WM Technology, Inc.

Good afternoon, everyone, and welcome to WM Technology's first quarter 2026 earnings conference call. All participants will be in the 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. Please go ahead.

Good afternoon, and thank you for joining us to discuss our first quarter 2026 results. Today, 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 will 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 risks and uncertainties, some of which are beyond our control. Our actual results could differ materially from expectations reflected in any forward-looking statements. For a discussion of risk and other important factors that could affect our actual results, please refer to our SEC filings available on the 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 11th, 2026. Since then, we may have made announcements related to the topics discussed, so please refer to the company's most recent press releases or 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 GAAP results in our earnings release and presentation. Finally, today's call is being webcast from my investor relations website, and an audio replay will be available shortly. With that, I will now turn it over to Doug.

Good afternoon, everyone, and thank you for joining us today. I want to start by acknowledging the recent federal action to reschedule medical cannabis to Schedule 3. In April, the DOJ, through Acting Attorney General Todd Blanch, issued a final order moving FDA-approved marijuana products subject to state medical cannabis licenses from Schedule 1 to Schedule 3 under the Controlled Substances Act. This represents an important milestone for the cannabis industry, and a meaningful recognition of the role medical cannabis plays for patients across the country. Beyond this medical cannabis action, the broader federal rescheduling process remains ongoing, with the DEA expected to begin a new administrative hearing on June 29, 2026. At the same time, the full impact of these developments will take time to unfold. There are still important questions around implementation, how the benefits may flow through to operators, and what this could mean for the broader cannabis industry, including adult use markets. We view any progress at the federal level as constructive and are encouraged to continue to see continued movement toward a more rational regulatory framework for cannabis in the United States. At this time, we do not expect the risk scheduling to materially affect our operations. Even with that progress, the operating environment for cannabis businesses remain difficult. Operators continue to navigate price compression driven by oversupply and competition, pressure on consumer discretionary spending, elevated tax burdens, limited access to capital, and regulatory uncertainty across both federal and state markets. These pressures continue to impact client budgets, business stability, and the pace at which operators can invest for growth. In response, we remain focused on the fundamentals of our business, discipline execution, product innovation, marketplace strength, and maintaining the flexibility to support the industry as it evolves. Against that backdrop, we were pleased with our first quarter results, which came in in line with our revenue expectations and reflected another quarter of disciplined execution in a constrained environment. We continued to improve our platform, supported the clients and customers who rely on WeaveMaps, and reinforced the role our marketplace plays within the cannabis ecosystem. I also wanted to address our recent voluntary delisting from AdSense. As we have shared, this was a strategic decision intended to provide WeaveMaps with greater flexibility to pursue opportunities across the cannabis ecosystem. We serve a highly regulated industry and major UX exchange policies have continued to limit the scope of opportunities available to companies operating in and around cannabis. We believe this decision better aligns our company profile with the realities of the industry we serve and provides greater flexibility to execute against our long-term strategy. We are now free to put our balance sheet to work in two key ways. First, we may invest in strategic clients and partner companies across the cannabis supply chain to empower groups who have high conviction in the value of the WeedMaps ecosystem. And second, we plan to begin development and expansion of our technology platform and services into areas previously prohibited by NASA. We are incredibly excited about this strategic unlock and are focused on growth. As we think about the next phase of Weedmaps, our focus remains on building a platform that can better serve the full cannabis ecosystem, including retailers, brands, MSOs, and consumers. That means continuing to improve the core marketplace while investing in new products and capabilities that align with where the industry is headed. I would like to thank the team for their resilience in navigating the cannabis headwinds, largely with our arms tied behind our back. It has been a very long time coming, but with tailwinds from the rescheduling process and our strategic unlocks from our delisting, we are free to make the obvious bets that are long overdue. Our priorities remain clear. Allow our balance sheet and expanded capabilities to better serve our most engaged clients, continue to expand our marketplace and ecosystem, and continue operating with discipline while positioning the company for the next phase of the industry's evolution. With that, I will now turn it over to Susan.