WM Technology Q3 net loss $10.5M; CEO Chris Beals resigns

WM TECHNOLOGY, INC.

Revenue $50.5M, flat vs $50.9M in Q3 2021; monthly paying clients up 25% to 5,576 but ARPU down 21% to $3,019.
Net loss of $10.5M vs net income of $49.2M a year ago; adjusted EBITDA loss of $9.6M vs positive $10.4M.
Basic and diluted loss per share $0.06; cash $34.2M with no long-term debt.
CEO Chris Beals resigned as CEO and director effective Nov 7; interim CEO is co-founder and Executive Chair Doug Francis.
Separation agreement includes 12-month base salary severance, one-year COBRA, target bonus, and vesting of 292,969 RSUs.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Chris Beals

Chief Executive Officer and director

MAPS · WM TECHNOLOGY, INC.

Effective: 2022-11-07
Filed: November 7, 2022, 6:59 PM ET

On November 3, 2022, Chris Beals, the Company’s Chief Executive Officer and director, tendered his resignation from his role as Chief Executive Officer and from the Board of Directors, effective November 7, 2022.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WM TECHNOLOGY, INC. reported the third quarter ended September 30, 2022 results: revenue $50.5 million, net income $10.5 million, EPS $0.06.

Period: the third quarter ended September 30, 2022
Revenue: $50.5 million
Net income: $10.5 million
EPS: $0.06
Result: reported results

Exact text from the filing

Revenue was $50.5 million as compared to $50.9 million in the third quarter of 2021.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Chris Beals resigned as Chief Executive Officer and director at WM TECHNOLOGY, INC..

Action: resigned
Role: Chief Executive Officer and director

Exact text from the filing

On November 3, 2022, Chris Beals, the Company’s Chief Executive Officer and director, tendered his resignation from his role as Chief Executive Officer and from the Board of Directors, effective November 7, 2022.

View on SEC.gov

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WM TECHNOLOGY, INC. filing history →

Source: SEC EDGAR

accession 0001779474-22-000081

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