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1. Company Snapshot

1.a. Company Description

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 search for and browse cannabis products from retailers and brands, and reserve products from local retailers; and information on the cannabis plant, and the industry and advocate related services for legalization.


It also provides WM Business suite of monthly subscription-based software solutions, including WM Orders, WM Dispatch, WM Store, WM Dashboard, integrations, and API platform, as well as access to its WM Retail and WM Exchange products.In addition, the company offers advertising solutions; Sprout, a customer relationship management solution; and Cannveya, a delivery and logistics software solution.WM Technology, Inc.


was founded in 2008 and is headquartered in Irvine, California.

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1.b. Last Insights on MAPS

WM Technology's recent performance has been positively driven by its strong Q2 2025 earnings report and growing presence in the expanding US cannabis industry. As an ancillary company providing vital tools and marketplaces, WM Technology benefits from increased demand and potential federal legalization and banking reform. With a debt-free and cash-rich position, the company has a low valuation. Its inclusion in lists of high-flying stocks under $10 to buy suggests growing investor interest.

1.c. Company Highlights

2. WM Technology Q4 2025: Revenue Decline, Cash Resilience, and a Tightened Margin Narrative

WM Technology reported $175 million in revenue for 2025, a 5 % year‑over‑year drop, and $40 million in adjusted EBITDA, down 10 % from the prior year’s $43 million. Net income stood at $3 million, translating to an EPS of ‑$0.03 versus analyst estimates of $0.03. Cash on hand rose to $62 million, a 20 % increase, underpinning a strong liquidity position that offsets the margin compression. The company trades at a P/E of 22.26 and an EV/EBITDA of 1.34, indicating modest valuation multiples relative to peers.

Publication Date: Apr -10

📋 Highlights
  • 2025 Full-Year Revenue:: $175 million, with adjusted EBITDA of $40 million and $62 million in cash (20% increase from 2024).
  • Q4 Revenue Performance:: $43 million revenue (top of guidance), adjusted EBITDA exceeded guidance, but both down ~10% YoY.
  • Market Challenges:: Cannabis sector consolidation reduced operators and streamlined product options, impacting business model flexibility.
  • Client Metrics:: 5,120 average paying clients in Q4 (2% YoY decline), with average revenue per client at $2,800 (down from prior year).
  • 2025 Guidance:: Q1 revenue expected to decline mid- to high single digits sequentially, with continued focus on disciplined capital allocation.

Revenue and Margin Trends

Quarterly revenue of $43 million reflected a 10 % decline YoY, driven by contraction in core markets and consolidation among cannabis operators. Despite lower sales, adjusted EBITDA surpassed guidance, as Francis highlighted that “Revenue for the fourth quarter came in at the top end of guidance and adjusted EBITDA exceeded guidance.” This suggests disciplined cost management amid a challenging operating environment.

Client Base and Market Dynamics

Average paying clients fell 2 % YoY to 5,120, while average revenue per client slipped to $2,800. The shift toward multi‑state operators and large California retailers has compressed shelf space and product choice, presenting a double‑edged sword for WM Technology’s platform. Newer states such as New York and Ohio offered modest growth, partially offsetting losses in legacy markets.

Cost Management and Cash Position

Operating expenses rose modestly by 2 % to $174 million, reflecting a controlled spending approach. The company’s net debt to EBITDA ratio sits at –1.41, indicating a net cash position that provides a buffer for opportunistic investments and potential regulatory shifts, such as the proposed Schedule III rescheduling.

Strategic Outlook

Francis emphasized a focus on product enhancement, deepening partner relationships, and expanding adoption in states with regulatory capture. The firm anticipates a mid‑ to high‑single‑digit decline in Q1 revenue relative to Q4, while maintaining disciplined capital allocation and financial flexibility to seize emerging opportunities.

Valuation Assessment

With a P/S of 0.4 and a P/B of 0.76, WM Technology trades at a discount to book value, yet its high free‑cash‑flow yield of 19.31 % and ROIC of 5.25 % suggest efficient capital deployment. The current valuation multiples reflect market caution amid margin pressure and a tightening cannabis supply chain, but the company’s robust cash position and disciplined cost structure may provide upside if growth in new markets accelerates and consolidation continues to favor platform-based solutions.

3. NewsRoom

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JPMorgan Chase & Co. Has $1.75 Million Stock Position in WM Technology, Inc. $MAPS

Apr -08

Source: defenseworld.net

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WM Technology (MAPS) Stock Slides After Hours On Tuesday: What Is Going On?

Apr -08

Source: feeds.benzinga.com

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Contrasting Intchains Group (NASDAQ:ICG) & WM Technology (NASDAQ:MAPS)

Apr -05

Source: defenseworld.net

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WM Technology, Inc. (MAPS) Q4 2025 Earnings Call Prepared Remarks Transcript

Mar -13

Source: seekingalpha.com

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Halper Sadeh LLC Encourages WM Technology, Inc. Shareholders to Contact the Firm to Discuss Their Rights

Mar -11

Source: businesswire.com

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Insider Selling: WM Technology (NASDAQ:MAPS) General Counsel Sells $68,822.12 in Stock

Feb -23

Source: defenseworld.net

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WM Technology (NASDAQ:MAPS) CEO Sells $70,052.92 in Stock

Feb -23

Source: defenseworld.net

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Head-To-Head Analysis: TeleTech (NASDAQ:TTEC) versus WM Technology (NASDAQ:MAPS)

Feb -14

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.70%)

6. Segments

Featured and Deal Listings

Expected Growth: 6.5%

WM Technology, Inc.'s 6.5% growth in Featured and Deal Listings is driven by increasing adoption of cannabis delivery and curbside pickup, expansion into new markets, and strategic partnerships. Additionally, the company's investments in technology and marketing have improved customer engagement and retention, leading to higher transaction volumes and revenue growth.

Weedmaps

Expected Growth: 7.5%

Weedmaps' 7.5% growth driven by increasing adoption of cannabis dispensaries and delivery services, expansion into new markets, and rising demand for online ordering and delivery solutions. Additionally, WM Technology's investments in technology and marketing, as well as its strong brand recognition, contribute to its growth momentum.

Other Ad Solutions

Expected Growth: 6.0%

WM Technology's Other Ad Solutions segment growth is driven by increasing demand for cannabis-related advertising, expansion into new markets, and strategic partnerships. The company's focus on providing targeted and compliant advertising solutions resonates with cannabis businesses, leading to a 6.0% growth rate.

7. Detailed Products

Weedmaps

A leading online platform that provides cannabis consumers with a robust search and discovery tool to find and discover cannabis products, dispensaries, and doctors.

WM Business

A suite of software solutions designed to help cannabis businesses manage their operations, including point-of-sale, inventory management, and online ordering.

WM Ads

A digital advertising platform that allows cannabis businesses to reach their target audience and increase brand awareness.

WM Retail

A retail platform that provides cannabis retailers with a comprehensive solution for managing their online presence, including e-commerce, online ordering, and delivery logistics.

8. WM Technology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

WM Technology, Inc. operates in a highly competitive industry, and there are many substitutes available to customers. However, the company's strong brand recognition and customer loyalty mitigate the threat of substitutes to some extent.

Bargaining Power Of Customers

WM Technology, Inc. has a large customer base, but the customers have significant bargaining power due to the availability of substitutes and the low switching costs. This gives customers the power to negotiate prices and demand better services.

Bargaining Power Of Suppliers

WM Technology, Inc. has a diversified supplier base, and the suppliers do not have significant bargaining power. The company's large scale of operations and strong relationships with suppliers also reduce the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants in the industry is moderate, as there are significant barriers to entry, including high capital requirements and regulatory hurdles. However, the increasing trend of digitalization and innovation in the industry may attract new entrants.

Intensity Of Rivalry

The industry in which WM Technology, Inc. operates is highly competitive, with many established players and new entrants vying for market share. The company faces intense competition, which may lead to pricing pressures and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 66.86%
Debt Cost 3.95%
Equity Weight 33.14%
Equity Cost 8.08%
WACC 5.32%
Leverage 201.73%

11. Quality Control: WM Technology, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Olo

A-Score: 5.3/10

Value: 3.3

Growth: 8.2

Quality: 5.1

Yield: 0.0

Momentum: 8.5

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
CS Disco

A-Score: 4.7/10

Value: 7.0

Growth: 4.9

Quality: 5.4

Yield: 0.0

Momentum: 7.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
PagerDuty

A-Score: 4.0/10

Value: 4.4

Growth: 7.8

Quality: 6.3

Yield: 0.0

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Jamf

A-Score: 3.9/10

Value: 4.8

Growth: 5.8

Quality: 4.9

Yield: 0.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
ShotSpotter

A-Score: 3.7/10

Value: 8.7

Growth: 5.8

Quality: 4.0

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
WM Technology

A-Score: 3.4/10

Value: 8.1

Growth: 3.0

Quality: 6.7

Yield: 0.0

Momentum: 1.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.39$

Current Price

0.39$

Potential

-0.00%

Expected Cash-Flows