WM Technology Inc

ir.weedmaps.com

What Do They Do?

Sells featured and deal ads to cannabis retailers and brands, and runs an online marketplace where consumers browse and reserve products. Also provides e-commerce and compliance software to retailers, delivery operators and brands.

How Do They Make Money?

Cannabis retailers and brands subscribe to Weedmaps for Business and buy featured listings, deal tools and other ads; subscriptions generally renew monthly, with services provided over each monthly term.

revenue

Segment	Share	How money arrives
Featured and deal listings Recurring	61% FY2022: 69%	Recurring
Weedmaps for Business and other SaaS solutions Recurring	31%	Recurring
Subtotal Recurring	91% FY2022: 93%	Recurring
Other ad solutions Recurring	8.8% FY2022: 7.1%	Recurring

Who Are Their Customers?

Consumers browse cannabis products and deals on Weedmaps and send reservation requests to participating retailers. Cannabis retailers, delivery operators and brands are business clients; WM Technology's sales team assists new and existing clients with its platform.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

0% of revenue

▼ −95% vs FY2024 ($14.8M, 8%)

Net income, FY2025

1% of revenue

▼ −74% vs FY2024 ($7.6M, 4%)

Free cash flow, FY2025

8% of revenue

▼ −46% vs FY2024 ($25M, 14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $44.8M in Q2 FY2025
Net income: ▲ +42%; vs $1.4M in Q2 FY2025

Subtotal share of revenue vs 90.1% in Q2 FY2025

Aug 6, 2026 Company forecasts a sequential revenue decline It expects third-quarter 2026 revenue to decline by mid-single-digit percentages from the second quarter.
Apr 7, 2026 Company planned Nasdaq delisting and changed auditors It planned to delist its stock and warrants from Nasdaq and replaced Baker Tilly with Macias Gini & O’Connell.

Shrinking. Revenue fell 10% in 4 years, from $193.1M in FY2021 to $174.7M in FY2025, about 2% a year.

Canadian software availability The older report described some Weedmaps for Business solutions as available in Canada; the latest describes sales of the suite in the United States and lists only non-monetized foreign listings.

Revenue over time

Featured and deal listings Weedmaps for Business and other SaaS solutions Subtotal Other ad solutions Weedmaps for Business

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Leafly, Dutchie, Jane Technologies, Google, Yelp, Shopify, Square, Lightspeed, and DoorDash

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