Wm Technology, Inc. (MAPS)
OTHER OTC:MAPS
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WM Technology
(OTC:MAPS)
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Rating:49Neutral
Price Target:
$0.40
▼(-52.86% Downside)
Action:Reiterated
Date:06/01/26
MAPS scores below average primarily due to weak growth (sharp TTM revenue contraction) and a thin profitability profile despite improved margins and leverage. Technicals remain bearish with price below key moving averages and negative MACD, while valuation (P/E ~29) looks demanding given near-term guided revenue softness and pressured operating metrics discussed on the call.
Positive Factors
High gross margins
Sustained very high gross margins (~87%+) indicate durable unit economics for Weedmaps' marketplace and SaaS offerings. High incremental margins support scalable profitability, allow reinvestment in product and sales, and cushion operating results during demand volatility.
Negative Factors
Sharp TTM revenue contraction
A pronounced TTM revenue decline (reported ~-60.3% longer-term metric) signals loss of scale and weak top-line momentum. Persistent revenue contraction undermines operating leverage, makes margin sustainability more challenging over time, and limits the firm's capacity to invest for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained very high gross margins (~87%+) indicate durable unit economics for Weedmaps' marketplace and SaaS offerings. High incremental margins support scalable profitability, allow reinvestment in product and sales, and cushion operating results during demand volatility.
Read all positive factors
WM Technology (MAPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$63.69M
Dividend YieldN/A
Average Volume (3M)3.20M
Price to Earnings (P/E)29.0
Beta (1Y)0.47
Revenue Growth-6.00%
EPS Growth-82.74%
CountryUS
Employees440
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.01
Shares Outstanding111,376,290
10 Day Avg. Volume335,149
30 Day Avg. Volume3,195,219
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 Cap0.75
Enterprise Value/Revenue0.27
Enterprise Value/Gross Profit0.31
Enterprise Value/Ebitda2.06
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.12
Revenue Forecast (FY)$163.00M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call balanced positive strategic developments and measured profitability against persistent operational headwinds. Positive items include the federal rescheduling milestone, strategic delisting to expand capabilities, revenue in line with expectations, positive adjusted EBITDA ($5.9M) and a $57M liquidity position. Offsetting these are declines in paying clients (‑4% YoY), a 2% YoY revenue decline, a $3.9M allowance for doubtful accounts that increased operating expenses, $1.3M of operating cash used, and guidance for low‑single‑digit sequential revenue decline in Q2. Overall the company is navigating a difficult industry environment with disciplined actions and strategic options, but near‑term operational metrics remain pressured.Positive Updates
Regulatory Progress — Federal Rescheduling Milestone
DOJ moved FDA‑approved medical cannabis products from Schedule I to Schedule III in April 2026, a constructive industry milestone that management views as a positive tailwind over time (no immediate material impact expected on operations).
Negative Updates
Year‑Over‑Year Client Decline
Average monthly paying clients were approximately 4,983, down 4% year‑over‑year and down 3% sequentially; churn driven by operator financial stress, business closures and account removals for nonpayment in mature markets (California, Michigan, Colorado).
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory Progress — Federal Rescheduling Milestone
DOJ moved FDA‑approved medical cannabis products from Schedule I to Schedule III in April 2026, a constructive industry milestone that management views as a positive tailwind over time (no immediate material impact expected on operations).
Read all positive updates
Company Guidance
The company guided that Q2 revenue is expected to decline sequentially by low single digits from Q1 ($43.6M); Q1 revenue was down 2% year‑over‑year and up 1% sequentially (March/4/20 drove the sequential lift). Key metrics: average monthly paying clients ≈4,983 (−4% YoY, −3% sequential), average revenue per paying client $2,914, operating expenses $43.4M (vs. $42.0M a year ago) which included a $3.9M allowance for doubtful accounts, Q1 net income $1.7M, adjusted EBITDA $5.9M, net cash used in operating activities $1.3M, cash and investments $57M, and total Class A/B share count 159M. Management said rescheduling is not expected to materially affect operations and emphasized disciplined cost management, selective investment, and continued support for clients amid churn in mature markets.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
Neutral
0.84
Price Trends
0.44
Negative
0.59
Negative
0.82
Negative
Market Momentum
>-0.01
Negative
50.25
Neutral
80.16
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 0.38, above the 50-day MA of 0.44, and above the 200-day MA of 0.82, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.25 is Neutral, neither overbought nor oversold. The STOCH value of 80.16 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 82 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% | |
52 Neutral | $31.87M | -0.86 | -261.36% | ― | 1.87% | 46.96% | |
49 Neutral | $63.69M | 29.02 | 2.62% | ― | -6.00% | -82.74% | |
48 Neutral | $237.19M | -9.50 | -10.61% | ― | -9.70% | 61.30% | |
45 Neutral | $153.99M | -3.01 | -141.94% | ― | -2.16% | 31.21% |
* Technology Sector Average
MAPS
WM Technology
0.40
-0.64
-61.54%
NRDY
Nerdy
0.81
-0.91
-52.91%
SMRT
SmartRent
1.23
0.33
36.67%
PSQH
PSQ Holdings
0.61
-1.71
-73.58%
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.