WM Technology Inc (MAPS) 2025 Q3 法說會逐字稿

Good afternoon everyone and welcome to WM Technology Inc third quarter 2025 earnings conference call.

各位下午好，歡迎參加WM Technology Inc 2025年第三季財報電話會議。

All participants, I will be in a listen-only mode for duration of the call. I would now like to hand the call over to your host, Simon Ye, director of Investor relations.

各位與會者，通話期間我將處於只聽模式。現在我將把電話交給主持人，投資者關係總監葉先生。

Good afternoon and thank you for joining us to discuss our third quarter 2025 results. Today we are joined by our CEO Doug Francis and our CFO Susan Eckert.

下午好，感謝各位參加我們2025年第三季業績討論會。今天我們邀請到了執行長道格·弗朗西斯和財務長蘇珊·埃克特。

By now, everyone should have access to our earnings announcement and supporting slide deck on our investor relations website. During this call, we will make forward-looking statements about our business outlook, strategies and long-term goals. Keep in mind that forward-looking statements are not guarantees of future performance and are subject to a variety of risks and uncertainties, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements.

現在，所有人都應該可以在我們的投資者關係網站上查看我們的獲利公告和相關幻燈片。在本次電話會議中，我們將對我們的業務前景、策略和長期目標發表前瞻性聲明。請注意，前瞻性陳述並非對未來績效的保證，並且受到各種風險和不確定因素的影響，其中一些風險和不確定因素是我們無法控制的。我們的實際結果可能與任何前瞻性聲明中反映的預期有重大差異。

For discussion of risks and other important factors that could affect our actual results, please refer to our SEC filings available on our SEC website and our investor relations website.

有關可能影響我們實際績效的風險和其他重要因素的討論，請參閱我們在美國證券交易委員會網站和投資者關係網站上提供的美國證券交易委員會文件。

We specifically disclaim any intent or obligation to update these forward-looking statements except as required by law.

除法律要求外，我們特此聲明，我們不承擔任何更新這些前瞻性聲明的意圖或義務。

For the benefit of those who may be listening to the replay or archive webcast, this call was held on November 6, 2025. Since then, we may have made announcements related to the topics discussed, so please refer to the company's most recent press releases and SEC filings.

為了方便那些可能正在收聽重播或存檔網路直播的人，本次電話會議於 2025 年 11 月 6 日舉行。此後，我們可能已就所討論的主題發布了公告，請參閱公司最新的新聞稿和提交給美國證券交易委員會的文件。

We'll also discuss non-GAAP financial measures alongside those prepared in accordance with GAAP. Non-GAAP financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with GAAP.

我們也將討論非GAAP財務指標以及依照GAAP編製的財務指標。非公認會計準則財務指標應作為補充資料考慮，但不能取代依照公認會計準則編製的資訊。

You can find a reconciliation of these measures to our GAAP results in our earnings presentation on our industrial relations website. And finally, today's call is being webcasted from our investor relations website, and an audio replay will be available shortly. With that, I will now turn it over to Doug.

您可以在我們的勞資關係網站上的獲利報告中找到這些措施與我們 GAAP 結果的核對錶。最後，今天的電話會議將在我們的投資者關係網站上進行網路直播，音訊回放也將很快提供。接下來，我將把麥克風交給道格。

Good afternoon, everyone, and thank you for joining us today.

各位下午好，感謝各位今天參加我們的節目。

Our third quarter revenue was in line with guidance, but when we look deeper into the data, we see that several key markets continue to feel the impact from price and margin compression, and in some cases these issues appear to be worsening.

我們第三季的收入符合預期，但當我們深入研究數據時，我們發現幾個主要市場繼續感受到價格和利潤率壓縮的影響，在某些情況下，這些問題似乎正在惡化。

For example, the average retail flower prices based on state published data are down roughly 9% year over year in California and more than 20% in Michigan.

例如，根據各州公佈的數據，加州的平均零售鮮花價格年減約 9%，密西根州的平均零售鮮花價格較去年同期下降超過 20%。

These headwinds have weighed on our client profitability and overall industry health, affecting all participants in the ecosystem, including spend on our platform, while clients wait for the decline to bottom out.

這些不利因素對我們的客戶獲利能力和整個產業的健康狀況造成了影響，影響了生態系統中的所有參與者，包括在我們平台上的支出，而客戶則在等待下滑觸底反彈。

Further, in some of these same markets, regulatory challenges and tax increases are magnifying the impact of these commercial forces. For instance, Michigan just added a wholesale excise tax of 24% on top of an existing 10% retail excise and 6% sales tax.

此外，在某些市場中，監管挑戰和稅收增加正在加劇這些商業力量的影響。例如，密西根州剛剛在現有的 10% 零售消費稅和 6% 銷售稅的基礎上，又增加了 24% 的批發消費稅。

This continues an unfortunate trend of elected officials viewing the cannabis industry as an unlimited revenue source to fill budget shortfalls, despite the inevitable declines in market health caused by these policies. And while the state level battles wage on, we have continued uncertainty at the federal level as we await clarity on the future of federal regulation of intoxicating hemp and for any progress on rescheduling cannabis.

這延續了一種不幸的趨勢，即民選官員將大麻產業視為填補預算缺口的無限收入來源，儘管這些政策不可避免地導致市場健康狀況下降。儘管各州之間的鬥爭仍在繼續，但聯邦層面仍存在不確定性，我們仍在等待有關聯邦對致幻大麻的監管未來以及大麻重新分類方面取得任何進展的明確情況。

We expect that these combined market and regulatory pressures will culminate in a continued and perhaps accelerating industry consolidation which forces us to re-evaluate our client profile and how we can best provide value to our clients for the long-term.

我們預計，這些市場和監管壓力的綜合作用將導致產業持續整合，甚至可能加速整合，這將迫使我們重新評估我們的客戶群體，以及如何為客戶的長期發展提供最佳價值。

If the cannabis industry continues on its current trajectory, we think it may soon look like the beer industry with a handful of large conglomerates and many small artisan brands.

如果大麻產業繼續按照目前的發展軌跡發展，我們認為它很快就會像啤酒產業一樣，出現少數幾家大型企業集團和許多小型手工品牌。

In anticipation about the potential future, we are being increasingly selective with who we align ourselves with for the long-term. In some cases, this means foregoing near term revenue in order to improve our long-term prospects.

考慮到未來可能出現的情況，我們在選擇長期合作夥伴時越來越謹慎。在某些情況下，這意味著放棄短期收入以改善我們的長期前景。

But these changes, challenges, and uncertainties also present potential opportunities. While we have been critical of the federal hemp loophole and long expected federal action to close it, we seem to be at an inflection point.

但這些變化、挑戰和不確定性也蘊含著潛在的機會。雖然我們一直批評聯邦政府的大麻漏洞，並長期以來一直期待聯邦政府採取行動來堵住這個漏洞，但現在看來，我們正處於一個轉折點。

If Congress is not able to come up with a solution to outlaw or meaningfully regulate intoxicating hemp in the next quarter or two, we believe it will be viewed by the industry as de facto cannabis legalization. In that case, we stand ready to serve that market segment which could present a substantial growth opportunity.

如果國會在一兩個季度內無法找到取締或有效監管致幻大麻的解決方案，我們認為這將被業界視為事實上的大麻合法化。在這種情況下，我們已做好準備服務於該細分市場，該市場可能蘊藏著巨大的成長機會。

Similarly, while rescheduling of cannabis is unlikely to have an immediate impact on our business, such a significant move at the federal level might signal more substantial changes on the horizon that we are able to capitalize on by expanding the areas in which we can operate in a compliant fashion.

同樣，雖然大麻的重新分類不太可能對我們的業務產生直接影響，但聯邦層面的這一重大舉措可能預示著未來將出現更實質性的變化，我們可以利用這些變化，擴大我們合規經營的領域。

Control what we can't control has been our mantra for years now. There are many areas of the business where we see opportunity and have realized improvements. To that end, we are pleased with our performance in newer markets and seeing nice growth in both engagement and revenue, though currently not enough to offset losses from larger declining legacy markets.

多年來，我們的座右銘一直是「控制我們無法控制的事情」。在業務的許多領域，我們看到了機會並實現了改進。為此，我們對在新興市場的表現感到滿意，並在用戶參與和收入方面都看到了良好的成長，儘管目前還不足以彌補傳統大市場下滑造成的損失。

We have identified regions that we have deprioritized and now have the foundation, budget, and bandwidth to get after, which includes international markets.

我們已經確定了一些不再優先考慮的地區，現在我們有了足夠的資源、預算和能力去開拓這些地區，其中包括國際市場。

We continue to focus on developing our brand's offering to better align with the state of the industry. We must also continue our efforts with growth with MSOs and an unlimited license states which they have consolidated and dominated.

我們將繼續專注於提升品牌產品和服務，以更好地適應產業發展趨勢。我們還必須繼續努力與MSO（多系統運營商）和無限許可證州（他們已經鞏固並主導了這些州）實現成長。

If we succeed in these areas and continue our operational discipline, we will continue to build and add to our balance sheet, which remains a strong area for us.

如果我們在這些領域取得成功，並繼續保持營運紀律，我們將繼續壯大並改善我們的資產負債表，這仍然是我們的優勢領域。

At the same time, we have our eyes on the horizon and are planning for how to take advantage of the many potential future states of the industry, some of which could begin to take shape soon as we move through this pivotal moment.

同時，我們著眼於未來，正在規劃如何利用該行業未來可能出現的多種發展態勢，其中一些態勢可能在我們度過這個關鍵時刻後很快就會開始顯現。

As we look ahead, our focus is on balancing near-term execution with long-term opportunity.

展望未來，我們的重點是平衡近期執行和長期機會。

The cannabis industry continues to evolve, and while timing around regulatory process remains uncertain, the underlying demand and consumer adoption trends remain strong. We believe this creates an opportunity for weed maps to play an even greater role in shaping how the legal cannabis economy operates.

大麻產業持續發展，雖然監管流程的時間安排仍不確定，但潛在的需求和消費者接受趨勢仍然強勁。我們認為這將為大麻地圖在塑造合法大麻經濟運作方式方面發揮更大的作用創造機會。

We're proud of the consistency of our execution and the resilience of our platform, even in a challenging environment. None of this would be possible without our teams and partners who continue to deliver every day. With that, I'll turn it over to Susan.

即使在充滿挑戰的環境下，我們也為我們執行力的穩定性以及平台的韌性感到自豪。如果沒有我們團隊和合作夥伴每天的辛勤付出，這一切都不可能實現。這樣，我就把麥克風交給蘇珊了。

Thanks, Doug. Now turning to our Q3 financial performance. Revenue for the third quarter was $42.2 million, down 9% year over year, but in line with our expectations. The decline reflects continued softness across core markets, as Doug mentioned, where persistent pricing compression and margin pressure are weighing on clients' budgets and in turn their spend on our platform.

謝謝你，道格。現在來看看我們第三季的財務業績。第三季營收為 4,220 萬美元，年減 9%，但符合我們的預期。正如 Doug 所提到的，這一下滑反映了核心市場的持續疲軟，持續的價格壓縮和利潤壓力正在影響客戶的預算，進而影響他們在我們平台上的支出。

Revenue across all product categories declined year over year, with the majority of the decrease driven by featured and deal listings, with higher visibility placements that tend to be the first area clients scale back when budgets tighten. Given these industry challenges, we are pleased to have met our expected revenue goals for the quarter.

所有產品類別的收入同比下降，其中大部分下降是由特色商品和特價商品清單造成的，這些高曝光率的展示位置往往是客戶在預算收緊時首先縮減的領域。鑑於產業面臨的這些挑戰，我們很高興實現了本季的預期營收目標。

Average monthly paying clients increased 2% year over year to 5,221, up from 5,100 in the prior year period, reflecting continued client acquisition in developing markets partially offset by churn in more mature states.

平均每月付費客戶數量年增 2%，達到 5,221 人，高於上年同期的 5,100 人，這反映出在發展中市場持續獲得客戶，但部分被成熟市場的流失所抵消。

Average monthly revenue per paying client was 2,693, down 12% year over year, primarily reflecting overall revenue softness and the mixed shift towards newer clients that typically enter at lower spend levels.

每位付費客戶的平均月收入為 2,693，年減 12%，主要反映出整體收入疲軟以及新客戶（通常消費水準較低）的消費模式有所變化。

This dynamic underscores our strategic focus on client acquisition and retention, broadening the monetization base of our platform and laying the groundwork for future revenue expansion as these markets scale.

這種動態凸顯了我們對客戶獲取和留存的策略重點，擴大了我們平台的獲利基礎，並為這些市場規模擴大後的未來收入成長奠定了基礎。

Turning to expenses, GAAP operating expenses, including cost of revenues, totalled $40.2 million for the quarter, a 3% decrease from the prior year period.

再來看費用，本季 GAAP 營運費用（含營業成本）總計 4,020 萬美元，較上年同期下降 3%。

The year over year reduction was driven primarily by lower personnel-related costs across sales and marketing and product development, reflecting the continued benefits of our prior reorganization efforts and disciplined expense management. These savings were partially offset by higher media spend and event activity to support client acquisition and engagement initiatives.

與前一年相比，成本下降主要得益於銷售、行銷和產品開發等部門人員相關成本的降低，這反映了我們先前重組工作和嚴格的費用管理所帶來的持續效益。這些節省的部分成本被更高的媒體支出和活動投入所抵消，這些支出和活動是為了支持客戶獲取和互動計劃。

Our ability to manage costs effectively amid a softer revenue environment enabled us to remain profitable for the quarter, delivering net income of $3.6 million and adjusted EBITDA of $7.6 million.

在收入環境疲軟的情況下，我們有效控製成本的能力使我們能夠在本季度保持盈利，實現淨收入 360 萬美元，調整後 EBITDA 為 760 萬美元。

Profitability reflects our continued focus on expense discipline and operational efficiency, even as we selectively re-invest in areas that support long-term growth.

獲利能力反映了我們對成本控制和營運效率的持續關注，同時我們也選擇性地對支持長期成長的領域進行再投資。

Turning to the balance sheet, we ended the quarter with $62.6 million in cash, up 39% year over year, with Q3 representing our ninth consecutive quarter of positive cash generation.

從資產負債表來看，本季末我們擁有 6,260 萬美元現金，年增 39%，第三季是我們連續第九個季度實現正現金流。

We continue to operate with no debt, providing flexibility to navigate near-term market volatility while investing in strategic initiatives that enhance our platform and client value.

我們繼續保持零負債運營，這使我們能夠靈活應對近期市場波動，同時投資於能夠提升我們平台和客戶價值的策略性舉措。

Our share count across Class A&B common stock was $157.2 million as of September 30, 2025. A reconciliation of non-GAAP metrics to their nearest GAAP result, as well as details of our share classes and share count methodology are provided in our earnings presentation posted on our investor relations website.

截至 2025 年 9 月 30 日，我們的 A 類和 B 類普通股股份總數為 1.572 億美元。我們在投資者關係網站上發布的獲利簡報中提供了非GAAP指標與其最接近的GAAP結果的調節表，以及我們的股份類別和股份計數方法的詳細資訊。

Looking ahead to the fourth quarter, we expect revenue of $41 million to $43 million and adjusted EBITDA of $5 million to $7 million. This outlook reflects ongoing pressure in several mature markets coupled with planned investments across key initiatives as we balance near-term profitability with positioning the business for future growth opportunities.

展望第四季度，我們預計營收為 4,100 萬美元至 4,300 萬美元，調整後 EBITDA 為 500 萬美元至 700 萬美元。這項展望反映了幾個成熟市場持續面臨的壓力，以及我們在關鍵舉措方面計劃進行的投資，以平衡近期盈利能力和為未來成長機會做好準備。

With that, I'll turn the call back to the operator.

這樣，我就把電話轉回接線生了。

Thank you, Susan. This concludes today's call.

謝謝你，蘇珊。今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。