WM Technology, Inc. (MAPS) saw a decline of 12.58% in the aftermarket as the company announced third quarter 2021 financial results. However, the last trading session closed at $11.61 with an increase of 0.26%.
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Third Quarter 2021 Financial Results – Disclosed!
MAPS announced third quarter 2021 financial results on 11th November 2021. The revenue grew to $50.9 million, 9% more than the third quarter of 2020. When compared to the same period last year, the average monthly revenue per paying client grew by 7% to $3,817. (Or 18 percent when excluding revenue from Canada-based retail operators who failed to provide valid license information from the prior-year period).
In comparison to the preceding year period, the average monthly paying clients grew by 2% to 4,444. Moreover, the gross profit was $48.8 million, which translates to a 96 percent margin rate, 50 points more than the previous year. Last but not the least, the net income for the quarter was $49.2 million, up from $15.5 million the previous year.
How’s the game going?
The third-quarter results reflect the progress the company has made in executing and investing in the growth prospects. MAPS saw 46 percent year-over-year revenue growth in the United States, strong EBITDA profitability, and double-digit year-over-year increase in a number of important indicators. Moreover, the company’s ability to outperform end-market growth is particularly impressive considering the problems many customers have encountered.
In addition, as MAPS looks forward to 2022, it aims to invest in both organic and inorganic growth in the platform throughout the third quarter. The company has also bought the parent business of Cannveya and CannCurrent, in addition to the acquisition of Sprout disclosed in mid-September. Furthermore, these purchases add to the WM Business offering’s array of integrated solutions for both large and small businesses. The company is ecstatic to welcome each of these teams and technologies to the WM Technology family, and they are even more ecstatic about the near- and long-term opportunities in the future ahead.
Lead Sponsor for Black CannaConference & Expo – Who will it be?
MAPS announced on 20th September 2021 that Weedmaps will be a main sponsor at the second annual Black CannaConference & Expo. On the Southern Gulf Coast, Black CannaCon is the largest gathering of Black canna-businesses in a conference format. Moreover, the event will feature the first homage to Black Wall Street, as well as exhibits and activations for cannabis entrepreneurs. There will be educational and networking opportunities for both established and up-and-coming cannabis firms. Last but not least, interested firms are urged to secure a booth space so that they may meet investors and experts while also showcasing their products to a varied set of industry professionals.