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WM Technology, Inc. MAPS, a technology and software provider to the <a href="http://benzinga.com/cannabis">cannabis</a> industry commonly known as<a href="https://www.benzinga.com/topic/weedmaps"> Weedmaps</a>, reported a significant improvement in its third-quarter 2024 financial performance. The company announced on Tuesday afternoon a 312% year-over-year surge in net income, reaching $5.3 million and a 31% rise in cash reserves from year-end, totaling $45 million.



<h3 class="wp-block-heading">Q3 2024 Financial Highlights</h3>



<ul>
<li>Revenue was $46.6 million, up from $45.9 million in the previous quarter but slightly down from $46.7 million in the same period last year.</li>



<li>Net income was $5.3 million, up from $1.2 million in the prior quarter, reversing a net loss of $2.5 million in the prior year period.</li>



<li>Adjusted EBITDA was $11.3 million, compared to $10.1 million in the previous quarter and $10.7 million year-over-year.</li>



<li>Gross profit was not disclosed in the press release.</li>
</ul>



<h3 class="wp-block-heading">Steady Revenue Growth Despite Product Changes</h3>



Net revenues stood at $46.6 million, a slight increase from $45.9 million in the prior quarter but marginally down from $46.7 million in the same period last year. This fluctuation was attributed to the sunset of certain products in late 2023, partially offset by growth in other products.



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The company also reported an average of 5,100 monthly paying clients, a modest increase from 5,045 in the prior quarter. Average monthly net revenue per paying client rose to $3,043, up from $2,874 in the same period last year.



<h3 class="wp-block-heading">Management Commentary</h3>



&#8220;Our third quarter results mark yet another consecutive period of strong financial performance and positive cash flow, underscoring the solid foundation our team has built,&#8221; Doug Francis, CEO of WM Technology <a href="https://ir.weedmaps.com/news-releases/news-release-details/wm-technology-inc-reports-financial-results-third-quarter-2024">said</a> in a press release. He emphasized the company&#8217;s focused approach and strategic positioning for future growth.



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Achieving its eighth consecutive quarter of adjusted EBITDA profitability, the company reported $11.3 million in adjusted EBITDA, up from $10.1 million in the previous quarter and $10.7 million in the same period last year. &#8220;The fundamentals of our business continue to strengthen, as evidenced by our eighth consecutive quarter of Adjusted EBITDA profitability,&#8221; added CFO Susan Echard, highlighting the positive momentum heading into 2025.



<h3 class="wp-block-heading">Outlook For Q4 2024</h3>



WM Technology provided guidance for the fourth quarter of 2024, projecting net revenues of approximately $46 million and a non-GAAP adjusted EBITDA of around $7 million. The company expressed confidence in its strategic investments and debt-free balance sheet as it moves into the next fiscal year.



MAPS Price Action MAPS's shares were trading 2.59% lower at $0.716 per share when the market closed Tuesday.



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Weedmaps Q3 2024 results: WM Technology reports 312% net income growth, stable revenue at $46.6M, and a 31% rise in cash reserves.

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