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WM Technology, Inc.

WM Technology, Inc.

NASDAQ•MAPS
CEO: Mr. Douglas Francis
Sector: Technology
Industry: Software - Application
Listing Date: 2019-10-01
WM Technology, Inc. provides ecommerce and compliance software solutions to retailers and brands in cannabis market in the United States and internationally. The company offers Weedmaps marketplace that allows cannabis users to search for and browse cannabis products from retailers and brands, and reserve products from local retailers; and education and learning information to help newer consumers learn about the types of products to purchase. It also provides monthly subscription-based business software solutions, including WM Listings, WM Orders, WM Store, WM Connectors, and WM Insights as well as other add-on products, such as WM Ads and WM Dispatch. The company was founded in 2008 and is headquartered in Irvine, California.
Contact Information
41 Discovery, Irvine, CA, 92618, United States
844-933-3627
weedmaps.com
Market Cap
$89.02M
P/E (TTM)
11.3
70.7
Dividend Yield
--
52W High
$1.48
52W Low
$0.72
52W Range
14%
Rank42Top 47.5%
3.9
F-Score
Modified Piotroski Analysis
Based on 8-year fundamentals
Weak • 3.9 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2018-2025

Financial Dashboard

Q3 2025 Data

Revenue

$42.18M-9.40%
4-Quarter Trend

EPS

$0.02-41.69%
4-Quarter Trend

FCF

$0.00-100.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Income Rises Net income attributable to Class A holders reached $5.53M for nine months, up $0.25M compared to $5.29M last year.
Paying Client Base Grows Average monthly paying clients increased 4% to 5,214 for nine months, showing user acquisition strength despite market headwinds.
Cash Position Strengthened Cash reserves grew $10.6M to $62.6M by September 30, 2025, supporting operations and strategic future acquisitions.
Accumulated Deficit Improved Accumulated deficit narrowed by $5.5M to ($51.3M) as of September 30, 2025, reflecting better cost management.

Risk Factors

Revenue Declines 4% Nine-month revenues fell 4% to $131.6M, driven by pricing pressure compressing client operating margins across core markets.
Operating Income Drops Operating income decreased 35.5% to $6.58M for nine months, indicating margin compression from cost structure changes.
Internal Control Weaknesses Material weaknesses in IT general controls and process-level controls remain unremediated, impacting financial reporting reliability.
Ongoing Litigation Exposure Securities class action and derivative lawsuits remain pending, posing potential financial damages and reputational harm risks.

Outlook

Platform Investment Strategy Plans include focused organic/inorganic investments to enhance data assets and evolve current listings and software offerings.
Expanding Market Penetration Intent to increase brand awareness investment and expand business listings to capture growth in new and existing markets.
ERP System Replacement Commencing configuration of a new Enterprise Resource Planning system, scheduled to replace the legacy ERP in fiscal year 2026.
Monetization Potential Exists Potential exists to monetize transactions if U.S. federal regulations change, allowing engagement in take-rate monetization efforts.

Peer Comparison

Revenue (TTM)

Viant Technology Inc.DSP
$324.13M
+23.0%
PLAYSTUDIOS, Inc.MYPS
$247.48M
-17.2%
WM Technology, Inc.MAPS
$179.31M
+0.6%

Gross Margin (Latest Quarter)

WM Technology, Inc.MAPS
95.0%
-0.3pp
PLAYSTUDIOS, Inc.MYPS
76.4%
+1.4pp
Nerdy, Inc.NRDY
62.9%
-7.6pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
DSP$794.73M111.15.2%5.7%
NRDY$124.17M-3.0-125.7%0.0%
RSSS$93.01M65.710.4%0.0%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-4.0%
Flat Growth
4Q Net Income CAGR
1.5%
Profitability Slowly Improving
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Mar 11, 2026
|
EPS:-
|
Revenue:-
Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $42.18M-9.4%
    |
    EPS: $0.02-41.7%
    Miss

  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $44.85M-2.3%
    |
    EPS: $0.01+80.0%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $44.61M+0.5%
    |
    EPS: $0.02+20.6%
    Miss

  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 13, 2025|
    Revenue: $184.51M-1.9%
    |
    EPS: $0.08+172.2%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 12, 2024|
    Revenue: $46.55M-0.3%
    |
    EPS: $0.03-309.1%
    Beat

  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Aug 30, 2024|
    Revenue: $187.99M-12.8%
    |
    EPS: $-0.11+91.9%
    Miss

  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $45.90M-9.7%
    |
    EPS: $0.01-43.2%
    Miss

  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 24, 2024|
    Revenue: $44.39M-4.4%
    |
    EPS: $0.01-143.7%
    Miss