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 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.
WM Technology, Inc. (Nasdaq: MAPS) will announce its third-quarter financial results for the period ending September 30, 2021, on November 11, 2021. The results will be made public after market close, followed by a conference call at 2:00 p.m. PT (5:00 p.m. ET). The call will allow management to discuss financial performance and answer questions. Interested parties can access the call via phone or through a webcast on the company’s investor relations website. This announcement highlights WM Technology's ongoing commitment to transparency in its financial reporting.
Black CannaBusiness Magazine has announced Weedmaps as the lead sponsor of the Black CannaConference & Expo, set for November 18-20, 2021, in New Orleans. This event aims to support Black professionals in the cannabis industry, featuring educational and networking opportunities. Kristi Price, CEO of KRMA Media, expressed commitment to enhancing the event's impact after Hurricane Ida. Keynote speaker Wanda James will address racial inequities in cannabis. Proceeds from ticket sales will support the Cannabis Impact Fund to foster economic development in New Orleans.
WM Technology (Nasdaq: MAPS) announced the acquisition of Sprout, a cloud-based CRM and marketing platform, enhancing its software solutions for the cannabis industry. This strategic move aims to integrate Sprout's tools into WM Business, thereby improving client capabilities in customer acquisition and retention. The acquisition strengthens the company's position in a growing legal cannabis market and aligns with its goal to provide all-in-one business solutions.
Weedmaps announces a multi-year partnership with Kevin Durant's Thirty Five Ventures and Boardroom, aiming to reshape cannabis perceptions while promoting its wellness benefits for athletes. This collaboration includes sponsorship of Boardroom's media network and original content production. Both parties emphasize the importance of updating cannabis regulations and fostering an inclusive industry. The initiative is part of Weedmaps' broader aim to educate consumers about cannabis and combat existing stigmas associated with its use.
WM Technology, Inc. (Nasdaq: MAPS) reported a strong second quarter of 2021 with revenue reaching $47 million, a 55% increase year-over-year when adjusted. Monthly active users surged to 12.3 million, marking a 75% rise. The company’s services for cannabis businesses saw notable growth, evidenced by a 24% increase in average monthly revenue per paying client to $3,706. Despite these achievements, the average monthly paying clients dipped by 2%. The company maintains its full-year revenue and adjusted EBITDA guidance of $205 million and $50 million, respectively.
Weedmaps, a prominent cannabis listings marketplace from WM Technology, Inc. (MAPS), has launched an updated iOS app featuring ordering functionality. This allows users to browse cannabis products and place orders directly with licensed retailers within the app. Previously, customers could only browse products but had to complete orders via a mobile web browser due to regulatory complexities. The update aims to enhance accessibility for consumers and partners alike, with features like savings, product information, strain exploration, and real-time support.
WM Technology, Inc. (Nasdaq: MAPS) is set to release its second quarter financial results for the period ending June 30, 2021, on August 12, 2021, after market close. Following the announcement, management will hold a conference call at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results. The company, which focuses on technology and software solutions for the cannabis industry, operates the B2C platform Weedmaps and B2B software WM Business. WM Technology aims to facilitate compliance and transparency in the cannabis market while advocating for legalization.
WM Technology, Inc. (Nasdaq: MAPS) recently announced an experienced Board of Directors to propel its growth strategy in the cannabis sector. The board consists of nine members, including CEO Chris Beals, who highlights its collective expertise in technology, retail, and cannabis. The new board is expected to guide the company as it scales its technology platform globally. Founded in 2008, WM Technology provides vital software infrastructure for the cannabis industry, driving legislative changes and supporting safe, legal access to cannabis for consumers.
WM Holding Company, LLC has successfully finalized its business combination with Silver Spike Acquisition Corp. (Ticker: “SSPK”), changing its name to WM Technology, Inc. and its ticker to “MAPS” effective June 16, 2021. The transaction, unanimously approved by SSPK's Board and stockholders, provides $579 million in gross proceeds, supporting WMH’s growth and SaaS offerings for cannabis retailers. WMH reported a 35% CAGR in revenue from 2014-2020, with 2020 revenue of $162 million and a net income of $39 million. The management team remains in place post-merger.
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