WM Technology, Inc. CARDSa leading technology and software infrastructure provider to the cannabis industry, late Monday reported its financial results for the third quarter ended September 30, 2022 and a leadership change to position the company for its next phase of growth.

Financial highlights of the third quarter of 2022

• Revenue was $50.5 million compared to $50.9 million in the third quarter of 2021.
• The average number of monthly paying customers(1) was 5,576 compared to 4,444 in the same period last year.
• Average monthly revenue per paying customer(2) was $3,019 compared to $3,817 in the same period last year.
• Net loss was $10.5 million compared to net income of $49.2 million in the same period last year.
• Adjusted EBITDA(3) was $(9.6) million compared to $10.4 million in the prior year period. Before the provision for bad debt (non-cash), Adjusted EBITDA(3) was $0.5 million
• Basic and diluted net loss per share was $0.06 based on 89.6 million weighted average Class A common shares outstanding.
• The aggregate number of shares outstanding of Class A and V Common Stock as of September 30, 2022 was 146.4 million.
• Cash on hand as of September 30, 2022 totaled $34.2 million, excluding long-term debt.

leadership change

WM announced that Doug FrancisCo-founder and CEO, will take a more active role in leading the company.

“Mr. Francis succeeds Chris Beals who has decided to step down from his role as CEO and from the Board. Mr. Francis is co-founder of WM Technology and Executive Chair of the Board of Directors. He was previously the Company’s CEO prior to Mr. Beals and has worked closely with the Company’s management team during the last quarter since his appointment as Executive Chair,” WM reported in a press release.

“As a co-founder and former CEO of the company, and a pioneer in the cannabis industry, Doug has the expertise and acumen to assist WM Technology in its quest to…