WM Technology, Inc. Reports Financial Results for Third Quarter 2024
WM Technology (MAPS) reported strong Q3 2024 financial results with net income increasing 312% year-over-year to $5.3 million. Net revenues reached $46.6 million, slightly up from $45.9 million in Q2 but down from $46.7 million year-over-year. The company maintained profitability with Adjusted EBITDA of $11.3 million, marking its eighth consecutive quarter of positive adjusted EBITDA. Cash position strengthened to $45.0 million, up 31% from year-end. The company projects Q4 2024 revenues of approximately $46 million and Adjusted EBITDA of $7 million.
WM Technology (MAPS) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto aumentato del 312% rispetto all'anno precedente, raggiungendo i 5,3 milioni di dollari. I ricavi netti hanno raggiunto i 46,6 milioni di dollari, leggermente superiori ai 45,9 milioni del secondo trimestre, ma in calo rispetto ai 46,7 milioni dell'anno precedente. L'azienda ha mantenuto la redditività con un EBITDA rettificato di 11,3 milioni di dollari, segnando il suo ottavo trimestre consecutivo di EBITDA rettificato positivo. La posizione di cassa è migliorata a 45,0 milioni di dollari, aumentando del 31% rispetto alla fine dell'anno. L'azienda prevede ricavi per il quarto trimestre del 2024 di circa 46 milioni di dollari e un EBITDA rettificato di 7 milioni di dollari.
WM Technology (MAPS) informó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto que aumentó un 312% interanual a 5,3 millones de dólares. Los ingresos netos alcanzaron los 46,6 millones de dólares, ligeramente por encima de los 45,9 millones del segundo trimestre, pero por debajo de los 46,7 millones interanuales. La empresa mantuvo la rentabilidad con un EBITDA ajustado de 11,3 millones de dólares, marcando su octavo trimestre consecutivo con EBITDA ajustado positivo. La posición de efectivo se fortaleció a 45,0 millones de dólares, un aumento del 31% desde el final del año. La empresa proyecta ingresos para el cuarto trimestre de 2024 de aproximadamente 46 millones de dólares y un EBITDA ajustado de 7 millones de dólares.
WM Technology (MAPS)는 2024년 3분기 강력한 재무 성과를 보고했으며, 순이익이 전년 대비 312% 증가하여 530만 달러에 달했습니다. 순수익은 4660만 달러에 도달했으며, 이는 2분기의 4590만 달러에서 소폭 증가했지만, 전년 대비 4670만 달러에서 감소했습니다. 회사는 조정 EBITDA가 1130만 달러로 긍정적인 조정 EBITDA가 8분기 연속으로 지속되었습니다. 현금 잔고는 4500만 달러로 강화되어 연말 대비 31% 증가했습니다. 회사는 2024년 4분기 매출을 약 4600만 달러와 조정 EBITDA를 700만 달러로 예상하고 있습니다.
WM Technology (MAPS) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un revenu net en hausse de 312 % par rapport à l'année précédente atteignant 5,3 millions de dollars. Les revenus nets ont atteint 46,6 millions de dollars, légèrement en hausse par rapport aux 45,9 millions de dollars du deuxième trimestre, mais en baisse par rapport aux 46,7 millions de dollars de l'année précédente. L'entreprise a maintenu sa rentabilité avec un EBITDA ajusté de 11,3 millions de dollars, marquant son huitième trimestre consécutif d'EBITDA ajusté positif. La position de trésorerie s'est renforcée à 45,0 millions de dollars, ce qui représente une augmentation de 31 % par rapport à la fin de l'année. L'entreprise prévoit des revenus pour le quatrième trimestre 2024 d'environ 46 millions de dollars et un EBITDA ajusté de 7 millions de dollars.
WM Technology (MAPS) berichtete von starken finanziellen Ergebnissen im 3. Quartal 2024, wobei der Nettogewinn um 312% im Vergleich zum Vorjahr auf 5,3 Millionen Dollar anstieg. Die Nettoumsätze beliefen sich auf 46,6 Millionen Dollar, was leicht über den 45,9 Millionen Dollar im 2. Quartal liegt, jedoch unter den 46,7 Millionen Dollar im Jahresvergleich. Das Unternehmen hielt die Rentabilität mit einem adjustierten EBITDA von 11,3 Millionen Dollar aufrecht und markierte somit das achte aufeinanderfolgende Quartal mit positivem ajustiertem EBITDA. Die Liquiditätsposition wurde auf 45,0 Millionen Dollar gestärkt, was einem Anstieg von 31% gegenüber dem Jahresende entspricht. Das Unternehmen prognostiziert für das 4. Quartal 2024 Umsätze von etwa 46 Millionen Dollar und ein adjustiertes EBITDA von 7 Millionen Dollar.
- Net income increased 312% YoY to $5.3 million
- Cash position increased 31% to $45.0 million from year-end
- Eighth consecutive quarter of Adjusted EBITDA profitability at $11.3 million
- Average monthly net revenues per paying client increased to $3,043 from $2,874 YoY
- Net revenues decreased YoY from $46.7M to $46.6M
- Average monthly paying clients decreased from 5,414 to 5,100 YoY
- Projected Q4 Adjusted EBITDA of $7M represents a decline from Q3's $11.3M
Insights
WM Technology's Q3 2024 results demonstrate significant financial improvements. Net income surged
The revenue profile shows resilience despite strategic product discontinuations, with quarterly revenue of
The debt-free balance sheet and growing cash reserves position the company well for strategic investments, while Q4 guidance of
Net Income Increased
Cash Increased
Adjusted EBITDA of
"Our third quarter results mark yet another consecutive period of strong financial performance and positive cash flow, underscoring the solid foundation our team has built," said Doug Francis, CEO of WM Technology. "In the two years since I returned to lead the Company, first as its Executive Chair and now as its CEO, we have become a much more focused organization. Our success is a direct result of the team’s hard work, and with our increasing cash and debt-free balance sheet, we are well-positioned to make strategic growth investments in our people and marketplace as we move into next year.”
"The fundamentals of our business continue to strengthen, as evidenced by our eighth consecutive quarter of Adjusted EBITDA profitability," said Susan Echard, CFO of WM Technology. "We are also encouraged by the recent trend in revenue, despite the effects from the strategic actions to sunset certain products last year. We are excited to build on this positive momentum as we set the stage for 2025."
Third Quarter 2024 Financial Highlights
-
Net revenues of
$46.6 million $45.9 million $46.7 million - Average monthly paying clients(1) of 5,100 increased from 5,045 in the prior quarter and decreased from 5,414 in the prior year period. The decrease from the prior year period was primarily driven by the impact on client count related to the sunset of the aforementioned products, as well as the removal of clients from our platform who have become delinquent and expected client churn due to continued industry challenges, such as price deflation and ongoing consolidation.
-
Average monthly net revenues per paying client(2) of
$3,043 $3,033 $2,874
-
Net income increased to
$5.3 million $1.2 million $2.5 million -
Adjusted EBITDA(3) increased to
$11.3 million $10.1 million $10.7 million - Total shares outstanding across Class A and Class V Common Stock were 152.9 million as of September 30, 2024.
-
Cash increased to
$45.0 million $34.4 million
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
______________________________
(1) |
|
Average monthly paying clients are defined as the average of the number of paying clients billed in a month across a particular period (and for which services were provided). |
(2) |
|
Average monthly net revenues per paying client is defined as the average monthly net revenues for any particular period divided by the average monthly paying clients in the same respective period. Average monthly net revenues per paying client is calculated in the same manner as our previously-reported “average monthly revenue per paying client,” and the description of the metric is being updated solely to clarify that it is calculated using net revenues. Average monthly net revenues per paying client has been retrospectively adjusted to reflect the restatement of previously reported net revenues. |
(3) |
|
For further information about how we calculate EBITDA and Adjusted EBITDA as well as limitations of their use and a reconciliation of EBITDA and Adjusted EBITDA to net income (loss), see “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” below. |
Business Outlook
Based on information available as of November 12, 2024, WM Technology is issuing guidance for the fourth quarter of 2024 as follows:
-
Net revenues are estimated to be approximately
$46 million -
Non-GAAP Adjusted EBITDA(3) is estimated to be approximately
$7 million
The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Non-GAAP Adjusted EBITDA to projected net income (loss) without unreasonable effort. This guidance assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the period. The Company’s results are based on assumptions that it believes to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.” Actual results may vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Restatement of Previously Reported 2023 Quarterly Revenues and Credit Losses
The Company has restated its unaudited condensed Consolidated Statements of Operations for the period ended September 30, 2023 as follows (in thousands)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||
|
Previously
|
|
Adjustment |
|
As Restated |
|
Previously
|
|
Adjustment |
|
As Restated |
||||||||
Net revenues |
$ |
47,725 |
|
$ |
(1,038 |
) |
|
$ |
46,687 |
|
$ |
146,584 |
|
$ |
(5,058 |
) |
|
$ |
141,526 |
General and administrative expenses |
$ |
19,189 |
|
$ |
(1,038 |
) |
|
$ |
18,151 |
|
$ |
60,897 |
|
$ |
(5,058 |
) |
|
$ |
55,839 |
Total costs and expenses |
$ |
53,273 |
|
$ |
(1,038 |
) |
|
$ |
52,235 |
|
$ |
152,497 |
|
$ |
(5,058 |
) |
|
$ |
147,439 |
The Company has restated its unaudited condensed Consolidated Statements of Cash Flows for period ended September 30, 2023 as follows (in thousands):
|
Nine Months Ended
|
|||||||||
|
Previously
|
|
Adjustment |
|
As Restated |
|||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |
|
|
|
|
|
|||||
Provision (recovery) for credit losses |
$ |
4,862 |
|
$ |
(5,058 |
) |
|
$ |
(196 |
) |
|
|
|
|
|
|
|||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|||||
Accounts receivable |
$ |
262 |
|
$ |
5,058 |
|
|
$ |
5,320 |
|
Investor Conference Call and Webcasts
The Company will host a conference call and webcast today, Tuesday, November 12, 2024, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) at https://edge.media-server.com/mmc/p/fw2hcour. A webcast replay will also be archived at ir.weedmaps.com.
The Company has used, and intends to continue to use, the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in
Over the past 15 years, the Weedmaps marketplace has become a premier destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where applicable) and learn about the plant. The Company also offers eCommerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.
The Company is committed to advocating for full
Headquartered in
Forward-Looking Statements
This press release includes “forward-looking statements” regarding the Company’s future business expectations which involve risks and uncertainties. Forward looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including the Company’s financial and business performance, including key business metrics and any underlying assumptions thereunder; market opportunity and the Company’s ability to acquire new clients and retain existing clients; expectations and timing related to commercial product launches; success of the Company’s go-to-market strategy; the Company’s ability to scale its business and expand its offerings; the Company’s competitive advantages and growth strategies; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the impact of the material weaknesses in the Company’s internal controls and ability to remediate these material weaknesses in the timing the Company anticipates, or at all; the outcome of any known and unknown litigation and regulatory proceedings; changes in domestic and foreign business, market, financial, political and legal conditions; the effect of macroeconomic conditions, including but not limited to inflation, uncertain credit and global financial markets, recent and potential future disruptions in access to bank deposits or lending commitments due to bank failures and geopolitical events, including the military conflicts between
Use of Non-GAAP Financial Measures
Our financial statements, including net income (loss), are prepared in accordance with principles generally accepted in
To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net income (loss) before interest, taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude stock-based compensation, change in fair value of warrant liability, transaction related bonus, legal settlements and other legal costs, reduction in force, asset impairment charges, change in TRA liability and other non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income (loss) (the most directly comparable GAAP financial measure) to EBITDA; and from EBITDA to Adjusted EBITDA.
We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Each of EBITDA and Adjusted EBITDA has limitations as an analytical tool, and you should not consider any of these non-GAAP financial measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
- EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.
Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results.
WM TECHNOLOGY, INC. AND SUBSIDIARIES
|
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets |
|
|
|
|
||||
Current assets |
|
|
|
|
||||
Cash |
|
$ |
45,043 |
|
|
$ |
34,350 |
|
Accounts receivable, net |
|
|
7,907 |
|
|
|
11,158 |
|
Prepaid expenses and other current assets |
|
|
6,409 |
|
|
|
5,978 |
|
Total current assets |
|
|
59,359 |
|
|
|
51,486 |
|
Property and equipment, net |
|
|
24,876 |
|
|
|
24,255 |
|
Goodwill |
|
|
68,368 |
|
|
|
68,368 |
|
Intangible assets, net |
|
|
2,091 |
|
|
|
2,507 |
|
Right-of-use assets |
|
|
15,513 |
|
|
|
15,629 |
|
Other assets |
|
|
3,361 |
|
|
|
4,776 |
|
Total assets |
|
$ |
173,568 |
|
|
$ |
167,021 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
||||
Current liabilities |
|
|
|
|
||||
Accounts payable and accrued expenses |
|
$ |
16,533 |
|
|
$ |
21,182 |
|
Deferred revenue |
|
|
5,765 |
|
|
|
5,918 |
|
Operating lease liabilities, current |
|
|
4,088 |
|
|
|
6,493 |
|
Tax receivable agreement liability, current |
|
|
1,396 |
|
|
|
122 |
|
Total current liabilities |
|
|
27,782 |
|
|
|
33,715 |
|
Operating lease liabilities, non-current |
|
|
26,912 |
|
|
|
26,550 |
|
Tax receivable agreement liability, non-current |
|
|
1,730 |
|
|
|
1,634 |
|
Warrant liability |
|
|
390 |
|
|
|
585 |
|
Other long-term liabilities |
|
|
1,764 |
|
|
|
1,386 |
|
Total liabilities |
|
|
58,578 |
|
|
|
63,870 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity |
|
|
|
|
||||
Preferred Stock - |
|
|
— |
|
|
|
— |
|
Class A Common Stock - |
|
|
10 |
|
|
|
9 |
|
Class V Common Stock - |
|
|
5 |
|
|
|
5 |
|
Additional paid-in capital |
|
|
88,762 |
|
|
|
80,884 |
|
Accumulated deficit |
|
|
(59,230 |
) |
|
|
(64,518 |
) |
Total WM Technology, Inc. stockholders’ equity |
|
|
29,547 |
|
|
|
16,380 |
|
Noncontrolling interests |
|
|
85,443 |
|
|
|
86,771 |
|
Total stockholders’ equity |
|
|
114,990 |
|
|
|
103,151 |
|
Total liabilities and stockholders’ equity |
|
$ |
173,568 |
|
|
$ |
167,021 |
|
WM TECHNOLOGY, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023
|
|
2024 |
|
2023
|
||||||||
Net revenues |
$ |
46,552 |
|
|
$ |
46,687 |
|
|
$ |
136,844 |
|
|
$ |
141,526 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
2,182 |
|
|
|
3,015 |
|
|
|
6,729 |
|
|
|
9,748 |
|
Sales and marketing |
|
9,671 |
|
|
|
11,544 |
|
|
|
30,374 |
|
|
|
36,171 |
|
Product development |
|
9,484 |
|
|
|
7,748 |
|
|
|
28,355 |
|
|
|
27,882 |
|
General and administrative |
|
16,494 |
|
|
|
18,151 |
|
|
|
51,549 |
|
|
|
55,839 |
|
Depreciation and amortization |
|
3,517 |
|
|
|
3,395 |
|
|
|
9,641 |
|
|
|
9,417 |
|
Asset impairment charges |
|
— |
|
|
|
8,382 |
|
|
|
— |
|
|
|
8,382 |
|
Total costs and expenses |
|
41,348 |
|
|
|
52,235 |
|
|
|
126,648 |
|
|
|
147,439 |
|
Operating income (loss) |
|
5,204 |
|
|
|
(5,548 |
) |
|
|
10,196 |
|
|
|
(5,913 |
) |
Other income (expenses), net |
|
|
|
|
|
|
|
||||||||
Change in fair value of warrant liability |
|
585 |
|
|
|
(460 |
) |
|
|
195 |
|
|
|
(780 |
) |
Change in tax receivable agreement liability |
|
(548 |
) |
|
|
(69 |
) |
|
|
(1,486 |
) |
|
|
(689 |
) |
Other income (expense) |
|
98 |
|
|
|
3,565 |
|
|
|
(362 |
) |
|
|
2,884 |
|
Income (loss) before income taxes |
|
5,339 |
|
|
|
(2,512 |
) |
|
|
8,543 |
|
|
|
(4,498 |
) |
Provision for income taxes |
|
21 |
|
|
|
— |
|
|
|
72 |
|
|
|
— |
|
Net income (loss) |
|
5,318 |
|
|
|
(2,512 |
) |
|
|
8,471 |
|
|
|
(4,498 |
) |
Net income (loss) attributable to noncontrolling interests |
|
1,986 |
|
|
|
(974 |
) |
|
|
3,183 |
|
|
|
(1,711 |
) |
Net income (loss) attributable to WM Technology, Inc. |
$ |
3,332 |
|
|
$ |
(1,538 |
) |
|
$ |
5,288 |
|
|
$ |
(2,787 |
) |
|
|
|
|
|
|
|
|
||||||||
Class A Common Stock: |
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share |
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.06 |
|
|
$ |
(0.03 |
) |
Diluted income (loss) per share |
$ |
0.03 |
|
|
$ |
(0.02 |
) |
|
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
||||||||
Class A Common Stock: |
|
|
|
|
|
|
|
||||||||
Weighted average basic shares outstanding |
|
97,166,788 |
|
|
|
93,651,871 |
|
|
|
95,743,064 |
|
|
|
92,947,191 |
|
Weighted average diluted shares outstanding |
|
97,811,251 |
|
|
|
93,651,871 |
|
|
|
96,761,731 |
|
|
|
92,947,191 |
|
___________________________
(1) |
|
For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” of Form 10-Q for the period ended September 30, 2024 filed with the SEC. |
WM TECHNOLOGY, INC. AND SUBSIDIARIES
|
|||||||
|
Nine Months Ended September 30, |
||||||
|
2024 |
|
2023
|
||||
Cash flows from operating activities |
|
|
|
||||
Net income (loss) |
$ |
8,471 |
|
|
$ |
(4,498 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
9,641 |
|
|
|
9,417 |
|
Change in fair value of warrant liability |
|
(195 |
) |
|
|
780 |
|
Change in tax receivable agreement liability |
|
1,486 |
|
|
|
689 |
|
Amortization of right-of-use lease assets |
|
3,284 |
|
|
|
3,666 |
|
Asset impairment charges |
|
— |
|
|
|
8,382 |
|
Stock-based compensation |
|
7,172 |
|
|
|
10,389 |
|
Gain on lease termination |
|
(109 |
) |
|
|
— |
|
Discharge of a holdback obligation related to a prior acquisition |
|
— |
|
|
|
(3,705 |
) |
Provision (recovery) for credit losses |
|
(295 |
) |
|
|
(196 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
3,546 |
|
|
|
5,320 |
|
Prepaid expenses and other current assets |
|
(439 |
) |
|
|
2,419 |
|
Other assets |
|
1,029 |
|
|
|
21 |
|
Accounts payable and accrued expenses |
|
(1,169 |
) |
|
|
(15,439 |
) |
Deferred revenue |
|
(153 |
) |
|
|
(167 |
) |
Operating lease liabilities |
|
(4,994 |
) |
|
|
(4,668 |
) |
Net cash provided by operating activities |
|
27,275 |
|
|
|
12,410 |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Capitalized software and expenditures |
|
(9,499 |
) |
|
|
(8,870 |
) |
Net cash used in investing activities |
|
(9,499 |
) |
|
|
(8,870 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Repayments of insurance premium financing |
|
— |
|
|
|
(1,450 |
) |
Distributions |
|
(7,250 |
) |
|
|
(3,233 |
) |
Proceeds from repayment of related party note |
|
286 |
|
|
|
286 |
|
Tax receivable agreement payment |
|
(116 |
) |
|
|
— |
|
Taxes paid related to net share settlement of equity awards |
|
(3 |
) |
|
|
(5 |
) |
Net cash used in financing activities |
|
(7,083 |
) |
|
|
(4,402 |
) |
|
|
|
|
||||
Net increase (decrease) in cash |
|
10,693 |
|
|
|
(862 |
) |
Cash – beginning of period |
|
34,350 |
|
|
|
28,583 |
|
Cash – end of period |
$ |
45,043 |
|
|
$ |
27,721 |
|
___________________________
(1) |
|
For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” of Form 10-Q for the period ended September 30, 2024 filed with the SEC. |
WM TECHNOLOGY, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(in thousands) |
||||||||||||||
Net income (loss) |
$ |
5,318 |
|
|
$ |
(2,512 |
) |
|
$ |
8,471 |
|
|
$ |
(4,498 |
) |
Provision for income taxes |
|
21 |
|
|
|
— |
|
|
|
72 |
|
|
|
— |
|
Depreciation and amortization expenses |
|
3,517 |
|
|
|
3,395 |
|
|
|
9,641 |
|
|
|
9,417 |
|
Interest income |
|
(280 |
) |
|
|
(11 |
) |
|
|
(331 |
) |
|
|
(23 |
) |
EBITDA |
|
8,576 |
|
|
|
872 |
|
|
|
17,853 |
|
|
|
4,896 |
|
Stock-based compensation |
|
1,601 |
|
|
|
2,297 |
|
|
|
7,172 |
|
|
|
10,389 |
|
Change in fair value of warrant liability |
|
(585 |
) |
|
|
460 |
|
|
|
(195 |
) |
|
|
780 |
|
Transaction related bonus expense |
|
— |
|
|
|
833 |
|
|
|
— |
|
|
|
3,400 |
|
Legal settlements and other legal costs |
|
1,172 |
|
|
|
1,470 |
|
|
|
4,685 |
|
|
|
3,003 |
|
Reduction in force (recovery) expense |
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
194 |
|
Asset impairment charges |
|
— |
|
|
|
8,382 |
|
|
|
— |
|
|
|
8,382 |
|
Discharge of a holdback obligation related to a prior acquisition |
|
— |
|
|
|
(3,705 |
) |
|
|
— |
|
|
|
(3,705 |
) |
Change in tax receivable agreement liability |
|
548 |
|
|
|
69 |
|
|
|
1,486 |
|
|
|
689 |
|
Adjusted EBITDA |
$ |
11,312 |
|
|
$ |
10,671 |
|
|
$ |
31,001 |
|
|
$ |
28,028 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112810827/en/
Investor Relations:
investors@weedmaps.com
Media Contract:
press@weedmaps.com
Source: WM Technology, Inc.
FAQ
What was WM Technology's (MAPS) net income for Q3 2024?
What is WM Technology's (MAPS) Q4 2024 revenue guidance?
How much cash does WM Technology (MAPS) have as of Q3 2024?
What was WM Technology's (MAPS) Q3 2024 Adjusted EBITDA?
