IRVINE, Calif. — WM Technology Inc., a leading marketplace and technology solutions provider to the cannabis industry, today announced its financial results for the second quarter ended June 30, 2025.
“We delivered a solid quarter, generating strong cash flow and maintaining operational discipline in what continues to be a difficult operating environment,” said Doug Francis, CEO of WM Technology. “While cannabis markets in our core states remain under pressure, we’re encouraged by the progress we’re seeing with new clients in certain emerging markets. Broader industry challenges persist, but we remain committed to execution and to positioning the business for long-term growth.”
“We remain in a strong financial position, with cash growth, no debt on the balance sheet, and solid Adjusted EBITDA performance,” said Susan Echard, CFO. “Our strategic approach to managing capital allows us to pursue ongoing investment in the business while maintaining the flexibility to navigate a dynamic market environment.”
Second Quarter 2025 Financial Highlights
Revenues for the second quarter ended June 30, 2025 were $44.8 million as compared to $45.9 million in the prior year period. The decrease from the prior year period was due to decreases in revenues from our Weedmaps for Business solution and our featured and deal listings, partially offset by an increase in revenues from other ad solutions.
Average monthly paying clients of 5,241 was up from 5,045 from the prior year period, largely due to new client acquisitions across certain developing markets, partially offset by a churn in more established markets.
Average monthly revenues per paying client decreased to $2,852 from $3,033 in the prior year period, due to spend declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation. In addition, new clients acquired across certain markets had lower levels of average spend.
Net income increased to $2.2 million as compared to $1.2 million in the prior year period.
Adjusted EBITDA increased to $11.7 million from $10.1 million in the prior year period.
Total shares outstanding across Class A and Class V Common Stock were 156.5 million as of June 30, 2025.
Cash increased to $59.0 million as of June 30, 2025, as compared to $52.0 million as of December 31, 2024.
Business outlook
Based on information available as of August 7, WM Technology is issuing guidance for the third quarter of 2025 as follows:
- Revenues is estimated to be approximately $41 million – $43 million.
- Non-GAAP Adjusted EBITDA is estimated to be approximately $5 million – $7 million.
The guidance provided above is only an estimate of what the company believes is realizable as of August 7. This guidance assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the period. Results are based on assumptions the company believes to be reasonable as of this date, but may be materially affected by many factors. Actual results may vary from the guidance and the variations may be material. WM Technology undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.
About WM Technology
Founded in 2008, WM Technology operates Weedmaps, a leading cannabis marketplace for consumers, as well as a broad set of eCommerce and compliance software solutions for cannabis businesses and brands in U.S. state-legal markets. Over the past 16 years, the Weedmaps marketplace has become a premier destination for cannabis consumers to discover and browse cannabis-related products, access daily dispensary deals, order ahead for pick-up and delivery by participating retailers (where applicable) and learn about the plant. The Company also offers eCommerce-enablement tools designed to help cannabis retailers and brands reach consumers, create business efficiency, and manage industry-specific compliance needs.
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