WM Technology Inc
OTC:MAPS
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WM Technology Inc
OTC:MAPS
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WM Technology Inc
WM Technology, better known for its Weedmaps brand, builds software and online tools for the cannabis industry. Its main products help dispensaries, brands, and other cannabis businesses list products, manage menus, connect with customers, and handle parts of their day-to-day operations. Consumers also use its marketplace to find nearby cannabis retailers and browse available products. The company makes money mainly by charging businesses for software subscriptions, marketplace listings, advertising, and related digital services. Its customers are mostly cannabis retailers, brands, and service providers that want to reach shoppers and run their operations through one system. That makes WM Technology part software provider, part marketing channel, and part industry directory for a market that still has many fragmented local sellers. What sets the business apart is that it sits at the intersection of software and cannabis commerce. In an industry with heavy regulation and uneven rules from place to place, businesses need tools that help them stay organized and visible to customers. WM Technology sells those tools and earns fees from being the digital link between cannabis sellers and the people looking to buy from them.
WM Technology, better known for its Weedmaps brand, builds software and online tools for the cannabis industry. Its main products help dispensaries, brands, and other cannabis businesses list products, manage menus, connect with customers, and handle parts of their day-to-day operations. Consumers also use its marketplace to find nearby cannabis retailers and browse available products.
The company makes money mainly by charging businesses for software subscriptions, marketplace listings, advertising, and related digital services. Its customers are mostly cannabis retailers, brands, and service providers that want to reach shoppers and run their operations through one system. That makes WM Technology part software provider, part marketing channel, and part industry directory for a market that still has many fragmented local sellers.
What sets the business apart is that it sits at the intersection of software and cannabis commerce. In an industry with heavy regulation and uneven rules from place to place, businesses need tools that help them stay organized and visible to customers. WM Technology sells those tools and earns fees from being the digital link between cannabis sellers and the people looking to buy from them.
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.
