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.
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, Inc. (NASDAQ: MAPS) will report its financial results for Q3 2022 on November 7, 2022, after market close. A conference call and webcast will take place at 2:00 PM PT to discuss these results. The company operates the leading cannabis marketplace and provides eCommerce software solutions for cannabis businesses. With over 14 years of experience, WM Technology aims to enhance consumer access to cannabis and support business compliance in the U.S. and Canadian markets.
WM Technology, Inc. (NASDAQ: MAPS) announced its participation in key investor conferences including the Benzinga Cannabis Capital Conference and Piper Sandler Growth Frontiers Conference on September 13-14, 2022. CEO Chris Beals will keynote at the Benzinga event in Chicago, while CFO Arden Lee will engage in a discussion at the Piper Sandler event in Nashville. These gatherings aim to enhance investor relations and showcase the company's pivotal role in the cannabis marketplace. For more updates, visit the WM Technology Investor Relations website.
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.
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