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wm technology WM Technology , Inc. Reports Third Quarter 2021 Financial Results November 11 , 2021 Third Quarter Revenue increased to $ 50.9 million U.S. Revenue grew 46 % year - over - year with Total Revenue growth of 9 % year - over - year IRVINE , Calif .-- ( BUSINESS WIRE ) -- Nov . 11 , 2021-- WM Technology , Inc. ( " WM Technology " or the " Company " ) ( Nasdaq : MAPS ) , a leading technology and software infrastructure provider to the cannabis industry , today announced its financial results for the third quarter ended September 30 , 2021 . " Our third quarter results reflect the momentum we are seeing as we focus on executing and investing against our growth opportunities . We achieved revenue growth in the U.S. of 46 % year - over - year , maintained healthy EBITDA profitability and also had double - digit year - over - year growth across a number of our key metrics . Our ability to outpace our end - market growth is especially notable given the challenges many of our clients faced given what we believe is accelerating consumer demand shifts to non - licensed channels , " said Chris Beals , CEO and Chairman of WM Technology . " Additionally , we continue to accelerate investment in both organic and inorganic growth in our platform during the third quarter as we look towards 2022. In addition to the acquisition of Sprout announced in mid - September , we also acquired the parent company to Cannveya and CannCurrent . These acquisitions complement the suite of integrated solutions we provide through our WM Business offering that help both large and small clients . We are very excited to welcome each of these teams and technology to the WM Technology family and are more excited than ever at the near and long - term opportunity for WM Technology . " Third Quarter 2021 Financial Highlights • Revenue increased to $ 50.9 million , up 9 % from the third quarter of 2020 or 46 % in the U.S. ( when adjusting the prior third quarter to exclude revenue associated with Canada - based retail operators who failed to provide valid license information and were subsequently removed from the Weedmaps marketplace ) . o Monthly active users ( " MAUs " ) ( 1 ) ( 2 ) increased to 13.9 million at September 30 , 2021 or 37 % compared to the prior year period ( or 28 % 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 ) . o Average monthly revenue per paying client ( 1 ) ( 3 ) increased to $ 3,817 or 7 % compared to the prior year period ( or 18 % when excluding revenue from Canada - based retail operators who failed to provide valid license information from the prior year period ) . o Average monthly paying clients ( 1 ) ( 4 ) increased to 4,444 or 2 % compared to the prior year period ( or increased 24 % when excluding Canada - based retail operators who failed to provide valid license information from the prior year period ) . • Gross Profit was $ 48.8 million implying a 96 % margin rate , which reflects a 50bps margin expansion from the prior year . • Net income was $ 49.2 million as compared to $ 15.5 million from the prior year period . • Adjusted EBITDA ( 5 ) was $ 10.4 million as compared to $ 16.5 million from the prior year period . • Basic net income per share was $ 0.32 based on 64.2 million of Class A Common Stock weighted average shares outstanding . Diluted net income per share was $ 0.02 based on 68.3 million Class A Common Stock weighted average diluted shares outstanding . • As of September 30 , 2021 , our share count includes : o 65.7 million shares of Class A Common Stock . o 65.5 million shares of Class A Common Stock issuable upon exchange of Class A units representing limited liability company interests of WM Holding Company , LLC ( " WMH " ) combined with an equivalent number of shares of Class V Common Stock . o 7.0 million shares of Class A Common Stock issuable upon exercise of warrants originally issued in a private placement in connection with the initial public offering of Silver Spike Acquisition Corp. ( " Silver Spike " ) . o 12.5 million shares of Class A Common Stock issuable upon exercise of the public warrants originally issued in the initial public offering of Silver Spike . o Up to 25.7 million shares of Class A Common Stock , 23.2 million of which have vested , issuable upon exchange of Class P units representing limited liability company interests of WMH ( " Class P Units ” ) . o 4.1 million granted restricted stock units , of which 0.2 million had vested as of September 30 , 2021 . • Cash totaled $ 77.9 million as of September 30 , 2021 . Reconciliations of GAAP to non - GAAP financial measures have been provided in the tables included in this release .