WM Technology, Inc. (MAPS): History, Ownership, Mission, How It Works & Makes Money

As the regulatory landscape shifts, is WM Technology, Inc. (MAPS), the technology and software infrastructure provider for the cannabis industry, poised for a breakout, or is it facing a systemic headwind?

Despite the volatile market, this company remains a critical player, reporting a trailing twelve-month revenue of approximately $179.31 million ending September 30, 2025, and maintaining a robust cash position of $62.6 million with no debt on the balance sheet. Yet, with Q3 2025 revenue at $42.2 million, down from the prior year, how is the business model-the Weedmaps marketplace and WM Business software-adapting to industry price deflation and consolidation?

We'll break down the ownership structure, the core mission to power a transparent global cannabis economy, and most importantly, where the money is actually being made and what that means for your investment thesis.

WM Technology, Inc. (MAPS) History

You want to understand the foundation of WM Technology, Inc. (MAPS) to gauge its staying power in a volatile industry. Honestly, the company's history is a story of bootstrapping, a major public market debut, and then a quick pivot to efficiency in a tough market. This background is defintely key to understanding the current $62.6 million cash position as of Q3 2025.

Given Company's Founding Timeline

Year established

2008. The platform, initially named Weedmaps, started as a simple online forum for medical cannabis patients and dispensaries.

Original location

Irvine, California. The company has maintained its roots in Orange County, California, reflecting the early adoption and growth of the cannabis market in the state.

Founding team members

The company was founded by Justin Hartfield and Doug Francis. A third key early member was Keith Hoerling. Doug Francis currently serves as the Co-Founder and CEO as of November 2025.

Initial capital/funding

The company was largely bootstrapped, meaning it was self-funded through early revenue rather than external venture capital. Here's the quick math: the platform quickly grew its monthly revenue from approximately $20,000 in 2009 to a substantial $400,000 per month by 2010. That's a powerful early signal of product-market fit.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by two major pivots: the decision to go public and the recent shift toward financial discipline.

The 2021 merger was a massive moment, effectively turning a successful private marketplace into a public technology solutions provider (software-as-a-service or SaaS) for the cannabis industry. This move was intended to capitalize on the cannabis boom, but still, the stock has traded as low as $0.60 post-merger, showing the market's skepticism about the sector's regulatory headwinds.

• 2025 Efficiency Drive: Facing continued price deflation and regulatory uncertainty in the cannabis market, the company cut Sales and Marketing expenses by 20% year-over-year in Q2 2025. This focus on 'control what we can control' is a clear signal to investors that the priority is profitability over pure revenue growth.
• The Take-Private Proposal: In June 2025, the co-founders submitted a non-binding proposal to potentially take the company private again. This suggests a belief that the company's intrinsic value is not being reflected in the public market's valuation, especially with the stock trading near its 52-week low. It's a classic move to Mission Statement, Vision, & Core Values of WM Technology, Inc. (MAPS).

What this estimate hides is the ongoing regulatory risk; the company is non-plant touching, but its clients are not, so their success is tied to the pace of federal and state legalization. The average monthly revenues per paying client decreased to $2,693 in Q3 2025 from $3,043 in the prior year period, a direct result of that industry pressure.

Finance: Track the status of the co-founders' take-private proposal by the end of the year.

WM Technology, Inc. (MAPS) Ownership Structure

WM Technology, Inc. (MAPS) has a concentrated ownership structure, where insiders-primarily co-founders and executives-control the largest block of shares, giving them significant voting power over the company's direction. This structure means that while institutional investors like BlackRock, Inc. hold substantial positions, the company's strategic decisions are defintely steered by its founders.

Given Company's Current Status

The company remains a publicly traded entity, listed on the Nasdaq Global Select Market (NasdaqGS) under the ticker MAPS. This status was recently confirmed when a non-binding proposal from co-founders Douglas Francis and Justin Hartfield to take the company private was withdrawn in June 2025. The stock's price as of November 18, 2025, was around $0.82 per share. For context, the total share count across Class A and B common stock was approximately 157.2 million as of September 30, 2025.

You need to know that a high insider stake, like the one here, can align management with long-term shareholder interests, but it also limits the influence of outside investors. The recent Q3 2025 earnings reported a cash position of $62.6 million, up 39% year-over-year, which is a solid operational sign despite missing revenue forecasts.

Given Company's Ownership Breakdown

The ownership breakdown reveals a clear power dynamic, with insiders holding over 40% of the company's equity. This level of control is a critical factor in evaluating the stock's volatility and governance. Here's the quick math on who owns what, based on the 2025 fiscal year data:

Given Company's Leadership

The executive team has seen some recent changes, reflecting a focus on operational discipline and technology development as the company navigates a challenging regulatory environment. Leadership is currently steering the company toward a Q4 2025 revenue outlook of $41 million to $43 million.

• Douglas Francis: Chief Executive Officer (CEO) and Chairman of the Board. He has served as CEO since November 2024. He is a co-founder and a key figure in the company's history, but he also reported selling 158,733 shares in November 2025 to cover tax obligations.
• Susan Echard: Chief Financial Officer (CFO). Appointed in February 2024, she is focused on expense discipline, which helped the company achieve $0.02 EPS in Q3 2025.
• Sarah Griffis: Chief Technology Officer (CTO). She joined in January 2025, bringing a focus on platform enhancement and client value.
• Brian Camire: General Counsel and Secretary. He has held this role since May 2019, providing stability in the legal and compliance areas.

Their collective strategic direction is detailed further in the Mission Statement, Vision, & Core Values of WM Technology, Inc. (MAPS).

WM Technology, Inc. (MAPS) Mission and Values

WM Technology, Inc. (MAPS) operates beyond a simple tech platform; its core mission is to champion the safe, legal, and equitable future of the global cannabis economy. This commitment is reflected in their advocacy, which is a key driver of their non-marketplace revenue streams.

Given Company's Core Purpose

The company's cultural DNA is rooted in the belief that cannabis is a powerful plant that requires responsible, transparent market infrastructure. This focus on industry-wide reform and consumer safety is a significant differentiator from pure technology plays.

Here's the quick math: while the company's Q3 2025 revenue was $42.2 million, their non-financial mission work is what stabilizes their long-term position, especially as they finished Q3 2025 with a strong $62.6 million in cash and no debt.

Official Mission Statement

WM Technology's mission is a dual mandate: to enable safe, legal access to cannabis worldwide and to deliver technology and data solutions that drive efficiency, transparency, and value for cannabis businesses.

• Enable safe, legal access to consumers worldwide.
• Advocate for full U.S. legalization and industry-wide social equity.
• Deliver technology and data solutions that drive efficiency, transparency, and value.

Honestly, their commitment to social equity-a non-revenue-generating activity-is a long-term risk mitigator for the entire industry.

Vision Statement

The company's vision is to play an even greater role in shaping how the legal cannabis economy operates, positioning the business for long-term growth by solving the industry's most complex compliance and operational problems.

• Shape the future of the legal cannabis economy.
• Provide a premier destination for consumers to discover and learn about the plant.
• Position the business for long-term growth amid regulatory uncertainty.

You can see how this vision translates directly into their product strategy by Exploring WM Technology, Inc. (MAPS) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

While the company does not publish a formal, single-line corporate slogan in its financial filings, its platform, Weedmaps, uses a clear, action-oriented phrase to communicate its value to the consumer.

• Learn, Find, and Order Weed.

This simple tagline cuts straight to the utility of the platform: it's the definitive guide and marketplace for the cannabis consumer, which helps its 5,241 average monthly paying clients in Q2 2025 reach their customers. It's defintely a case of function over flowery language.

WM Technology, Inc. (MAPS) How It Works

WM Technology operates as the critical digital infrastructure for the regulated cannabis industry, connecting consumers with licensed businesses through its Weedmaps marketplace and providing essential e-commerce and compliance software to those businesses.

This two-sided platform model generates revenue primarily from subscription-based software-as-a-service (SaaS) fees and advertising placements, creating a flywheel effect where more listings attract more consumers, which in turn drives more business clients to pay for premium tools and visibility.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The company's operational framework is built on maintaining a dominant digital presence while driving efficiency in the face of persistent industry headwinds like price deflation and market consolidation.

The core process revolves around a disciplined, high-margin software model. In the third quarter of 2025, WM Technology reported a Net Income of $3.6 million and an Adjusted EBITDA of $7.6 million, demonstrating strong operational discipline despite a revenue decline to $42.2 million for the quarter.

• Client Acquisition: Focus on acquiring new clients in developing, less-saturated markets to counteract churn and spending declines in established, core states. The average monthly paying client count was 5,221 in Q3 2025.
• Cost Management: Aggressive cost reduction in non-core areas; for instance, Q2 2025 saw a 20% year-over-year reduction in Sales and Marketing costs and a 22% cut in Product Development expenses.
• Value Creation: The platform creates value by being the primary discovery engine for consumers and the compliance backbone for businesses, which is defintely a high-value service in a highly regulated sector.

Here's the quick math: The average monthly revenue per paying client in Q3 2025 was $2,693, down from the prior year, showing that while they are adding clients, the revenue quality per client is under pressure. You need to watch that metric closely to gauge market health. For a deeper dive on the numbers, you should check out Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

WM Technology's success hinges on its network effect and its unique position as a technology provider, which insulates it somewhat from the commodity-like pressures faced by cannabis cultivators and retailers.

• Market Dominance and Network Effect: The Weedmaps marketplace is considered critical infrastructure, listing an estimated 80% of dispensaries in U.S. state-legal cannabis markets. This consumer traffic is the primary draw for paying business clients.
• Compliance and Regulatory Moat: The company's compliance software solutions are a key differentiator, helping businesses navigate complex, state-by-state regulations. This pivot toward high-margin digital solutions is less sensitive to the price deflation impacting the broader cannabis market.
• Financial Strength: A strong balance sheet with no debt and substantial cash reserves of $62.6 million as of September 30, 2025, provides a buffer for navigating market volatility and funding strategic investments.
• Data and Insights: The sheer volume of consumer and business data flowing through the platform gives WM Technology a proprietary edge in developing new products like WM Insights, which offers valuable market intelligence to brands and retailers.

What this estimate hides is the risk of federal regulatory changes, which could either massively accelerate growth or introduce new, well-capitalized competitors. Still, their current dominance is a powerful asset.

WM Technology, Inc. (MAPS) How It Makes Money

WM Technology primarily makes money by connecting cannabis businesses with consumers through its Weedmaps online marketplace and by selling essential software-as-a-service (SaaS) tools to those businesses for their operations.

The company operates a two-sided model: a high-traffic consumer marketplace for advertising and a suite of back-end software solutions for retailers and brands, which together accounted for a total revenue of $42.2 million in the third quarter of 2025.

WM Technology's Revenue Breakdown

The revenue mix is heavily weighted toward marketplace advertising, but the subscription-based software segment provides a more stable, recurring revenue base, even as both face market pressure.

Business Economics

The fundamental economics of WM Technology are currently strained by a challenging cannabis market, which is seeing price compression and regulatory hurdles that directly impact client spending. This is a tough environment for a platform business that relies on client marketing budgets.

• Client Base: The company reported 5,221 average monthly paying clients in Q3 2025, which is a modest increase of 2% year-over-year, showing they are still acquiring new clients, especially in developing markets.
• Pricing Pressure: Average monthly revenue per paying client (ARPC) dropped to $2,693 in Q3 2025, a significant 12% decrease from the prior year. This is the clearest sign of pricing pressure and constrained marketing budgets among existing clients.
• Geographic Concentration: A substantial portion of the revenue, approximately 56%, still originates from California, making the business highly sensitive to regulatory and market dynamics in that single state.
• Cost of Revenue: The core marketplace model is high-margin, but the overall gross margin is affected by the costs associated with the SaaS side, like hosting and support. Still, the underlying digital platform is highly scalable-that's the good news.

WM Technology's Financial Performance

Despite the revenue headwinds, management has focused on cost discipline, which has allowed the company to maintain profitability and a strong balance sheet. This is defintely a key point for any investor looking at a growth-challenged sector.

• Q3 2025 Revenue: Total revenue for the third quarter was $42.2 million, a 9% drop from the same period last year.
• Profitability: The company achieved its seventh consecutive quarter of positive net income, reporting $3.6 million in Q3 2025.
• Operational Efficiency (Adjusted EBITDA): Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $7.6 million in Q3 2025. This metric shows the core business is still generating cash flow, even if it's down from the prior year's $11.3 million.
• Liquidity: The balance sheet remains solid with $62.6 million in cash and cash equivalents as of September 30, 2025, up from $52.0 million at the end of 2024, with no debt.
• Near-Term Outlook: Management guided Q4 2025 revenue to be between $41 million and $43 million, suggesting the revenue decline is expected to continue into the end of the fiscal year.

For a deeper dive into the company's financial resilience against market contraction, you should check out Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors.

WM Technology, Inc. (MAPS) Market Position & Future Outlook

WM Technology, Inc. (MAPS) holds a dominant position in the fragmented US cannabis technology sector, but this is a complex story of market leadership facing revenue headwinds. The company's core platform, Weedmaps, is a critical infrastructure asset for the industry, but its near-term outlook is tempered by persistent pricing pressure in mature markets, even as it maintains strong cash flow and focuses on operational efficiency.

The strategic focus for 2025 is clear: leverage the company's 80% dominance in dispensary listings to drive higher-margin software-as-a-service (SaaS) and advertising revenue, while aggressively expanding into newly legal states like New York. The business environment is defintely challenging-you can see that in the Q3 2025 revenue of $42.2 million-but the long-term potential tied to federal regulatory reform remains a powerful, high-upside catalyst.

Competitive Landscape

The cannabis tech space is a mix of pure marketplaces, like Weedmaps, and all-in-one software providers. WM Technology's primary competitive moat is its network effect and brand recognition, which is tough to beat. Here is how the competitive landscape shakes out as of late 2025, focusing on client-facing marketplace and e-commerce presence.

WM Technology's lead isn't just about traffic; it's about being the industry's digital backbone. They list approximately 80% of all dispensaries in state-legal US markets, making the platform essential for consumer discovery. Competitors like Leafly focus on the discovery and educational side, while Dutchie's strength is its deep integration into the dispensary's core operations, offering a comprehensive POS and e-commerce solution that directly competes for the retailer's software budget.

Opportunities & Challenges

My analysis shows a company balancing a strong balance sheet with a volatile market. You need to weigh the potential for a regulatory tailwind against the immediate pressure on client spending.

Industry Position

WM Technology is positioned as the digital infrastructure leader in a high-growth, albeit highly regulated, industry. Despite a challenging revenue environment-the full-year 2025 revenue is estimated at $180.61 million-the company's financial discipline is notable.

• Cash Position: The company ended Q3 2025 with a strong cash reserve of $62.6 million and no debt, providing a buffer against market volatility and funding for strategic investments.
• Profitability Focus: Management is prioritizing operational efficiency, which has led to a Q3 2025 net income of $3.6 million and a focus on higher-margin software solutions to offset marketplace pricing pressures.
• Strategic Growth: The future growth is tied to two key areas: the expansion of the total addressable market (TAM) through new state legalizations and the potential elimination of the federal 280E tax for cannabis businesses. The elimination of 280E would immediately boost the profitability of their dispensary clients, freeing up capital for increased advertising and software spend on the Weedmaps platform.

To get a deeper dive into the numbers behind this strategic positioning, you should read Breaking Down WM Technology, Inc. (MAPS) Financial Health: Key Insights for Investors.