WM Technology Inc

OTC:MAPS

Revenue in line: First-quarter revenue was $43.6 million, down 2% year over year but up 1% sequentially, and management said it was in line with expectations.

Client pressure: Paying clients fell to approximately 4,983, as churn in mature markets like California, Michigan and Colorado continued to weigh on retention.

Costs up: Operating expenses increased to $43.4 million, mainly because of a higher credit-loss provision and a $3.9 million allowance for doubtful accounts.

Cash flow weak: The company used $1.3 million of cash in operating activities, reflecting slower collections and working-capital timing.

Q2 outlook: Management expects second-quarter revenue to decline sequentially by low single digits, citing ongoing churn and a more normal post-4/20 spending pattern.

Strategic shift: WM Technologies highlighted its voluntary Nasdaq delisting as a way to gain flexibility to invest in strategic clients and expand its technology platform.