Wm Technology, Inc. (MAPS)
NASDAQ:MAPS
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WM Technology
(NASDAQ:MAPS)
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Rating:50Neutral
Price Target:
$0.65
▼(-22.26% Downside)
Action:ReiteratedDate:03/17/26
The score is held back primarily by multi-year revenue declines and cautious forward commentary (expected Q1 2026 sequential revenue drop and limited 2026 visibility), alongside weak technicals and a high P/E for thin earnings. Offsetting factors include stronger cash generation, improved leverage, and ongoing cost discipline supporting profitability.
Positive Factors
High Gross Margins
Sustained gross margins near 93–96% indicate durable unit economics for the platform and services. High gross margins provide structural flexibility to absorb marketing and product investments, support profitability even with pricing pressure, and underpin long-term margin recovery potential.
Negative Factors
Multi-year Revenue Declines
Sustained revenue contraction erodes scale advantages and limits operating-leverage benefits. Continued top-line shrinkage constrains reinvestment capacity, makes fixed-cost absorption harder, and heightens dependency on winning market share in new states to restore durable growth over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins
Sustained gross margins near 93–96% indicate durable unit economics for the platform and services. High gross margins provide structural flexibility to absorb marketing and product investments, support profitability even with pricing pressure, and underpin long-term margin recovery potential.
Read all positive factors
WM Technology (MAPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$112.14M
Dividend YieldN/A
Average Volume (3M)800.99K
Price to Earnings (P/E)44.8
Beta (1Y)0.79
Revenue Growth0.59%
EPS GrowthN/A
CountryUS
Employees440
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.03
Shares Outstanding111,187,614
10 Day Avg. Volume638,500
30 Day Avg. Volume800,986
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 Cap0.78
Enterprise Value/Revenue0.50
Enterprise Value/Gross Profit0.57
Enterprise Value/Ebitda3.41
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.14
Revenue Forecast (FY)$171.20M
WM Technology Business Overview & Revenue Model
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...
How the Company Makes Money
WM Technology primarily generates revenue by selling services to cannabis retailers and brands that use the Weedmaps platform to reach consumers and operate their businesses. Key revenue streams include: (1) Marketplace/advertising-style revenue f...
WM Technology Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: the company demonstrated disciplined cost control, positive adjusted EBITDA ($40M), improved cash (+~20% to $62M), and early market traction in New York and other new states. However, material revenue declines (Q4 -10% YoY; FY -5% YoY), continued industry headwinds (pricing compression, illicit competition, excise taxes), one-time charges (impairment and legal items), and limited near-term visibility (no 2026 adjusted EBITDA guidance and expected Q1 revenue decline) temper optimism. Management emphasized strategic investments and long-term positioning but acknowledged persistent structural challenges that may continue to pressure results in 2026.Positive Updates
Improved Liquidity and Cash Position
Ended FY2025 with $62 million in cash, an almost 20% increase versus the end of 2024, providing flexibility to invest and navigate industry headwinds.
Negative Updates
Year-Over-Year Revenue Decline
Full-year revenue declined to $175 million from $185 million in 2024, a decrease of approximately 5% year-over-year. Fourth-quarter revenue declined 10% year-over-year to $43 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Improved Liquidity and Cash Position
Ended FY2025 with $62 million in cash, an almost 20% increase versus the end of 2024, providing flexibility to invest and navigate industry headwinds.
Read all positive updates
Company Guidance
The company guided that Q1 2026 revenue is expected to decline sequentially by mid‑ to high‑single digits from Q4 2025 (Q4 revenue was $43 million), warned that the industry pressures driving that outlook are likely to persist through 2026, and said it will not provide adjusted EBITDA guidance for 2026 due to variability and timing of opportunistic investments; for context, Weedmaps finished 2025 with $175 million in revenue, $40 million of adjusted EBITDA, $62 million in cash (≈20% increase vs. 2024), average paying clients of 5,120 in Q4 (5,190 for the year) and average revenue per paying client of about $2,800 while emphasizing preservation of financial flexibility.WM Technology Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 174.70M | 184.51M | 187.99M | 215.53M | 193.15M |
| Gross Profit | 152.48M | 175.50M | 175.47M | 200.12M | 185.21M |
| EBITDA | 27.62M | 31.80M | 23.01M | -49.15M | -1.38M |
| Net Income | 1.96M | 7.64M | -9.90M | -115.99M | 60.38M |
Balance Sheet | |||||
| Total Assets | 190.67M | 181.87M | 167.02M | 199.03M | 365.14M |
| Cash, Cash Equivalents and Short-Term Investments | 62.40M | 51.97M | 34.35M | 28.58M | 67.78M |
| Total Debt | 26.55M | 30.09M | 33.04M | 39.38M | 44.84M |
| Total Liabilities | 58.87M | 61.80M | 63.87M | 84.26M | 233.20M |
| Stockholders Equity | 57.17M | 36.08M | 16.38M | 13.38M | 63.56M |
Cash Flow | |||||
| Free Cash Flow | 13.50M | 25.04M | 11.06M | -27.68M | 15.16M |
| Operating Cash Flow | 26.19M | 36.68M | 22.93M | -11.62M | 23.09M |
| Investing Cash Flow | -12.69M | -11.64M | -11.87M | -17.77M | -30.43M |
| Financing Cash Flow | -3.07M | -7.42M | -5.29M | -9.80M | 55.20M |
WM Technology Technical Analysis
Neutral
0.84
Price Trends
0.70
Negative
0.79
Negative
0.93
Negative
Market Momentum
-0.01
Negative
54.94
Neutral
82.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAPS, the sentiment is Neutral. The current price of 0.84 is above the 20-day moving average (MA) of 0.67, above the 50-day MA of 0.70, and below the 200-day MA of 0.93, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 54.94 is Neutral, neither overbought nor oversold. The STOCH value of 82.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MAPS.
WM Technology Risk Analysis
WM Technology disclosed 81 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $348.25M | -11.71 | -19.64% | ― | -6.23% | 28.57% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
54 Neutral | $292.18M | -6.33 | -25.34% | ― | -24.30% | -181.62% | |
50 Neutral | $112.14M | 44.82 | 3.65% | ― | 0.59% | ― | |
48 Neutral | $26.00M | -1.92 | -167.16% | ― | 35.79% | 14.85% | |
46 Neutral | $154.65M | -3.46 | -145.86% | ― | -9.86% | 0.87% |
* Technology Sector Average
MAPS
WM Technology
0.71
-0.36
-33.49%
NRDY
Nerdy
0.82
-0.48
-36.92%
ONTF
ON24
8.10
3.12
62.65%
SMRT
SmartRent
1.52
0.51
50.50%
PSQH
PSQ Holdings
0.50
-1.33
-72.68%
WM Technology Corporate Events
Executive/Board Changes
WM Technology Adds Independent Director to Board
Positive
Mar 10, 2026
On March 5, 2026, WM Technology appointed Nicholas Rellas to its board of directors as a Class III director, with his term scheduled to run until the 2027 annual meeting of stockholders, and the board confirmed he meets Nasdaq’s independence...
Delistings and Listing ChangesRegulatory Filings and Compliance
WM Technology Receives Nasdaq Minimum Bid Price Deficiency Notice
Negative
Feb 5, 2026
On February 4, 2026, WM Technology, Inc. disclosed that it had received a deficiency notice from Nasdaq after its Class A common stock traded below the $1.00 minimum bid price for 30 consecutive business days, putting its continued listing on the ...
Business Operations and StrategyExecutive/Board Changes
WM Technology Strengthens Leadership With New CFO Agreement
Positive
Feb 3, 2026
On January 29, 2026, WM Technology entered into an executive employment agreement with Chief Financial Officer Susan Echard, effective January 30, 2026, converting her role from a contracted arrangement via SeatonHill Partners to a direct employee...
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.