WM TECHNOLOGY, INC.

Foreign Filer

MAPSCIK 0001779474OTCAcceleratedSmaller ReportingServices-Prepackaged SoftwareE9FY ends Dec 31

Period

FY 2025

Revenue

$174.70M

Net Income

$1.96M

Total Assets

$190.67M

Equity

$57.17M

Shares Out

129.24M

Op. Cash Flow

$26.19M

Business

WM Technology, Inc. operates an online cannabis marketplace and provides a comprehensive suite of eCommerce and compliance SaaS solutions for licensed cannabis retailers, delivery operators and brands. Its main offerings include the Weedmaps consumer marketplace for product discovery and reservations, and Weedmaps for Business—listing pages, WM Orders, WM Store, WM Connectors, WM Insights, advertising products and WM Dispatch logistics software. The company’s business is organized into two principal components: the commerce-driven Weedmaps marketplace and the Weedmaps for Business SaaS platform with subscription, upsell and add-on products. It sells primarily in the United States across more than 35 states and territories via weedmaps.com and iOS/Android apps, white-labeled sites, APIs and POS integrations, with limited non-monetized listings internationally.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	175	185	188	216	193
Cost of revenues (exclusive of depreciation and amortization shown separately below)	9	9	13	15	8
Sales and marketing	39	40	47	83	56
Product development	28	36	36	51	35
General and administrative	77	71	74	121	95
Depreciation and amortization	13	13	12	11	4
Asset impairment charges	8	0	24	4	2
Total costs and expenses	174	170	206	285	201
Operating income	766,000	15	−18	−70	−8
Change in fair value of warrant liability	400,000	0	2	25	167
Change in tax receivable agreement liability	333,000	−3	−1	142	0
Other income	2	241,000	3	−2	−7
Income before income taxes	3	12	−16	96	152
Provision for income taxes	93,000	46,000	93,000	179	−601,000
Net income	3	12	−16	−83	152
Net income attributable to non-controlling interests	1	5	−6	33	92
Net income attributable to WM Technology, Inc.	2	8	−10	−116	60
Weighted average basic shares outstanding - Class A Common Stock (in shares)	107	96	93	85	65
Weighted average diluted shares outstanding - Class A Common Stock (in shares)	108	97	93	85	67

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	62	52	—	—	—
Accounts receivable, net	15	10	11	17	18
Prepaid expenses and other current assets	8	7	6	9	14
Total current assets	85	70	51	55	99
Property and equipment, net	25	24	24	25	13
Goodwill	61	68	68	68	45
Intangible assets, net	2	2	3	10	8
Right-of-use assets	12	15	16	31	37
Other assets	6	3	5	9	11
Total assets	191	182	167	199	365
Accounts payable and accrued expenses	24	20	21	34	23
Deferred revenue	6	5	6	6	8
Operating lease liabilities, current	4	3	6	6	5
Tax receivable agreement liability, current	3	1	122,000	0	—
Warrant liability, current	195,000	0	—	—	—
Total current liabilities	36	30	34	46	38
Operating lease liabilities, non-current	23	27	27	33	39
Tax receivable agreement liability, non-current	0	3	2	500,000	—
Warrant liability, non-current	0	585,000	—	—	—
Other long-term liabilities	0	1	1	2	0
Total liabilities	59	62	64	84	233
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and December 31, 2024	0	0	0	0	0
Additional paid-in capital	112	93	81	68	2
Accumulated deficit	−55	−57	−65	−55	61
Total WM Technology, Inc. stockholders equity	57	36	16	13	64
Non-controlling interests	75	84	87	101	68
Total stockholders equity	132	120	103	115	132
Total liabilities and stockholders equity	191	182	167	199	365

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	13	13	12	11	4
Amortization of right-of -use lease assets	2	4	5	5	4
Stock-based compensation	8	9	14	23	29
Loss contingency	2	0	—	—	—
Gain on lease termination	0	−100,000	0	—	—
Provision for credit losses	4	38,000	2	17	5
Accounts receivable	−9	1	4	−16	−14
Prepaid expenses and other current assets	−1	−2	3	7	8
Other assets	−2	1	−40,000	−229,000	−313,000
Accounts payable and accrued expenses	582,000	996,000	−15	15	699,000
Deferred revenue	66,000	−485,000	−338,000	−2	3
Operating lease liabilities	−4	−6	−6	−5	45
Net cash provided by operating activities	26	37	23	−12	30
Capitalized software and expenditures	−13	−12	−12	−16	−8
Net cash used in investing activities	−13	−12	−12	−18	−30
Distributions to non-controlling interests	−2	−8	−4	−2	−19
Taxes paid related to net share settlement of equity awards	−3,000	−4,000	−6,000	−13,000	0
Proceeds from repayment of related party note	273,000	379,000	384,000	0	0
Tax receivable agreement payment	−1	−116,000	0	—	—
Net cash used in financing activities	−3	−7	−5	−10	48
Net increase in cash	10	18	6	−39	48
Cash paid for income taxes	149,000	52,000	38,000	−94,000	242,000
Stock-based compensation capitalized for software development	711,000	1	1	2	1
Capitalized assets included in accounts payable and accrued expenses	1	881,000	1	654,000	781,000
Remeasurement of the lease liabilities and right-of-use assets due to lease modification	0	3	0	—	—

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