IRVINE, Calif. —
WM Technology Inc., a leading marketplace and technology solutions provider to the cannabis industry, reported its financial results for the first quarter ended March 31, 2025.
“Our first quarter results reflect focused execution in what remains a challenging environment for the cannabis industry,” said Doug Francis, CEO. “While there’s been renewed attention around rescheduling, we’ve seen similar moments before. Until there’s concrete progress, meaningful reform is still needed to address the structural headwinds facing operators, brands, and ancillary platforms. In the meantime, we’re focused on operating our business with discipline and continuing to deliver technology and data solutions that drive efficiency, transparency, and value.”
“Profitability remained strong in the first quarter, reflecting our continued discipline in managing costs and driving operational efficiency,” said Susan Echard, CFO. “We’re encouraged by the underlying stability in the business and remain focused on making thoughtful investments to support long-term growth.”
First Quarter 2025 Financial Highlights
Revenues for the first quarter ended March 31, 2025 was $44.6 million as compared to $44.4 million in the prior year period. The marginal increase from the prior year period was due to an increase in our Weedmaps for Business solution and display advertising revenue, partially offset by a decrease in revenues from our featured and deal listings.
Average monthly paying clients of 5,179 increased from 4,937 in the prior year period, largely due to new client acquisitions across certain markets.
Average monthly revenues per paying client decreased to $2,871 from $2,997 in the prior year period, driven by spending declines in established markets driven by continued industry challenges, such as price deflation and ongoing consolidation, which was partially offset by new client acquisitions and spending across certain markets.
Net income increased to $2.5 million from $2.0 million in the prior year period.
Adjusted EBITDA increased to $10.1 million from $9.6 million in the prior year period.
Total shares outstanding across Class A and Class V Common Stock were 154.4 million as of March 31, 2025.
Cash increased to $53.3 million as of March 31, 2025, as compared to $35.7 million as of March 31, 2024. The Company generated $1.3 million in the cash for the quarter.
Business Outlook
Based on information available as of May 8, 2025, WM Technology is issuing guidance for the second quarter of 2025 as follows:
Revenue is estimated to be approximately $45 million.
Non-GAAP Adjusted EBITDA is estimated to be approximately $8 million.
The guidance is only an estimate of what we believe is realizable as of the date of this release. We are not readily able to provide a reconciliation of projected Non-GAAP Adjusted EBITDA to projected net income without unreasonable effort. This guidance assumes that no business acquisitions, investments, restructurings, or legal settlements are concluded in the period. Our results are based on assumptions that we believe 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. We undertake 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. The Company is committed to advocating for full U.S. legalization, industry-wide social equity, and continued education about the plant through key partnerships and cannabis subject matter experts. Headquartered in Irvine, California, WM Technology supports remote and hybrid work for eligible employees.
