WM Technology Expects Q1 EBITDA Between $5M and $7M
Adjusted EBITDA is expected to be in the range of approximately $5M-$7M. Cash, Cash Equivalents, and Investments totaled approximately $57M as of March 31. "Our first quarter performance represents a solid start to the year, reflecting continued execution against our priorities and the enduring value of the Weedmaps marketplace," said Doug Francis, CEO and Chairman of WM Technology. "While we feel good about our performance, industry conditions remain challenging, which we believe limits the potential for growth of our core business in the absence of major regulatory change. As we announced last week, we plan to delist from Nasdaq, which we believe is the best strategic decision for the Company and its shareholders. Our first quarter performance shows that our business remains strong; however, we believe the optionality to expand our strategic scope is essential to the future of the Company, and our Nasdaq listing limits that optionality. We invite our shareholders to continue with us during this next phase of our Company and the industry. We remain hopeful that one day federal policy will catch up to the will of the people and permit cannabis companies to operate in a more regular way while listing on the major U.S. exchanges. We believe we are well-positioned to engage the industry, on our terms, and execute against new opportunities. Thank you to everyone who has supported us along the way, and to those continuing this journey with us." "Following our planned delisting from Nasdaq, we intend to trade on the OTCQX exchange operated by OTC Markets Group Inc. We plan to continue providing quarterly financial updates as required under SEC rules through the end of the year and plan to evaluate our go-forward reporting cadence after that," said Susan Echard, CFO of WM Technology.
