10-K · March 12, 2026
WM Technology (Weedmaps) describes a two-pronged strategy: operate a consumer marketplace (Weedmaps) and monetize a suite of eCommerce/compliance SaaS products (Weedmaps for Business) to serve retailers and brands. The…
Earnings analysis · 10-Q
MAPS earnings analysis
Filed May 11, 2026 · Our reading of the company's report
The latest report
WM Technology, Inc. reported Q1 2026 revenues of $43.6 million, a 2% decline compared to $44.6 million in Q1 2025, with an EPS of $0.01, matching prior expectations. The company noted a decrease in average monthly…
Read full summary
WM Technology, Inc. reported Q1 2026 revenues of $43.6 million, a 2% decline compared to $44.6 million in Q1 2025, with an EPS of $0.01, matching prior expectations. The company noted a decrease in average monthly paying clients and net income, while maintaining a solid cash balance of $57 million. Management anticipates challenges ahead, including a low-single digit revenue decline in Q2.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.01
What stood out
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Revenue Slight Decline
Q1 2026 revenue was $43.6 million, down 2% from $44.6 million in Q1 2025.
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EPS Matches Expectations
Reported EPS of $0.01 met analyst expectations and remained unchanged from Q1 2025.
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Improved Average Revenue per Client
Average monthly revenue per paying client increased to $2,914 from $2,871 in the previous year.
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Stable Cash Position
Cash, cash equivalents, and marketable securities totaled $57.0 million as of March 31, 2026.
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Efforts to Boost Client Base
Management plans to invest in marketing to enhance brand awareness and client engagement.
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Q2 Revenue Guidance Provided
Management expects a low-single digit percentage decline in Q2 2026 revenue compared to Q1 2026.
What to watch
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Decreased Client Base
Average monthly paying clients fell to 4,983 from 5,179 in Q1 2025, reflecting increased churn.
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Higher Operational Costs
General and administrative expenses rose 14% to $19.1 million due to increased staffing and credit loss provisions.
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Liquidity Concerns Post-Delisting
Voluntary delisting from Nasdaq may impair investor confidence and significantly affect stock trading liquidity.
Management's outlook
Management expects Q2 2026 revenue to decline by low-single digit percentages sequentially.
Earlier filings 4
10-Q · November 6, 2025
WM Technology (MAPS) reported Q3 revenue of $42.176M, down from $46.552M in Q3 2024, with operating income falling to $1.959M from $5.204M and diluted EPS of $0.02 (vs $0.03 prior-year). The company generated strong…
10-Q · August 7, 2025
WM Technology, Inc. reported a revenue of $44.8 million in Q2 2025, a decrease from $45.9 million in Q2 2024, representing a 2.3% year-over-year decline. Gross margin slightly decreased to 94.9%, and diluted EPS was…
10-Q · May 8, 2025
WM Technology reported Q1 2025 revenue of $44.612M, essentially flat versus Q1 2024 ($44.389M), with gross margin stable at ~95.0% and diluted EPS of $0.02. Operating income and operating cash flow declined versus prior…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.