WM Technology, Inc. · OTC:MAPS
WM Technology — Q4 2025 Earnings Presentation
11 slides from WM Technology's earnings presentation, Mar 12, 2026
Slide 1: WM Technology, Inc. Q4 & Full Year 2025 Results
WM Technology, Inc. Q4 & Full Year 2025 Results March 12, 2026
Slide 2: Disclaimer
Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to WM Technology, Inc. (“WM”, the “Company”, “we”, “us”, “our”) and for no other purpose. References in this presentation to the “10
Slide 3: Q4 & Full Year 2025 Financial Results
Q4 & Full Year 2025 Financial Results ■ Fourth Quarter 2025 ⏤ Revenue of $43.1 million as compared to $47.7 million in the fourth quarter of 2024 (“prior year period”) ⏤ Net Loss of $5.0 million as compared to Net Income of $3.7 million in the prior year period (1) ⏤ Adjusted EBITDA of $10.4 million
Slide 4: Q4 & FY25 Income Statement
Q4 & FY25 | Income Statement 3 Months Ended 12 Months Ended ($M) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Revenue $43.1 $47.7 $174.7 $184.5 Cost of Revenue (2.2) (2.3) (8.8) (9.0) Sales & Marketing (10.2) (10.1) (38.9) (40.4) Product Development (6.2) (8.1) (28.1) (36.4) General & Adminis
Slide 5: Historical Quarterly Financials
Historical Quarterly Financials Quarterly Revenue ($M) $44.4 $45.9 $46.6 $47.7 $44.6 $44.8 $42.2 $43.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 YoY Growth (4%) (5%) 0% +3% +1% (2%) (9%) (10%) QoQ Growth (4%) +3% +1% +2% (6%) +1% (6%) +2% Adjusted EBITDA & Cash ($M) $11.3 $11.9
Slide 6: Selected Key Operating and Financial Metrics by Quarter
Selected Key Operating and Financial Metrics by Quarter Average Monthly Paying Clients 5,045 5,100 5,225 5,179 5,241 5,221 5,120 4,937 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average Monthly Revenue per Paying Client $2,997 $3,033 $3,043 $3,041 $2,871 $2,852 $2,804 $2,693 Q1
Slide 7: Revenue Breakdown
Revenue Breakdown 3 Months Ended 12 Months Ended ($M) Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Weedmaps for Business and other SaaS Subscriptions $13.2 $13.9 $53.3 $54.2 Featured and Deal Listings 26.3 29.2 106.1 115.0 Subtotal 39.5 43.1 159.4 169.2 Other Ad Solutions 3.6 4.6 15.3 15.3 Re
Slide 8: Summary Balance Sheet and Cash Flow
Summary Balance Sheet and Cash Flow Balance Sheet Cash Flows 12 Months Ended ($M) Dec 31, 2025 Dec 31, 2024 ($M) Dec 31, 2025 Dec 31, 2024 Cash $62.4 $52.0 CASH FLOWS FROM OPERATING ACTIVITIES Accounts Receivable, Net 14.6 10.1 Net Income $3.3 $12.2 Depreciation & Amortization 13.4 13.3 Prepaid Expe
Slide 9: Basic and Fully Diluted Share Count
Basic and Fully Diluted Share Count Ownership Calculation Percentage 10-K Reference Non-controlling interests ownership as of December 31, 2025 30.8% Note 12 Controlling interests ownership as of December 31, 2025 69.2% Common Shares as of December 31, 2025 Shares 10-K Reference Class A Common Stock
Slide 10: Share Classes
Share Classes Controlling Interest Non-Controlling Interest Non-Controlling Interest Paired Class A Common Stock Class A Unit 1:1 Class V Common Vested Class P Units Holders Stock A 109,990,343 shares C 13,803,732 Units B 47,852,652 69.2% 30.1% 30.1% 0.7%(1) voting and economic interest voting inter
Slide 11: Non-GAAP Reconciliations: Net Income to EBITDA and Adjusted EBITDA
Non-GAAP Reconciliations: Net Income to EBITDA and Adjusted EBITDA 3 Months Ended 12 Months Ended $M Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net Income (Loss) ($5.0) $3.7 $3.3 $12.2 + Provision for Income Taxes 0.1 (0.0) 0.1 0.0 + Interest Income (0.5) (0.1) (1.8) (0.4) + Depreciation &