secwatch.observer — SEC 8-K summary
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Issuer:     WM TECHNOLOGY, INC. (MAPS)
CIK:        0001779474
Form:       8-K
Filed at:   2024-05-24T23:59:59+00:00
Accession:  0001779474-24-000021
Event type: other_material
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1779474/000177947424000021/0001779474-24-000021-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1779474/000177947424000021/maps-20240520.htm
  HTML page:      https://secwatch.observer/filing/0001779474-24-000021

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer