WM Technology, Inc. (NASDAQ:MAPS) – also known as Weedmaps – announced its first quarter financial results on Friday for the three months ended March 31, 2024 and the full year ending December 31, 2023.

"I am proud of the progress and results our team was able to deliver to start the year, and more importantly, we are pleased that the net effects of our revenue recognition review were relatively minimal," said Doug Francis, executive chair of WM Technology. "We believe our continued focus on developing strong client relationships and commitment to operational efficiency have positioned the Company to continue to profitably build its base of quality clients in this dynamic industry over time."

Q1 2024 Financial Highlights

• Revenue was $44.4 million as compared to $46.4 million in the first quarter of 2023. The company attributed the slight drop in revenue to "our clients continuing to face constrained marketing budgets and the ongoing consolidation of our industry."
• Average monthly paying clients of 4,937 dropped from 5,641 in the prior year period.
• Average monthly revenue per paying client increased to $2,997 from $2,743 in the prior year period.
• Net income increased to $2 million as compared to a net loss of $4 million in the prior year period.
• Adjusted EBITDA increased to $9.6 million from $7.1 million in the prior year period.
• Total shares outstanding across Class A and Class V Common Stock were 150.5 million as of March 31, 2024.
• Cash increased to $35.7 million as of March 31, 2024, as compared to $25.9 million from March 31, 2023.

See also: Unparalleled 4/20: Weedmaps Unveils Consumer Trends Ahead Of Cannabis Industry's Biggest Holiday

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Full Year 2023 Financial Highlights

• Revenue was $188 million for the year ended Dec. 31, 2023, as compared to $215.5 million in the prior year.
• Average monthly paying clients was 5,419, as compared to 5,457 in the prior year.
• Average monthly revenue per paying client was $2,891, as compared to $3,291 in the prior year.
• Net loss was $15.7 million as compared to net loss of $82.7 million in the prior year.
• Adjusted EBITDA was $36.9 million as compared to an adjusted EBITDA loss of $9.6 million in the prior year.
• In the meantime, the company had announced earlier that its earnings would be delayed as a result of personnel changes in its executive finance leadership and "an inadequate policy associated with its revenue recognition."

"With the filing of our 10-K and 10-Q, we will be current with our SEC and Nasdaq listing requirements and look forward to resuming our quarterly reporting cadence," Susan Echard, interim CFO of WM Technology, said. "Building upon our progress in 2023, we are excited to see the effects of our streamlining efforts with year-over-year improvements to our Adjusted EBITDA and cash balance during the first quarter."

MAPS Price Action

WM Technology's shares traded 7.4412% higher at $0.9539 per share at the time of writing on Tuesday morning.