WM Technology (MAPS)
OTHER OTC:MAPS
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WM Technology
(OTC:MAPS)
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Rating:49Neutral
Price Target:
$0.37
▼(-55.60% Downside)
Action:Reiterated
Date:05/14/26
Overall score reflects weak growth and thin profitability despite improved balance sheet and still-positive cash flow. Technicals are clearly bearish, and management’s cautious outlook plus the planned Nasdaq delisting further elevate risk, partially offset by a reasonable P/E and disciplined cost control.
Positive Factors
High gross margins
Sustained gross margins near 87% indicate SaaS-like unit economics for the marketplace and software lines. High product gross margins provide structural profitability leverage, enabling the firm to cover G&A and invest in product even if top-line growth is uneven.
Negative Factors
Revenue decline and inconsistency
Sharp TTM revenue deterioration and near-flat net margins indicate weak demand and limited pricing power. Persistent revenue erosion undermines scalability of operating leverage and makes long-term margin expansion and reinvestment less reliable absent clearer recovery in client spend or market share.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained gross margins near 87% indicate SaaS-like unit economics for the marketplace and software lines. High product gross margins provide structural profitability leverage, enabling the firm to cover G&A and invest in product even if top-line growth is uneven.
Read all positive factors
WM Technology (MAPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$62.03M
Dividend YieldN/A
Average Volume (3M)2.20M
Price to Earnings (P/E)15.5
Beta (1Y)0.44
Revenue Growth-6.00%
EPS Growth-82.74%
CountryUS
Employees440
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.01
Shares Outstanding111,187,614
10 Day Avg. Volume5,326,319
30 Day Avg. Volume2,201,114
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 Cap0.72
Enterprise Value/Revenue0.26
Enterprise Value/Gross Profit0.30
Enterprise Value/Ebitda1.93
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.13
Revenue Forecast (FY)$163.25M
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 subscription-based advertising and listing products to cannabis retailers and brands on Weedmaps. These customers pay for enhanced placement, visibility, and promotional tools that help drive co...
WM Technology Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 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
42
Neutral
Balance Sheet
61
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 173.65M | 174.70M | 184.51M | 187.99M | 215.53M | 193.15M |
| Gross Profit | 151.46M | 152.48M | 175.50M | 175.47M | 200.12M | 185.21M |
| EBITDA | 23.16M | 27.62M | 31.80M | 23.01M | -49.15M | -1.38M |
| Net Income | 1.49M | 1.96M | 7.64M | -9.90M | -115.99M | 60.38M |
Balance Sheet | ||||||
| Total Assets | 186.41M | 190.67M | 181.87M | 167.02M | 199.03M | 365.14M |
| Cash, Cash Equivalents and Short-Term Investments | 57.00M | 62.40M | 51.97M | 34.35M | 28.58M | 67.78M |
| Total Debt | 25.63M | 26.55M | 30.09M | 33.04M | 39.38M | 44.84M |
| Total Liabilities | 51.58M | 58.87M | 61.80M | 63.87M | 84.26M | 233.20M |
| Stockholders Equity | 59.69M | 57.17M | 36.08M | 16.38M | 13.38M | 63.56M |
Cash Flow | ||||||
| Free Cash Flow | 10.20M | 13.50M | 25.04M | 11.06M | -27.68M | 15.16M |
| Operating Cash Flow | 19.23M | 26.19M | 36.68M | 22.93M | -11.62M | 23.09M |
| Investing Cash Flow | -22.06M | -12.69M | -11.64M | -11.87M | -17.77M | -30.43M |
| Financing Cash Flow | -4.93M | -3.07M | -7.42M | -5.29M | -9.80M | 55.20M |
WM Technology Technical Analysis
Negative
0.84
Price Trends
0.63
Negative
0.75
Negative
0.91
Negative
Market Momentum
-0.09
Positive
24.69
Positive
9.27
Positive
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 0.54, above the 50-day MA of 0.63, and below the 200-day MA of 0.91, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 24.69 is Positive, neither overbought nor oversold. The STOCH value of 9.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | $62.03M | 15.54 | 3.65% | ― | -6.00% | -82.74% | |
48 Neutral | $215.98M | -16.16 | -10.61% | ― | -9.70% | 61.30% | |
45 Neutral | $156.12M | -6.22 | -141.94% | ― | -2.16% | 31.21% | |
45 Neutral | $31.18M | -1.11 | -261.36% | ― | 1.87% | 46.96% |
* Technology Sector Average
MAPS
WM Technology
0.39
-0.68
-63.55%
NRDY
Nerdy
0.82
-0.88
-51.71%
SMRT
SmartRent
1.12
0.26
30.23%
PSQH
PSQ Holdings
0.60
-1.37
-69.54%
WM Technology Corporate Events
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
WM Technology to Voluntarily Delist from Nasdaq Exchange
Negative
Apr 7, 2026
On April 7, 2026, WM Technology announced plans to voluntarily delist its Class A common stock and warrants from the Nasdaq Global Select Market, with a Form 25 filing targeted for around April 17, 2026 and an expected last Nasdaq trading day near...
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...
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.