WM Technology, Inc. Q4 FY2024 earnings call

• Welcomed new Chief Technology Officer Sarah Griffiths who has made an impact on the technology organization.
• Discussed industry challenges including regulatory uncertainty at state and federal levels, pricing pressures, and consolidation in licensed markets.
• Highlighted operational improvements over the last two years that position the company well for future growth.
• Plan to prioritize investments in technology and marketing in 2025 to strengthen the Weedmaps platform and unlock future opportunities.
• Intend to expand horizontally into hemp, head shop, and homegrown seed markets, with initiatives anticipated in the second half of 2025.

For the fourth quarter, WM Technology, Inc. delivered $47.7 million in revenue and $11.9 million in adjusted EBITDA. The full year saw revenue of $184.5 million and adjusted EBITDA of $42.9 million. In the fourth quarter, revenues increased sequentially, driven by growth from deal listings and display ad products, though partially offset by lower spend on featured listings and sunset products. Full year revenue decreased slightly from the prior year due to client budget constraints and product sunsetting, but adjusted EBITDA increased by $6 million compared to 2023.

• Expect Q1 2025 revenues to be approximately $43-44 million.
• Anticipate Q1 non-GAAP adjusted EBITDA to be approximately $7 million.

• Regulatory uncertainty at state and federal levels affecting the cannabis industry.
• Industry consolidation impacting client profitability and budget constraints.
• Regulatory uncertainty in emerging markets like hemp, where changing legislation could alter the opportunity landscape.