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MAPSW

WM Technology, Inc.

MAPSW

WM Technology, Inc. • NASDAQ
$0.01 ▲ 6.84% (+0.00)
Market Cap $1.35 M
52w High $0.03
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 20.14K
Outstanding Shares 107.92M

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

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past few years, with a small pullback after an earlier peak. The business model is high margin, so most of that revenue turns into gross profit, which is a strength. The real story is on the cost side: the company went through a period of heavier losses a couple of years ago, then tightened expenses and moved back toward modest profitability. That big loss year stands out as an exception in an otherwise more balanced pattern. Overall, the income statement shows a lean, asset-light software business that has largely stabilized after a bumpier stretch, but it is not yet a clear, consistently growing earnings story.

Balance Sheet

Balance Sheet The balance sheet looks relatively light but not extreme in either direction. Cash balances are reasonable for a software platform of this size, though not abundant, and debt is present but not overwhelming compared to total assets. Equity was squeezed during the loss-making period and then started to rebuild as profitability improved, which signals some repair work underway. Compared with the cash-rich position just after its SPAC listing, the company has clearly spent down its initial cushion, but it still appears to have a workable capital structure as long as operations remain disciplined.

Cash Flow

Cash Flow Cash flow has been a quiet positive. The company has generally generated cash from its operations, with only one notably weak year when it burned cash instead of producing it. Free cash flow has been positive in most years, helped by low capital spending needs typical of a software platform. That means the business has not had to invest heavily in physical assets to grow or maintain its services. The pattern suggests a business that can fund itself internally during normal conditions, though it doesn’t have a large margin for error if the industry or regulation turns against it for a prolonged period.

Competitive Edge

Competitive Edge WM Technology operates in a niche but fast-evolving space as the infrastructure and marketplace layer for legal cannabis. Its main strength is the network effect around Weedmaps: consumers go there because many dispensaries and brands are listed, and businesses join because that’s where the consumers already are. Years of operating in the space and a strong presence in key markets, especially California, give it a first-mover advantage and brand recognition. On the other hand, dependence on a limited number of core regions and an industry that is heavily shaped by regulation add real risks. Competitors like Leafly and various point-of-sale or e‑commerce providers keep pressure on the company to keep improving its offering and pricing.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation to deepen its moat. It is building what amounts to an ‘operating system’ for cannabis retailers: marketplace listings, advertising tools, online ordering, storefront software, data analytics, CRM, logistics, and compliance integrations. Its push into AI and data standardization is especially important, because better data can improve search, recommendations, and business insights, making the platform more valuable on both sides. New initiatives like the planned ‘Hedi’ online head shop, richer advertising placements for brands, and a more social, modern mobile experience are all attempts to increase engagement and open up fresh revenue streams. The strategy is clear: become the default data and software layer for the industry rather than just a listings site.

Summary

WM Technology combines a high-margin, asset-light marketplace and software model with a strong position in a specialized, regulated industry. Financially, it has moved from volatility and a standout loss year toward more disciplined cost control, modest profitability, and solid, if not spectacular, cash generation. Its balance sheet is lean but serviceable, meaning it benefits from good execution but has less room for major missteps. Strategically, the company’s edge rests on its large user base, deep relationships with cannabis retailers, and growing suite of integrated software and data products, all supported by AI and analytics. Key uncertainties revolve around cannabis regulation, geographic concentration, competitive platforms, and the implications of the founders’ proposal to take the company private. Future performance will largely depend on how well WM Technology can expand into new markets, deepen monetization of its data and ad products, and continue turning its innovation agenda into stable, repeatable earnings.