California-based WM Technology Inc. (Nasdaq: MAPS), the parent company of online cannabis advertising giant Weedmaps, posted a $2.5 million loss for the quarter that ended Sept. 30, as its financial fortunes continued to swing between the black and the red.
Although the losses were arguably slight compared to how poorly the company performed last year – Weedmaps lost $10.5 million in Q3 2022 and $82 million for the full year – several key metrics also trended downward for the company.
Year-over-year, total revenue fell to $47.7 million from $50.5 million, the average monthly number of paying clients is down to 5,414 from 5,576, and the average revenue per client was also down, to $2,938 from $3,019.
The declines were felt broadly across company segments, according to the company’s latest regulatory filing with the U.S. Securities and Exchange Commission. The company only disclosed gains in its WM Ad solutions segment, which accounts for 8% of the company’s total revenue.
The quarterly losses bring Weedmaps’ total losses for the year to $4.5 million on revenues of $146.5 million. The company posted a $1.9 million profit in Q2 before slipping back into the red.
Weedmaps has cut a good bit of costs and operating expenses in its ongoing quest to return to the black, Executive Chairman Doug Francis noted in a press release.
“We are pleased with our third quarter results as they reflect our commitment to operational efficiency in what continues to be constrained end markets,” Francis said.
Operating expenses dropped year-over-year, Weedmaps reported, to $53.2 million from $70.1 million.
At the close of the quarter, Weedmaps had $27.7 million in cash and $63.9 million in total liabilities.