WM Technology, Inc. Reports Financial Results for Third Quarter 2025

Seventh Consecutive Quarter of Positive Net Income

Cash Increased to $62.6 million

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 third quarter ended September 30, 2025.

“Our third-quarter results reflect disciplined execution in a challenging market. While conditions across our core states remain pressured, we continue to focus on delivering value to our clients and strengthening our marketplace for the long term,” said Doug Francis, CEO of WM Technology. “We’re mindful of the challenges ahead and are taking a disciplined approach to position the company as the industry continues to evolve.”

“Industry pressures continue to affect our clients’ operating margins and ability to spend on our platform, but our ongoing cost discipline and operational focus have allowed us to remain profitable and maintain a strong balance sheet,” said Susan Echard, CFO of WM Technology.

Third Quarter 2025 Financial Highlights

Revenues for the third quarter ended September 30, 2025 were $42.2 million as compared to $46.6 million in the prior year period. The overall decrease in revenues from the prior year period was driven by continued challenges across core markets, where ongoing pricing pressure continues to compress client operating margins and constrain marketing budgets.
- Average monthly paying clients⁽¹⁾ of 5,221 was up from 5,100 from the prior year period, 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⁾ decreased to $2,693 from $3,043 in the prior year period, 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 $3.6 million as compared to $5.3 million in the prior year period.
Adjusted EBITDA⁽³⁾ decreased to $7.6 million from $11.3 million in the prior year period.
Total shares outstanding across Class A and Class V Common Stock were 157.2 million as of September 30, 2025.
Cash increased to $62.6 million as of September 30, 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 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. Average monthly revenues per paying client is calculated in the same manner as our previously-reported “Average monthly net revenue per paying client,” and the description of the metric is being updated solely because we changed the reporting line item from “Net revenues” to “Revenue”. For additional information, see “Basis of Presentation” and “Revenue Recognition” of Note 2. “Summary of Significant Accounting Policies,” of our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 13, 2025.
(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.

Business Outlook

Based on information available as of November 6, 2025, WM Technology is issuing guidance for the fourth quarter of 2025 as follows:

Revenue is estimated to be approximately $41 million to $43 million.
Non-GAAP Adjusted EBITDA⁽³⁾ is estimated to be approximately $5 million to $7 million.

The guidance provided above is only an estimate of what we believe is realizable as of the date of this release. We are not readily able to provide a reconciliation of projected Non-GAAP Adjusted EBITDA to projected net income without unreasonable effort. 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, November 6, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) at https://edge.media-server.com/mmc/p/phq5qkg2. 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 its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.

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 17 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.

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.

Headquartered in Irvine, California, WM Technology supports remote and hybrid work for eligible employees. 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 Company’s ability to obtain funding for its future operations; 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 impact of the restatement on our reputation and investor confidence in us and the increased possibility of legal proceedings and regulatory inquiries; 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 Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-Ks 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 costs and other non-recurring charges, asset impairment charges, 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.


WM TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except for share data)

	September 30, 2025			December 31, 2024
Assets
Current assets
Cash	$	62,591		$	51,966
Accounts receivable, net		10,710			10,060
Prepaid expenses and other current assets		8,284			7,486
Total current assets		81,585			69,512
Property and equipment, net		24,658			24,075
Goodwill		68,368			68,368
Intangible assets, net		1,650			1,952
Right-of-use assets		12,802			14,695
Other assets		3,848			3,264
Total assets	$	192,911		$	181,866
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable and accrued expenses	$	20,083		$	20,102
Deferred revenue		5,114			5,433
Operating lease liabilities, current		3,778			3,492
Tax receivable agreement liability, current		2,531			1,406
Warrant liability, current		585			—
Total current liabilities		32,091			30,433
Operating lease liabilities, non-current		23,660			26,601
Tax receivable agreement liability, non-current		—			3,006
Warrant liability, non-current		—			585
Other long-term liabilities		1,802			1,174
Total liabilities		57,553			61,799
Commitments and contingencies
Stockholders’ equity
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at September 30, 2025 and December 31, 2024		—			—
Class A Common Stock - $0.0001 par value; 1,500,000,000 shares authorized; 107,897,133 shares issued and outstanding at September 30, 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, 49,319,542 shares issued and outstanding at September 30, 2025 and 54,319,542 shares issued and outstanding at December 31, 2024		5			5
Additional paid-in capital		108,237			92,941
Accumulated deficit		(51,345	)		(56,879	)
Total WM Technology, Inc. stockholders’ equity		56,908			36,077
Non-controlling interests		78,450			83,990
Total stockholders’ equity		135,358			120,067
Total liabilities and stockholders’ equity	$	192,911		$	181,866

WM TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except for share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025		2024
Revenues	$	42,176		$	46,552		$	131,635	$	136,844

Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)		2,118			2,182			6,639		6,729
Sales and marketing		10,779			9,671			28,639		30,374
Product development		6,412			9,484			21,945		28,355
General and administrative		17,840			16,494			57,990		51,549
Depreciation and amortization		3,068			3,517			9,847		9,641
Total costs and expenses		40,217			41,348			125,060		126,648
Operating income		1,959			5,204			6,575		10,196
Other income (expenses), net
Change in fair value of warrant liability		(390	)		585			—		195
Change in tax receivable agreement liability		1,550			(548	)		460		(1,486	)
Other income (expense)		535			98			1,281		(362	)
Income before income taxes		3,654			5,339			8,316		8,543
Provision for income taxes		13			21			22		72
Net income		3,641			5,318			8,294		8,471
Net income attributable to non-controlling interests		1,181			1,986			2,760		3,183
Net income attributable to WM Technology, Inc.	$	2,460		$	3,332		$	5,534	$	5,288

Class A Common Stock:
Basic income per share	$	0.02		$	0.03		$	0.05	$	0.06
Diluted income per share	$	0.02		$	0.03		$	0.05	$	0.05

Class A Common Stock:
Weighted average basic shares outstanding		107,569,086			97,166,788			105,797,793		95,743,064
Weighted average diluted shares outstanding		109,112,744			97,811,251			108,144,795		96,761,731

WM TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands)

	Nine Months Ended September 30,
		2025			2024
Cash flows from operating activities
Net income	$	8,294		$	8,471
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		9,847			9,641
Change in fair value of warrant liability		—			(195	)
Change in tax receivable agreement liability		(460	)		1,486
Amortization of right-of-use lease assets		1,894			3,284
Stock-based compensation		6,369			7,172
Loss contingency		2,324			—
Provision (recovery) for credit losses		2,618			(295	)
Gain on lease termination		—			(109	)
Changes in operating assets and liabilities:
Accounts receivable		(3,268	)		3,546
Prepaid expenses and other current assets		(798	)		(439	)
Other assets		450			1,029
Accounts payable and accrued expenses		(1,154	)		(1,169	)
Deferred revenue		(319	)		(153	)
Operating lease liabilities		(2,655	)		(4,994	)
Net cash provided by operating activities		23,142			27,275

Cash flows from investing activities
Capitalized software and expenditures		(9,359	)		(9,499	)
Net cash used in investing activities		(9,359	)		(9,499	)

Cash flows from financing activities
Distributions to non-controlling interests		(1,916	)		(7,250	)
Proceeds from repayment of related party note		183			286
Tax receivable agreement payment		(1,422	)		(116	)
Taxes paid related to net share settlement of equity awards		(3	)		(3	)
Net cash used in financing activities		(3,158	)		(7,083	)

Net increase in cash		10,625			10,693
Cash – beginning of period		51,966			34,350
Cash – end of period	$	62,591		$	45,043

WM TECHNOLOGY, INC. AND SUBSIDIARIES RECONCILIATION OF NET INCOME TO EBITDA AND ADJUSTED EBITDA (Unaudited) (In thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2025			2024			2025			2024
	(in thousands)
Net income	$	3,641		$	5,318		$	8,294		$	8,471
Provision for income taxes		13			21			22			72
Depreciation and amortization expenses		3,068			3,517			9,847			9,641
Interest income		(472	)		(280	)		(1,312	)		(331	)
EBITDA		6,250			8,576			16,851			17,853
Stock-based compensation		1,551			1,601			6,369			7,172
Change in fair value of warrant liability		390			(585	)		—			(195	)
Legal costs and other non-recurring charges⁽¹⁾		918			1,172			3,458			4,685
Reduction in force (recovery) expense⁽²⁾		—			—			879			—
Loss contingency⁽³⁾		—			—			2,324			—
Change in tax receivable agreement liability		(1,550	)		548			(460	)		1,486
Adjusted EBITDA	$	7,559		$	11,312		$	29,421		$	31,001

¹	As of September 30, 2025, includes legal and advisory fees related to among other things, ongoing litigation related to shareholder class action and derivative actions, and as of September 30, 2024, includes legal and advisory fees related to the SEC enforcement matter and SEC settlement. See Note 5, “Commitments and Contingencies” to the condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed with the SEC for additional information
²	Represents severance charges included in general and administrative expense in the condensed 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.
³	Represents loss contingency related to the shortfall under the AWS minimum commitment obligation. See Note 5, “Commitments and Contingencies” to the condensed consolidated financial statements included in our Quarterly Report on Form 10-Q for the period ended September 30, 2025 filed with the SEC for additional information

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