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WM Technology Inc. (MAPS+0.48%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports revenues of $184.5 million, a slight decrease from $188.0 million in the previous year. The decrease was attributed to a decline in revenue from Featured Listings and WM Deal products, partially offset by increased revenues from Weedmaps for Business.
Net income for the year was $12.2 million, compared to a net loss of $15.7 million in the prior year. The improvement was primarily due to a decrease in total costs and expenses.
Average monthly paying clients decreased to 5,077 from 5,419, while average monthly revenues per paying client increased to $3,029 from $2,891.
The company reported an Adjusted EBITDA of $42.9 million, up from $36.9 million in the previous year.
Cash on hand as of December 31, 2024, was $52.0 million, with no long-term debt reported.
WM Technology continues to focus on expanding its two-sided marketplace and increasing its client base, despite challenges in the cannabis industry such as price deflation and ongoing consolidation.
The company operates primarily in the United States and has a presence in over 35 U.S. states and territories with adult-use and/or medical-use cannabis regulations.
WM Technology acknowledges the potential impact of federal cannabis regulations on its business and continues to monitor changes in the regulatory environment.
The filing also addresses ongoing material weaknesses in internal control over financial reporting and outlines remediation efforts to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the WM Technology Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.