WM Technology (MAPS) Q4 2025 earnings summary

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.