WM Technology (NASDAQ: MAPS) 2025 profit falls as revenue declines
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
WM Technology, Inc. reported weaker 2025 results but remained profitable for the full year. Revenue was $43.1 million in the fourth quarter, down from $47.7 million a year earlier, leading to a net loss of $5.0 million versus prior net income of $3.7 million.
For full year 2025, revenue declined to $174.7 million from $184.5 million, while net income fell to $3.3 million from $12.2 million. Adjusted EBITDA was $39.8 million, down from $42.9 million. Cash increased to $62.4 million as of December 31, 2025, and total shares outstanding were 157.8 million.
The company expects first quarter 2026 revenue to decline by mid- to high-single digit percentages sequentially from the fourth quarter. WM Technology also appointed Nick Rellas, co-founder and former CEO of Drizly, to its board of directors.
Positive
- Full-year profitability and strong cash generation: WM Technology delivered 2025 net income of $3.3 million, Adjusted EBITDA of $39.8 million, and $26.2 million of operating cash flow, increasing its cash balance to $62.4 million as of December 31, 2025.
Negative
- Revenue and earnings deterioration with softer outlook: 2025 revenue declined to $174.7 million from $184.5 million, net income fell to $3.3 million from $12.2 million, and management guides to a mid- to high-single digit sequential revenue decline for first quarter 2026.
Insights
Revenue and profits declined, but WM Technology stayed cash-generative with full-year net income and solid liquidity.
WM Technology saw 2025 revenue slip to
The company recorded
Management expects first-quarter 2026 revenue to fall by mid- to high-single digit percentages sequentially from Q4 2025, underscoring ongoing industry and macro pressures. The appointment of marketplace veteran Nick Rellas to the board could help strategic positioning as the company navigates a challenging cannabis environment.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 12, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
(844 ) 933-3627
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Conditions
On March 12, 2026, WM Technology, Inc. announced its financial results for the fourth quarter ended December 31, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.
The information in Item 2.02 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press Release dated March 12, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: | |||||||||||
| WM TECHNOLOGY, INC. | |||||||||||
| By: | /s/ Susan Echard | ||||||||||
| Susan Echard | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
WM Technology, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter 2025 Revenue of $43.1 million and Full Year Revenue of $174.7 million
Sustains Consecutive Quarters of Adjusted EBITDA Profitability and Achieves Full Year Net Income Profitability
Appoints Nick Rellas to the Company’s Board of Directors
Irvine, Calif. -- March 12, 2026 -- WM Technology, Inc. (“WM Technology” or the “Company”) (Nasdaq: MAPS), a leading marketplace and technology solutions provider to the cannabis industry, today announced its financial results for the fourth quarter and year ended December 31, 2025.
“2025 was another demanding year for the cannabis industry, with pressure in mature markets and cautious spending across much of the ecosystem,” said Doug Francis, CEO and Chairman of WM Technology. “Against that backdrop, we remained focused on supporting our clients, improving the quality and utility of our platform, and managing the business with discipline. As we look ahead, we believe our marketplace position and strong balance sheet position us well to navigate near-term volatility while continuing to invest for long-term growth.”
“Our fourth quarter and full-year results reflect the continued macro and industry-specific pressures facing cannabis operators, as well as the resilience of our business model,” said Susan Echard, Chief Financial Officer of WM Technology. “We enter 2026 with a strong liquidity position, which provides us the flexibility to make targeted investments in the business while maintaining a disciplined approach to capital allocation.”
The Company also announced that Nick Rellas has been appointed to its Board of Directors, effective March 5, 2026. Mr. Rellas brings extensive experience building and scaling consumer marketplaces in regulated industries. He is the co-founder and former CEO of Drizly, which pioneered retail-to-consumer alcohol e-commerce prior to its sale to Uber. Mr. Rellas is the founder and CEO of Greater Industries Labs, Inc.
Fourth Quarter 2025 Financial Highlights
•Revenue for the fourth quarter ended December 31, 2025 was $43.1 million, compared to $47.7 million in the prior year period. The decrease from the prior year period was driven by continued challenges across core markets, where ongoing pricing pressure continued to compress client operating margins and constrain marketing budgets.
◦Average monthly paying clients(1) were 5,120, compared to 5,225 in the prior year period. The decrease from the prior year period was largely due to churn in more established markets, partially offset by new client acquisitions across certain developing markets.
◦Average monthly revenues per paying client(2) of $2,804 decreased from $3,041 in the prior year period. The decrease from the prior year period was due to spend declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation. In addition, new clients acquired across certain markets had lower levels of average spend.
•Net loss was $5.0 million, compared to net income of $3.7 million in the prior year period.
•Adjusted EBITDA(3) decreased to $10.4 million from $11.9 million in the prior year period.
Fiscal Year 2025 Financial Highlights
•Revenue of $174.7 million decreased from $184.5 million in the prior year. The decrease from the prior year was driven by continued headwinds across core markets, where ongoing pricing pressure and price deflation continued to compress client operating margins and constrain marketing budgets.
◦Average monthly paying clients(1) of 5,190 was up from 5,077 in the prior year. The increase from the prior year period was largely due to new client acquisitions across certain developing markets, partially offset by a churn in more established markets.
◦Average monthly revenues per paying client(2) of $2,805 decreased from $3,029 in the prior year. The decrease from the prior year period was due to spend declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation. In addition, new clients acquired across certain markets had lower levels of average spend.
•Net income decreased to $3.3 million from $12.2 million in the prior year.
•Adjusted EBITDA(3) decreased to $39.8 million from $42.9 million in the prior year.
•Total shares outstanding across Class A and Class V Common Stock were 157.8 million as of December 31, 2025.
•Cash increased to $62.4 million as of December 31, 2025, as compared to $52.0 million as of December 31, 2024.
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.
______________________________
(1)Average monthly paying clients are defined as the average of the number of paying clients billed in a month across a particular period (and for which services were provided).
(2)Average monthly revenues per paying client is defined as the average monthly revenues for any particular period divided by the average monthly paying clients in the same respective period.
(3)For further information about how we calculate EBITDA and Adjusted EBITDA as well as limitations of their use and a reconciliation of EBITDA and Adjusted EBITDA to net income (loss), see “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” below.
Business Outlook
Based on information available as of March 12, 2026, the Company expects first quarter 2026 revenue to decline by mid- to high-single digit percentages sequentially from the fourth quarter. Given the Company’s focus on investing opportunistically across the business, and the potential variability in the timing of these investments, the Company will not be providing Adjusted EBITDA guidance at this time. The Company remains committed to maintaining a strong balance sheet and financial discipline.
The guidance provided above is only an estimate of what we believe is realizable as of the date of this release. This guidance assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the period. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.” Actual results may vary from the guidance and the variations may be material. We undertake no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
Investor Conference Call and Webcasts
We will host a conference call and webcast today, Thursday, March 12, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) at https://edge.media-server.com/mmc/p/voj36wk8. A webcast replay will also be archived at ir.weedmaps.com.
We have used, and intend to continue to use, the investor relations portion of our website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
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About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. WM Technology holds a strong belief in the power of cannabis and the importance of enabling safe, legal access to consumers worldwide.
Over the past 18 years, the Weedmaps marketplace has become a premier destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where applicable) and learn about the plant. The Company also offers eCommerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.
Headquartered in Irvine, California, the Company is committed to advocating for full U.S. legalization, industry-wide social equity, and continued education about the plant through key partnerships and cannabis subject matter experts. Visit us at www.weedmaps.com.
Forward-Looking Statements
This press release includes “forward-looking statements” regarding the Company’s future business expectations which involve risks and uncertainties. Forward looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including the Company’s financial and business performance, including key business metrics and any underlying assumptions thereunder; market opportunity and the Company’s ability to acquire new clients and retain existing clients; expectations and timing related to commercial product launches; success of the Company’s go-to-market strategy; the Company’s ability to scale its business and expand its offerings; the Company’s competitive advantages and growth strategies; the Company’s future capital requirements and sources and uses of cash; the impact of the material weaknesses in the Company’s internal controls and ability to remediate these material weaknesses in the timing the Company anticipates, or at all; the Company’s ability to maintain its listing on the Nasdaq Stock Market LLC; the outcome of any known and unknown litigation and regulatory proceedings; changes in domestic and foreign business, market, financial, political and legal conditions; the effect of macroeconomic conditions, including but not limited to inflation, tariffs, public health crises, uncertain credit and global financial markets, past and potential future disruptions in access to bank deposits or lending commitments due to bank failures, current and potential future geopolitical events, including the military conflicts between Russia and Ukraine and in the Middle East, and the occurrence of a catastrophic event, including but not limited to severe weather, war, or terrorist attack; future global, regional or local economic and market conditions affecting the cannabis industry; the development, effects and enforcement of and changes to laws and regulations, including with respect to the cannabis and hemp industries; the Company’s ability to successfully capitalize on new and existing cannabis markets, including its ability to successfully monetize its solutions in those markets; the Company’s ability to manage future growth; the Company’s ability to effectively anticipate and address changes in the end-user market in the cannabis industry; the Company’s ability to develop new products and solutions, bring them to market in a timely manner, and make enhancements to its platform; the Company’s ability to maintain and grow its two-sided marketplace, including its ability to acquire and retain paying clients; the Company’s ability to continue to collect on outstanding receivables; the Company’s ability to realize the expected benefits of any strategic acquisitions; the effects of competition on the Company’s future business; the Company’s success in retaining or recruiting, or changes required in, officers, key employees or directors; cyber-attacks and security vulnerabilities; the possibility that the Company may be adversely affected by other economic, business or competitive and those factors discussed in the Company’s Annual Report for the fiscal year ended December 31, 2025, on Form 10-K filed with the Securities and Exchange Commission on March 12, 2026. If any of these risks materialize or these assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as
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representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Use of Non-GAAP Financial Measures
Our financial statements, including net income (loss), are prepared in accordance with principles generally accepted in the United States of America (“GAAP”).
To provide investors with additional information regarding our financial results, we have disclosed EBITDA and Adjusted EBITDA, both of which are non-GAAP financial measures that we calculate as net income (loss) before interest, taxes and depreciation and amortization expense in the case of EBITDA and further adjusted to exclude stock-based compensation, change in fair value of warrant liability, legal settlements and other legal costs, loss contingency, asset impairment charges, reduction in force, change in the TRA liability and other non-cash, unusual and/or infrequent costs in the case of Adjusted EBITDA. Below we have provided a reconciliation of net income (loss) (the most directly comparable GAAP financial measure) to EBITDA; and from EBITDA to Adjusted EBITDA.
We present EBITDA and Adjusted EBITDA because these metrics are a key measure used by our management to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of investment capacity. Accordingly, we believe that EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.
Each of EBITDA and Adjusted EBITDA has limitations as an analytical tool, and you should not consider any of these non-GAAP financial measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are as follows:
•Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
•EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and
•EBITDA and Adjusted EBITDA do not reflect tax payments that may represent a reduction in cash available to us.
Because of these limitations, you should consider EBITDA and Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results.
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WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash | $ | 62,401 | $ | 51,966 | ||||||||||
| Accounts receivable, net | 14,619 | 10,060 | ||||||||||||
| Prepaid expenses and other current assets | 7,900 | 7,486 | ||||||||||||
| Total current assets | 84,920 | 69,512 | ||||||||||||
| Property and equipment, net | 24,986 | 24,075 | ||||||||||||
| Goodwill | 61,274 | 68,368 | ||||||||||||
| Intangible assets, net | 1,510 | 1,952 | ||||||||||||
| Right-of-use assets | 12,219 | 14,695 | ||||||||||||
| Other assets | 5,758 | 3,264 | ||||||||||||
| Total assets | $ | 190,667 | $ | 181,866 | ||||||||||
| Liabilities and Equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable and accrued expenses | $ | 23,962 | $ | 20,102 | ||||||||||
| Deferred revenue | 5,499 | 5,433 | ||||||||||||
| Operating lease liabilities, current | 3,922 | 3,492 | ||||||||||||
| Tax receivable agreement liability, current | 2,658 | 1,406 | ||||||||||||
| Warrant liability, current | 195 | — | ||||||||||||
| Total current liabilities | 36,236 | 30,433 | ||||||||||||
| Operating lease liabilities, non-current | 22,631 | 26,601 | ||||||||||||
| Tax receivable agreement liability, non-current | — | 3,006 | ||||||||||||
| Warrant liability, non-current | — | 585 | ||||||||||||
| Other long-term liabilities | — | 1,174 | ||||||||||||
| Total liabilities | 58,867 | 61,799 | ||||||||||||
| Stockholders’ equity | ||||||||||||||
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024 | — | — | ||||||||||||
Class A Common Stock - $0.0001 par value; 1,500,000,000 shares authorized; 109,990,343 shares issued and outstanding at December 31, 2025 and 99,033,110 shares issued and outstanding at December 31, 2024 | 11 | 10 | ||||||||||||
Class V Common Stock - $0.0001 par value; 500,000,000 shares authorized, 47,852,652 shares issued and outstanding at December 31, 2025 and 54,319,542 shares issued and outstanding at December 31, 2024 | 5 | 5 | ||||||||||||
| Additional paid-in capital | 112,076 | 92,941 | ||||||||||||
| Accumulated deficit | (54,917) | (56,879) | ||||||||||||
| Total WM Technology, Inc. stockholders’ equity | 57,175 | 36,077 | ||||||||||||
| Noncontrolling interests | 74,625 | 83,990 | ||||||||||||
| Total equity | 131,800 | 120,067 | ||||||||||||
| Total liabilities and equity | $ | 190,667 | $ | 181,866 | ||||||||||
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WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for share data)
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenues | $ | 43,069 | $ | 47,670 | $ | 174,704 | $ | 184,514 | |||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 2,194 | 2,290 | 8,833 | 9,019 | |||||||||||||||||||
| Sales and marketing | 10,230 | 10,050 | 38,869 | 40,424 | |||||||||||||||||||
| Product development | 6,191 | 8,071 | 28,136 | 36,426 | |||||||||||||||||||
| General and administrative | 18,939 | 19,053 | 76,929 | 70,602 | |||||||||||||||||||
| Depreciation and amortization | 3,547 | 3,637 | 13,394 | 13,278 | |||||||||||||||||||
| Asset impairment charges | 7,777 | — | 7,777 | — | |||||||||||||||||||
| Total costs and expenses | 48,878 | 43,101 | 173,938 | 169,749 | |||||||||||||||||||
| Operating income | (5,809) | 4,569 | 766 | 14,765 | |||||||||||||||||||
| Other income (expense), net | |||||||||||||||||||||||
| Change in fair value of warrant liability | 390 | (195) | 390 | — | |||||||||||||||||||
| Change in tax receivable agreement liability | (127) | (1,287) | 333 | (2,773) | |||||||||||||||||||
| Other income | 586 | 603 | 1,867 | 241 | |||||||||||||||||||
| Income before income taxes | (4,960) | 3,690 | 3,356 | 12,233 | |||||||||||||||||||
| Provision (benefit) for income taxes | 71 | (26) | 93 | 46 | |||||||||||||||||||
| Net income (loss) | (5,031) | 3,716 | 3,263 | 12,187 | |||||||||||||||||||
| Net income (loss) attributable to non-controlling interests | (1,459) | 1,365 | 1,301 | 4,548 | |||||||||||||||||||
| Net income (loss) attributable to WM Technology, Inc. | $ | (3,572) | $ | 2,351 | $ | 1,962 | $ | 7,639 | |||||||||||||||
| Class A Common Stock: | |||||||||||||||||||||||
| Basic income (loss) per share | $ | (0.03) | $ | 0.02 | $ | 0.02 | $ | 0.08 | |||||||||||||||
| Diluted income (loss) per share | $ | (0.03) | $ | 0.02 | $ | 0.02 | $ | 0.08 | |||||||||||||||
| Class A Common Stock: | |||||||||||||||||||||||
| Weighted average basic shares outstanding | 108,870,824 | 97,778,402 | 106,572,365 | 96,254,679 | |||||||||||||||||||
| Weighted average diluted shares outstanding | 108,870,824 | 98,726,850 | 108,217,313 | 97,103,304 | |||||||||||||||||||
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WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 3,263 | $ | 12,187 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 13,394 | 13,278 | |||||||||
| Change in fair value of warrant liability | (390) | — | |||||||||
| Change in tax receivable agreement liability | (333) | 2,773 | |||||||||
| Amortization of right-of -use lease assets | 2,477 | 3,769 | |||||||||
| Asset impairment charges | 7,777 | — | |||||||||
| Stock-based compensation | 7,776 | 9,221 | |||||||||
| Loss contingency | 2,324 | — | |||||||||
| Gain on lease termination | — | (109) | |||||||||
| Provision for credit losses | 4,377 | 38 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (8,936) | 1,060 | |||||||||
| Prepaid expenses and other current assets | (1,097) | (1,516) | |||||||||
| Other assets | (1,552) | 1,032 | |||||||||
| Accounts payable and accrued expenses | 582 | 996 | |||||||||
| Deferred revenue | 66 | (485) | |||||||||
| Operating lease liabilities | (3,540) | (5,568) | |||||||||
| Net cash provided by operating activities | 26,188 | 36,676 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capitalized software and expenditures | (12,685) | (11,637) | |||||||||
| Net cash used in investing activities | (12,685) | (11,637) | |||||||||
| Cash flows from financing activities | |||||||||||
| Distributions to non-controlling interests | (1,916) | (7,682) | |||||||||
| Taxes paid related to net share settlement of equity awards | (3) | (4) | |||||||||
| Proceeds from repayment of related party note | 273 | 379 | |||||||||
| Tax receivable agreement payment | (1,422) | (116) | |||||||||
| Net cash used in financing activities | (3,068) | (7,423) | |||||||||
| Net increase in cash | 10,435 | 17,616 | |||||||||
| Cash – beginning of year | 51,966 | 34,350 | |||||||||
| Cash – end of year | $ | 62,401 | $ | 51,966 | |||||||
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WM TECHNOLOGY, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(Unaudited)
(In thousands)
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net income (loss) | $ | (5,031) | $ | 3,716 | $ | 3,263 | $ | 12,187 | |||||||||||||||
| Provision (benefit) for income taxes | 71 | (26) | 93 | 46 | |||||||||||||||||||
| Depreciation and amortization expenses | 3,547 | 3,637 | 13,394 | 13,278 | |||||||||||||||||||
| Interest income | (487) | (91) | (1,799) | (422) | |||||||||||||||||||
| EBITDA | (1,900) | 7,236 | 14,951 | 25,089 | |||||||||||||||||||
| Stock-based compensation | 1,407 | 2,049 | 7,776 | 9,221 | |||||||||||||||||||
| Change in fair value of warrant liability | (390) | 195 | (390) | — | |||||||||||||||||||
Loss Contingency(1) | — | — | 2,324 | — | |||||||||||||||||||
Asset impairment charges(2) | 7,777 | — | 7,777 | — | |||||||||||||||||||
Legal settlements and other legal costs(3) | 3,405 | 1,151 | 6,863 | 5,836 | |||||||||||||||||||
Reduction in force(4) | — | — | 879 | — | |||||||||||||||||||
| Change in tax receivable agreement liability | 127 | 1,287 | (333) | 2,773 | |||||||||||||||||||
| Adjusted EBITDA | $ | 10,426 | $ | 11,918 | $ | 39,847 | $ | 42,919 | |||||||||||||||
(1) Represents loss contingency related to the shortfall under the AWS minimum commitment obligation. See Note 6, “Commitments and Contingencies” to our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year December 31, 2025 filed with the SEC for additional information.
(2) Represents $7.1 million in goodwill impairment and $0.7 million in impairment charges related to capitalized implementation costs. See Note 8, “Goodwill and Intangible Assets,” and Note 9, “Prepaid Expenses and Other Current Assets,” to our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year December 31, 2025 filed with the SEC for additional information.
(3) As of December 31, 2025, includes legal and advisory fees related to among other things, ongoing litigation related to shareholder class action and derivative actions, and as of December 31, 2024, includes legal and advisory fees related to the SEC enforcement matter and SEC settlement. See Note 6, “Commitments and Contingencies” to our audited consolidated financial statements included in our Annual Report on Form 10-K for fiscal year December 31, 2025 filed with the SEC for additional information.
(4) Represents severance charges included in general and administrative expense in the audited consolidated statement of operations, related to certain reduction in force actions taken by our management. These reduction in force actions are designed to enhance operational efficiency and align resources with strategic priorities in its corporate technology and marketing divisions.
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8
FAQ
How did WM Technology (MAPS) perform financially in the fourth quarter of 2025?
WM Technology reported fourth-quarter 2025 revenue of $43.1 million, down from $47.7 million a year earlier, and a net loss of $5.0 million versus prior net income of $3.7 million. Adjusted EBITDA declined to $10.4 million from $11.9 million.
What were WM Technology (MAPS) full-year 2025 results compared with 2024?
For 2025, WM Technology generated $174.7 million in revenue, down from $184.5 million in 2024. Net income decreased to $3.3 million from $12.2 million, while Adjusted EBITDA slipped to $39.8 million from $42.9 million, reflecting industry and macro headwinds.
What guidance did WM Technology (MAPS) give for first quarter 2026 revenue?
WM Technology expects first quarter 2026 revenue to decline by mid- to high-single digit percentages sequentially from the fourth quarter of 2025. This outlook reflects continued macroeconomic and industry-specific pressure on cannabis operators and related marketing spending.
How strong is WM Technology’s (MAPS) balance sheet and cash position?
As of December 31, 2025, WM Technology held $62.4 million in cash, up from $52.0 million a year earlier, and total assets of $190.7 million. The company generated $26.2 million in operating cash flow during 2025, supporting ongoing investments and financial flexibility.
What are WM Technology’s (MAPS) key user and monetization metrics for 2025?
In 2025, WM Technology averaged 5,190 monthly paying clients, up from 5,077 in 2024, while average monthly revenue per paying client declined to $2,805 from $3,029. This reflects client additions in developing markets alongside lower spending in more established regions.
Did WM Technology (MAPS) remain profitable on an Adjusted EBITDA basis in 2025?
Yes. WM Technology reported Adjusted EBITDA of $39.8 million for 2025, compared with $42.9 million in 2024. Although this represents a decline, the company sustained consecutive quarters of Adjusted EBITDA profitability throughout the year while operating in a pressured cannabis industry.
What board changes did WM Technology (MAPS) announce with these results?
WM Technology announced that Nick Rellas joined its Board of Directors effective March 5, 2026. Rellas is the co-founder and former CEO of Drizly and is currently founder and CEO of Greater Industries Labs, bringing marketplace and regulated-industry experience.
Filing Exhibits & Attachments
5 documentsPress Releases
Wm Technology Inc
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MAPS Rankings
MAPS Latest News
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Mar 12, 2026
[10-K] WM TECHNOLOGY, INC. Files Annual Report
Mar 10, 2026
[8-K] WM TECHNOLOGY, INC. Reports Material Event