WM Technology, Inc. Reports First Quarter 2022 Financial Results

WM Technology, Inc. Reports First Quarter 2022 Financial Results
Cannabtimes

<![CDATA[IRVINE, Calif.–(BUSINESS WIRE) — PRESS RELEASE –WM Technology, Inc., a technology and software infrastructure provider to the cannabis industry, today announced its financial results for the first quarter ended March 31, 2022.“Our first quarter results demonstrate how we’re playing offense and continuing to drive outsized growth as well as creating distance from the pack as the leading cannabis technology provider and commerce-driven marketplace. We grew our revenue 40% year-over-year to reach $57.5 million for the quarter, which was above the top end of our guidance, as we continued to grow our user and client base,” said Chris Beals, CEO of WM Technology. “We continue to deliver what we believe is outsized value to our clients and this allows us to grow faster than our end markets as businesses rely on our marketplace and solutions to grow their own businesses. At the same time, we are accelerating the pace of new features and integrations throughout our WM Business software platform. We are driving innovation in ways that will be more visible over the course of this year as we invest in large opportunities designed to accelerate growth. Our team remains hard at work and focused on executing against driving deep client engagement, establishing Weedmaps as the center of commerce for Cannabis consumers and expanding the adoption of our products.”First Quarter 2022 Financial HighlightsRevenue increased to $57.5 million, up 40% from the first quarter of 2021.Monthly active users (“MAUs”) increased to 16.4 million at March 31, 2022, up 52% compared to the prior year period.MAU growth of 73% when adjusting the current period to exclude the MAUs attributed to the Learn section of weedmaps.com that we were not able to track during the prior period.Average monthly revenue per paying client increased to $3,810, a 9% increase compared to the prior year period.Average monthly…

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