WM Technology Q3 Revenue Decreases 13% Sequentially To $50.5M And Leadership Change

WM Technology, Inc. MAPS, a leading technology and software infrastructure provider to the cannabis industry, reported its financial results late Monday for the third quarter that ended September 30, 2022, and a leadership transition to position the Company for its next phase of growth.

Third Quarter 2022 Financial Highlights

• Revenue was $50.5 million as compared to $50.9 million in the third quarter of 2021.
• Average monthly paying clients(1) was 5,576, as compared to 4,444 from the prior year period.
• Average monthly revenue per paying client(2) was $3,019, as compared to $3,817 from the prior year period.
• Net loss was $10.5 million as compared to net income of $49.2 million from the prior year period.
• Adjusted EBITDA(3) was $(9.6) million as compared to $10.4 million from the prior year period. Prior to the provision for doubtful accounts (non-cash), Adjusted EBITDA(3) was $0.5 million
• The basic and diluted net loss per share was $0.06 based on 89.6 million Class A Common Stock weighted average shares outstanding.
• Total shares outstanding across Class A and Class V Common Stock were 146.4 million as of September 30, 2022.
• Cash totaled $34.2 million as of September 30, 2022, with no long-term debt.

Leadership Transition

WM announced that Doug Francis, co-founder and executive chair will be taking a more active role in leading the company.

"Mr. Francis succeeds Chris Beals, who has decided to step down from his role as CEO and from the Board of Directors. Mr. Francis is the co-founder of WM Technology and the Executive Chair of the Board of Directors. He was previously CEO of the Company prior to Mr. Beals and has worked closely with the Company’s management team over the last quarter since being appointed as Executive Chair," WM reported in a press release. 

“As the Company’s co-founder and former CEO as well as a pioneer in the Cannabis industry, Doug has the expertise and acumen to lead WM Technology as we conduct a search for the Company’s next CEO,” said Brenda Freeman, Lead Independent Director of the Board.

“On behalf of the Board, we wanted to thank Chris for his service to date. The Board, Doug, and WM Technology’s management team are committed to ensuring a successful transition, and we are fortunate to have a leader of Doug’s caliber to help ensure WM Technology continues executing its strategy and creating value for our shareholders,” added Freeman. 

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