The following is a summary of the WM Technology, Inc. (MAPS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• WM Technology reported Q2 2024 net revenues of $45.9 million, a decrease of 5% year-over-year, mainly due to lower spend on featured and delistings products.

• Adjusted EBITDA was $10.1 million, showcasing operational discipline and exceeding expectations.

• Net income for Q2 was $1.3 million, slightly down from $2 million in the same quarter last year.

• The company remains debt-free with closing cash of $41.3 million, reflecting a strong liquidity position.

Business Progress:

• WM Technology has focused on operational improvements and disciplined cost management.

• The company continues to support licensed cannabis operators and is exploring safe entry into the intoxicating hemp market.

• Despite industry consolidation and price deflation, WM Technology's efforts in product development and client retention are poised to drive growth into 2025.

Opportunities:

• There is potential legislative change with the DOJ/HHS/DEA recommendation to reclassify cannabis, which could foster a more favorable regulatory environment.

• The company is exploring opportunities to safely enter the rapidly growing intoxicating hemp market.

Risks:

• Legal and regulatory uncertainties continue to pose risks, particularly the possible blocking of cannabis rescheduling.

• Industry challenges such as price deflation, consolidation, and the possibility of federal closure of the intoxicating hemp market loophole.

More details: WM Technology IR

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