GeoJunxion CBO & MD says: “last-mile mapping is an area that continues to interest our customers. We are extending our intentions from Outdoor only to Outdoor and Indoor custom maps, location positioning solutions, location analytics and, possibly, location marketing”.

In order to reinforce our capability to deliver state-of-the-art last-mile mapping solutions, GeoJunxion established a partnership with WizzyMaps during the third quarter of the financial year. This collaboration delivered a solution for the Netherlands-Gibraltar football match qualifier and a last-mile interactive, navigable map for the Zuiderzee Museum.

Zuiderzee Museum last-mile map

Product Development

Custom project execution

We continue to put significant efforts into the development of proprietary location intelligence content for a global Tech Company. The first project; announced in August ’22, has been extended in scope, and therefore continued into Q3. In the second quarter, additional projects for global Tech Companies have been added to our workload. Their execution has mostly been completed but there are some that are still in progress which are expected to be completed during the Q3 or Q4 of F.Y. 2022/23. In addition, there are other projects which are in the negotiation or in scope definition phase.

Automotive product development

On the R&D side, a significant part of product development was focused on the execution and refinement of the data for a leading Infotainment System manufacturer. The first phase of this project; announced in April 2022 is now complete and we are currently working on defining the scope of the next phase, with the intent to industrialize the process and extend the development to new areas.

Eco Alert Zones and School Safety Zones

Smart Geofences are key products in the GeoJunxion’s portfolio. Eco Alert Zones and School Safety Zones have been kept up to date during the course of the last quarter. They are increasing in number, geographical coverage and also in the type of areas.

As announced during the last AGM we are working on an innovative proof of concept project with the intent to develop deep learning methods in the field of satellite imagery analysis and object recognition. This activity will continue for the entire year 2023, but it’s already delivering interesting preliminary results. This will give us the possibility to further enrich our existing datasets of geofences and create new ones.


Order intake continued with a positive trend. The first two quarters have been exceptionally good, with Q1 being delivering the highest result compared to previous years. Q3 was also strong despite being slightly lower when compared to the same period last year. This resulted in the value of orders booked during the first nine months of the financial year 2022/23 to be more than double of those booked in the same period of the last accounting year.


In Q3 2022/23, revenue increased by +50%.  In Q2 the growth was of 45% in recurring revenue and 17% in non-recurring revenue. Q3 showed again growth in all product lines. Recurring revenue grew of 31% and non-recurring revenue 60% compared to the same period of last year.We are encouraged to see both product lines increasing in revenues, in particular the growth of the recurring product lines.

In the first nine months of FY 2022/23, revenue increased by 60%.  Also, during the same period, growth has been realized in all our product lines, with recurring revenue growing by almost 25% and non-recurring revenue growing by approximately 80%.

GeoJunxion tracks its revenue by product and service 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 grew as well as expected and announced at the end of the previous quarter. 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 Q3 2022-23 operating result shows a small loss of €7K, compared to a loss of €187K during the same quarter last year. This confirms the positive trend which already started in the prior quarters. There are two main drivers for this year-over-year improvement:

  • 50% increase in revenue to €750K (vs €500K, PY)
  • a limited increase of 10% in the net operational expenses, despite strong inflationary pressures and the increase of 50% in revenue for the quarter.
  • Higher Capitalized development costs +€23K (+17%) due to ongoing investments in new products and coverage extension of existing products

The first nine months of FY 2022-23 operating result shows an operating profit €790K, compared to a loss of €372K during the same period of last year. The main drivers for such a positive result are similar to those mentioned for the quarterly improvement:

  • 60% increase in revenue to €2.962K (vs €1.854K, PY)
  • 2% decrease in net operational expenses. This is remarkable, considering inflationary pressures and the 60% increase in revenue
  • Higher Capitalized development costs +€119K (+31%) due to ongoing investments in new products and coverage extension of existing products.


As already remarked in the past quarter, GeoJunxion has achieved 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 collaborating with like-minded organizations. With this certification, GeoJunxion provides an above-average contribution in the field of social entrepreneurship in a sustainable way.

During the third quarter, GeoJunxion confirmed its attention to sensitive matters with social impact, supporting the Dutch Heart Foundation in its program to achieve the goal of “a healthy heart for everyone”. GeoJunxion cares about its employees, their health, working conditions and encourages all of them to adopt a healthy lifestyle.


GeoJunxion has made great progress in turning its business around from a digital map supplier to a premium location content and location intelligence service provider with subscription based, recurring “data as a service” revenue models. The results reported for the first 9 months of FY 2022-23, with growing revenue and a net profit for the period, 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.


In the past few months, we have had extensive discussions with OOB/PIE licensed auditing companies. In spite of improved financial results, positive cash flows, improved governance & internal control processes, none of the auditing companies contacted was willing to provide a quotation for performing the audit work. The main reasons given by the auditing firms are the lack of internal staff capacity to execute the work and the limited size of the company and its market capitalization. 

After the expiry of the 24-months period given by Euronext Amsterdam, on 13 April 2023, we received a letter from Euronext confirming ongoing non-compliance and their intention to proceed with the delisting process. We have formally objected to this decision from Euronext. In parallel we continue working to find alternative solutions, exploring various possible paths, with the intent to secure a solid future for the Company, in the best interest of all stakeholders involved.


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.

Our people are our key assets, and we do our utmost to keep them engaged, safe and healthy.


The Board of Management hereby declares that, to the best of its knowledge, the summarized Q3 and first 9 months (July – March) 2022-’23 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 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, 4 May 2023,

Ivo Vleeschouwers – CEO / CFO

Francesco Altamura – CBO

Attachment: GeoJunxion Financial and Business Update Q3 and 9 months FY 2022/23 (FULL PDF)

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.