GeoJunxion NV (ticker

GOJXN.AS) - Financial & Business update Q1 FY 2023-24 (July – September 2023)

Capelle aan den IJssel, 16 November 2023, GeoJunxion announces the publication of its financial results for the first three months of the accounting year 2023-24, showing first evidence of slowdown in the business and a decline in the financial results and cash flow.

In the first quarter of FY 2023-24, corresponding to the period 1 July – 30 September 2023, for the first time after continuous growth and very positive results in the last three accounting years, GeoJunxion’s business shows signs of slowdown and a decline in the financial results.

The Recurring Revenue (combined Licenses and Services) is growing by almost 12% in Q1 23/24 (389K Euro) compared with Q1 22/23 (348K Euro). The Non-Recurring Service Revenue, however, was just about 14% (145K Euro) of the exceptional performance in Q1 2022-23 of (over 1M Euro). In August 2022, a very big project was awarded, which had a significant positive impact on the revenue of the first quarter and subsequent periods. This did not happen this year, as our major customers are more hesitant to invest in big projects.

The direct consequence of this slowdown in revenue is reflected in all the financial KPIs for the quarter: a negative Operating Result (-346K Euro in Q1 23/24 vs +644K Euro in Q1 22/23), a Net Loss of 416K Euro compared with a Net Profit of 448K Euro in the same period of the past accounting year and negative Cash Flow of 635K Euro compared with the negative value of 388K Euro of Q1 22/23.

SUMMARY FINANCIALS Q1 FY 2023-24 (July – September 2023)

OUTLOOK FOR THE ACCOUNTING YEAR 2023-2024

While GeoJunxion was only marginally impacted during the last two financial years, a “long-wave effect” of the economic downturn has impacted the company at the start of financial year 2023-24.

In line with the economic climate pictured by the ECB and other economic indicators, the company’s preliminary operational results during the first quarter of the 2023-24 accounting year have been below expectations. Our technology customers have been hesitant to place significant orders for new projects. We have won some smaller project orders and renewed existing recurring service contracts Q1 2023-24, but overall, the order intake to-date has been slow. The automotive mapping market continues to move towards open-source data. With OEMs looking for more cost-effective solutions, map prices are under pressure, and competition between navigation solution providers is becoming increasingly fierce.