WM Technology, Inc.

Good afternoon, everyone, and welcome to WM Technology, Inc.' 's first quarter 2025 earnings conference call. Our participants will be in a listen-only mode for the duration of the call. I would now like to turn the call over to your host, Simon Yao, Director of Investor Relations.

Good afternoon, and thank you for joining us today to discuss our first quarter 2025 results. We are joined by our CEO, Doug Francis, and our CFO, Susan Eckert. By now, everyone should have access to our earnings announcement and supporting slide deck on our investor relations website. During this call, we'll make forward-looking statements about our business outlook, strategies, and long-term goals. Keep in mind that forward-looking statements are not guarantees of future performance and are subject to a variety of risk and uncertainties. some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements. For discussion of risk and other important factors that could affect our actual results, please refer to our SEC filings available on our SEC website and our investor relations website. We specifically disclaim any intent or obligation to update these forward-looking statements except as required by law. For the benefit of those who may be listening to the replay or archive webcast, this call was held on May 8th, 2025. Since then, we may have made announcements related to the topics discussed, but please refer to the company's most recent press releases and SEC filings. We will also discuss non-GAAP financial measures alongside those prepared in accordance with GAAP. Non-GAAP financial measures should be considered in addition to, but not as a substitute for the information prepared in accordance with GAAP. You can find a reconciliation of these measures to our gap results in our earnings presentation on our investor relations website. And finally, today's call is being webcasted from our investor relations website, and an audio replay will be available shortly. With that, I will now turn it over to Doug.

Thanks, Simon, and thank you all for joining us today. We are proud of our first quarter results as we exceeded our Q1 guidance and grew revenue, adjusted EBITDA, and ending cash on a year-over-year basis. These results reflect focused execution in what continues to be a challenging environment for the cannabis industry. During our earnings call in March, I expressed concern about the harm that regulators have been doing to the industry with their inaction and ineffectiveness. The regulatory environment remains unchanged, and the outlook for the cannabis industry remains challenged by overtaxation and competition from unregulated hands. Some states have made overtures towards increased regulation of intoxicating hemp products, but while there has been a lot of noise, there has been little progress. In the last couple of months, we have also started facing a new source of murkiness from tariffs, which have the potential to increase our clients' operating costs at a time when consumers are likely to be more price sensitive, leading to further compression of already set margins. While some in the industry are expressing optimism about the directional signals related to the current administration's view of cannabis, we only see headlines and mixed signals, and therefore operating with the assumption that there is no relief in sight in terms of federal regulation around taxes, banking, or rescheduling. However, we remain hopeful that there will be movement and are ready to support the administration's efforts when the time comes. Fabrizio's polling report was clear. The vast majority of Americans in both parties want federal legalization. This is an 80-20 issue, and hopefully the current administration takes the 80 in the near term. The commercial impact of these regulatory hurdles has magnified the existing market forces that are creating challenges for operators. In mature markets, industry data continues to show decreasing retail prices, and that, when coupled with the lack of regulatory relief on operating costs, leads to reduced cash flow for our clients, thus ultimately decreasing their ability to buy our services. While emerging markets have shown potential, they remain subscale in the overall industry picture, and their growth generally does not make up for the challenges in the more mature markets. Against this backdrop, I am pleased with how our team is executing. We've remained disciplined and intentional on how we run the business, keeping our cost structure lean, focused on ROI-driven investments, and continuing to generate cash, even as many in the industry face mounting challenges. We continue to grow our client base, especially in underpenetrated markets, while helping existing clients better navigate today's dynamics. Our marketplace remains a vital resource for both consumers and businesses, and we remain committed to delivering technology and data solutions that create transparency, drive efficiency, and unlock value across the ecosystem. I'd like to highlight two areas that give me optimism about our long-term potential. First, our technology and product development organization has made meaningful progress under our new CTO. In Q1, we focused on foundational improvements to our data infrastructure and automation, including better use of machine learning and AI. We also made significant headway in enhancing our product catalog, taxonomy, and search capabilities, which laid the groundwork for the next generation of ad products and marketplace innovation. Second, we restructured our marketing organization in Q1 and are beginning to see the early impact. The team is working to reconnect with our heritage as a brand synonymous with the cannabis culture and community. A great example was our 420 activations this year, which felt true to who we are and where we're heading. There's more work to do, but I'm excited about what's coming from this group in the quarters ahead. We're building for the long term, staying close to our customers, operating with discipline, and positioning ourselves to lead as the industry matures. With that, I'll turn it over to Susan to walk through the financial results in more detail.