WM Technology (MAPS) investor relations material

Executive summary

• Q1 2026 revenue was $43.6 million, down 2% year-over-year and up 1% sequentially, with net income of $1.7 million, a decrease from $2.5 million in Q1 2025.

• Adjusted EBITDA declined to $5.9 million from $10.1 million year-over-year, with margin dropping to 13% from 23%.

• Average monthly paying clients fell 4% to 4,983, while average monthly revenue per client rose to $2,914 from $2,871, aided by churn among lower-spending clients.

• The company voluntarily delisted from Nasdaq in April 2026, moving trading to OTC markets to gain strategic flexibility and pursue new opportunities.

• The operating environment remains challenging due to price compression, tax burdens, regulatory uncertainty, and softness in core markets.

Financial highlights

• Revenue breakdown: $13.4 million from SaaS subscriptions, $27.8 million from featured/deal listings, $2.3 million from other ad solutions.

• Cash, cash equivalents, and investments at quarter-end were $57.0 million, down from $62.4 million at year-end but up from $53.3 million a year earlier.

• Net cash used in operating activities was $1.3 million, reflecting slower collections and working capital timing.

• Operating income for Q1 2026 was $0.2 million, down from $2.6 million in Q1 2025.

• Net income margin was 4%, down from 6% in the prior year.

Outlook and guidance

• Q2 2026 revenue is expected to decline sequentially by low single digits due to continued client churn and normalized client spend post-seasonal peak.

• Management expects continued investments in brand awareness, market expansion, and new product development.

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