WM Technology, Inc. (MAPS) Market Cap
WM Technology, Inc. has a market capitalization of $61M.
Financials based on reported quarter end 2025-12-31
Price: $0.35
▼ -0.01 (-3.85%)
Market Cap: 61.01M
NASDAQ · time unavailable
CEO: Douglas Francis
Sector: Technology
Industry: Software - Application
IPO Date: 2019-10-01
Website: https://www.weedmaps.com
WM Technology, Inc. (MAPS) - Company Information
Market Cap: 61.01M · Sector: Technology
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.
Analyst Sentiment
Based on 1 ratings
Analyst 1Y Forecast: $0.00
Average target (based on 2 sources)
Consensus Price Target
Low
$3
Median
$5
High
$7
Average
$5
Potential Upside: 1328.6%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"MAPS reported revenues of $43.1M for the year ending December 31, 2025, but also incurred a net loss of $3.57M. The earnings per share stood at -$0.0322. Cash flow from operations is non-existent, and there are no capital expenditures or free cash flow reported. The company maintains a healthy balance sheet with total assets of $190.67M, total liabilities of $58.87M, and negative net debt of -$35.84M, indicating it has more cash than debt. However, shareholder returns are a concern as the stock has seen a significant decline of 54.46% over the past year, with no dividends paid, and the market has reacted negatively with a year-to-date drop of 27.68%. The current share price is $0.6102, with a consensus price target suggesting limited upside potential."
Revenue Growth
Moderate revenue of $43.1M, but growth trajectory is not clear.
Profitability
Negative net income of $3.57M indicates profitability struggles.
Cash Flow Quality
No operating cash flow or free cash flow reported.
Leverage & Balance Sheet
Strong balance sheet with more assets than liabilities and negative net debt.
Shareholder Returns
Significant price decline (-54.46%) over the past year with no dividends.
Analyst Sentiment & Valuation
Analyst targets show potential but reflect cautious sentiment.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Weedmaps’ Q4 and full-year numbers show resilience on cost control despite a tougher client spending environment: Q4 revenue was $43M (down 10% YoY) while adjusted EBITDA beat quarter guidance but was still down 10%+ YoY. Full-year revenue fell to $175M (from $185M), and adjusted EBITDA declined to $40M (from $43M). Management’s tone is cautious: key headwinds are pricing compression, illicit competition, and excise-tax pressure shrinking clients’ marketing budgets (hurting featured/deals spend). The company highlighted product-first discovery and early New York traction, but admitted limited upside from Schedule III—mainly because exchange/listing constraints block new transaction/logistics capabilities and many clients may have already captured 280E-style cash benefits. They guided Q1 2026 revenue down mid- to high-single digits sequentially and chose not to provide 2026 adjusted EBITDA guidance due to investment timing variability. Notably, there is no analyst Q&A in the provided transcript to gauge pressure, making management’s own risk framing the primary “signal.”
Growth Catalysts
- Product-first discovery and shopping journey updates underway
- Early momentum in New York leveraged for expansion into other new markets (explicitly: Minnesota and Texas)
- Improving adoption in regulatory-capture markets and strengthening marketplace experience
Business Development
- Deepening relationships with large California-based clients and MSO partners (named categories; no specific partner/customer named in transcript)
Financial Highlights
- Q4 revenue: $43M, down 10% YoY; stated as top end of prior guidance
- Q4 adjusted EBITDA: exceeded guidance for the quarter; however down 10%+ YoY versus Q4 2024
- Full-year 2025 revenue: $175M vs $185M in 2024 (down ~5%)
- Full-year adjusted EBITDA: $40M vs $43M in 2024
- Full-year cash: $62M (almost 20% increase vs end of 2024 cash balance)
- Full-year net income: $3M
- Full-year revenue headwinds attributed to: severe pricing compression, illicit market competition, elevated excise tax burdens reducing clients’ margins/marketing budgets (leading to lower spend in featured and deals listings)
- Average paying clients: Q4 5,120 (down ~2% YoY and sequentially); full year 5,190 (up 2% vs 2024)
- Average revenue per paying client: ~ $2,800 for both Q4 and full year, down from prior year
- Operating expense increase: full-year opex up 2% to $174M, driven by nonrecurring items; partly offset by reduced S&M and product development spend
- Notable charges/items: $2.3M noncash loss contingency (server provider contractual obligation) in 2Q; $2.8M legal settlement disclosed as subsequent event; $7.8M noncash asset impairment charge (goodwill-related) in Q4
- 2026 adjusted EBITDA guidance: not provided due to variability/timing of investments
Capital Funding
- Ended 2025 with $62M cash (almost 20% increase vs end of 2024)
- No buyback/debt program disclosed in transcript
Strategy & Ops
- Cost discipline: S&M expense down $2M and product development down $8M full-year due to lower headcount-related costs and reduced advertising after earlier restructuring
- G&A increased ~$6M YoY, including onetime items
- Operating model described as self-funding operations while continuing to invest in the platform
- Planned continued opportunistic investment despite uncertain timing/variability
Market Outlook
- Q1 2026 revenue expected to decline sequentially by mid- to high single digits from Q4
Risks & Headwinds
- No Q&A section provided in the transcript; risks are taken from management remarks
- Client spend contraction: featured and deals listings more sensitive to marketing budget shifts; reduced marketing spend tied to pricing compression and illicit competition
- Industry consolidation reducing operator base (platform expected to perform best with more competitive operator regions)
- Shelf/product choice narrowing from consolidated brand availability
- Schedule III / rescheduling limitations: does not make cannabis federally legal; does not immediately allow Weedmaps new business lines or revenue strategies; exchange listing constraints restrict monetization/transactions/logistics and prevent a regular e-commerce experience like other industries
- 280E tax elimination potential judged as limited: many clients already took legal/accounting positions and/or allowances for uncertain tax liabilities; thus cash flow benefits may be largely already realized
- 280E/rescheduling cash-flow benefits may disproportionately favor large MSOs, potentially worsening structural dynamics for Weedmaps’ marketplace model
- Potential client ability to spend freed cash may be reduced by debt servicing vs growth focus
Sentiment: CAUTIOUS
Note: This summary was synthesized by AI from the MAPS Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.