WM Technology, Inc. Reports Second Quarter 2023 Financial Results
Announces Second Quarter 2023 Financial Results with Revenue of $50.9 million, Net Income of $2.0 million and Adjusted EBITDA of $10.2 million
IRVINE, Calif.–(BUSINESS WIRE)–WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), a leading technology and software infrastructure provider to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2023.
Our second quarter results reflect the positive changes we have made to our business over the past few quarters and our commitment to returning to positive cash flow and Adjusted EBITDA. We continue to strengthen our financial position, and we’re seeing the strategic and operational changes we’ve implemented take hold, delivering increased value to our stakeholders which in turn will generate long-term, sustainable growth and profitability for WM Technology.
Doug Francis, Executive Chair of WM Technology
It’s imperative that we continue to develop and deliver valuable products and services for our clients, ensuring Weedmaps is the best destination for consumers to discover and order cannabis through participating retailers. While there is more to do, I am proud of the progress we have made to date.
Second Quarter 2023 Financial Highlights
- Revenue was $50.9 million as compared to $58.3 million in the second quarter of 2022 (“prior year period”).
- Average monthly paying clients¹ was 5,609, as compared to 5,537 from the prior year period.
- Average monthly revenue per paying client² was $3,022, as compared to $3,509 from the prior year period.
- Net income was $2.0 million as compared to net income of $19.8 million from the prior year period.
- Adjusted EBITDA³ was $10.2 million as compared to $(0.6) million from the prior year period.
- Basic and diluted net income per share were both $0.01 based on 92.9 million and 93.6 million of Class A Common Stock weighted average shares outstanding, respectively.
- Total shares outstanding across Class A and Class V Common Stock were 148.9 million as of June 30, 2023.
- Cash totaled $24.6 million as of June 30, 2023, with no debt.
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release
