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WM Technology (MAPS) investor relations material
WM Technology Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full year 2025 revenue was $174.7 million, down from $184.5 million in 2024, with net income of $3.3 million, down from $12.2 million.
Q4 2025 revenue was $43.1 million, down from $47.7 million in Q4 2024, reflecting industry headwinds and pricing challenges.
Adjusted EBITDA for 2025 was $39.8 million, down from $42.9 million in 2024; Q4 adjusted EBITDA was $10.4 million, down from $11.9 million.
Average monthly paying clients in 2025 increased to 5,190 from 5,077 in 2024, but average monthly revenue per client declined to $2,805 from $3,029.
Appointed Nick Rellas to the Board of Directors, bringing expertise in regulated consumer marketplaces.
Financial highlights
Q4 2025 net loss was $5.0 million, compared to net income of $3.7 million in Q4 2024.
Adjusted EBITDA margin for Q4 2025 was 24%; full year margin was 23%.
Cash increased to $62.4 million at year-end 2025, up from $52.0 million in 2024.
Operating cash flow for 2025 was $26.2 million, down from $36.7 million in 2024.
Operating income for the year was $0.8 million, down from $14.8 million in 2024.
Outlook and guidance
Q1 2026 revenue expected to decline sequentially by mid- to high-single digits from Q4 2025.
No adjusted EBITDA guidance provided for 2026 due to investment timing variability.
Focus remains on maintaining a strong balance sheet and financial discipline.
- Q2 2024 revenue fell 5% to $45.9M; Q3 guidance: $44M revenue, $7M Adjusted EBITDA.MAPS
Q2 20241 Feb 2026 - Q3 2024 net income reached $5.3M, with strong cash and ongoing regulatory and legal risks.MAPS
Q3 202414 Jan 2026 - Returned to profitability in Q4 2024 with strong cash growth and higher margins.MAPS
Q4 202424 Dec 2025 - Shareholders to vote on director elections, executive pay, and auditor ratification at July 2024 meeting.MAPS
Proxy Filing1 Dec 2025 - Virtual meeting to elect directors, approve pay, and ratify auditor, with strong governance focus.MAPS
Proxy Filing1 Dec 2025 - Virtual meeting to vote on directors, executive pay, and auditor ratification, all board-backed.MAPS
Proxy Filing1 Dec 2025 - Virtual annual meeting to vote on directors, executive pay, and auditor ratification.MAPS
Proxy Filing1 Dec 2025 - Baker Tilly replaces Moss Adams as auditor for 2025 following a merger, with board support.MAPS
Proxy Filing1 Dec 2025 - Q1 2025 revenue and net income rose, but legal and regulatory risks remain.MAPS
Q1 202525 Nov 2025
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