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Our Company Founded in 2008, and headquartered in Irvine, California, WM Technology, Inc. operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to both storefront locations and delivery operators ( retailers ) and brands in the legalized cannabis markets in states and …
Operating margin is thin at 0.44%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 5.3% YoY. Margins deteriorated 7.6pp alongside, both lines moving the wrong way.
Free cash flow declined 46% versus the prior year, cash generation momentum has weakened. ROIC dropped from 25.47% to 0.90%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$174M
▼ -5.3% YoY
Net Income (TTM)
$639K
▼ -74.3% YoY
Op. Margin
-0.97%
▼ -7.6pp YoY
ROIC
-1.59%
▼ -24.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$8M
▼ -46.1% YoY
Op. Cash Flow (TTM)
$19M
▼ -28.6% YoY
Net Debt
-$31M
Net Cash Position
Cash & Equiv.
$57M
5Y CAGR: +1.5%
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