WM Technology (MAPS) AI Stock Analysis

• Market Cap: $110.66M
• Dividend Yield: N/A
• Average Volume (3M): 888.30K
• Price to Earnings (P/E): 9.1
• Beta (1Y): 0.87
• Revenue Growth: 0.59%
• EPS Growth: N/A
• Country: US
• Employees: 440
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 0.02
• Shares Outstanding: 107,897,130
• 10 Day Avg. Volume: 966,955
• 30 Day Avg. Volume: 888,301
• PEG Ratio: -0.10
• Price to Book (P/B): 3.68
• Price to Sales (P/S): 0.72
• P/FCF Ratio: 5.31
• Enterprise Value/Market Cap: 0.35
• Enterprise Value/Revenue: 0.21
• Enterprise Value/Gross Profit: 0.22
• Enterprise Value/Ebitda: 1.36
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $0.77 ▼(-8.81% Downside)

The score is held back primarily by declining revenue and a bearish technical setup (price below key moving averages and negative MACD). Offsetting factors include strong gross margins with positive operating profitability, a reasonable P/E valuation, and a modestly positive leadership/governance update.

Positive Factors

High gross margins & profitability

Consistently >95% gross margins indicate a highly scalable, low-cost delivery model for Weedmaps' marketplace and SaaS services. That margin headroom supports positive EBIT/EBITDA, funds reinvestment in product and sales, and provides durable operating leverage versus peers.

Improved financial leverage

Reduction in debt-to-equity improves financial flexibility and lowers interest burden, strengthening resilience through regulatory or market cycles. Improved leverage supports capacity to invest in product, sales, or M&A without immediately stressing liquidity.

Strengthened leadership & governance

Converting the CFO to a direct hire and adding two industry-experienced independent directors increases executive stability and board expertise. This structural governance upgrade should improve strategic execution, oversight and stakeholder alignment over the medium term.

Negative Factors

Declining revenue trend

Material TTM revenue declines undermine network effects of the marketplace and weaken top-line growth potential. Persisting revenue contraction reduces operating leverage, constrains investment in product and sales, and threatens long-term market share if not reversed.

Negative / inconsistent free cash flow

Negative and inconsistent free cash flow growth limits capacity to self-fund growth initiatives and increases reliance on external financing. For a platform business, unstable FCF impairs the ability to sustain marketing and product investments needed to restore revenue momentum.

Low equity ratio / past high leverage

A relatively low equity ratio (despite improvements) signals lingering balance-sheet vulnerability from prior high leverage. That structural risk can restrict strategic flexibility, increase refinancing risk, and limit tolerance for further cash burn amid regulatory or market headwinds.

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 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.

How the Company Makes Money

WM Technology generates revenue primarily through subscription fees for its software services, which provide cannabis retailers with essential tools for their operations. The company also earns money through transaction fees on sales processed through its platform. Additionally, WM Technology has established partnerships with various cannabis brands and retailers, enhancing its service offerings and driving further revenue through integrated marketing services and analytics solutions. The growth of the legal cannabis market and the increasing demand for technology solutions in this sector significantly contribute to its earnings.

WM Technology Financial Statement Overview

Summary

Financials are mixed: very strong and consistent gross margins (95%+) and positive EBIT/EBITDA support profitability, but revenue has declined materially in the TTM period. Cash generation vs. earnings is healthy, yet free cash flow growth has been negative and inconsistent. Balance sheet leverage has improved, but the equity ratio remains relatively low, keeping risk elevated.

Income Statement

WM Technology shows a strong gross profit margin of over 95% consistently, indicating efficient cost management. However, the company has experienced declining revenue growth, with a significant drop in the TTM period. Net profit margins have improved recently but remain modest. The EBIT and EBITDA margins are positive, showing operational profitability, but the declining revenue trend is a concern.

Balance Sheet

The company has managed to reduce its debt-to-equity ratio over time, indicating improved financial leverage. However, the return on equity has been volatile, with recent improvements. The equity ratio is relatively low, suggesting potential financial risk. Overall, the balance sheet shows some improvement but remains a concern due to past high leverage.

Cash Flow

WM Technology's cash flow performance is mixed. The operating cash flow to net income ratio is healthy, indicating good cash generation relative to earnings. However, free cash flow growth has been negative recently, and the free cash flow to net income ratio shows some inconsistency. The company needs to stabilize its cash flow generation to improve its financial health.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	179.31M	184.51M	187.99M	215.53M	193.15M	161.79M
Gross Profit	170.38M	175.50M	175.47M	200.12M	185.21M	154.16M
EBITDA	28.08M	31.80M	23.01M	-49.15M	-1.38M	45.18M
Net Income	7.88M	7.64M	-9.90M	-115.99M	60.38M	38.83M
Balance Sheet
Total Assets	192.91M	181.87M	167.02M	199.03M	365.14M	53.89M
Cash, Cash Equivalents and Short-Term Investments	62.59M	51.97M	34.35M	28.58M	67.78M	19.92M
Total Debt	27.44M	30.09M	33.04M	39.38M	44.84M	205.00K
Total Liabilities	57.55M	61.80M	63.87M	84.26M	233.20M	24.62M
Stockholders Equity	56.91M	36.08M	16.38M	13.38M	63.56M	29.27M
Cash Flow
Free Cash Flow	17.50M	25.04M	11.06M	-27.68M	15.16M	37.92M
Operating Cash Flow	26.13M	36.68M	22.93M	-11.62M	23.09M	39.24M
Investing Cash Flow	-8.63M	-11.64M	-11.87M	-17.77M	-30.43M	-1.31M
Financing Cash Flow	-3.59M	-7.42M	-5.29M	-9.80M	55.20M	-22.97M

WM Technology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAPS, the sentiment is Negative. The current price of 0.84 is above the 20-day moving average (MA) of 0.76, below the 50-day MA of 0.84, and below the 200-day MA of 1.00, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 37.14 is Neutral, neither overbought nor oversold. The STOCH value of 34.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MAPS.

WM Technology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ONTF	59 Neutral	$337.73M	-10.73	-20.20%	―	-6.23%	28.57%
MAPS	57 Neutral	$110.66M	9.05	18.24%	―	0.59%	―
FRGE	52 Neutral	$615.95M	-9.03	-28.65%	―	16.40%	22.80%
SMRT	51 Neutral	$304.61M	-4.68	-25.48%	―	-24.30%	-181.62%
NRDY	48 Neutral	$181.71M	-2.79	-120.79%	―	-9.86%	0.87%
PSQH	48 Neutral	$38.54M	-1.13	-451.95%	―	35.79%	14.85%

WM Technology Corporate Events

WM Technology Strengthens Leadership With New CFO Agreement

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 position with a $460,000 base salary, target bonus eligibility and participation in the company’s severance and change-in-control plan that provides defined cash, equity vesting and health benefits upon qualifying terminations. On the same date, as part of broader governance and compensation updates, the board appointed cannabis- and technology-focused investors Harry DeMott and Brent Cox as independent Class II directors effective February 1, 2026, granted each an initial $400,000 restricted stock unit award under an amended non-employee director compensation policy effective January 1, 2026, and signaled an effort to deepen board expertise and strengthen leadership stability as WM Technology navigates growth and regulatory complexity in the cannabis technology marketplace; these moves were publicly announced in a February 3, 2026 press release.

The most recent analyst rating on (MAPS) stock is a Hold with a $0.83 price target. To see the full list of analyst forecasts on WM Technology stock, see the MAPS Stock Forecast page.