WM Technology Reports Strong Q3 Earnings Growth

Wm Technology, Inc. ( (MAPS) ) has released its Q3 earnings. Here is a breakdown of the information Wm Technology, Inc. presented to its investors.

WM Technology, Inc., operating in the cannabis sector, is a leading technology and software provider known for its Weedmaps marketplace and compliance solutions for cannabis businesses in U.S. state-legal markets. The company has shown strong financial performance in its third quarter of 2024, with a notable 312% increase in net income year-over-year, reaching $5.3 million, alongside a 31% increase in cash reserves to $45 million. WM Technology has achieved its eighth consecutive quarter of adjusted EBITDA profitability, amounting to $11.3 million. This sustained profitability highlights the company’s solid business foundation and strategic focus, as articulated by CEO Doug Francis, who emphasized the organization’s preparedness for future growth investments. Key financial metrics from the quarter include net revenues of $46.6 million, a slight decrease from the previous year, but an increase from the prior quarter, and an average monthly net revenue per paying client of $3,043, reflecting growth from the previous year. The company’s robust results are tempered by challenges such as product sunsets and market consolidation impacting client numbers. Looking ahead, WM Technology remains optimistic about its strategic direction, with plans to continue leveraging its cash position to pursue growth opportunities in the burgeoning cannabis market, as indicated by the company’s management.