WM Technology, Inc. (NASDAQ: MAPS) disclosed today that it will postpone the filing of its annual report for the fiscal year ended December 31, 2023. The technology firm, known for its cannabis marketplace, cited recent changes in its executive finance team as the reason for the delay in preparing financial statements for inclusion in the Form 10-K.
The company also announced that during the preparation of its financial statements, it discovered material weaknesses in its internal controls over financial reporting. These weaknesses pertain to the maintenance of control environment components, risk assessment, mitigation controls, and IT controls.
Despite these issues, WM Technology provided preliminary financial results for 2023. The company expects revenue to fall between approximately $185 million and $195 million, with adjusted EBITDA anticipated to be in the range of $33 million to $37 million. Moreover, the firm reported an approximate 20% increase in cash on hand, with $34 million as of December 31, 2023, up from $28.6 million the previous year.
Executive Chair Doug Francis expressed confidence in the company's strategic direction and the recent appointment of Susan Echard as interim CFO. He acknowledged industry headwinds anticipated in 2024 but remained optimistic about the opportunities presented by state-by-state cannabis legalization and changing federal attitudes.
The preliminary financial figures are unaudited and unreviewed, and the company's independent accounting firm has not performed any procedures or provided any opinion on these results. WM Technology emphasized that these figures are based on information currently available and that the actual results may vary once the financial statements are finalized for the Form 10-K.
This announcement is based on a press release statement and serves to inform investors of the current status of WM Technology's financial reporting and outlook. The company is working to finalize its financial statements and file the required annual report as soon as possible.
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