WM Technology Inc
NASDAQ:MAPS
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WM Technology Inc
WM Technology, Inc. engages in the operation of a listings marketplace with SaaS subscription offerings sold to retailers and brands in the U.S. state-legal and Canadian cannabis markets. The company is headquartered in Irvine, California and currently employs 606 full-time employees. The company went IPO on 2021-01-13. The Company’s offers platform for consumers. The company builds software solutions to facilitate learning through partnering with subject matter experts on providing detailed information about the plant. Its consumer-facing platform is available on the Web, Android and iOS applications. The company provides consumers with information regarding cannabis products, including online ordering, local retailer and brand listings, product discovery, and consumer education on cannabis and its history, uses, and legal status. The company also provides the suite of cloud-based software as a service (SaaS) and data solutions for the cannabis industry. Its product suite includes point of sale, logistics, wholesale, and ordering solutions that enable clients to scale their businesses with the regulations applicable to the cannabis industry.
WM Technology, Inc. engages in the operation of a listings marketplace with SaaS subscription offerings sold to retailers and brands in the U.S. state-legal and Canadian cannabis markets. The company is headquartered in Irvine, California and currently employs 606 full-time employees. The company went IPO on 2021-01-13. The Company’s offers platform for consumers. The company builds software solutions to facilitate learning through partnering with subject matter experts on providing detailed information about the plant. Its consumer-facing platform is available on the Web, Android and iOS applications. The company provides consumers with information regarding cannabis products, including online ordering, local retailer and brand listings, product discovery, and consumer education on cannabis and its history, uses, and legal status. The company also provides the suite of cloud-based software as a service (SaaS) and data solutions for the cannabis industry. Its product suite includes point of sale, logistics, wholesale, and ordering solutions that enable clients to scale their businesses with the regulations applicable to the cannabis industry.
Revenue: Q3 revenue was $42.2 million, down 9% year-over-year but in line with company expectations.
Profitability: The company remained profitable, with net income of $3.6 million and adjusted EBITDA of $7.6 million for the quarter.
Client Metrics: Average monthly paying clients rose 2% year-over-year to 5,221, but average revenue per client fell 12%.
Cost Control: Operating expenses dropped 3%, reflecting ongoing cost discipline and benefits from prior reorganization.
Cash Balance: Ended the quarter with $62.6 million in cash, up 39% year-over-year, marking nine consecutive quarters of positive cash generation and no debt.
Guidance: Q4 revenue expected between $41 million and $43 million, with adjusted EBITDA of $5 million to $7 million.
Industry Challenges: Management highlighted continued pricing and margin pressure in mature markets, along with regulatory and tax headwinds.
