MAPS

MKT CAP:$65M

WM Technology, Inc.

Market Cap

$65M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$0.35-$0.50 (-58.70%)

Apr 21, 2026

Company Details

WM Technology, Inc. provides ecommerce and compliance software solutions to retailers and brands in cannabis market in the United States, Canada, and internationally. The company offers Weedmaps marketplace that allows cannabis users to sea...

CEO

Douglas Francis

IPO Date

Oct 1, 2019

Website

www.weedmaps.com

Key Metrics TTM

Revenue

$183M

-11.1% YoY

Net Income

$6M

EPS (Diluted)

$0.06

Free Cash Flow

$28M

Revenue / Share

$1.69

Gross Margin

93.4%

Operating Margin

6.3%

Net Margin

3.1%

FCF Margin

15.5%

P/S

0.4x

P/E

11.3x

Earnings Reports

Q3 2025

May 7, 2026

PENDING

FY 2025

Mar 12, 2026

$175MEPS $0.02

Q2 2025

Aug 7, 2025

$45M-2.3%EPS $0.01

Q4 2024

Mar 13, 2025

$48M+15.1%EPS $0.02

Q2 2024

Aug 8, 2024

$46M-5.2%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 19	$0	-$134.0K	-$134.0K
Q1 20	$32M	$31M	$4M
Q2 20	$39M	$37M	$10M
Q3 20	$47M	$44M	$16M
Q4 20	$44M	$42M	$11M
Q1 21	$41M	$39M	$8M
Q2 21	$47M	$45M	-$15M
Q4 21	$54M	$52M	-$5M
Q1 22	$57M	$54M	-$14M
Q2 22	$58M	$54M	-$13M
Q2 23	$48M	$45M	$4M
Q4 23	$41M	$39M	-$13M
Q1 24	$44M	$39M	$4M
Q2 24	$46M	$44M	$1M
Q4 24	$48M	$45M	$5M
Q2 25	$45M	$43M	$2M

Valuation

Quarter	P/S	P/E
Q3 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	0.6x	2.2x
Q4 20	0.4x	1.7x
Q1 21	0.4x	1.5x
Q2 21	0.4x	1.7x
Q4 21	0.3x	1.1x
Q1 22	0.3x	1.9x
Q2 22	0.3x	1.7x
Q2 23	0.3x	1.9x
Q4 23	0.3x	—
Q1 24	0.3x	9.2x
Q2 24	0.4x	—
Q4 24	0.4x	—
Q2 25	0.4x	11.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 19	$553.1K	$553.1K
Q1 20	$5M	$5M
Q2 20	$10M	$9M
Q3 20	$15M	$15M
Q4 20	$9M	$9M
Q1 21	$11M	$10M
Q2 21	$17M	$16M
Q4 21	-$2M	-$6M
Q1 22	-$4M	-$8M
Q2 22	$36.0K	-$4M
Q2 23	$2M	-$645.0K
Q4 23	$11M	$8M
Q1 24	$7M	$3M
Q2 24	$13M	$10M
Q4 24	$9M	$7M
Q2 25	$11M	$8M

Capital Expenditures

Quarter	CapEx
Q3 19	$0
Q1 20	$201.0K
Q2 20	$301.0K
Q3 20	$401.0K
Q4 20	$408.0K
Q1 21	$283.0K
Q2 21	$836.0K
Q4 21	$4M
Q1 22	$4M
Q2 22	$4M
Q2 23	$3M
Q4 23	$3M
Q1 24	$5M
Q2 24	$3M
Q4 24	$2M
Q2 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	—	+24625.4%
Q1 21	+27.8%	+18.8%
Q2 21	+21.1%	+113.0%
Q4 21	+16.5%	+94.9%
Q1 22	+29.6%	+116.4%
Q2 22	+41.6%	+114.7%
Q2 23	+3.2%	-28.2%
Q4 23	-23.6%	-8.7%
Q1 24	-22.7%	-43.3%
Q2 24	-21.3%	-37.4%
Q4 24	-1.6%	-3.4%
Q2 25	+8.3%	-20.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 19	$0	—
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$8M	13.1%
Q2 22	$8M	13.9%
Q2 23	$4M	7.7%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$3M	6.0%
Q4 24	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 20	$7M	$9M	$10M
Q2 20	$7M	$12M	$7M
Q3 20	$7M	$13M	$7M
Q4 20	$7M	$14M	$9M
Q1 21	$8M	$13M	$9M
Q2 21	$10M	$34M	$15M
Q4 21	$9M	$27M	$19M
Q1 22	$13M	$29M	$22M
Q2 22	$13M	$30M	$22M
Q2 23	$9M	$17M	$13M
Q4 23	$8M	$13M	$11M
Q1 24	$9M	$17M	$10M
Q2 24	$10M	$19M	$11M
Q4 24	$8M	$19M	$10M
Q2 25	$8M	$21M	$9M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 19	—	—	—
Q1 20	—	16.3%	—
Q2 20	—	27.2%	—
Q3 20	—	36.9%	—
Q4 20	—	27.5%	—
Q1 21	27.8%	21.7%	49.5
Q2 21	21.1%	-30.4%	-9.4
Q4 21	16.5%	-6.4%	10.1
Q1 22	29.6%	-18.0%	11.7
Q2 22	41.6%	-18.1%	23.5
Q2 23	3.2%	16.2%	19.4
Q4 23	-23.6%	26.9%	3.3
Q1 24	-22.7%	17.8%	-5.0
Q2 24	-21.3%	12.2%	-9.0
Q4 24	-1.6%	18.2%	16.6
Q2 25	8.3%	13.5%	21.8

Rule of 40

Revenue Segments

Quarter	Product and Service, Other	Service
Q4 23	$4M	$38M
Q1 24	$3M	$41M
Q2 24	$4M	$42M
Q2 25	$4M	$40M

Revenue by Geography

Quarter	United States
Q2 21	$47M
Q4 21	$54M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$56M	$0	$56M
Q2 22	$48M	$0	$48M
Q3 22	$34M	$0	$34M
Q4 22	$29M	$0	$29M
Q1 23	$26M	$0	$26M
Q2 23	$25M	$0	$25M
Q3 23	$28M	$0	$28M
Q4 23	$34M	$0	$34M
Q1 24	$36M	$0	$36M
Q2 24	$41M	$0	$41M
Q3 24	$45M	$0	$45M
Q4 24	$52M	$0	$52M
Q1 25	$53M	$0	$53M
Q2 25	$59M	$0	$59M
Q3 25	$63M	$0	$63M
Q4 25	$62M	$0	$62M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 19	7M	—	—
Q1 20	899K	-87.0%	—
Q2 20	64M	+6988.7%	—
Q3 20	64M	0.0%	—
Q4 20	31M	-51.0%	+352.2%
Q1 21	216M	+590.3%	+23892.7%
Q2 21	71M	-66.9%	+11.9%
Q4 21	66M	-7.1%	+4.0%
Q1 22	72M	+9.3%	+131.8%
Q2 22	87M	+20.4%	-59.6%
Q2 23	94M	+7.3%	+31.2%
Q4 23	94M	+0.8%	+42.4%
Q1 24	96M	+1.7%	+32.5%
Q2 24	97M	+1.3%	+11.5%
Q4 24	99M	+1.5%	+5.5%
Q2 25	108M	+9.3%	+14.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 19	—	—
Q1 20	$11M	3
Q2 20	$13M	3
Q3 20	$16M	3
Q4 20	$15M	3
Q1 21	$14M	3
Q2 21	$16M	3
Q4 21	$89.4K	606
Q1 22	$94.8K	606
Q2 22	$96.2K	606
Q2 23	$83.5K	580
Q4 23	$94.1K	440
Q1 24	$100.9K	440
Q2 24	$104.3K	440
Q4 24	$108.3K	440
Q2 25	$101.9K	440

Revenue / Employee