WM Technology Inc. (NASDAQ: (MAPS) stock surged by 0.26% at last close whereas the MAPS stock price plunged by 12.83% in the pre-market trading session. The Company’s goal is to make the international cannabis market more transparent and inclusive. WM Technology, now in its second decade, has been the main driver behind most of the recent legislation change.
MAPS stock’ Financial Outcomes
WM Technology announced financial earnings for its third quarter of 2021. The highlights are given below:
- For the third quarter of 2021, revenue climbed by 9% from the third quarter of 2020 to $50.9 million.
- The gross profit was $48.8 million, reflecting a 96 percent margin rate, up 50 basis points from the previous year.
- The net income was $49.2 million, up from $15.5 million the previous year.
- Adjusted EBITDA was $10.4 million, down from $16.5 million the previous year.
- Depending on 64.2 million Class A Common Stock weighted average shares outstanding, basic net income per share for the third quarter of 2021 was $0.32.
- Based on 68.3 million Class A Common Stock weighted average diluted shares outstanding, diluted net income per share was $0.02.
- As of September 30, 2021, the company had $77.9 million in cash.
Chris Beals, CEO, and Chairman of WM Technology commented that,
The third-quarter results show the momentum they’re experiencing as they work to execute and invest in key growth objectives. Given the issues, many of their customers encountered due to what they believe is rapid consumer demand shifts to non-licensed channels, their ability to outperform their end-market growth is quite noteworthy. In addition, as they move to 2022, they make significant investments in both organic and inorganic development in their platform during the third quarter.
Future Outlook
The following is the forecast for the fourth quarter of the year ending December 31, 2021, given current business changes or trends:
- The revenue is expected to range between $50 and $52 million.
- The adjusted EBITDA is expected to be in the range of $3 million to $5 million.
