WM TECHNOLOGY (MAPS) Company Report

MAPS reported revenues of $44.8 million for the three months ended June 30, 2025, a decrease from $45.9 million in the prior year period.
Net Income for Q2 2025 significantly increased to $2.2 million compared to $1.2 million in Q2 2024.
Adjusted EBITDA rose to $11.7 million in Q2 2025, up from $10.1 million in the prior year period, with the Adjusted EBITDA Margin improving to 26% from 22%.
The company's Average Monthly Paying Clients increased to 5,241 in Q2 2025 from 5,045 in Q2 2024, although Average Monthly Revenues per Paying Client decreased to $2,852 from $3,033.
Cash and Cash Equivalents stood at $59.0 million as of June 30, 2025.

Nov 6, 2025, 10:00 PM

MAPS Announces Q3 2025 Results and Q4 2025 Guidance

MAPS

Earnings

Guidance Update

Demand Weakening

MAPS reported Q3 2025 revenue of $42.2 million, a 9% year-over-year decrease, which was in line with expectations despite continued softness in core markets.
The company maintained profitability with net income of $3.6 million and adjusted EBITDA of $7.6 million for Q3 2025, attributed to disciplined expense management.
Cash reserves grew 39% year-over-year to $62.6 million as of September 30, 2025, marking the ninth consecutive quarter of positive cash generation, with no outstanding debt.
For Q4 2025, revenue is projected to be $41 million-$43 million and adjusted EBITDA $5 million-$7 million, reflecting ongoing market pressures and strategic investments.
Management noted significant headwinds from declining retail flower prices (e.g., California down 9% YoY, Michigan down 20% YoY) and increased regulatory and tax burdens in key markets, prompting a strategic focus on client acquisition in developing markets and potential international expansion.