WM TECHNOLOGY, INC.MAPS

WM TECHNOLOGY, INC. Earnings Per Share Disclosure

10-KFiled Mar 12, 20262 min read
Earnings Per Share
Basic income per share of Class A Common Stock is computed by dividing net earnings attributable to WM Technology, Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted income per share of Class A Common Stock adjusts basic net income per share of Class A Common Stock for the potentially dilutive impact of securities. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability, net of the portion attributable to non-controlling interests, and adjusts the denominator to include the dilutive shares calculated using the treasury stock method.
The computation of income per share attributable to WM Technology, Inc. and weighted-average shares of the Company’s Class A Common Stock outstanding are as follows for the years ended December 31, 2025 and 2024 (amounts in thousands, except for share and per share amounts):
Years Ended December 31,
20252024
Numerator:
Net income$3,263 $12,187 
Less: net income attributable to non-controlling interests after the Business Combination1,301 4,548 
Net income attributable to WM Technology, Inc. Class A Common Stock - basic and diluted$1,962 $7,639 
Denominator:
Weighted average shares of Class A Common Stock outstanding - basic106,572,36596,254,679
Weighted average effect of dilutive securities:
Restricted stock units¹1,644,948847,767
Performance-based restricted stock units—858
Weighted average shares of Class A Common Stock outstanding - diluted108,217,31397,103,304
Net income per share of Class A Common Stock:
Net income per share of Class A common Stock - basic$0.02 $0.08 
Net income per share of Class A common Stock - diluted$0.02 $0.08 
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¹ Calculated using the treasury stock method.
Shares of the Class V Common Stock do not participate in the earnings of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V Common Stock under the two-class method has not been presented. However, shares of the Class V Common Stock outstanding for the period are considered
potentially dilutive shares of Class A common stock under application of the if-converted method and are included in the computation of diluted earnings per share, except when the effect would be anti-dilutive.
The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive:
Years Ended December 31,
20252024
Class V Shares47,852,652 54,319,542 
Class P Units13,803,732 14,403,732 
RSUs outstanding4,387,977 6,504,918 
PRSUs outstanding4,342,391 4,342,391 
Public Warrants12,499,973 12,499,973 
Private Placement Warrants7,000,000 7,000,000 

Historical Timeline

Fiscal YearFiled
2025Mar 12, 2026Showing above
2024Mar 13, 2025
2023May 24, 2024
2022Mar 16, 2023
2021Feb 25, 2022

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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