WM Technology (MAPS) AI Stock Analysis

• Market Cap: $101.93M
• Dividend Yield: N/A
• Average Volume (3M): 905.29K
• Price to Earnings (P/E): 44.8
• Beta (1Y): 0.86
• Revenue Growth: 0.59%
• EPS Growth: N/A
• Country: US
• Employees: 440
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.03
• Shares Outstanding: 111,187,614
• 10 Day Avg. Volume: 690,928
• 30 Day Avg. Volume: 905,286
• PEG Ratio: -0.58
• Price to Book (P/B): 1.54
• Price to Sales (P/S): 0.50
• P/FCF Ratio: 6.51
• Enterprise Value/Market Cap: 0.72
• Enterprise Value/Revenue: 0.42
• Enterprise Value/Gross Profit: 0.48
• Enterprise Value/Ebitda: 2.67
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.14
• Revenue Forecast (FY): $171.20M

• Rating: 50 Neutral
• Price Target: $0.65 ▼(-22.26% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 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.

Strong Cash Generation

Improving and positive free cash flow demonstrates the business can self-fund operations and selective investments. Reliable cash conversion reduces refinancing risk, gives flexibility to pursue product initiatives, and helps the company weather industry headwinds over the next several quarters.

Lower Leverage & Improved Liquidity

Material reduction in leverage and a stronger cash balance materially reduce financial risk and increase strategic optionality. A healthier balance sheet gives management space to invest in product, pursue market expansion, and withstand consolidation in the industry without near-term financing pressure.

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.

Declining ARPU & Pricing Pressure

Falling revenue per client signals weaker monetization and structural pricing pressure. With consolidation and illicit-market competition compressing client budgets, recovering ARPU may be slow, limiting revenue upside even if client counts stabilize and pressuring long-term margin expansion.

Thin, Volatile Profitability

Margins are currently thin and historically volatile, reducing visibility on sustainable earnings power. One-time impairments and the absence of 2026 adjusted EBITDA guidance increase uncertainty around ongoing profitability and reinvestment capacity, complicating planning amid industry 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 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 from retailers and brands paying for featured listings and other promotional placements on Weedmaps to increase visibility and customer acquisition; (2) Subscription and software revenue from providing SaaS tools to cannabis operators, such as menu management, ordering and fulfillment-related functionality, and other business software/services delivered via the platform; and (3) Other service revenues tied to platform-enabled tools and enterprise solutions offered to operators and brands. Significant factors affecting earnings include the number of active paying retailer/brand clients, customer retention, the effectiveness of the marketplace in driving consumer traffic, and regulatory constraints that shape cannabis advertising and commerce in each jurisdiction. Specific named partnerships or revenue-share terms are null.

WM Technology Financial Statement Overview

Summary

Financials are improving but still mixed: revenue has declined for multiple years, while profitability has recently turned positive but remains thin. Balance sheet leverage is much healthier versus prior years, and cash generation is a relative strength with positive and rising free cash flow in 2024–2025.

Income Statement

Revenue has been shrinking for several years (2025 down ~2.6% after modest declines in 2024 and a larger drop in 2023), which pressures scale. Profitability improved meaningfully from large losses in 2022–2023 to positive net income in 2024–2025, but current earnings power remains thin (2025 net margin ~1.1% and EBITDA margin ~8.8%). A key positive is consistently very high gross margin (~93–96%), suggesting strong unit economics, but operating profit has been volatile and only barely positive in 2025.

Balance Sheet

Leverage has come down substantially versus 2022–2023 when debt was high relative to equity, and equity has rebuilt strongly into 2025. Debt levels are moderate (2025 debt-to-equity ~0.46 vs. ~2.0–2.9 in 2022–2023), which reduces financial risk. However, returns on equity have been volatile (deeply negative in 2022–2023, strong in 2024, and modest in 2025), reflecting an inconsistent earnings profile and less stable balance-sheet efficiency.

Cash Flow

Cash generation is a relative strength: operating cash flow is positive in most years and rebounded strongly in 2024–2025, with 2025 free cash flow of ~$26.2M (up ~24% year over year). Cash flow has generally compared favorably to accounting profit (2025 free cash flow roughly matches net income, and 2024 free cash flow was a meaningful portion of net income), indicating decent cash conversion. The main weakness is historical volatility, including negative operating and free cash flow in 2022.

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

• Technical Analysis Sentiment: Negative
• Last Price: 0.84
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 0.69, above the 50-day MA of 0.74, and below the 200-day MA of 0.96, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.38 is Neutral, neither overbought nor oversold. The STOCH value of 11.00 is Positive, 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
ONTF	66 Neutral	$345.51M	-11.71	-19.64%	―	-6.23%	28.57%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SMRT	54 Neutral	$305.64M	-6.33	-25.34%	―	-24.30%	-181.62%
MAPS	50 Neutral	$101.93M	44.82	3.65%	―	0.59%	―
PSQH	48 Neutral	$36.87M	―	-167.16%	―	35.79%	14.85%
NRDY	46 Neutral	$157.86M	-3.15	-145.86%	―	-9.86%	0.87%

WM Technology Corporate Events

WM Technology Adds Independent Director to Board

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 standards and has no related-party transactions with the company. In connection with his appointment, Rellas received a one-time restricted stock unit award valued at about $400,000 that will vest in three equal annual installments aligned with future shareholder meetings, and the company entered into its standard indemnification agreement with him, underscoring the firm’s adherence to customary governance and director-compensation practices.

The most recent analyst rating on (MAPS) stock is a Hold with a $0.77 price target. To see the full list of analyst forecasts on WM Technology stock, see the MAPS Stock Forecast page.

WM Technology Receives Nasdaq Minimum Bid Price Deficiency Notice

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 Nasdaq Global Select Market at risk. The notice does not trigger an immediate delisting, and the shares will continue to trade under the symbol “MAPS” while the company has 180 days, until August 3, 2026, to regain compliance, with a possible additional 180-day extension through a transfer to the Nasdaq Capital Market; failure to restore the share price above $1.00 for the required period could ultimately lead to delisting, though WM Technology may appeal any such decision and is monitoring its stock and potential remedial actions.

The most recent analyst rating on (MAPS) stock is a Hold with a $0.77 price target. To see the full list of analyst forecasts on WM Technology stock, see the MAPS Stock Forecast page.

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.