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, Inc. (NASDAQ: MAPS) has appointed Anthony Bay as the new Chairman of its Board of Directors, effective immediately. He succeeds Chris Beals, who continues as CEO. Bay brings over 20 years of board experience and expertise in scaling technology companies. His leadership is expected to enhance corporate governance and drive growth opportunities in the rapidly expanding cannabis sector, particularly with federal legalization on the horizon. WM Technology aims to leverage Bay's experience for market expansion and increased brand offerings.
WM Technology, Inc. (NASDAQ: MAPS), a leader in the cannabis marketplace and technology solutions, announced its participation in upcoming conferences, including the 34th Annual Roth Conference on March 15, BTIG Global Cannabis Conference on April 6-7, Cantor US Cannabis Conference on April 13, and Benzinga Cannabis Capital Conference on April 21. Presentations will be accessible via webcast. The company aims to advance a transparent cannabis economy through its Weedmaps platform, providing essential tools for retailers and compliance solutions.
WM Technology reported a strong fourth quarter with revenue of $54.2 million, reflecting a 39% increase year-over-year in the U.S. This contributed to a full year revenue of $193.1 million, marking a 48% growth in the U.S. Monthly active users rose to 15.7 million, a 57% increase from the prior year. Although gross profit remained high at $52.0 million (96% margin), adjusted EBITDA was lower at $3.8 million compared to $11.1 million in the previous year. The company projects 2022 revenue between $255 million and $265 million, indicating 32-37% growth.
WM Technology, Inc. (NASDAQ: MAPS) launched a humorous digital ad featuring 'Brock Ollie,' a broccoli character symbolizing cannabis. The ad highlights the marketing restrictions faced by the cannabis industry, particularly during major televised events. CEO Chris Beals emphasized that despite growing acceptance, advertising limitations hinder competition and consumer education. The ad calls for greater dialogue around cannabis, showcasing the industry's struggles as consumers desire more information.
WM Technology, Inc. (NASDAQ: MAPS) will disclose its fourth quarter financial results for 2021 on February 23, 2022, post-market. A conference call is scheduled for 2:00 PM PT to discuss these results. The company, a key player in the cannabis industry, provides technology and software solutions through its Weedmaps platform and WM Business software. With its mission focused on fostering a transparent cannabis economy, WM Technology has been an advocate for legislation and compliance in the industry.
WM Technology, Inc. (NASDAQ: MAPS) has announced its participation in the ICR Conference 2022 on January 10 at 2:30 pm EST and the 24th Annual Needham Virtual Growth Conference on January 14 at 1:15 pm EST. During these events, management will present to institutional investors and conduct virtual one-on-one meetings. The company aims to highlight its historical performance and future outlook. Presentations are expected to be available via webcast on the company's Investor Relations website.
WM Technology, Inc. (NASDAQ: MAPS) announced that it filed a Form S-1 with the SEC on December 2, 2021, to register for resale shares of Class A common stock. This follows the company's acquisition of assets from MembersRSVP, LLC, and Text Ripple, Inc., issuing 1,938,798 shares as part of the transaction. The first quarterly exchange period for unit holders to convert their units into Class A common stock will commence following the announcement of Q4 FY21 earnings, which has not yet been scheduled. The company will not receive proceeds from the sales by selling securityholders.
WM Technology, Inc. (NASDAQ: MAPS), a leading provider of technology and software for the cannabis industry, announced its participation in two upcoming conferences: the Cowen 4th Annual Cannabis Conference on December 1, 2021, and the UBS Global TMT Virtual Conference on December 7, 2021. CEO Chris Beals will represent the company at both events. The presentations will be accessible via the company's Investor Relations website, which reflects their commitment to transparency and engagement with institutional investors.
WM Technology (Nasdaq: MAPS) has released its inaugural report, ‘Cannabis in America’, highlighting the mainstream acceptance of cannabis and evolving consumer behaviors. Key insights reveal a 125% year-over-year growth in cannabis delivery among Generation Z and a 55% increase in orders in H1 2021 compared to H1 2020. The report emphasizes the importance of social equity, with 46% of consumers preferring to support women-owned businesses. Moreover, 72% of cannabis users say the stigma surrounding usage is diminishing as the industry matures.
WM Technology reported third-quarter revenue of $50.9 million, a 46% increase year-over-year from U.S. operations. The overall revenue growth stood at 9% compared to the same quarter in 2020, with a gross profit margin of 96%.
Notable metrics include 13.9 million monthly active users, a 37% increase from last year, and an adjusted EBITDA of $10.4 million. The company has completed acquisitions to bolster its position, aiming for continued growth in 2022. Fourth-quarter revenue guidance estimates between $50 million and $52 million.
FAQ
What is the current stock price of WM Technology (MAPS)?
What is the market cap of WM Technology (MAPS)?
What does WM Technology, Inc. do?
What is Weedmaps?
How does WM Technology generate revenue?
When was WM Technology founded?
What is WM Business?
How many visitors does Weedmaps attract monthly?
What kind of advertising solutions does WM Technology offer?
What are some key features of Weedmaps?
Is WM Technology considered an industry leader?
What events does WM Technology host?
