WM TECHNOLOGY, INC.MAPS

WM TECHNOLOGY, INC. Goodwill & Intangibles Disclosure

10-KFiled Mar 12, 20262 min read
Goodwill and Intangible Assets
Goodwill
The change in carrying amount of goodwill was as follows (in thousands):
Total
Balance at December 31, 2023
$68,368 
Impairment— 
Balance at December 31, 2024
$68,368 
Impairment(7,094)
Balance at December 31, 2025
$61,274 
Goodwill Impairment
Goodwill is not amortized and is subject to annual impairment testing, or between annual tests if an event or change in circumstance occurs that would more likely than not reduce the fair value of a reporting unit below its carrying value. Goodwill is assessed for impairment annually on December 31.
For the year ended December 31, 2025, due to a decline in the market capitalization, the Company opted to bypass the qualitative assessment and performed a quantitative assessment to test goodwill for impairment. As part of the impairment assessment, the fair value of the reporting unit is estimated using a discounted cash flow valuation which incorporates assumptions regarding long-term growth rates, revenue and earnings projections, estimation of cash flows, discount rates and other factors.
Based on the results of this analysis, the Company determined that the carrying value of the reporting unit exceeded the fair value, and therefore the Company recorded a goodwill impairment charge of $7.1 million during the year ended December 31, 2025. If the Company’s forecasts of cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit would be adversely impacted, potentially leading to an additional impairment in the future that could materially affect the Company’s operating results. No goodwill impairment charges were recorded for the year ended December 31, 2024.
Intangible Assets
Intangible assets consisted of the following as of December 31, 2025 and 2024 (in thousands):
December 31, 2025
Weighted Average Amortization Period (Years)Gross Intangible AssetsAccumulated AmortizationNet Intangible Assets
Trade and domain names15.0$7,373 $(5,980)$1,393 
Software technology5.0249 (212)37 
Customer relationships8.0170 (90)80 
Total intangible assets14.5$7,792 $(6,282)$1,510 
December 31, 2024
Weighted Average Amortization Period (Years)Gross Intangible AssetsAccumulated AmortizationNet Intangible Assets
Trade and domain names15.0$7,256 $(5,492)$1,764 
Software technology5.0249 (162)87 
Customer relationships8.0170 (69)101 
Total intangible assets14.5$7,675 $(5,723)$1,952 
Amortization expense for intangible assets were $0.6 million and $0.6 million, respectively for the years ended December 31, 2025 and 2024. No intangible asset impairment charges have been recorded for the years ended December 31, 2025 and 2024.
The estimated future amortization expense of intangible assets as of December 31, 2025 is as follows (in thousands):
Amortization
Years ended December 31,
2026$550 
2027513 
2028143 
2029138 
203092 
Thereafter74 
Total$1,510 

Historical Timeline

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

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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