WM Technology, Inc. reported its financial results for the first quarter of 2026, revealing a revenue of $43.6 million, a decrease of 2% from $44.6 million in the same period last year. The decline in revenue was attributed primarily to a drop in revenues from its Weedmaps for Business segment and other advertising solutions, partially offset by an increase in revenues from Featured Listings and WM Deal products. The company recorded a net income of $1.7 million, down from $2.5 million in the prior year, while adjusted EBITDA fell to $5.9 million from $10.1 million.
The company experienced a decrease in its average monthly paying clients, which fell to 4,983 from 5,179 year-over-year. However, the average monthly revenue per paying client increased to $2,914 from $2,871, indicating improved revenue efficiency among its remaining clients. The total cash, cash equivalents, and marketable securities stood at $57.0 million as of March 31, 2026, down from $62.4 million at the end of 2025.
WM Technology has been focusing on expanding its market presence, operating in over 35 U.S. states and territories where cannabis is legalized. The company continues to enhance its offerings, including its Weedmaps for Business suite, which provides eCommerce and compliance solutions for cannabis retailers. The company also plans to invest in marketing and product development to attract new clients and retain existing ones, despite the challenges posed by market fluctuations and regulatory changes in the cannabis industry.
In terms of operational changes, WM Technology announced its voluntary delisting from the Nasdaq Global Select Market, effective April 24, 2026, transitioning to trading on the OTCQX Best Market. This strategic decision aims to provide the company with greater flexibility in pursuing growth opportunities and potential revenue streams within the cannabis ecosystem. The company is also addressing ongoing material weaknesses in its internal controls, which have been identified in previous years, and is committed to implementing necessary improvements to ensure accurate financial reporting.
About WM TECHNOLOGY, INC.
WM Technology, Inc. operates a leading online cannabis marketplace and provides comprehensive SaaS solutions for cannabis retailers and brands. Its platform enables product discovery, order reservation, compliance management, marketing, and logistics across U.S. states with legal cannabis markets. The company leverages data insights, offers integrated tools, and benefits from a long industry presence, supporting a compliant, efficient, and consumer-focused cannabis industry infrastructure.
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