Wm Technology Inc Stock Price, News & Analysis

WM Technology (MAPS) reported strong Q3 2024 financial results with net income increasing 312% year-over-year to $5.3 million. Net revenues reached $46.6 million, slightly up from $45.9 million in Q2 but down from $46.7 million year-over-year. The company maintained profitability with Adjusted EBITDA of $11.3 million, marking its eighth consecutive quarter of positive adjusted EBITDA. Cash position strengthened to $45.0 million, up 31% from year-end. The company projects Q4 2024 revenues of approximately $46 million and Adjusted EBITDA of $7 million.

WM Technology (Nasdaq: MAPS) has scheduled its Third Quarter 2024 Financial Results announcement for Tuesday, November 12, 2024, after market close. The company will host a webcast at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results. WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, and provides eCommerce and compliance software solutions for cannabis businesses. The webcast replay will be available on ir.weedmaps.com starting November 13.

WM Technology (Nasdaq: MAPS), the company behind Weedmaps, has appointed Glen Ibbott to its Board of Directors, effective October 1. Ibbott, an experienced leader in the cannabis industry, brings over 25 years of expertise to the role. He is the founder of GK Financial Ventures and previously served as CFO of Aurora Cannabis Inc. for nearly seven years.

Doug Francis, Executive Chair of WM Technology, expressed excitement about Ibbott's appointment, citing his valuable insights for the company's growth and mission. Ibbott's background includes CFO positions at biotechnology company QLT Inc. and other publicly traded companies in Canada. He holds MBAs from Cornell University and Queen's University, a degree in Business Administration from Simon Fraser University, and is a Canadian Chartered Professional Accountant.

WM Technology (Nasdaq: MAPS) reported its Q2 2024 financial results, showing a 5% year-over-year decline in net revenues to $45.9 million. The company achieved net income of $1.2 million and Adjusted EBITDA of $10.1 million. Despite industry challenges, WM Technology's cash position improved to $41.3 million as of June 30, 2024. The company's average monthly paying clients decreased to 5,045, while the average monthly net revenues per paying client increased to $3,033. For Q3 2024, WM Technology projects net revenues of approximately $44 million and Adjusted EBITDA of about $7 million.

WM Technology, Inc. (Nasdaq: MAPS), a leading cannabis marketplace and technology solutions provider, has announced it will report its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a webcast to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. A replay will be available on the company's investor relations website by August 9.

WM Technology operates Weedmaps, a premier cannabis marketplace for consumers, and provides eCommerce and compliance software solutions for cannabis businesses. The company, founded in 2008, is committed to advocating for full U.S. cannabis legalization, industry-wide social equity, and cannabis education.

Weedmaps (Nasdaq: MAPS) has partnered with NuggMD to launch a pilot program streamlining the medical cannabis education and application process for patients. The initiative connects potential patients on Weedmaps with NuggMD's telehealth platform, creating a full-circle e-commerce experience. The program is currently active in Florida, Oklahoma, Pennsylvania, West Virginia, and Louisiana.

A recent survey of Weedmaps users revealed that 33% are more likely to use cannabis for diagnosed medical conditions, with anxiety reduction and relaxation as primary drivers. The partnership aims to provide accessible, easy-to-use processes for obtaining medical cannabis approval and navigating the vast array of cannabis products available.

Weedmaps (Nasdaq: MAPS) and BLAZE Solutions have announced a strategic partnership to create a Global Cannabis Product Catalog. This integration connects Weedmaps' extensive database of over 340,000 products with BLAZE's point-of-sale (POS) and e-commerce systems.

This collaboration aims to streamline retailer operations, enhancing efficiency by reducing manual data entry, and ensuring accurate and consistent information across multiple retail locations. The catalog will auto-populate product details, including images and descriptions, while allowing modifications.

Weedmaps CTO, Duncan Grazier, emphasized that this partnership will improve data standardization in the growing cannabis industry, helping retailers maintain optimal inventory at all times.

Weedmaps (Nasdaq: MAPS) has significantly expanded its presence in New York's cannabis market in Q1 2024 through various initiatives including sponsoring events, assisting legacy operators, and focusing on consumer awareness.

The platform now includes 131 licensed retailers and has seen notable consumer trends: 53% of orders are for cannabis flower, 27% for edibles, and 15% for vape pens. Consumers aged 50+ predominantly order edibles, while those under 50 prefer vape pens.

New York's Average Order Value (AOV) is $123.16 compared to the national average of $80.78, and the average basket size is 2.35 items versus 2.22 nationally. Only 44% of orders are for delivery, compared to 60% nationally.

Weedmaps emphasizes community and culture, partnering with local groups like On the Revel to support the New York cannabis industry.

WM Technology (Nasdaq: MAPS), a software infrastructure provider for the cannabis industry, released its financial results for Q1 2024 and FY 2023.

For Q1 2024, the company reported a net income of $2.0 million, up by $5.9 million YoY. Adjusted EBITDA reached $9.6 million, increasing by $2.5 million YoY. Cash reserves were $35.7 million, up by $9.8 million YoY.

For FY 2023, revenue was $188.0 million, down from $215.5 million in 2022. Net loss narrowed to $15.7 million compared to $82.7 million in 2022. Adjusted EBITDA improved to $36.9 million from a negative $9.6 million in the prior year.

The company also rectified past revenue recognition errors and filed its 10-K and 10-Q reports with the SEC, ensuring compliance with Nasdaq listing requirements.