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Overview of WM Technology Inc (MAPS)
WM Technology Inc, commonly known as Weedmaps, is a prominent technology and software infrastructure provider catering exclusively to the cannabis industry. The company operates a dual-platform model, comprising the Weedmaps consumer-facing marketplace and the WM Business suite of software solutions for cannabis enterprises. By serving both consumers and businesses, WM Technology plays a pivotal role in streamlining operations and enhancing transparency within the cannabis ecosystem.
Core Business Areas
Weedmaps Marketplace: Weedmaps is a comprehensive online platform that connects consumers with cannabis dispensaries, delivery services, and medical professionals. Often likened to platforms like Yelp, Weedmaps enables users to browse an extensive database of cannabis strains, review local dispensaries, and access educational content about cannabis products and services. The platform's user-friendly interface and robust search functionality make it a go-to resource for cannabis enthusiasts and patients alike.
WM Business: WM Business provides a suite of B2B software solutions designed to help cannabis businesses operate more efficiently and effectively. These tools include subscription-based services for business listings, premium advertising options, and promotional tools such as featured and deal listings. By offering these services, WM Business empowers cannabis enterprises to enhance their visibility, attract customers, and comply with industry regulations.
Revenue Model
WM Technology's revenue primarily stems from subscription-based services offered through its WM Business platform. Cannabis businesses subscribe to Weedmaps for Business to gain access to listing services, advertising solutions, and promotional tools. The company also generates revenue through premium ad placements, such as banner ads and promotional tiles, which provide businesses with increased visibility on the Weedmaps platform. These recurring revenue streams underscore the company's focus on providing scalable and sustainable solutions for its clients.
Industry Context
WM Technology operates within the rapidly evolving cannabis industry, which is characterized by complex regulatory frameworks and growing consumer demand. As legalization continues to expand across various regions, the company is uniquely positioned to capitalize on the increasing need for reliable, technology-driven solutions that cater to both businesses and consumers. However, the industry also presents significant challenges, including regulatory compliance, market fragmentation, and competition from both specialized and generalist technology platforms.
Competitive Landscape
WM Technology faces competition from other cannabis-focused platforms, as well as broader marketplace and software providers. Its key differentiator lies in its deep specialization within the cannabis vertical, offering tailored solutions that address the unique needs of this industry. By combining a robust consumer marketplace with advanced B2B tools, the company creates a comprehensive ecosystem that fosters connectivity and growth within the cannabis sector.
Value Proposition
WM Technology's primary value proposition is its ability to bridge the gap between cannabis businesses and consumers. For businesses, the company provides tools to enhance visibility, drive customer engagement, and navigate regulatory challenges. For consumers, Weedmaps offers a trusted resource for discovering cannabis products and services, supported by user reviews and detailed product information. This dual focus positions WM Technology as an indispensable player in the cannabis industry.
WM Technology (NASDAQ: MAPS), a leader in cannabis technology solutions, will disclose its first-quarter financial results for the period ending
WM Technology (Nasdaq: MAPS) announced its fourth quarter and full-year financial results, reporting fourth-quarter revenue of $49.3 million, down from $54.2 million in Q4 2021. Full-year revenue rose to $215.5 million from $193.1 million in 2021. Average monthly paying clients increased to 5,689 from 4,766, but average revenue per client declined to $2,888 from $3,789. The company recorded a net loss of $60.8 million in Q4 and $82.7 million for the year, compared to net income in the prior periods. Looking ahead, 2023 Q1 revenue is estimated at $47 million with Non-GAAP Adjusted EBITDA predicted at $4 million.
WM Technology, Inc. (NASDAQ: MAPS) will announce its fourth quarter financial results for the period ending December 31, 2022, on March 16, 2023, after market close. A conference call will follow at 2:00 PM PT (5:00 PM ET) to discuss the results. This session will also be available for replay on the company’s investor relations site after March 17. Founded in 2008, WM Technology is the premier online cannabis marketplace, providing eCommerce solutions and compliance software to cannabis retailers and brands in the U.S. and Canadian markets. The company's mission is to empower a transparent and inclusive cannabis economy.
WM Technology, Inc. (NASDAQ: MAPS) will participate in the 2023 ICR Conference in Orlando, Florida, on January 10, 2023. Chief Financial Officer Arden Lee will lead a fireside chat at 1:30 p.m. EST, with additional opportunities for investors to meet company representatives during Breakout Sessions at 11 a.m. and 2:30 p.m. EST. The event will be available via a live audio webcast on WM Technology's Investor Relations website, with a replay accessible for 90 days. The company, founded in 2008, leads the cannabis marketplace and provides software solutions to cannabis businesses.
WM Technology has appointed Randa McMinn as its new Chief Marketing Officer. McMinn's extensive marketing experience includes leading roles at Reali, where she launched a pricing model that boosted profit margins by 30%, and Ten-X. She aims to enhance the consumer marketplace experience and innovate technology solutions for cannabis retailers and brands. The company, founded in 2008, operates a leading online cannabis marketplace and offers compliance software solutions in the U.S. and Canadian markets, advocating for safe cannabis access.
WM Technology, Inc. (Nasdaq: MAPS) reported its third quarter 2022 results, revealing revenue of $50.5 million, a slight decrease from $50.9 million year-over-year. The company posted a net loss of $10.5 million, compared to a net income of $49.2 million in the prior year's quarter. Average monthly paying clients rose to 5,576, up from 4,444 a year earlier, but average revenue per client fell to $3,019 from $3,817. Additionally, Doug Francis steps in as interim leader following Chris Beals' departure. Fourth quarter revenue is expected to decline in the low double-digit percentage range.
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