WM Technology (MAPS) Q2 revenue hits $42.4M, adjusted EBITDA drops to $5.0M
Rhea-AI Filing Summary
WM Technology, Inc. reported second-quarter 2026 revenue of $42.4 million, down from $44.8 million a year earlier, as customers faced margin pressure and cash-flow constraints. Consolidated net income rose to $2.9 million from $2.2 million, and adjusted EBITDA was $5.0 million, down from $11.7 million. Basic and diluted Class A EPS were $0.02, compared with $0.01 in the prior-year quarter.
Average monthly paying clients were 5,040, down from 5,241, and average monthly revenue per paying client slipped to $2,807 from $2,852, reflecting churn and lower spend in established markets. Cash stood at $60.5 million and total shares outstanding across Class A and Class V common stock were 159.7 million as of June 30, 2026. Management expects third-quarter 2026 revenue to decline by mid-single digit percentages sequentially from the second quarter and continues to highlight EBITDA and adjusted EBITDA as key non-GAAP performance measures.
Positive
- Consolidated net income increased to $2.9 million in Q2 2026 from $2.2 million a year earlier, while maintaining positive EPS of $0.02 and cash of $60.5 million as of June 30, 2026.
Negative
- Adjusted EBITDA fell sharply to $5.0 million in Q2 2026 from $11.7 million a year earlier, and the company expects third-quarter 2026 revenue to decline by mid-single digit percentages sequentially.
Filing Explained
Class A shares rose from 110.0 million to 111.8 million by June 30, expanding the ownership base for existing holders if newly issued.
This August 6 Form 8-K furnishes the company’s second-quarter results and accompanying unaudited statements; the disclosure is current through
Its balance sheet reports Class A common shares issued and outstanding of 111,833,144 on
If the Class A increase reflects additional issuance, it expands the share base and can reduce an existing holder’s percentage ownership absent offsetting changes.
The six-month cash-flow statement reports operating activities providing
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $42.4 million
Q2 2026 Net Income: $2.9 million
Q2 2026 Adjusted EBITDA: $5.0 million
+4 more
7 metrics
Q2 2026 Revenue
$42.4 million
Revenue for the second quarter ended June 30, 2026; down from $44.8 million in Q2 2025.
Q2 2026 Net Income
$2.9 million
Consolidated net income for the quarter ended June 30, 2026; up from $2.2 million a year earlier.
Q2 2026 Adjusted EBITDA
$5.0 million
Adjusted EBITDA for the second quarter 2026; decreased from $11.7 million in the prior-year quarter.
Cash Balance
$60.5 million
Cash as of June 30, 2026; compared with $59.0 million as of June 30, 2025.
Average Monthly Paying Clients
5,040
Average monthly paying clients in Q2 2026; down from 5,241 in the prior-year period.
Average Monthly Revenue per Client
$2,807
Average monthly revenues per paying client in Q2 2026; slightly below $2,852 a year earlier.
Shares Outstanding
159.7 million
Total shares outstanding across Class A and Class V common stock as of June 30, 2026.
Key Terms
Adjusted EBITDA, Tax receivable agreement liability, noncontrolling interests, loss contingency, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA(3) decreased to $5.0 million from $11.7 million in the prior year period."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Tax receivable agreement liability financial
"Tax receivable agreement liability, current | — | | | 2,658"
A tax receivable agreement liability is the recorded future obligation a company expects to pay under an agreement that shares tax savings generated after a corporate transaction. Think of it like promising to split a refund with a former owner: the company recognizes a future bill on its books that reduces cash available to shareholders and can affect valuation and debt capacity. Investors watch it because it represents a real, sometimes sizable, cash outflow tied to tax benefits realized over time.
noncontrolling interests financial
"Noncontrolling interests | | 76,007 | | | 74,625"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
loss contingency financial
"Loss contingency | (2,205) | | | 2,324"
A loss contingency is a potential future cost a company might have to pay because of events such as lawsuits, product claims, environmental cleanups or unresolved tax disputes. Investors care because these risks can reduce future cash, profits and company value; when a loss is likely and can be reasonably estimated, companies must set aside money or disclose it, much like spotting a dark cloud that might turn into a storm and planning accordingly.
material weaknesses financial
"the impact of the material weaknesses in the Company’s internal controls and ability to remediate"
Material weaknesses are significant flaws in a company’s systems for ensuring its financial reports are accurate and reliable. Like a broken lock on a safe, they increase the chance that financial statements contain big errors or omissions, which can mislead investors about performance and risk; discovering one often raises questions about management oversight, may lead to restated results, and can affect investor confidence and a company’s valuation.
Earnings Snapshot
Revenue: $42.4 million · Guidance included
Second quarter ended June 30, 2026
Revenue
$42.4 million
down from $44.8 million in the prior-year quarter.
Consolidated Net Income
$2.9 million
up from $2.2 million in the prior-year quarter.
Adjusted EBITDA
$5.0 million
down from $11.7 million in the prior-year quarter.
Guidance
For third quarter 2026, the company expects revenue to decline by mid-single digit percentages sequentially from the second quarter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were WM Technology (MAPS) Q2 2026 revenues and net income?
WM Technology reported Q2 2026 revenue of $42.4 million, compared with $44.8 million in Q2 2025. Consolidated net income was $2.9 million, up from $2.2 million in the prior-year quarter, with basic and diluted Class A EPS of $0.02.
How did WM Technology (MAPS) Q2 2026 adjusted EBITDA compare to last year?
In Q2 2026, adjusted EBITDA was $5.0 million, down from $11.7 million in Q2 2025. While EBITDA itself was $5.6 million versus $5.2 million a year earlier, the adjustments resulted in significantly lower adjusted EBITDA year over year.
What client metrics did WM Technology (MAPS) report for Q2 2026?
WM Technology’s average monthly paying clients were 5,040 in Q2 2026, down from 5,241 a year earlier. Average monthly revenue per paying client was $2,807, slightly below $2,852 in the prior-year period, reflecting churn and reduced spend in established markets.
What revenue guidance did WM Technology (MAPS) give for Q3 2026?
Based on information as of August 6, 2026, WM Technology expects third-quarter 2026 revenue to decline by mid-single digit percentages sequentially from Q2 2026. This outlook assumes no business acquisitions, investments, restructurings, or legal settlements during the period.
How does WM Technology (MAPS) use non-GAAP measures like adjusted EBITDA?
WM Technology reports EBITDA and adjusted EBITDA, which exclude items such as stock-based compensation, warrant fair value changes, certain legal costs, reduction-in-force effects, loss contingencies, and other unusual or non-cash items. Management uses these metrics to evaluate operating performance and allocate resources.
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): August 6, 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 | ||||||
| The OTCQX Best Market | ||||||||
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 Condition
On August 6, 2026, WM Technology, Inc. announced its financial results for the second quarter ended June 30, 2026. 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 August 6, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) | |||||||
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: August 6, 2026 | |||||||||||
| WM TECHNOLOGY, INC. | |||||||||||
| By: | /s/ Susan Echard | ||||||||||
| Susan Echard | |||||||||||
| Chief Financial Officer | |||||||||||
Exhibit 99.1
WM Technology, Inc. Reports Second Quarter 2026 Financial Results
Q2 Revenue of $42.4 million and Net Income of $2.9 million
Sustains Consecutive Quarters of Adjusted EBITDA Profitability
Irvine, Calif.--(BUSINESS WIRE)--August 6, 2026-- WM Technology, Inc. (“WM Technology” or the “Company”) (OTC: MAPS), a leading marketplace and technology solutions provider to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2026.
“The cannabis industry is entering a more demanding phase, particularly in established markets where sustained economic and regulatory pressures continue to reshape the competitive landscape,” said Doug Francis, CEO and Chairman of WM Technology. “Weedmaps is responding by strengthening our core marketplace and the value it delivers to consumers and licensed operators, expanding into underpenetrated states and continuing to evaluate adjacent opportunities across the broader cannabis ecosystem that can support our platform’s long-term growth.”
“Maintaining a strong and flexible financial foundation remained a key focus during the second quarter as we continued to adapt to evolving market conditions,” said Susan Echard, CFO of WM Technology. “We maintained a strong liquidity position, managed expenses with discipline and continued to align our operating structure with the scale and needs of the business. At the same time, we allocated resources selectively to targeted marketing, product enhancements and automation initiatives designed to improve scalability, increase operating efficiency and strengthen the long-term economics of the business.”
Second Quarter 2026 Financial Highlights
•Revenues for the second quarter ended June 30, 2026 were $42.4 million as compared to $44.8 million in the prior year period. The decrease from the prior year period was primarily driven by a challenging operating environment for our customers, who have faced margin compression and cash flow constraints.
◦Average monthly paying clients(1) of 5,040 was down from 5,241 from the prior year period, 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) decreased to $2,807 from $2,852 in the prior year period, due to spend declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation, partially offset by a positive mixed impact from churn among clients with below-average spend levels.
•Net income increased to $2.9 million as compared to $2.2 million in the prior year period.
•Adjusted EBITDA(3) decreased to $5.0 million from $11.7 million in the prior year period.
•Total shares outstanding across Class A and Class V Common Stock were 159.7 million as of June 30, 2026.
•Cash increased to $60.5 million as of June 30, 2026, as compared to $59.0 million as of June 30, 2025.
Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables below.
______________________________
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, see “Reconciliation of Net Income to EBITDA and Adjusted EBITDA” below.
1
Business Outlook
Based on information available as of August 6, 2026, the Company expects third quarter 2026 revenue to decline by mid-single digit percentages sequentially from the second quarter.
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.
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 performance for the third quarter of 2026. 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 those related market reactions or impacts resulting from the Company’s delisting of its securities from the Nasdaq Stock Market LLC and deregistration of its securities under Section 12(b) of the Securities Exchange Act of 1934, including the impact on the Company’s liquidity and the price of its securities; the Company’s ability to maintain its listing on the OTC Markets Group, Inc. (“OTC”); the possibility that trading in the Company’s securities on the OTC markets may be significantly less liquid and/or have greater price volatility; 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 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 and military conflicts, 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
2
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 on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026 and subsequent Quarterly Reports on Form 10-Q filed with the SEC. 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 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, 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 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, reduction in force (recovery) expense, loss contingency, one-time sale of domain, reduction in force expense, 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 (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 and our other GAAP results.
3
WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except for share data)
| June 30, 2026 | December 31, 2025 | |||||||||||||
| Assets | ||||||||||||||
| Current assets | ||||||||||||||
| Cash and cash equivalents | $ | 60,499 | $ | 62,401 | ||||||||||
| Accounts receivable, net | 18,780 | 14,619 | ||||||||||||
| Prepaid expenses and other current assets | 5,889 | 7,900 | ||||||||||||
| Total current assets | 85,168 | 84,920 | ||||||||||||
| Property and equipment, net | 25,747 | 24,986 | ||||||||||||
| Goodwill | 61,274 | 61,274 | ||||||||||||
| Intangible assets, net | 1,235 | 1,510 | ||||||||||||
| Right-of-use assets | 11,039 | 12,219 | ||||||||||||
| Other assets | 6,108 | 5,758 | ||||||||||||
| Total assets | $ | 190,571 | $ | 190,667 | ||||||||||
| Liabilities and Stockholders’ Equity | ||||||||||||||
| Current liabilities | ||||||||||||||
| Accounts payable and accrued expenses | $ | 21,275 | $ | 23,962 | ||||||||||
| Deferred revenue | 5,809 | 5,499 | ||||||||||||
| Operating lease liabilities, current | 4,222 | 3,922 | ||||||||||||
| Tax receivable agreement liability, current | — | 2,658 | ||||||||||||
| Warrant liability, current | — | 195 | ||||||||||||
| Total current liabilities | 31,306 | 36,236 | ||||||||||||
| Operating lease liabilities, non-current | 20,439 | 22,631 | ||||||||||||
| Total liabilities | 51,745 | 58,867 | ||||||||||||
| Commitments and contingencies (Note 5) | ||||||||||||||
| Stockholders’ equity | ||||||||||||||
| Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025 | — | — | ||||||||||||
| Class A Common Stock - $0.0001 par value; 1,500,000,000 shares authorized; 111,833,144 shares issued and outstanding at June 30, 2026 and 109,990,343 shares issued and outstanding at December 31, 2025 | 11 | 11 | ||||||||||||
| Class V Common Stock - $0.0001 par value; 500,000,000 shares authorized, 47,852,652 shares issued and outstanding at June 30, 2026 and 47,852,652 shares issued and outstanding at December 31, 2025 | 5 | 5 | ||||||||||||
| Additional paid-in capital | 114,526 | 112,076 | ||||||||||||
| Accumulated deficit | (51,723) | (54,917) | ||||||||||||
| Total WM Technology, Inc. stockholders’ equity | 62,819 | 57,175 | ||||||||||||
| Noncontrolling interests | 76,007 | 74,625 | ||||||||||||
| Total stockholders’ equity | 138,826 | 131,800 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 190,571 | $ | 190,667 | ||||||||||
4
WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | $ | 42,446 | $ | 44,847 | $ | 86,004 | $ | 89,459 | |||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Cost of revenues (exclusive of depreciation and amortization shown separately below) | 2,524 | 2,280 | 4,728 | 4,521 | |||||||||||||||||||
| Sales and marketing | 9,441 | 9,378 | 19,783 | 19,468 | |||||||||||||||||||
| Product development | 8,658 | 8,860 | 16,999 | 18,232 | |||||||||||||||||||
| General and administrative | 16,269 | 19,002 | 35,681 | 35,943 | |||||||||||||||||||
| Depreciation and amortization | 3,202 | 3,458 | 6,262 | 6,779 | |||||||||||||||||||
| Total costs and expenses | 40,094 | 42,978 | 83,453 | 84,943 | |||||||||||||||||||
| Operating income | 2,352 | 1,869 | 2,551 | 4,516 | |||||||||||||||||||
| Other income (expenses), net | |||||||||||||||||||||||
| Change in fair value of warrant liability | 98 | 390 | 195 | 390 | |||||||||||||||||||
| Change in tax receivable agreement liability | — | (545) | — | (1,090) | |||||||||||||||||||
| Other income | 433 | 445 | 1,863 | 846 | |||||||||||||||||||
| Income before income taxes | 2,883 | 2,159 | 4,609 | 4,662 | |||||||||||||||||||
| Provision for income taxes | 1 | — | 33 | 9 | |||||||||||||||||||
| Net income | 2,882 | 2,159 | 4,576 | 4,653 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | 859 | 732 | 1,382 | 1,579 | |||||||||||||||||||
| Net income attributable to WM Technology, Inc. | $ | 2,023 | $ | 1,427 | $ | 3,194 | $ | 3,074 | |||||||||||||||
| Class A Common Stock: | |||||||||||||||||||||||
| Basic income per share | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | 0.03 | |||||||||||||||
| Diluted income per share | $ | 0.02 | $ | 0.01 | $ | 0.03 | $ | 0.03 | |||||||||||||||
| Class A Common Stock: | |||||||||||||||||||||||
| Weighted average basic shares outstanding | 111,395,892 | 105,744,266 | 111,098,228 | 104,897,467 | |||||||||||||||||||
| Weighted average diluted shares outstanding | 111,503,133 | 107,922,354 | 111,746,887 | 107,347,113 | |||||||||||||||||||
5
WM TECHNOLOGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net income | $ | 4,576 | $ | 4,653 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 6,262 | 6,779 | |||||||||
| Change in fair value of warrant liability | (195) | (390) | |||||||||
| Change in tax receivable agreement liability | — | 1,090 | |||||||||
| Amortization of right-of-use lease assets | 1,180 | 1,290 | |||||||||
| Gain on sale of domain name | (1,000) | — | |||||||||
| Stock-based compensation | 2,523 | 4,818 | |||||||||
| Loss contingency | (2,205) | 2,324 | |||||||||
| Other reconciling items included in net income | (119) | — | |||||||||
| Provision for credit losses | 8,030 | 1,082 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (12,192) | (2,624) | |||||||||
| Prepaid expenses and other current assets | 2,011 | 635 | |||||||||
| Other assets | (438) | 475 | |||||||||
| Accounts payable and accrued expenses | 67 | (1,418) | |||||||||
| Deferred revenue | 310 | (220) | |||||||||
| Operating lease liabilities | (1,892) | (1,769) | |||||||||
| Net cash provided by operating activities | 6,918 | 16,725 | |||||||||
| Cash flows from investing activities | |||||||||||
| Capitalized software and expenditures | (7,274) | (6,493) | |||||||||
| Purchase of marketable securities | (13,472) | — | |||||||||
| Proceeds from sale of marketable securities | 13,591 | — | |||||||||
| Proceeds from sale of domain name | 1,000 | — | |||||||||
| Net cash used in investing activities | (6,155) | (6,493) | |||||||||
| Cash flows from financing activities | |||||||||||
| Distributions | — | (1,916) | |||||||||
| Proceeds from repayment of related party note | 89 | 92 | |||||||||
| Tax receivable agreement payment | (2,659) | (1,422) | |||||||||
| Taxes paid related to net share settlement of equity awards | (95) | (1) | |||||||||
| Net cash used in financing activities | (2,665) | (3,247) | |||||||||
| Net increase (decrease) in cash | (1,902) | 6,985 | |||||||||
| Cash – beginning of period | 62,401 | 51,966 | |||||||||
| Cash – end of period | $ | 60,499 | $ | 58,951 | |||||||
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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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||
| Net income | $ | 2,882 | $ | 2,159 | $ | 4,576 | $ | 4,653 | |||||||||||||||
Provision for income taxes | 1 | — | 33 | 9 | |||||||||||||||||||
| Depreciation and amortization expenses | 3,202 | 3,458 | 6,262 | 6,779 | |||||||||||||||||||
| Interest income | (471) | (431) | (962) | (840) | |||||||||||||||||||
| EBITDA | 5,614 | 5,186 | 9,909 | 10,601 | |||||||||||||||||||
| Stock-based compensation | 1,206 | 2,624 | 2,523 | 4,818 | |||||||||||||||||||
| Change in fair value of warrant liability | (98) | (390) | (195) | (390) | |||||||||||||||||||
Legal settlements and other legal costs(1) | 263 | 1,436 | 911 | 2,540 | |||||||||||||||||||
Reduction in force (recovery) expense(2) | (58) | — | 881 | 879 | |||||||||||||||||||
| Sale of domain | — | — | (1,000) | — | |||||||||||||||||||
| Loss contingency | (1,960) | 2,324 | (2,205) | 2,324 | |||||||||||||||||||
| Change in tax receivable agreement liability | — | 545 | — | 1,090 | |||||||||||||||||||
| Adjusted EBITDA | $ | 4,967 | $ | 11,725 | $ | 10,824 | $ | 21,862 | |||||||||||||||
1 Represents legal and advisory fees related to ongoing litigation related to shareholder derivative actions. See Note 5, “Commitments and Contingencies” of our condensed consolidated financial statement included in the Form 10-Q for the period ended June 30, 2026 filed with the SEC.
2 Represents severance charges (recovery) 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 our corporate technology and marketing divisions.
Contacts
Investor Relations:
investors@weedmaps.com
Media Contract:
press@weedmaps.com
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