MAPS - Weedmaps Reports YoY Improvements In Adjusted EBITDA Reports Drop In Q1 Revenue | Benzinga
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 ...