NASDAQ-Listed Cannabis Giant Misses Tech Rally: What Investors Need To Know About MAPS’ Stock
WM Technology (NASDAQ:MAPS) has maintained stability in its profitability and cash flow, showcasing a 3% sequential sales increase to $45.9 million for 2Q24, despite a 5% year-over-year decline.
In a Monday afternoon report, senior analyst Pablo Zuanic noted that SaaS solution revenues, representing WM Technology’s software offerings for cannabis businesses, surged 19%, contributing to 29% of the total revenue mix. Meanwhile, listing revenues, which account for 62% of the mix and primarily come from featured listings and deals on the Weedmaps platform, fell 14% year-over-year. Zuanic & Associates reiterated a “Neutral” rating for WM Technology, but “are becoming more constructive.”
The company’s adjusted EBITDA margins remained stable at 22%, with average monthly paying clients increasing by 2% to 5,045.
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