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WM Technology
(OTC:MAPS)
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Rating:55Neutral
Price Target:
$0.43
▲(15.41% Upside)
Action:Reiterated
Date:08/10/26
Overall score is held back primarily by only middling financial performance (slightly declining revenue, compressed margins vs. 2024, and materially weaker free cash flow) and a cautious earnings outlook (client churn and guidance for sequential revenue decline). Offsetting factors include improved balance-sheet repair and constructive near-term technical momentum, while valuation is only moderate with no dividend support.
Positive Factors
High gross margins
Sustainably high gross margins (high-80%+) reflect a software/marketplace economics that scale well as revenue grows. This margin profile provides structural operating leverage, enabling the company to fund product development, marketing and regulatory compliance without eroding core unit economics over the medium term.
Negative Factors
Declining paying clients
A shrinking base of paying clients erodes the recurring revenue foundation and weakens network effects that attract consumers and advertisers. Persistent client churn in mature markets reduces pricing power and upsell potential, making durable top-line recovery more difficult absent new-market expansion or better client retention.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustainably high gross margins (high-80%+) reflect a software/marketplace economics that scale well as revenue grows. This margin profile provides structural operating leverage, enabling the company to fund product development, marketing and regulatory compliance without eroding core unit economics over the medium term.
Read all positive factors
WM Technology (MAPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$64.14M
Dividend YieldN/A
Average Volume (3M)252.66K
Price to Earnings (P/E)21.9
Beta (1Y)0.49
Revenue Growth-6.77%
EPS Growth-78.54%
CountryUS
Employees416
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.02
Shares Outstanding112,498,795
10 Day Avg. Volume289,813
30 Day Avg. Volume252,662
Financial Highlights & Ratios
PEG Ratio-0.58
Price to Book (P/B)1.54
Price to Sales (P/S)0.50
P/FCF Ratio6.51
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.06
Revenue Forecast (FY)$165.50M
WM Technology Business Overview & Revenue Model
Company Description
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 marketpl...
How the Company Makes Money
WM Technology primarily makes money by selling business-to-business subscriptions and advertising to cannabis retailers and brands that want to be discovered and to transact with consumers through the Weedmaps platform. A key revenue stream is mar...
WM Technology Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call balanced positive strategic developments and measured profitability against persistent operational headwinds. Positive items include the federal rescheduling milestone, strategic delisting to expand capabilities, revenue in line with expectations, positive adjusted EBITDA ($5.9M) and a $57M liquidity position. Offsetting these are declines in paying clients (‑4% YoY), a 2% YoY revenue decline, a $3.9M allowance for doubtful accounts that increased operating expenses, $1.3M of operating cash used, and guidance for low‑single‑digit sequential revenue decline in Q2. Overall the company is navigating a difficult industry environment with disciplined actions and strategic options, but near‑term operational metrics remain pressured.Positive Updates
Regulatory Progress — Federal Rescheduling Milestone
DOJ moved FDA‑approved medical cannabis products from Schedule I to Schedule III in April 2026, a constructive industry milestone that management views as a positive tailwind over time (no immediate material impact expected on operations).
Negative Updates
Year‑Over‑Year Client Decline
Average monthly paying clients were approximately 4,983, down 4% year‑over‑year and down 3% sequentially; churn driven by operator financial stress, business closures and account removals for nonpayment in mature markets (California, Michigan, Colorado).
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory Progress — Federal Rescheduling Milestone
DOJ moved FDA‑approved medical cannabis products from Schedule I to Schedule III in April 2026, a constructive industry milestone that management views as a positive tailwind over time (no immediate material impact expected on operations).
Read all positive updates
Company Guidance
The company guided that Q2 revenue is expected to decline sequentially by low single digits from Q1 ($43.6M); Q1 revenue was down 2% year‑over‑year and up 1% sequentially (March/4/20 drove the sequential lift). Key metrics: average monthly paying clients ≈4,983 (−4% YoY, −3% sequential), average revenue per paying client $2,914, operating expenses $43.4M (vs. $42.0M a year ago) which included a $3.9M allowance for doubtful accounts, Q1 net income $1.7M, adjusted EBITDA $5.9M, net cash used in operating activities $1.3M, cash and investments $57M, and total Class A/B share count 159M. Management said rescheduling is not expected to materially affect operations and emphasized disciplined cost management, selective investment, and continued support for clients amid churn in mature markets.WM Technology Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
61
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 171.25M | 174.70M | 184.51M | 187.99M | 215.53M | 193.15M |
| Gross Profit | 145.61M | 152.48M | 175.50M | 175.47M | 200.12M | 185.21M |
| EBITDA | 20.80M | 27.62M | 31.80M | 23.01M | -49.15M | -1.38M |
| Net Income | 2.08M | 1.96M | 7.64M | -9.90M | -115.99M | 60.38M |
Balance Sheet | ||||||
| Total Assets | 190.57M | 190.67M | 181.87M | 167.02M | 199.03M | 365.14M |
| Cash, Cash Equivalents and Short-Term Investments | 60.50M | 62.40M | 51.97M | 34.35M | 28.58M | 67.78M |
| Total Debt | 24.66M | 26.55M | 30.09M | 33.04M | 39.38M | 44.84M |
| Total Liabilities | 51.74M | 58.87M | 61.80M | 63.87M | 84.26M | 233.20M |
| Stockholders Equity | 62.82M | 57.17M | 36.08M | 16.38M | 13.38M | 63.56M |
Cash Flow | ||||||
| Free Cash Flow | 2.92M | 13.50M | 25.04M | 11.06M | -27.68M | 15.16M |
| Operating Cash Flow | 16.38M | 26.19M | 36.68M | 22.93M | -11.62M | 23.09M |
| Investing Cash Flow | -12.35M | -12.69M | -11.64M | -11.87M | -17.77M | -30.43M |
| Financing Cash Flow | -2.49M | -3.07M | -7.42M | -5.29M | -9.80M | 55.20M |
WM Technology Technical Analysis
Positive
0.37
Price Trends
0.38
Positive
0.40
Positive
0.61
Negative
Market Momentum
<0.01
Negative
57.79
Neutral
58.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAPS, the sentiment is Positive. The current price of 0.37 is below the 20-day moving average (MA) of 0.38, below the 50-day MA of 0.38, and below the 200-day MA of 0.61, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.79 is Neutral, neither overbought nor oversold. The STOCH value of 58.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MAPS.
WM Technology Risk Analysis
WM Technology disclosed 82 risk factors in its most recent earnings report. WM Technology reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
WM Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $64.14M | 21.86 | 2.62% | ― | -6.77% | -78.54% | |
55 Neutral | $283.59M | -14.74 | -8.50% | ― | -2.78% | 72.47% | |
51 Neutral | $13.83M | -0.37 | -261.36% | ― | -2.01% | 46.24% | |
46 Neutral | $131.35M | -2.77 | -151.55% | ― | -0.16% | 35.71% |
* Technology Sector Average
MAPS
WM Technology
0.41
-0.64
-61.14%
NRDY
Nerdy
0.65
-0.62
-48.58%
SMRT
SmartRent
1.39
-0.11
-7.33%
PSQH
PSQ Holdings
4.19
-28.21
-87.07%
WM Technology Corporate Events
Executive/Board ChangesShareholder Meetings
WM Technology Stockholders Back Board, Executive Pay, Auditor
Positive
Jul 22, 2026
On June 24, 2026, WM Technology, Inc. convened its 2026 Annual Meeting of Stockholders, but the session was adjourned without conducting business and later reconvened on July 16, 2026, with about 84% of eligible shares represented. At the reconven...
Business Operations and StrategyShareholder Meetings
WM Technology Adjourns Annual Meeting to Support Declassification
Positive
Jun 24, 2026
On June 24, 2026, WM Technology, Inc. said its 2026 annual meeting of stockholders, held virtually that day, was immediately adjourned to July 16, 2026, with no business conducted. The company extended the timeline to give investors more opportuni...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.