WM Technology (MAPS) Q4 2024 earnings summary

Executive summary

• Achieved sequential growth and profitability in Q4 2024, with revenue of $47.7 million and adjusted EBITDA of $11.9 million; full-year revenue was $184.5 million and adjusted EBITDA $42.9 million.

• Ended 2024 with a debt-free balance sheet and $52 million in cash, reflecting strong operational discipline and cash growth.

• Net income for Q4 2024 was $3.7 million, reversing a net loss of $11.2 million in Q4 2023; full-year net income was $12.2 million, compared to a net loss of $15.7 million in 2023.

• Welcomed a new CTO, Sarah Griffiths, to drive technology improvements and marketplace enhancements.

• Achieved ninth consecutive quarter of Adjusted EBITDA profitability and returned to full-year net income profitability for 2024.

Financial highlights

• Q4 revenue increased 3% year-over-year to $47.7 million, driven by deal listings and display ad growth, partially offset by lower featured listings and product sunsets.

• Adjusted EBITDA margin improved to 25% in Q4 and 23% for the full year.

• Generated $36.7 million in cash from operations in 2024, up from $22.9 million in 2023.

• Capital expenditures and capitalized software totaled $11.6 million in 2024.

• Q4 net income was $3.7 million, compared to a net loss of $11.2 million in Q4 2023, reflecting the absence of prior year impairment charges.

Outlook and guidance

• Q1 2025 revenue expected to be approximately $43–44 million, with non-GAAP adjusted EBITDA around $7 million.

• Strategic investments planned in technology and marketing to support long-term growth.