WM Technology restates 2023 quarterly results due to revenue recognition error; reports Q1 2024 net income of $2.0M

WM TECHNOLOGY, INC.

Non-reliance on Q1, Q2, Q3 2023 financials; revenue overstated by $1.6M, $4.0M, $5.1M respectively with no impact to operating or net income.
Q1 2024 net income of $2.0M vs net loss of $4.0M YoY; Adjusted EBITDA $9.6M vs $7.1M YoY.
Q1 2024 revenue $44.4M down 4% YoY; average monthly paying clients 4,937 (-13% YoY).
Cash $35.7M as of March 31, 2024, up 38% from $25.9M a year ago.
Company now current on SEC and Nasdaq periodic reporting requirements with filings of 10-K and 10-Q.

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