Fri, May 24, 9:19 PM (296 days ago)
WM Technology, Inc. reported a net revenue of $44.4 million for Q1 2024, a 4% decrease from $46.4 million in Q1 2023. The company experienced a net income of $2.0 million, compared to a net loss of $4.0 million in the previous year. Key financial metrics showed a decline in average monthly paying clients from 5,641 to 4,937, but an increase in average monthly revenue per paying client from $2,743 to $2,997. Adjusted EBITDA was $9.6 million. Cost reductions were observed across several areas, including sales and marketing, product development, and general and administrative expenses. The company continues to focus on expanding its marketplace and SaaS solutions in the cannabis industry, despite facing challenges like industry price deflation and regulatory uncertainties. Future liquidity appears stable with cash on hand and positive cash flow from operations.