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MAPS

WM Technology, Inc.

MAPS

WM Technology, Inc. • NASDAQ
$0.85 ▲ 0.59% (+0.01)
Market Cap $91.39 M
52w High $1.65
52w Low $0.72
Dividend Yield 0%
P/E 12.1
Volume 302.55K
Outstanding Shares 107.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42.176M ▼ $38.099M ▼ $2.46M ▲ 5.833% ▲ $0.02 ▲ $6.722M ▲
Q2-2025 $44.847M ▲ $40.598M ▲ $1.427M ▼ 3.182% ▼ $0.013 ▼ $6.074M ▼
Q1-2025 $44.612M ▼ $39.724M ▼ $1.647M ▼ 3.692% ▼ $0.016 ▼ $6.611M ▼
Q4-2024 $47.67M ▲ $40.828M ▲ $2.351M ▼ 4.932% ▼ $0.024 ▼ $8.674M ▼
Q3-2024 $46.552M $39.166M $3.332M 7.158% $0.034 $9.62M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $62.591M ▲ $192.911M ▲ $57.553M ▼ $56.908M ▲
Q2-2025 $58.951M ▲ $188.066M ▲ $60.062M ▼ $52.739M ▲
Q1-2025 $53.275M ▲ $183.829M ▲ $60.113M ▼ $48.465M ▲
Q4-2024 $51.966M ▲ $181.866M ▲ $61.799M ▲ $36.077M ▲
Q3-2024 $45.043M $173.568M $58.578M $29.547M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.641M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $1.427M ▼ $11.061M ▲ $-2.843M ▲ $-2.542M ▼ $5.676M ▲ $8.218M ▲
Q1-2025 $2.494M ▲ $5.664M ▼ $-3.65M ▼ $-705K ▼ $1.309M ▼ $2.014M ▼
Q4-2024 $2.351M ▼ $9.401M ▲ $-2.138M ▲ $-340K ▲ $6.923M ▲ $7.263M ▲
Q3-2024 $6.515M $7.221M $-2.359M $-1.111M $3.751M $4.862M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product and Service Other
Product and Service Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Service
Service
 $80.00M ▲$40.00M ▼$40.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively steady over the last few years, with a small dip after a prior peak. The business moved from meaningful losses in the past to roughly breakeven and then back to a modest profit most recently. Gross profitability looks solid, suggesting the core marketplace and software offering can generate attractive margins, but operating expenses have swung results between profit and loss. The large loss a couple of years ago stands out as a reset year; since then, management appears to have focused on cost discipline and stabilizing earnings. Overall, the income statement shows a company transitioning from a growth-at-any-cost phase toward a more controlled, sustainability-focused approach, but earnings are still fragile and could swing with small changes in demand or costs.

Balance Sheet

Balance Sheet The balance sheet looks light but fairly clean. The company carries a modest amount of debt and still has a positive equity base, even though past losses have clearly eaten into that equity over time. Cash has come down from earlier highs but remains meaningful relative to the company’s size, giving some flexibility to manage ups and downs. Total assets are smaller than they were a few years ago, suggesting either write-downs, restructuring, or a leaner operating model. In simple terms, the balance sheet does not look overburdened with debt, but there is not a huge capital cushion either, so continued profitability and cash generation will be important to maintain financial stability.

Cash Flow

Cash Flow Cash generation is a relative bright spot. The company has generally produced positive operating cash flow, with only one recent year showing a small outflow. Free cash flow has similarly been positive in most years, helped by modest spending on capital investments. This points to a business model that does not require heavy ongoing investment to keep running and grow incrementally. However, the level of cash flow is not extremely large, so while the company appears self-funding today, it does not have vast excess cash to absorb major shocks or fund very aggressive expansion without trade-offs elsewhere.

Competitive Edge

Competitive Edge WM Technology holds a strong niche in the cannabis ecosystem through Weedmaps, which combines a large consumer audience with a software toolkit for dispensaries and brands. Its main edge comes from network effects: consumers go where the most retailers and products are listed, and retailers want to be where the consumers are. Long operating history, brand recognition among cannabis users, and deep experience with complex cannabis regulations further strengthen this position. On the business side, once retailers integrate Weedmaps into their point-of-sale, inventory, and marketing workflows, switching away can be painful, which supports customer stickiness. Risks include increasing competition from other cannabis-tech platforms, potential entry from larger tech players if regulations ease, price pressure on retailers that could limit what they are willing to spend, and regulatory changes that could either help or hurt. The proposal by co-founders to take the company private adds strategic uncertainty and could signal that significant changes in direction or ownership structure are being considered.

Innovation and R&D

Innovation and R&D Innovation at WM Technology is focused less on flashy research and more on building an integrated, data-rich platform around the cannabis value chain. Weedmaps started as a listings marketplace but has evolved into a full software suite handling online ordering, delivery logistics, in-store menus, marketing, CRM, and compliance support. This “all-in-one” approach helps differentiate it from point-solution competitors. The company’s large dataset on cannabis consumer behavior and product demand is a key asset, and management has indicated a growing emphasis on using data, AI, and analytics to personalize consumer experiences and give retailers better decision tools. Acquisitions have been used to add features like digital signage, logistics, and CRM rather than building everything from scratch. Looking forward, expansion into adjacent areas such as hemp products, seeds, or homegrow, along with more advanced brand and advertising tools, could create additional revenue streams if executed well, but they will also require careful product investment and regulatory navigation.

Summary

MAPS sits at the intersection of cannabis and technology, with a well-known consumer brand and a broad software suite supporting licensed operators. Financially, it has moved from volatility and a sizable loss toward modest profitability and steady positive cash flow, but on a relatively small base, leaving limited room for major missteps. The balance sheet is lean but not distressed, and cash flows suggest the business can largely fund itself if current trends hold. Competitively, network effects, regulatory expertise, and integration into retailer operations provide a real moat, though the cannabis industry’s regulatory and pricing pressures keep the environment challenging and unpredictable. Innovation is centered on deeper integration, data and analytics, and expansion into adjacent cannabis-related verticals, with an eye toward becoming the default operating system for the industry. The potential take-private transaction is an important wild card, as it could reshape governance, strategy, and how aggressive the company can be with long-term investments. Overall, MAPS appears to be in a stabilization and refinement phase: solidifying its core business, improving efficiency, and cautiously building on its early-mover advantage in a still-evolving market.

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