Core Insights - ProStar Holdings Inc. has formed a global distribution partnership with Bad Elf, LLC to bundle ProStar's PointMan software with Bad Elf's high-precision GNSS receivers for worldwide sales [1][2][3] Company Overview - ProStar is a leading provider of geospatial intelligence technologies, aiming to become the global standard for mapping and managing critical infrastructure [6] - The company's flagship products, PointMan and LinQD, enhance infrastructure mapping and management by providing accurate, accessible, and connected solutions [7] - ProStar has a growing global customer base that includes Fortune 500 corporations, leading construction and engineering firms, utilities, municipalities, and U.S. Departments of Transportation [8] - The company holds an extensive intellectual property portfolio with 16 issued patents in the United States and Canada, reinforcing its leadership in precision mapping technologies [9] Partnership Details - The partnership with Bad Elf addresses the increasing demand for complete mapping solutions in the utility and critical infrastructure sectors [2] - By combining Bad Elf's advanced GNSS receivers with ProStar's precision mapping solution, the collaboration aims to provide a cost-effective and comprehensive mapping solution for utility owners, contractors, municipalities, and engineering firms [2][3] - This collaboration is expected to broaden ProStar's reach to tens of thousands of potential customers through a global distribution network [4]

Core Insights - ProStar Holdings Inc. has launched LinQD™, a next-generation open API data exchange platform aimed at improving the management of critical infrastructure [1][4] - LinQD™ integrates fragmented systems into a single cloud-based platform, enhancing interoperability and efficiency by combining legacy systems with emerging technologies like AI and AR [3][4] - The platform aims to eliminate data silos, providing stakeholders with instant access to improved geospatial intelligence and mission-critical data [3][4] Company Overview - ProStar Geocorp is a leading provider of geospatial intelligence technologies, focusing on mapping and managing critical infrastructure through its Software-as-a-Service (SaaS) solutions [6][8] - The company has a growing global customer base, including Fortune 500 companies, construction firms, utilities, and government agencies, and has established strategic alliances with global technology leaders [8] - ProStar holds an extensive intellectual property portfolio with 16 issued patents in the United States and Canada, reinforcing its leadership in precision mapping technologies [8] Product Features - LinQD™ with PointMan provides quantitative data from multiple sources, enabling informed decision-making for engineers, construction crews, and asset owners [5] - The platform allows for real-time data exchange across a unified technology ecosystem, creating new revenue channels through strategic partner integrations and enterprise subscriptions [5][7] - ProStar's flagship products streamline the management of both above-ground and subsurface infrastructure, reducing risk and improving efficiency in complex environments [7]

Core Insights - A portion of the investment portfolio is allocated to companies categorized as "higher risk" [1] Group 1 - The investment strategy includes a specific allocation towards higher risk companies [1]

Core Insights - Cannabis stocks experienced a significant surge following President Trump's endorsement of CBD's health benefits for seniors, suggesting potential Medicare coverage and a transformative impact on senior healthcare [1][2]. Industry Overview - The market interpreted Trump's video as a tacit approval of CBD and possibly cannabis, with bipartisan support for federal-level cannabis legalization, indicating a strategic move for the president ahead of the midterm elections [2]. Company Analysis: WM Technology (MAPS) - WM Technology operates Weedmaps, a consumer platform for cannabis products, and Weedmaps for Business, a B2B software solution, generating revenue primarily from monthly subscriptions [5][6]. - MAPS stock rose approximately 17% post-video release but faced resistance at $1.35, with a potential retest at $1.25 expected [6]. - The company's revenue peaked at $215.5 million in 2022 but has since declined to $184.5 million, with profits projected to be lower in 2024 compared to 2020 [7]. - Despite the decline, WM Technology maintains a rising net cash balance and profitability, distinguishing it from other cannabis stocks that are cash-burning [7]. - Only one analyst covers MAPS stock, with a price target exceeding twice the current price [8].

Financial Performance - WM Technology, Inc. reported Q2 2025 sales of $44.8 million, a slight decrease from $45.9 million in the previous year, attributed to lower revenues from Weedmaps for Business and featured listings, partially offset by increased ad solution revenues [1] - Adjusted EBITDA increased by 16% to $11.7 million, while net income surged by 81% to $2.2 million [1] - The average monthly revenue per client decreased from $3,033 to $2,852, but the average number of monthly paying clients rose from 5,045 to 5,241 [1] - Cash reserves grew to $59 million, with no debt on the balance sheet [1] Future Projections - Adjusted EBITDA is expected to be between $5 million and $7 million for the upcoming quarter [1] - Q3 sales projections are estimated to be between $41 million and $43 million [1] Strategic Insights - CEO Doug Francis highlighted growth from emerging market clients and emphasized solid cash flow and effective execution despite challenging cannabis market conditions [2] - The company maintains capital flexibility and a debt-free status, balancing investment and cost control to position itself for long-term growth amid industry consolidation and price deflation [2] - WM Technology, Inc. is recognized as one of the best marijuana stocks to buy according to analysts [2]

Group 1 - Alan Brochstein is a pioneer in the cannabis investment sector, having focused exclusively on this industry since 2007 [1] - He founded AB Analytical Services to provide independent consulting to registered investment advisors [1] - Brochstein is the managing partner of New Cannabis Ventures, which has been a key provider of financial information in the cannabis industry since 2015 [1] Group 2 - Alan has led the investing group 420 Investor since 2013, which focuses on publicly-traded cannabis stocks [2] - The group covers 20 stocks, providing investment news, earnings report previews, and post-report analyses [2] - Additional features of the group include a model portfolio, 10 weekly videos with chart analysis, 3 weekly summary pieces, a monthly newsletter, and a chat for questions [2]

Core Viewpoint - ProStar Holdings Inc. and JAVAD GNSS have entered into a global distribution agreement to bundle ProStar's PointMan Precision Mapping Solutions with JAVAD's high-precision GNSS receivers, enhancing the utility industry's access to integrated precision mapping solutions [1][2][5] Company Overview - ProStar is a software company specializing in cloud and mobile mapping solutions for critical infrastructure, with its flagship product, PointMan, designed to manage above- and below-ground assets [7] - JAVAD GNSS is recognized for its patented multi-constellation, multi-frequency GNSS technology, primarily serving demanding industries such as aerospace and defense [6] Strategic Partnership - The partnership aims to address the increasing demand for integrated precision mapping solutions in the utility sector, allowing users to capture and visualize underground infrastructure with centimeter accuracy [2][3] - By bundling PointMan with JAVAD's hardware, both companies are moving towards providing a comprehensive end-to-end solution, enhancing safety, compliance, and operational efficiency [3][5] Market Context - The utility industry faces challenges such as aging networks and the need to transition from outdated paper-based workflows, making the bundled solution timely and relevant [3] - The collaboration is seen as part of a broader trend where hardware manufacturers recognize the value of integrating software solutions to enhance customer offerings [5]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $44.8 million, representing a decline of 2% from the prior year period, primarily driven by lower revenue from featured and deal listings products [16] - Net income for Q2 was $2.2 million, and non-GAAP adjusted EBITDA was $11.7 million, reflecting an increase of 8116% from the prior year period [20] - Average monthly paying clients increased by 4% to 5,241, up from 5,045 in the prior year period [17] - Average monthly revenue per paying client declined by 6% to $2,852 compared to $3,033 a year ago [18] - GAAP operating expenses totaled $42.9 million for Q2, a decrease of approximately $1.8 million or 4% versus the prior year period [19] Business Line Data and Key Metrics Changes - Revenue decline was partially offset by an increase in display advertising revenue, reflecting efforts to retain and reallocate clients' marketing budgets [16] - The decline in average monthly revenue per paying client was attributed to reduced spending from existing clients in mature markets and onboarding new clients at lower initial spend levels [18] Market Data and Key Metrics Changes - Ongoing market headwinds in key markets, particularly California, where the excise tax was increased to 19% of sales, impacting client margins and discretionary marketing spend [7][9] - Emerging markets like New York showed positive trends with accelerated client onboarding, indicating potential growth opportunities [10] Company Strategy and Development Direction - The company is focused on maintaining operational discipline and investing in long-term initiatives despite market challenges [5][21] - Plans to launch new products and expand premium placement opportunities for brands, aiming to offset revenue headwinds from legacy markets [11][12] - The company is also working on a new online head shop, Hetty, and expanding AI and ML capabilities to enhance product data standardization [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the structural challenges in the cannabis industry and emphasized the importance of playing the long game [5] - Despite ongoing pressures, the company remains committed to disciplined execution and sustaining profitability while navigating near-term uncertainties [21] - The outlook for Q3 revenue is expected to be approximately $41 million to $43 million, with non-GAAP adjusted EBITDA in the range of $5 million to $7 million [21] Other Important Information - The company ended the quarter with $59 million in cash, marking its eighth consecutive quarter of cash growth and operating with no debt [20] - Legislative uncertainties regarding the hemp market are being monitored, with potential impacts on product offerings [12][13] Q&A Session Summary - No specific questions or answers were provided in the content regarding the Q&A session.

WM Technology, Inc. Q2 2025 Results August 7, 2025 Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to WM Technology, Inc. ("WM", the "Company", "we", "us", "our") and for no other purpose. References in this presentation to the "10- Q" refer to the Quarterly Report on Form 10-Q for the period ended June 30, 2025 to be filed with the Securities and Exchange Commission (the "SEC"). No repres ...

[Part I - Financial Information](index=5&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents WM Technology, Inc.'s unaudited condensed consolidated financial statements for Q2 and H1 2025, including balance sheets, operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$188.1 million** by June 30, 2025, driven by cash, while liabilities slightly decreased and stockholders' equity grew Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $77,404 | $69,512 | | Cash | $58,951 | $51,966 | | **Total Assets** | **$188,066** | **$181,866** | | **Total Current Liabilities** | $32,200 | $30,433 | | **Total Liabilities** | **$60,061** | **$61,799** | | **Total Stockholders' Equity** | **$128,005** | **$120,067** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenues slightly decreased to **$44.8 million**, while net income attributable to WM Technology, Inc. increased to **$1.4 million** year-over-year Q2 2025 vs Q2 2024 Statement of Operations (in thousands) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $44,847 | $45,903 | | Operating Income | $1,969 | $1,231 | | Net Income | $2,159 | $1,194 | | Net Income attributable to WM Technology, Inc. | $1,427 | $716 | | Diluted EPS | $0.01 | $0.01 | Six Months Ended June 30, 2025 vs 2024 Statement of Operations (in thousands) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenues | $89,459 | $90,292 | | Operating Income | $4,616 | $4,992 | | Net Income | $4,653 | $3,153 | | Net Income attributable to WM Technology, Inc. | $3,074 | $1,956 | | Diluted EPS | $0.03 | $0.02 | [Condensed Consolidated Statements of Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) Total stockholders' equity increased to **$128.0 million** by June 30, 2025, driven by net income and stock-based compensation - Total WM Technology, Inc. stockholders' equity grew from **$36.1 million** at year-end 2024 to **$52.7 million** as of June 30, 2025[25](index=25&type=chunk) - During the first six months of 2025, **5 million** Class V Common Stock shares were exchanged for Class A Common Stock shares[25](index=25&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities was **$16.7 million** for H1 2025, contributing to a **$7.0 million** increase in cash balance to **$59.0 million** Six Months Ended June 30 Cash Flow Summary (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $16,725 | $20,054 | | Net cash used in investing activities | $(6,493) | $(7,140) | | Net cash used in financing activities | $(3,247) | $(5,972) | | **Net increase in cash** | **$6,985** | **$6,942** | | **Cash – end of period** | **$58,951** | **$41,292** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details significant accounting policies, including revenue recognition, fair value measurements, commitments, contingencies, stock-based compensation, and subsequent events - The company operates a leading online cannabis marketplace (Weedmaps) and provides a suite of SaaS solutions (Weedmaps for Business) for cannabis retailers and brands[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - For the six months ended June 30, 2025, approximately **56%** of the Company's revenues originated in California, indicating a significant geographic concentration[110](index=110&type=chunk) - The company settled an SEC investigation in Q3 2024 regarding its historical reporting of monthly active users (MAUs) by paying a civil penalty of **$1.5 million**, without admitting or denying the findings[119](index=119&type=chunk)[120](index=120&type=chunk) - A loss contingency of **$2.3 million** was recorded in Q2 2025 due to a probable shortfall in the minimum purchase obligation under an agreement with AWS[123](index=123&type=chunk)[124](index=124&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial performance, noting a **2%** revenue decrease to **$44.8 million** and a net income increase to **$2.2 million**, alongside changes in client metrics Q2 2025 Financial Highlights | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenues | $44.8 million | $45.9 million | | Net Income | $2.2 million | $1.2 million | | Adjusted EBITDA | $11.7 million | $10.1 million | | Average monthly paying clients | 5,241 | 5,045 | | Average monthly revenues per paying client | $2,852 | $3,033 | - The decrease in average monthly revenue per paying client was primarily due to spending declines in established markets driven by industry challenges like price deflation and consolidation[201](index=201&type=chunk) - The increase in average monthly paying clients was driven by new client acquisitions in developing markets, which partially offset churn in more established markets[204](index=204&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) Q2 2025 revenues decreased **2%** due to lower product spending, while total costs and expenses decreased **18%**, despite a **12%** increase in G&A from an AWS contract contingency - Q2 2025 revenues decreased by **$1.1 million (2%)** YoY, primarily from a **$1.4 million** drop in Featured Listing and WM Deal products[243](index=243&type=chunk) - Sales and marketing expenses in Q2 2025 decreased by **$2.2 million (19%)** YoY, mainly due to a **$2.1 million** reduction in advertising expenses[247](index=247&type=chunk) - Product development expenses in Q2 2025 decreased by **$2.1 million (22%)** YoY, driven by a **$1.9 million** reduction in personnel-related costs[248](index=248&type=chunk) - General and administrative expenses in Q2 2025 increased by **$2.2 million (12%)** YoY, primarily due to a **$2.3 million** loss contingency for the AWS minimum commitment, partially offset by a **$1.5 million** decrease in SEC settlement costs[249](index=249&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$59.0 million** in cash and **$45.2 million** in working capital, with **$16.7 million** net cash from operations for H1 2025 Liquidity Position (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash | $58,951 | $51,966 | | Working Capital | $45,204 | $39,079 | Six Months Ended June 30 Cash Flow Summary (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $16,725 | $20,054 | | Net cash used in investing activities | $(6,493) | $(7,140) | | Net cash used in financing activities | $(3,247) | $(5,972) | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, WM Technology, Inc. is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, WM Technology, Inc. is not required to provide quantitative and qualitative disclosures about market risk[280](index=280&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to ongoing material weaknesses in internal control over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were not effective as of June 30, 2025, due to ongoing material weaknesses[283](index=283&type=chunk) - Ongoing material weaknesses include deficiencies in the control environment, risk assessment, and monitoring activities, which contributed to weaknesses in IT general controls and process-level controls[288](index=288&type=chunk) - Specific unremediated weaknesses from prior years include ineffective IT general controls for key financial systems and ineffective process-level controls related to order-to-cash, procure-to-pay, capitalized software, payroll, and income tax cycles[289](index=289&type=chunk)[290](index=290&type=chunk) - Remediation efforts are in progress, including improving revenue recognition controls, segregating access in the ERP system, hiring key personnel, and implementing a new ERP system[291](index=291&type=chunk)[292](index=292&type=chunk) [Part II - Other Information](index=51&type=section&id=Part%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference Note 5, detailing ongoing litigation including shareholder class action and derivative actions related to historical MAU reporting - The company is facing a putative shareholder class action (Seret Ishak v. WM Technology, Inc. et al.) alleging material misrepresentations regarding historical MAU reporting[114](index=114&type=chunk) - Two shareholder derivative actions (DeGennaro v. Francis, et. al and Pearson v. Francis, et. al), which have been consolidated and stayed, were filed against board members and officers, also related to MAU reporting[117](index=117&type=chunk)[118](index=118&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the 2024 Form 10-K - There have been no material changes to the risk factors previously disclosed in the 2024 Form 10-K[294](index=294&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[295](index=295&type=chunk) [Item 3. Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[296](index=296&type=chunk) [Item 4. Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[297](index=297&type=chunk) [Item 5. Other Information](index=51&type=section&id=Item%205.%20Other%20Information) The company reported no other information under this item - None[298](index=298&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including Certificate of Incorporation, Bylaws, officer certifications, and XBRL data files