WM Technology (MAPS) investor relations material

Executive summary

• Q2 2026 revenue was $42.4 million, down 5% year-over-year, with net income rising to $2.9 million from $2.2 million in Q2 2025.

• Adjusted EBITDA declined to $5.0 million from $11.7 million, reflecting margin compression and industry headwinds.

• Cash and cash equivalents stood at $60.5 million as of June 30, 2026.

• Average monthly paying clients declined 4% to 5,040, and average monthly revenue per client decreased to $2,807.

• Strategic focus included strengthening the core marketplace, expanding into underpenetrated states, and investing in marketing, product enhancements, and automation.

Financial highlights

• Q2 2026 revenues decreased by $2.4 million (5%) year-over-year, mainly due to lower ad solutions and SaaS revenues.

• Net income increased to $2.9 million, driven by a $2.9 million reduction in total costs and expenses.

• Operating income for Q2 2026 was $2.4 million, up from $1.9 million in Q2 2025.

• Cash flows from operating activities for the first half of 2026 were $6.9 million, down from $16.7 million in the prior year.

• Total shares outstanding as of June 30, 2026, were 159.7 million.

Outlook and guidance

• Management expects continued industry challenges, including price deflation, margin compression, and client churn in established markets.

• Q3 2026 revenue is expected to decline by mid-single digit percentages sequentially from Q2.

• The company plans to invest in AI initiatives, expand offerings, and explore new business opportunities post-Nasdaq delisting.

• Liquidity is expected to be sufficient for at least the next 12 months, but management may seek additional financing if needed.

• Guidance assumes no major acquisitions, investments, restructurings, or legal settlements in the period.