Financial & Business update Q2 (October ’22 – December ‘22)

GeoJunxion NV (ticker: GOJXN.AS)

Financial & Business update Q2 (October ’22 – December ‘22) and first half of F.Y. 2022-23 (July ‘22 December ‘22)

Key Facts:

  • 63% revenue growth for the first half of F.Y. 2022/23 and 25% growth in Q2 2022/23 compared to the same period in 2021/22;
  • 8% reduction in Net Operational Expenses (OPEX) for the first half of F.Y. 2022/23;
  • EBITDA and EBIT positive in first half of F.Y. 2022/23 by, respectively, €1.263 K and €603 K;
  • Net Profit after tax of €474 K in the first half of F.Y. 2022/23, compared to a Net Loss of €342 K in 1H 2021/22;
  • Positive Cash Flow of €499 K in the first half of F.Y. 2022/23, compared to a cash outflow of €148 K in 1H 2021/22.
  • GeoJunxion is very pleased to increase the outlook for the accounting year 2022-’23: We now expect our topline to grow by 30 to 35% compared to last year.


Capelle aan den IJssel, The Netherlands, 23 February 2023, For the first half of the accounting year 2022/23, GeoJunxion announces 63% revenue growth (vs 1H 2021-22), a net profit after taxes of €474 K and positive cash flow of €499 K.

GeoJunxion CEO Ivo Vleeschouwers: "We are very excited with the progress realized in the first half of the financial year. We had an exceptional order intake and revenue generation for Location Intelligence Services compared to the same period of the last accounting year. We managed to generate this additional revenue without adding costs. In addition, we converted the entire net profit into additional cash on our account!”

The current fiscal year covers the 12 months period from 1 July 2022 to 30 June 2023. The first half (1H) covers the period from 1 July 2022 to 31 December 2022 and Q2 covers the 3 months period from October 2022 to December 2022.

In 1H 2022-23, GeoJunxion’s business showed an extraordinarily strong performance: Revenue grew sharply (+63%) compared to the same period of the previous fiscal year. Order intake was extremely positive during the course of the first half of the year: almost 4 times higher than the same period of the last year. In Q2 order intake was 10% higher than last year. Operational expenses have been reduced by 10% YoY. The operating result, the result before tax and the Net Profit all turned to positive numbers. The cash flow for the Q2 was also positive by €866 K, resulting in an overall positive cash flow of €499 K for the 1H 2022-23. This strong recovery was expected and resulted from collecting the open customer invoices during Q2.

FINANCIAL HIGHLIGHTS Q2 (October ‘22 – December ‘22) and 1H 2022/23 (July ‘22 December ‘22) vs same period in 2021/22

  • 63% revenue growth for the 1H 2022/23 (25% growth in Q2 2022-23) compared to the same period in 2021/22;
  • 8% reduction in Net Operational Expenses (OPEX) for the 1H 2022/23 (6% in Q2 2022-’23);
  • EBITDA and EBIT positive in 1H 2022/23 by respectively €1.263 K and €603 K;
  • Net Profit after tax of €474 K in 1H 2022/23, compared to a Net Loss of €342 K in 1H 2021/22;
  • Positive Cash Flow of €499 K in 1H 2022/23, compared to a cash outflow of €148 K in 1H 2021/22.



GeoJunxion is very pleased to increase the outlook for the accounting year 2022-’23: We now expect our topline to grow by 30 to 35% compared to last year. This is improved from our previous target of 25 to 30% growth. This expectation is built primarily on orders already booked and, to a lesser extent, on our very promising pipeline of opportunities from existing and new customers. With this improved topline, EBITDA, EBIT and Cash flow are expected to be positive and net earnings are moving close to the break-even point.


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-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.

In the second semester of the financial year, great attention and dedication will continue to be paid for the existing clients (Global Tech Companies) in executing custom Location Intelligence services and extending the scope of those project.

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 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 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 continues to bring serious concerns in the market. Existing and prospect clients strictly monitor their expenditures and continue to be prudent in contracting projects.

GeoJunxion has no direct business exposure to the events in Ukraine or Russia. 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 impacting salary & benefit expenses of our staff, costs for office rent and other services.

At the same time, we see that demand for location-aware content is still increasing in various industries and markets, despite the concerns on the health of the global economy. While many big Companies are executing significant reductions in force, to cut costs, GeoJunxion remains positive and is actively re-enforcing the team with key profiles necessary to consolidate the current results and pave the way for continued growth.

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 sizable portion of our resources on project execution. We booked and executed sizable projects in Q1 and received project extensions and booked new opportunities also in the second quarter. There are additional new and interesting opportunities in the pipeline for the remaining part of the fiscal year.

In the automotive industry we see growing opportunities derived from adoption of advanced driver-assistance systems, such as ISA (Intelligent Speed Assistance). We can also experience a growing demand for more cost-effective mapping solutions which have the most up-to-date and relevant data content. Premium data content towards safety on the road 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 with the Public Administration. For the next months, GeoJunxion is also re-enforcing the efforts for the Outdoor Venue Plans, our last mile customized maps, where other global map providers do not offer concrete solutions.
Business Development

In 1H (July to December) 2022-23, the Location Intelligence Services have played a fundamental role in our business development. In Q1 we started and partly completed the execution of a newly won big project, which has been extended in scope during Q2 2022/23. In Q2 we have been also awarded for new Location Intelligence projects. These new contracts, which are in execution, will continue to convert into revenue during the third quarter of this Financial Year.

During Q2, our Sales and Business development teams attended more events in person, meeting with partners and clients face to face, to promote GeoJunxion’s brand, its products and services.

Product Development

Custom project execution
We continue to put significant efforts in the development of custom location intelligence projects for a global Tech Company. The first project, announced in August ’22, has been extended in scope, and therefore prolonged into Q2. In the second quarter, other custom projects for global Tech Companies have been added to our workload. Their execution is in progress and is expected to be completed during the Q3 of F.Y. 2022/23.

Automotive product development
On the R&D side, most of the product development was focused on the execution and refinement of the data for an important Infotainment System Manufacturer. This project, announced in April 2022, is close to the completion of the first phase: the completion of a market ready product, including field tests and quality controls.

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 last quarter. They are increasing in number, geographical coverage and also in the type of areas. New School Streets have been analyzed and encoded. Having confirmed specific market interest for such geofences, we have decided to launch an innovative proof of concept project with the intent to develop deep learning methods in the field of satellite imagery, analysis and object recognition, applied to this specific use case. This activity will continue for the entire year 2023.


Order intake confirmed the positive trend: following an exceptionally good Q1 2022/23, with an increase of more than 6 times compared with the same period of last year, Q2 order intake was 10% better than last year. The value of orders booked in this very remarkable first semester F.Y. 2022/23, was 4 times bigger than 1H 2021/22.


In Q2 2022/23, revenue increased by +25%. Growth was realised in all our product lines, with recurring revenue growing by 45% and non-recurring service revenue growing by 17%. It is very encouraging to see the recurring products now showing the highest growth percentage.


For 1H 2022/23, revenue increased by +63%. Also, during the entire first semester, the growth has been realized in all our product lines, with recurring revenue growing by 22% and non-recurring service revenue growing by 87%.


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 Q2 2022-23 operating result shows a profit €153 K, compared to a loss of €60K during the same quarter last year. There are three main drivers for this year-over-year improvement:

  • 25% increase in revenue to €846K (€679K, PY).
  • 6% decrease in net operational expenses. This is remarkable considering the inflationary pressures and the 25% increase in revenue.
  • Higher Capitalized development costs +€33K (+27%) due to ongoing investments in new products and coverage extension of existing products.

The 1H 2022-23 operating result shows an operating profit €797 K, compared to a loss of €185 K during the same period last year. The main drivers for such a positive result are similar to those mentioned for the quarterly improvement:

  • 63% increase in revenue to €2.213 K (€1.354 K, PY).
  • 8% decrease in net operational expenses. This is remarkable considering the inflationary pressures and the 63% increase in revenue.
  • Higher Capitalized development costs +€96K (+39%) due to ongoing investments in new products and coverage extension of existing products.


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.

In the second quarter, we increased the efforts to identify the right profile as IT Administrator. We succeeded in this search at the end of December and the new employee started his new adventure with GeoJunxion early January 2023.


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 the 1st Half of 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 generated, 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.

With the end of the 24-months period given by Euronext Amsterdam approaching, we are actively reaching out to other companies in a comparable situation to formulate a joint position. At the same time, we continue to investigate alternative resolutions such as for example: the NBA route and alternative stock markets. Our thinking is however not limited to these 2 options. We are exploring all other options, in order to make the best decision if and when we are faced with this situation.


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 in Capelle aan den IJssel to facilitate personal contact and create an optimal work environment. Our people are our key assets, and we do our utmost to keep them satisfied, safe and healthy.


The Board of Management hereby declares that, to the best of its knowledge, the summarized Q2 and 1st Half (July – December) 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, 23 February 2023,
Ivo Vleeschouwers – CEO / CFO
Francesco Altamura - CBO

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.


  • 230223 Press Release Financial Results Q2 and HY 2022-23 GeoJunxion NV_EN

Financial & Business update Q2 (October ’22 – December ‘22)