GeoJunxion grows the 2020 full year topline by 46%, reduces the net loss by 68% YoY and announces the completion of the sale of the AND.COM domain name for gross value of Euro 175.000 in February.
Covid-19 and the related measures taken in the spring and again during the autumn to prevent the spread of the Corona virus, have proven to be a significant challenge for the global economy. The GeoJunxion team and our underlying business have shown strong resilience: revenue increased by 46% during the full 12 months of 2020 compared to the same period in 2019. This is slightly above the lower end of the guidance provided. The solid year over year growth is mainly due to our success in winning and delivering new service projects, supported by the moderate growth of our existing recurring business. The direct impact of the anti-virus measures was felt mostly in the data sales segment, where it has been difficult to connect with key decision makers in the B2B market, thus hampering our ability to win new customers and increase our market share.
OPERATIONAL HIGHLIGHTS AND STRATEGY UPDATE
In the 4th quarter, we focused on releasing new products to the market together with the launch of our new brand GeoJunxion. Building on decades of mapping experience , GeoJunxion is now focusing on high value, dynamic content that enrich environmentally conscious applications and safety in everyday life. With GeoJunxion, we are at the crossroads where fundamental, map related content connects with customized, intelligent information and highly focused innovations – in short: where location meets intelligence.
Introducing the GeoJunxion brand in October highlighted the turnaround and the recent success generating new and sustainable revenue. It also conveys and underlines our commitment to high quality location-aware content ready for tomorrow’s 5G and IoT world.
In November and December, we focused on evaluating applications of our high-alert-zone premium content into several verticals such as leisure, automotive or health. Those assessments received a positive feedback, confirming the foundation of our strategy.
In line with that strategy and by joining forces with the GeoHealthApp team, we developed a unique location-based Health-Alert- Zone API. This API provides aggregated global information about COVID-19 pandemic statistics and a unique health exposure evaluation, down to local level. The health risk exposure is compiled using COVID-19 official statistics with expected exposure in up to 50 different types of locations (from shops, bars and restaurants, parks, beaches etc.…), as well as the weather forecast and footfall traffic which varies on a daily basis. This results in a detailed risk assessment for areas as small as 100m2. Our proprietary algorithm estimates local behavior based on this local and dynamic data and then creates a health alert score for each region and area. This information can be either accessed via an API or displayed on a website using the GeoJunxion MapTiler Technology.
In December, we announced our strategic alliance with NavInfo Europe. NavInfo, has extensive experience in developing robust AI solutions using Machine Learning and Computer Vision. AI Business Solutions is a new offering from NavInfo to provide customers with AI consultancy services over and above NavInfo’s AI Solutions. In conjunction with NavInfo, we are now able to offer AI solutions for Smart City Planning, Smart Maintenance, and other areas. This initiative supports our technological evolution and opens up new opportunities in projects like the TalkingMaps® for example. We expect that alliance to create unparalleled value for both companies in the coming years.
In December, as the Covid-19 pandemic was still progressing, we launched an extension of our Health Alert Zones with a new COVID-19 Measures Polygons product. These polygons provide general, comprehensive travel advice in the featured countries, covering a wide variety of restrictions users may run into daily, such as when taking public transportation to their local stores or travelling across countries to visit family. This way, users are always aware of the latest applicable COVID-19 measures, which they can view in real time in their location or destination, whether it be local or international.
At the end of December, we successfully completed a €825K private placement among existing and new shareholders. The funds generated allow us to accelerate the development of our premium location-aware content and services as well as strengthen our sales activities. These investments will help GeoJunxion to achieve key strategic objectives which, we believe will create value for all stakeholders.
We are looking back to a year that was very different than expected or planned. As a team, we managed to keep operating without interruption during lockdowns and diverse COVID-19 measures in the countries we operate in. The multiple COVID-19 lockdowns and restrictions had a direct impact on tourism and mobility in general. Our new products like Eco Alert Zones and Outdoor Venue Plans are targeting mobility applications such as route planners and last mile navigation. Despite the positive response and high interest in our solutions, companies remain prudent to invest in improving their mobility and tourism experience. Those companies have limited visibility as to how and when activities will pick up again. As a result, we have seen slower than expected uptake in our services in Q4. This trend is expected to continue during the first half of 2021. Despite those market dynamics, we managed to grow our topline revenue by almost 50% year on year, while keeping our costs under control. Business growth came from our ability to be very adaptable and responsive to the needs of our long-standing customers as well as new customers.
A big thank you to all our employees, customers, shareholders, and contractors who made this achievement possible!
FINANCIAL SUMMARY FULL YEAR 2020 RESULTS VERSUS 2019
Revenue for the full year 2020 is up by 46% to €1.555 K;
Operating result improved by 72% to a loss of €1.361 K, compared to a loss of €4.873 K in 2019;
Net result after tax improved by 68% to a net loss of €1.251 K versus €3.954 K in 2019;
Net cash-flow from operating and investing activities equals an outflow of €1.384 K Euro, an improvement of €288 K versus 2019;
Consolidated year end cash-position equals €1.113 K (2019: €522 K).