WM Technology, Inc.
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Range $3 – $7
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About the company
WM Technology, Inc. is a leading provider of digital solutions for the cannabis industry, serving retailers and brands across the United States, Canada, and international markets. At its core is the Weedmaps platform, a widely used online marketplace that empowers cannabis consumers to effortlessly discover and explore a vast array of products from various retailers and brands, and facilitates local product reservations.
- CEO
- Douglas Francis
- IPO
- 2019
- Employees
- 416
- HQ
- Irvine, CA, US
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- Market Cap
- $45.66M
- P/E
- 22.40
- Fwd P/E
- 6.83
- PEG
- -0.28
- P/S
- 0.27
- P/B
- 0.73
- EV/EBITDA
- 0.47
- Div Yield
- 0.00%
- Gross Margin
- 85.03%
- Op Margin
- 2.60%
- Net Margin
- 1.22%
- ROE
- 3.52%
- ROIC
- 2.63%
Latest fiscal year · YoY change
- Revenue
- $174.70M-5.3%
- Gross Profit
- $152.48M-13.1%
- Op Income
- $11.75M
- Net Income
- $1.96M-74.3%
- EPS
- $0.02-76.8%
- OCF Growth
- -28.6%
- FCF Growth
- -46.1%
- 52W High
- $1.36
- 52W Low
- $0.31
- 50D MA
- $0.38
- 200D MA
- $0.61
- Beta
- 0.86
- RSI (14)
- 59
- Avg Volume
- 317.28K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
WM Technologies said Q1 revenue was in line with expectations, but the business remains pressured by churn and weak operator economics, with management highlighting strategic flexibility after its NASDAQ delisting.· May 11, 2026
- Q1 revenue was $43.6 million, down 2% year over year and up 1% sequentially, with adjusted EBITDA of $5.9 million and net income of $1.7 million.
- Average monthly paying clients fell to approximately 4,983, down 4% year over year and 3% sequentially, driven by churn in mature markets.
- Management cited ongoing price compression, elevated taxes, and financial stress in cannabis markets like California, Michigan, and Colorado as continuing headwinds.
- Second-quarter revenue is expected to decline sequentially by low single digits, reflecting continued churn and normalization after the 4/20 seasonal bump.
- Doug Francis framed the NASDAQ delisting as a strategic unlock that could let the company invest in ecosystem partners and expand its platform into previously prohibited areas.
Revenue in the first quarter was $43.6 million, down 2% year over year and up 1% sequentially, and management said this was in line with expectations. Net income was $1.7 million, and adjusted EBITDA was $5.9 million; operating expenses were $43.4 million versus $42 million in Q1 of last year. Average monthly paying clients were approximately 4,983, down 4% year over year and 3% sequentially, while average revenue per paying client was $2,914, a marginal increase versus Q1 last year. Cash and investments totaled $57 million at quarter end, and net cash used in operating activities was $1.3 million. Looking ahead, WM Technologies expects second-quarter revenue to decline sequentially by low single digits from Q1.
Doug Francis focused on the broader cannabis policy backdrop and the company’s strategic repositioning. He said the Schedule III rescheduling of medical cannabis is an important milestone, though he does not expect it to materially affect operations in the near term. He emphasized that the NASDAQ delisting was a deliberate move to provide greater flexibility, including the ability to invest in strategic clients and expand technology and services into areas previously prohibited by Nasdaq. His tone was upbeat and opportunistic, while still acknowledging that the operating environment remains difficult.
Susan Echard described a quarter shaped by revenue that met expectations but continued pressure on clients. She highlighted the $43.6 million of revenue, $5.9 million of adjusted EBITDA, $1.7 million of net income, and $43.4 million of operating expenses, noting that higher credit loss provisions included a $3.9 million allowance for doubtful accounts. She said cash and investments were $57 million at quarter end, with $1.3 million of net cash used in operating activities due mainly to slower collections and working capital timing. She also guided to second-quarter revenue down low single digits sequentially, citing churn in mature markets and a more normalized post-4/20 spend pattern.
There was no analyst Q&A in the transcript, so the main management commentary centered on the rescheduling process, the difficult operating environment, and the implications of the NASDAQ delisting. Management said federal rescheduling is constructive but still uncertain in terms of implementation and downstream benefits, and reiterated that current operations are not expected to change materially. They also stressed disciplined collections and selective investment, while allowing that the company now has more flexibility to support clients and expand its platform.
The bull case from this call is that WM Technologies is still generating positive earnings and EBITDA despite a tough industry backdrop, and revenue came in as expected. Management sees the delisting as a strategic unlock that could open new investment and product opportunities, while federal rescheduling is viewed as a constructive long-term tailwind for the cannabis ecosystem.
The bear case is that core operating trends remain weak: paying clients declined, churn is concentrated in mature markets, and management expects Q2 revenue to fall sequentially. The call also highlighted collection pressure, a $3.9 million allowance for doubtful accounts, and persistent industry issues such as price compression, elevated taxes, and limited access to capital.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 84.6%
- Shares Outstanding
- 111.38M
- Float Shares
- 94.23M
of shares held by institutions
119 13F filers
Buy/sell ratio 0.25. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 5.43M | ▲ 79.45K |
| Cubist Systematic Strategies, LLC | 75.07K | ▲ 75.07K |
| Cwm, LLC | 51.33K | ▲ 41.30K |
| Sunbelt Securities, Inc. | 23 | ▲ 17 |
Held by 15 ETFs
Biggest fund positions in MAPS by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 17, 26 | Francis Douglas | other | 142,393 |
| Aug 17, 26 | Griffis Sarah | other | 59,025 |
| Aug 17, 26 | Camire Brian | other | 82,912 |
| Jul 16, 26 | Freeman Brenda | other | 180,000 |
| Jul 17, 26 | Freeman Brenda | sell | 62,501 |
| May 15, 26 | Francis Douglas | other | 92,771 |
| May 15, 26 | Griffis Sarah | other | 59,025 |
| May 15, 26 | Camire Brian | other | 82,910 |
| Mar 5, 26 | Rellas Nicholas Antone | other | 466,309 |
| Mar 5, 26 | Rellas Nicholas Antone | other | 0 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MAPS coverage
Recent articles, reports, and earnings notes.
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Generate MAPS report →The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of WM Technology, Inc. Securities
globenewswire.com · Aug 15
WM Technology, Inc. Reports Second Quarter 2026 Financial Results
businesswire.com · Aug 6
WM Technology Shareholders Reject Board Overhaul at Annual Meeting
marketbeat.com · Jul 16
WM Technology, Inc. Announced Adjournment of 2026 Annual Meeting of Stockholders
businesswire.com · Jun 24
WM Technology, Inc. Reports First Quarter 2026 Financial Results
businesswire.com · May 11
WM Technology, Inc. Reports Preliminary First Quarter 2026 Financial Results
businesswire.com · Apr 17
JPMorgan Chase & Co. Has $1.75 Million Stock Position in WM Technology, Inc. $MAPS
defenseworld.net · Apr 8
WM Technology (MAPS) Stock Slides After Hours On Tuesday: What Is Going On?
feeds.benzinga.com · Apr 8
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.