WM Technology, Inc. reports developments tied to its Weedmaps cannabis marketplace and its eCommerce and compliance software for cannabis retailers, brands, and businesses in U.S. state-legal markets. News commonly covers quarterly and annual results, client spending trends, operating discipline, cash flow, and the effect of cannabis-market conditions on marketplace demand.
Company updates also include governance changes, board appointments, executive employment arrangements, and corporate-status actions involving its Class A common stock and warrants, including Nasdaq delisting activity. Product-related coverage centers on consumer discovery, dispensary deals, order-ahead tools, and software designed for regulated cannabis commerce.
WM Technology reported strong second quarter results with revenue increasing to $58.3 million, a 24% year-over-year growth. The number of Average Monthly Paying Clients rose to 5,537, a 31% increase. Despite this, the Average Monthly Revenue per Paying Client fell by 5% to $3,509. The company achieved a gross profit of $54.4 million, reflecting a 93% margin rate. Looking ahead, guidance suggests total revenue may be flat to down in the mid-single digits for the second half of 2022. Adjusted EBITDA is expected to be positive for the full year.
WM Technology, Inc. (NASDAQ: MAPS) will release its Q2 financial results for the quarter ending June 30, 2022, after market close on August 9, 2022. A conference call will take place at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results, with a replay available by August 10. WM Technology operates the Weedmaps marketplace, providing eCommerce and compliance software for the cannabis industry, aiming to promote a transparent global cannabis economy.
WM Technology, Inc. (Nasdaq: MAPS) announces its inclusion in the Russell 3000®, Russell 2000®, and Russell Microcap® Indexes, effective June 27, 2022. This milestone follows its 2021 Nasdaq listing, enhancing accessibility for investors and expanding its shareholder base. The Russell Indexes reconstitution captures the largest 4,000 US stocks, ranked by market capitalization, ensuring MAPS benefits from increased visibility and potential investment opportunities.
Cann and Weedmaps are launching a Pride campaign featuring an original song and music video titled “Taste So Good,” aimed at celebrating the LGBTQ+ community. The campaign enlists diverse celebrities such as Gus Kenworthy and Patricia Arquette to promote inclusivity. Cann introduces its new Lite beverage flavors, each with 2MG of THC and 4MG of CBD. The collaboration highlights the importance of supporting LGBTQ+ owned cannabis businesses and addresses disparities in the cannabis industry.
WM Technology, Inc. (Nasdaq: MAPS), a leading marketplace for the cannabis industry, announced its participation in upcoming investor conferences. Jefferies 2022 Cannabis Summit will take place on June 2, 2022, followed by the Stifel 2022 Cross Sector Insight Conference on June 9, 2022, where management will host a fireside chat. Presentations will be available via webcast on the company's Investor Relations website. Founded in 2008, WM Technology operates the Weedmaps platform, addressing consumer needs and compliance in the cannabis market.
WM Technology (NASDAQ: MAPS) has expanded its product offerings in Ontario, implementing a digital payment process that allows cannabis retailers to accept in-app payments through Visa and MasterCard. This move aims to help small businesses meet rising demands for delivery and cashless transactions. As Ontario legalizes permanent delivery services, WM Technology's commitment to technology solutions is highlighted as a key growth strategy. The company also plans to expand its services to other Canadian provinces, enhancing retailers' capabilities through its WM Store and WM Orders platforms.
WM Technology reported a significant 40% year-over-year revenue growth in Q1 2022, reaching $57.5 million. The increase in monthly active users (MAUs) was notable at 16.4 million, a 52% rise compared to last year. Average monthly revenue per paying client grew by 9%, with an increase of 28% in average monthly paying clients. However, the company faced a net loss of $(31.2) million compared to a profit of $7.7 million in the previous year. For Q2 2022, revenue guidance is set between $60 million and $63 million, indicating 28-34% growth.
WM Technology (NASDAQ: MAPS) will report its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for 2:00 PM PT (5:00 PM ET) to discuss these results. WM Technology is a leader in the cannabis technology sector, operating the Weedmaps online marketplace and offering eCommerce solutions to cannabis retailers and brands. The Company aims to create a transparent cannabis economy and has been a significant player in providing compliance software since its founding in 2008.
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WM Technology, Inc. (NASDAQ: MAPS) has appointed Anthony Bay as the new Chairman of its Board of Directors, effective immediately. He succeeds Chris Beals, who continues as CEO. Bay brings over 20 years of board experience and expertise in scaling technology companies. His leadership is expected to enhance corporate governance and drive growth opportunities in the rapidly expanding cannabis sector, particularly with federal legalization on the horizon. WM Technology aims to leverage Bay's experience for market expansion and increased brand offerings.