WM Technology, Inc. ("WM Technology") (Nasdaq: MAPS), a prominent technology solutions provider and marketplace for the cannabis industry, has disclosed its financial results for the first quarter of 2025, highlighting a slight growth in revenues despite ongoing challenges in the market.

“Our first quarter results reflect focused execution in what remains a challenging environment for the cannabis industry,” stated Doug Francis, CEO of WM Technology. “While there’s been renewed attention around rescheduling, we’ve seen similar moments before. Until there’s concrete progress, meaningful reform is still needed to address the structural headwinds facing operators, brands, and ancillary platforms."

2. Key Financial Highlights

For the quarter ending March 31, 2025, WM Technology reported the following significant financial metrics:

Revenues: The company recorded revenues of $44.6 million, a modest increase from $44.4 million in the same period last year. This growth was primarily attributed to enhanced revenues from the "Weedmaps for Business" solution and display advertising. However, this was partially offset by declining revenues from featured and deal listings.

Client Growth: The average monthly paying clients rose to 5,179, an increase from 4,937 in the previous year, driven by successful client acquisitions in select markets.

Average Revenue per Client: The average monthly revenue per paying client declined to $2,871 from $2,997 in the prior year, reflecting reduced spending in established markets due to ongoing industry challenges, including price deflation and consolidation.

Net Income: The company's net income rose to $2.5 million, up from $2.0 million in the same quarter last year.

Adjusted EBITDA: Adjusted EBITDA saw an increase to $10.1 million, compared to $9.6 million for the corresponding period last year.

Cash Position: Cash reserves grew to $53.3 million as of March 31, 2025, compared to $35.7 million a year earlier, with the company generating $1.3 million in cash during the quarter.

3. Strategic Focus and Future Outlook

Susan Echard, CFO of WM Technology, commented on the company's financial discipline, stating, “Profitability remained strong in the first quarter, reflecting our continued discipline in managing costs and driving operational efficiency. We’re encouraged by the underlying stability in the business and remain focused on making thoughtful investments to support long-term growth.”

Business Guidance

Looking ahead, WM Technology has provided guidance for the second quarter of 2025, estimating revenues to be around $45 million and projecting a Non-GAAP Adjusted EBITDA of approximately $8 million. These estimates are contingent upon the absence of significant business acquisitions, investments, restructurings, or legal settlements during the quarter.

4. Investor Engagement

In conjunction with the release of these results, WM Technology will host a conference call and webcast on May 8, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). This session will allow investors and analysts to engage directly with the company's leadership regarding its performance and strategic direction.

5. Conclusion

As WM Technology navigates a complex landscape in the cannabis market, its first-quarter results demonstrate resilience and a commitment to operational efficiency. The company's focus on providing technology and data solutions remains critical as it positions itself for future growth amidst ongoing challenges in the industry. With a solid cash position and strategic guidance for the upcoming quarter, WM Technology is prepared to adapt and thrive in the evolving cannabis marketplace.

Original press release