MAPSOTCServices-Prepackaged SoftwareUS GAAP · USD

WM Technology, Inc.

WM Technology, Inc. operates the Weedmaps online marketplace and a related software suite for licensed cannabis retailers, delivery operators, and brands in the United States. Its platform combines consumer discovery, ordering, advertising, compliance tools, and business software for cannabis businesses that operate in state-legal markets.

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Revenue175m USD
−5.3 %y/y
Operating profit (EBIT)0.8m USD
−94.8 %y/y
EBIT margin0.4%
−7.6 ppy/y
Net income2.0m USD
−74.3 %y/y
Free cash flow26.2m USD
−28.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300m USD2020: 162 m USD2020: EBIT -3.9 m USD20202021: 193 m USD2021: EBIT -8.2 m USD20212022: 216 m USD2022: EBIT -70 m USD20222023: 188 m USD2023: EBIT -18 m USD20232024: 185 m USD2024: EBIT 15 m USD20242025: 175 m USD2025: EBIT 0.77 m USD20251750.77
RevenueOperating profit (EBIT)

Business

Share of revenue
Marketplace listings35 %

Consumer-facing cannabis listings, menus, and discovery pages on Weedmaps.

SaaS subscriptions40 %

Monthly Weedmaps for Business software for listings, orders, and compliance workflows.

Advertising products20 %

Featured placements, banner ads, promotion tiles, and other ad solutions.

Integrations and analytics5 %

APIs, connectors, and insights tools that link menus, POS systems, and reporting.

Products

Reported · share of revenue
60.7%30.5%8.8%FY2025100 %
  • Featured Listing60.7 %
  • Weedmaps for Business and Other Saa S Solutions30.5 %
  • Other8.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Customers are licensed cannabis retailers, delivery operators, and cannabis brands in U.S. state-legal markets. The platform also serves cannabis consumers who use Weedmaps to discover products, browse menus, and place or reserve orders through participating retailers. Some clients are doctors and other related client types, but the core commercial base is cannabis businesses that need compliant digital commerce and marketing tools.

Cannabis retailers

Storefront dispensaries buy listings, menus, ordering, and compliance tools to attract and convert local consumers.

Delivery operators

Delivery businesses use Weedmaps to publish menus, receive orders, and manage fulfillment workflows.

Cannabis brands

Brands buy visibility, analytics, and routing tools to reach retailers and track product performance.

Cannabis consumers

Consumers use the marketplace to discover products, compare options, and reserve or order locally.

Other licensed cannabis clients

Related client types such as doctors may purchase listings or visibility products in supported markets.

Strategy

The company is focused on growing its marketplace and software ecosystem through organic product investment and selective acquisitions. It is also investing in marketing, business listings, data assets, and software functionality to deepen engagement with retailers, brands, and consumers.

Grow marketplace and software adoptionShort term

More listings and subscriptions increase platform utility and client retention.

Strengthen product functionality and data assetsMedium term

Better integrations and analytics make the platform more embedded in client workflows.

Increase brand awareness and market reachShort term

Cannabis businesses often join through network effects, but marketing supports scale and visibility.

Pursue selective acquisitionsMedium term

Acquisitions can add complementary technology and accelerate growth.

Geography

WM Technology is headquartered in Irvine, California and its business is centered on legalized cannabis markets in states and territories of the United States. The company’s revenue exposure is therefore tied to U.S. cannabis regulation, state licensing pace, and the geographic rollout of legal markets rather than international consumer demand.

Risks

The business depends on the pace of cannabis legalization, licensing, and market expansion, so slower regulatory rollout can limit customer growth. It also faces competition for marketplace traffic and ad inventory, while its holding-company structure means cash generation depends on distributions from operating subsidiaries.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Slower cannabis market expansion1Competitive pressure on marketplace and ad products2Holding-company liquidity dependence3Cybersecurity and integration risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Slower cannabis market expansionImpact: HighLikelihood: High

    Revenue depends on new licenses and new legal markets, which can expand unevenly.

    Exposure: U.S. state-legal cannabis markets

  2. Competitive pressure on marketplace and ad productsImpact: HighLikelihood: High

    The platform relies on consumer traffic and fixed ad inventory, which can be contested by other digital channels.

    Exposure: Marketplace listings and advertising

  3. Holding-company liquidity dependenceImpact: HighLikelihood: Medium

    WM Technology relies on distributions from WMH LLC and subsidiaries to fund obligations.

    Exposure: Corporate structure and cash flow

  4. Cybersecurity and integration riskImpact: MediumLikelihood: Low

    Software systems and acquired technologies can introduce vulnerabilities and operational disruption.

    ExposurePlatformAPIsAcquired systems

Accounting

Judgemental items
Revenue recognition over time

Monthly subscription and advertising services are recognized as delivered, affecting timing of reported revenue.

Impact: Quarter-to-quarter comparability

Income taxes and tax receivable agreement

The partnership structure and TRA create judgment around tax provisions and related liabilities.

Impact: Tax expense and balance sheet liabilities

Stock-based compensation

Equity awards are a meaningful operating expense and depend on valuation assumptions.

Impact: Operating expenses and dilution

Goodwill and intangible assets

Acquisitions and platform assets may require impairment testing if performance weakens.

Impact: Non-cash impairment charges

Capitalized software development costs

Product investment can be capitalized and amortized, affecting expense timing.

Impact: Operating expense and asset values

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Last updated: 24/09/2026