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WM Technology (MAPS) investor relations material

WM Technology Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenue was $44.8M, down 2% year-over-year, while net income rose to $2.2M from $1.2M.

  • Adjusted EBITDA increased to $11.7M from $10.1M, with a margin of 26% versus 22% last year.

  • Average monthly paying clients grew 4% to 5,241, but average monthly revenue per client declined to $2,852.

  • Maintained operational discipline and focus on fundamentals amid persistent industry headwinds.

  • Continued investment in platform, product innovation, and expansion of SaaS offerings for cannabis businesses.

Financial highlights

  • Q2 2025 revenue: $44.8M (down 2% year-over-year); net income: $2.2M (up from $1.2M).

  • Adjusted EBITDA: $11.7M (up from $10.1M); margin improved to 26% from 22% year-over-year.

  • Cash at June 30, 2025: $59M, up from $52M at year-end 2024; eighth consecutive quarter of cash growth.

  • Operating cash flow for the first half of 2025 was $16.7M.

  • No debt on the balance sheet, providing flexibility for future investments.

Outlook and guidance

  • Q3 2025 revenue guidance is $41M–$43M; non-GAAP adjusted EBITDA forecasted at $5M–$7M.

  • Management expects existing cash and operations to fund needs for at least 12 months.

  • Ongoing market volatility and industry headwinds anticipated, with continued focus on profitability and long-term positioning.

  • No reaffirmation of guidance beyond August 7, 2025.

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

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Frequently asked questions

WM Technology Inc is a technology company that operates a digital marketplace and software platform for the cannabis industry. The company’s main product, Weedmaps, connects consumers with dispensaries and brands, while its SaaS offerings provide point-of-sale, logistics, and compliance solutions for businesses. WM Technology Inc is headquartered in Irvine, California, and its shares are listed on the NASDAQ.

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