WM Technology (NASDAQ:MAPS), a leading technology and software infrastructure provider to the cannabis industry, announced its financial results for Q1 2023 on May 9.
Despite a decrease in revenue compared to the prior year period, Weedmaps reported positive adjusted EBITDA and a significantly reduced net loss, attributing the results to strategic actions taken to improve its bottom line.
Weedmaps Boosts Bottom Line
- The company reported revenue of $48 million in the first quarter ending March 31, 2023, compared to $57.5 million in the first quarter of 2022.
- WM Technology had a net loss of $4 million, compared to a net loss of $31.2 million in the prior year period. However, adjusted EBITDA was positive at $7.1 million compared to $(1.0) million in the prior year period.
- The firm attributed the positive results to strategic actions taken since November to improve its bottom line and its focus on marketplace experience and delivering value to clients.
- In addition, the firm reported record numbers of orders placed on the platform during the 420 holidays in April 2023. The company executed over 30 in-market activations across 12 states, offering deals and driving awareness of the Weedmaps platform.
Weedmaps’ Partnership With Jack In The Box Drives Sales
- The company also experienced record numbers of orders during the 420 holidays in April 2023 and launched an innovative partnership with Jack in the Box Inc. to promote its Pineapple Express Shake.
- Looking ahead, WM Technology issued guidance for the second quarter of 2023, estimating revenue to be consistent with the first quarter of 2023, and non-GAAP adjusted EBITDA to be approximately $4 million.
Price Action
MAPS shares were trading higher by 3.03% at $0.79 per share, after market close.
Photo Credits: Tumisu on Pixabay.
