Welcome to our dedicated page for WM Technology news (Ticker: MAPS), a resource for investors and traders seeking the latest updates and insights on WM Technology stock.
WM Technology, Inc. (Class A Common Stock, symbol: MAPS) is a leading technology and software infrastructure provider in the cannabis industry, primarily operating through its two core platforms, Weedmaps and WM Business. Weedmaps is a comprehensive B2C platform that connects consumers with cannabis dispensaries, delivery services, and doctors' offices across the United States. It serves as an online legal marijuana community where users can review and discuss cannabis strains and local dispensaries, similar to Yelp. The platform boasts a database of over 3,000 medical marijuana dispensaries and 25,000 cannabis strains, attracting approximately four million monthly visitors.
WM Business, on the other hand, caters to B2B clients by offering software solutions and listing services. The company generates revenue through monthly subscriptions to Weedmaps for Business, which are typically renewed automatically unless canceled in advance. Additional revenue streams include featured and deal listings, as well as other ad solutions like banner ads and promotion tiles on the Weedmaps marketplace.
Founded in July 2008 by Justin Hartfield and Doug Francis, WM Technology has grown into an industry leader with annual revenues of $30 million. The company's continued growth is fueled by its robust platform that caters to a wide range of users, from patients to businesses. WM Technology also hosts events that foster connections among medical marijuana patients, further solidifying its role in the industry.
Recent achievements include the expansion of its product offerings and the enhancement of its ad solutions to provide more value to its customers. The company's financial condition remains strong, supported by its diverse revenue streams and continuous growth in user engagement and platform subscriptions.
WM Technology (Nasdaq: MAPS) has launched Weedmaps for Business, a revamped suite of SaaS solutions aimed at cannabis retailers and brands. This rebranding reflects a comprehensive platform that integrates tools to help businesses manage operations, marketing, and customer engagement. The new offerings include services for managing inventory, customer relationships, and performance analytics. Notably, the integration of recent acquisitions enhances their ability to support cannabis businesses at every stage of the consumer funnel.
WM Technology reported strong second quarter results with revenue increasing to $58.3 million, a 24% year-over-year growth. The number of Average Monthly Paying Clients rose to 5,537, a 31% increase. Despite this, the Average Monthly Revenue per Paying Client fell by 5% to $3,509. The company achieved a gross profit of $54.4 million, reflecting a 93% margin rate. Looking ahead, guidance suggests total revenue may be flat to down in the mid-single digits for the second half of 2022. Adjusted EBITDA is expected to be positive for the full year.
WM Technology, Inc. (NASDAQ: MAPS) will release its Q2 financial results for the quarter ending June 30, 2022, after market close on August 9, 2022. A conference call will take place at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results, with a replay available by August 10. WM Technology operates the Weedmaps marketplace, providing eCommerce and compliance software for the cannabis industry, aiming to promote a transparent global cannabis economy.
WM Technology, Inc. (Nasdaq: MAPS) announces its inclusion in the Russell 3000®, Russell 2000®, and Russell Microcap® Indexes, effective June 27, 2022. This milestone follows its 2021 Nasdaq listing, enhancing accessibility for investors and expanding its shareholder base. The Russell Indexes reconstitution captures the largest 4,000 US stocks, ranked by market capitalization, ensuring MAPS benefits from increased visibility and potential investment opportunities.
Cann and Weedmaps are launching a Pride campaign featuring an original song and music video titled “Taste So Good,” aimed at celebrating the LGBTQ+ community. The campaign enlists diverse celebrities such as
WM Technology, Inc. (Nasdaq: MAPS), a leading marketplace for the cannabis industry, announced its participation in upcoming investor conferences. Jefferies 2022 Cannabis Summit will take place on June 2, 2022, followed by the Stifel 2022 Cross Sector Insight Conference on June 9, 2022, where management will host a fireside chat. Presentations will be available via webcast on the company's Investor Relations website. Founded in 2008, WM Technology operates the Weedmaps platform, addressing consumer needs and compliance in the cannabis market.
WM Technology (NASDAQ: MAPS) has expanded its product offerings in Ontario, implementing a digital payment process that allows cannabis retailers to accept in-app payments through Visa and MasterCard. This move aims to help small businesses meet rising demands for delivery and cashless transactions. As Ontario legalizes permanent delivery services, WM Technology's commitment to technology solutions is highlighted as a key growth strategy. The company also plans to expand its services to other Canadian provinces, enhancing retailers' capabilities through its WM Store and WM Orders platforms.
WM Technology reported a significant 40% year-over-year revenue growth in Q1 2022, reaching $57.5 million. The increase in monthly active users (MAUs) was notable at 16.4 million, a 52% rise compared to last year. Average monthly revenue per paying client grew by 9%, with an increase of 28% in average monthly paying clients. However, the company faced a net loss of $(31.2) million compared to a profit of $7.7 million in the previous year. For Q2 2022, revenue guidance is set between $60 million and $63 million, indicating 28-34% growth.
WM Technology (NASDAQ: MAPS) will report its Q1 2022 financial results on May 4, 2022, after market close. A conference call is scheduled for 2:00 PM PT (5:00 PM ET) to discuss these results. WM Technology is a leader in the cannabis technology sector, operating the Weedmaps online marketplace and offering eCommerce solutions to cannabis retailers and brands. The Company aims to create a transparent cannabis economy and has been a significant player in providing compliance software since its founding in 2008.
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