Weedmaps Net Income Surges 312% YOY, Cash Reserves Up 31%
WM Technology, Inc. (NASDAQ:MAPS), a technology and software provider to the cannabis industry commonly known as Weedmaps, 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.
Q3 2024 Financial Highlights
- 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.
- 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.
- Adjusted EBITDA was $11.3 million, compared to $10.1 million in the previous quarter and $10.7 million year-over-year.
- Gross profit was not disclosed in the press release.
Steady Revenue Growth Despite Product Changes
Net revenues stood at $46.6 million, a …