Weedmaps Posts $2 million Profit!
WM Technology, also known as Weedmaps, recently announced a remarkable feat – a profit for its most recent quarter. This positive outcome signals the potential for a significant turnaround in the company’s fortunes.
As a California-based cannabis advertising platform, WM Technology is capitalizing on the growing demand in the industry while demonstrating its ability to thrive in the technology sector.
With this promising financial result, it is clear that WM Technology is paving the way for success and establishing itself as an influential player in both cannabis and technology domains.
WM Technology reported a net income of nearly $2 million for the quarter ending June 30, according to a news release. That’s compared with a net loss of $4 million in the previous quarter, as reported by Green Market Report.
Despite reporting a net income of $19.8 million in the second quarter of 2022, the company, unfortunately, experienced an overall net loss of $82.7 million by the end of the year.
These losses were primarily attributed to severance payments resulting from significant layoffs that took place in the fourth quarter.
It is important to address and carefully analyze these factors when evaluating the financial performance of the company during this period.
Weedmaps’ number of average monthly paying clients using dispensary advertising is up slightly from 5,537 to 5,609, according to a news release.
But average monthly revenue per paying client is down to $3,022 from $3,509 for the same period the previous year.
As of June 30, the company has $24.6 million in cash and no debt.
“We continue to strengthen our financial position, and we’re seeing the strategic and operational changes we’ve implemented take hold, delivering increased value to our stakeholders which in turn will generate long-term, sustainable growth and profitability for WM Technology,” Executive Chair Doug Francis said in a statement.
Francis is leading the company after former Chief Executive Officer Chris Beals resigned last year.
Arden Lee resigned in July as chief financial officer at WM Technology.
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