WM Technology, Inc. (MAPS): History, Ownership, Mission, How It Works & Makes Money

Ever wonder how WM Technology, Inc. (MAPS), a leading marketplace and technology solutions provider, navigates the dynamic cannabis industry? Despite industry headwinds, the company reported $47.7 million in revenue for Q4 2024 and a full-year revenue of $184.5 million. Intrigued to learn more about their journey, including their history, ownership, mission, operational strategies, and revenue streams? Keep reading to discover how they've achieved their ninth consecutive quarter of Adjusted EBITDA profitability at $11.9 million and delivered a net income of $3.7 million!

WM Technology, Inc. (MAPS) History

WM Technology, Inc.’s Founding Timeline

Year established

WM Technology, Inc. was established in 2008.

Original location

The company was originally located in Irvine, California.

Founding team members

The founding team members include Justin Hartfield and Keith Merfield.

Initial capital/funding

Details regarding the initial capital and funding for WM Technology, Inc. are not readily available in the provided search results.

WM Technology, Inc.'s Evolution Milestones

WM Technology, Inc.'s Transformative Moments

• Merger with Silver Spike Acquisition Corp: This merger in December 2020 was a pivotal moment, paving the way for WM Technology to transition into a publicly traded entity. This move provided access to greater capital and increased visibility in the market.
• Becoming a Publicly Traded Company: In 2021, WM Technology began trading on Nasdaq under the ticker symbol 'MAPS,' marking a significant milestone. This event enhanced the company's credibility and opened doors for further growth and investment.
• Focus on Technology and Compliance: WM Technology has consistently adapted to the evolving regulatory landscape of the cannabis industry. Their focus on providing technology solutions that aid compliance has been crucial for businesses operating in this sector.

To gain more insight into the company’s guiding principles, explore the: Mission Statement, Vision, & Core Values of WM Technology, Inc. (MAPS).

WM Technology, Inc. (MAPS) Ownership Structure

WM Technology, Inc. operates with a mixed ownership structure, featuring a combination of institutional, insider, and retail investors. Understanding this breakdown is key to grasping the company's governance and strategic direction.

WM Technology, Inc.'s Current Status

WM Technology, Inc. is a publicly traded company, listed under the ticker symbol MAPS. This status means that its shares are available for purchase by the general public on stock exchanges.

WM Technology, Inc.'s Ownership Breakdown

The ownership of WM Technology, Inc. is distributed among various types of shareholders. As of the latest available data, the ownership breakdown is as follows:

WM Technology, Inc.'s Leadership

The leadership team at WM Technology, Inc. is responsible for setting the strategic direction and managing the company's operations. Key members of the leadership team include:

• Chris Beals: Chief Executive Officer
• Arden Lee: Chief Financial Officer
• Justin Dean: Chief Technology Officer

These individuals, along with other key executives, guide the company's strategic initiatives and ensure its operational success. More information about the company's mission can be found at Mission Statement, Vision, & Core Values of WM Technology, Inc. (MAPS).

WM Technology, Inc. (MAPS) Mission and Values

WM Technology, Inc. aims to power a transparent and inclusive global cannabis economy through its software and technology solutions. The company's mission and values reflect its commitment to innovation, community, and responsible growth within the cannabis industry.

WM Technology, Inc.'s Core Purpose

Official mission statement

WM Technology's mission statement is: 'To power a transparent and inclusive global cannabis economy.'

• This mission emphasizes the company's dedication to creating a marketplace where cannabis businesses can operate openly and fairly.
• It also highlights the importance of inclusivity, ensuring that diverse participants can benefit from the growing cannabis industry.

Vision statement

While a specific, formal vision statement may not be explicitly publicized, WM Technology's actions and strategic goals suggest a vision focused on:

• Being the leading technology and software infrastructure provider for the cannabis industry.
• Driving the mainstream adoption of legal cannabis by providing reliable information and tools to consumers and businesses.
• Promoting responsible and sustainable practices within the cannabis market.

Company slogan/tagline

WM Technology, Inc. operates under the tagline 'Cannabis Unlocked.'

• This tagline encapsulates the company's goal of making cannabis accessible and understandable to a broad audience.
• It suggests that WM Technology provides the keys to navigating the complexities of the cannabis market, whether you're a consumer, retailer, or brand.

To gain more insights into the investors and motivations behind WM Technology, explore: Exploring WM Technology, Inc. (MAPS) Investor Profile: Who’s Buying and Why?

WM Technology, Inc. (MAPS) How It Works

WM Technology, Inc. operates as a comprehensive technology and software infrastructure provider, primarily serving the cannabis industry by connecting consumers with retailers and brands through its online marketplace and providing software solutions for businesses to manage their operations and compliance.

WM Technology, Inc.'s Product/Service Portfolio

WM Technology, Inc.'s Operational Framework

WM Technology, Inc. functions through several key operational processes to deliver value to its customers:

• Marketplace Operations: The Weedmaps marketplace connects consumers with cannabis retailers, allowing users to search for products, view menus, and place orders. The platform generates revenue through listing fees, advertising, and transaction fees from retailers.
• Software Solutions: WM Business provides a suite of software tools designed to help cannabis businesses manage their operations, maintain compliance, and improve efficiency. This includes inventory management, point-of-sale systems, and customer relationship management.
• Data and Analytics: WM Technology collects and analyzes data on consumer behavior, market trends, and product performance. This data is used to provide insights to retailers and brands, helping them make informed decisions and optimize their strategies.
• Advertising Services: The company offers advertising solutions that enable retailers and brands to increase their visibility on the Weedmaps platform and reach a wider audience.

For additional insights into the company's financial performance, see this analysis: Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors

WM Technology, Inc.'s Strategic Advantages

• Established Brand Recognition: Weedmaps is a well-known and trusted brand in the cannabis industry, providing a significant competitive advantage.
• Comprehensive Platform: The company offers a comprehensive suite of products and services, including a marketplace, software solutions, and advertising services, making it a one-stop-shop for cannabis businesses.
• Extensive Data and Analytics: WM Technology's ability to collect and analyze data on consumer behavior and market trends provides valuable insights to retailers and brands, helping them make informed decisions.
• Regulatory Compliance Expertise: The company has deep expertise in regulatory compliance, helping cannabis businesses navigate the complex and ever-changing legal landscape.
• Network Effects: The Weedmaps marketplace benefits from network effects, as the value of the platform increases as more consumers and retailers join.

WM Technology, Inc. (MAPS) How It Makes Money

WM Technology, Inc. primarily generates revenue by providing software and marketplace solutions to cannabis retailers and brands. These solutions enable businesses to manage their operations, comply with regulations, and connect with consumers.

WM Technology, Inc.'s Revenue Breakdown

Here's a breakdown of WM Technology, Inc.'s revenue streams:

WM Technology, Inc.'s Business Economics

WM Technology, Inc.'s business economics are driven by several key factors:

• Subscription-Based Model: A significant portion of revenue comes from recurring subscriptions for its software and services, providing a stable income stream.
• Marketplace Dynamics: The company benefits from a network effect, where the value of its marketplace increases as more retailers and consumers join the platform.
• Pricing Strategy: WM Technology, Inc. employs a tiered pricing model for its software solutions, allowing businesses to select plans that align with their specific needs and budgets.
• Advertising Revenue: Businesses can pay for enhanced visibility on the marketplace, driving additional revenue for WM Technology, Inc.

WM Technology, Inc.'s Financial Performance

Key aspects of WM Technology, Inc.'s financial performance include:

• In the 2024 fiscal year, WM Technology, Inc. reported revenue of $48.7 million for the fourth quarter, representing an increase of 1% compared to the previous year. For the full year 2024, revenue totaled $195.7 million, which is about the same as the $195.6 million in 2023.
• The company's gross profit for 2024 was $156.4 million, representing a gross margin of approximately 80%.
• WM Technology, Inc. is focused on improving operational efficiency and cost management to drive profitability.
• The company ended the year with $37.3 million in cash and cash equivalents.

To gain more insights into WM Technology, Inc.'s financial health, you can check out this detailed analysis: Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors

WM Technology, Inc. (MAPS) Market Position & Future Outlook

WM Technology, Inc. is strategically positioned to capitalize on the expanding cannabis market, leveraging its established Weedmaps platform. The company aims to solidify its market leadership by enhancing its technology offerings, expanding its geographic reach, and deepening relationships with both retailers and consumers. For an in-depth look at the company's financial standing, check out: Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors.

Competitive Landscape

Opportunities & Challenges

Industry Position

WM Technology, Inc. holds a significant position in the cannabis technology industry, primarily through its Weedmaps platform. Its standing is characterized by:

• Brand Recognition: Weedmaps is a well-known and trusted brand among cannabis consumers and businesses.
• Comprehensive Platform: The platform offers a wide range of services, including dispensary listings, online ordering, deals, and educational content.
• Established Network: WM Technology has built a large network of dispensaries and consumers, creating a strong ecosystem.
• Technological Capabilities: The company continues to invest in technology to enhance its platform and provide innovative solutions.