WM Technology, Inc. reported its financial results for the second quarter of 2025, revealing a slight decline in revenue but an increase in net income compared to the same period last year. The company generated revenues of $44.8 million, down from $45.9 million in the second quarter of 2024, marking a decrease of approximately 2%. Despite the revenue drop, net income rose to $2.2 million, compared to $1.2 million in the prior year, driven by a reduction in total costs and expenses.
In terms of operational metrics, WM Technology saw an increase in its average monthly paying clients, which rose to 5,241 from 5,045 year-over-year. However, the average monthly revenue per paying client decreased to $2,852 from $3,033, reflecting challenges in established markets due to price deflation and ongoing consolidation within the cannabis industry. The company continues to focus on expanding its client base and enhancing its service offerings to drive future growth.
The financial report also highlighted significant changes in expenses. Total costs and expenses for the quarter were $42.9 million, down from $44.7 million in the previous year. Notably, sales and marketing expenses decreased by 19% to $8.9 million, while general and administrative expenses increased by 12% to $20.7 million, primarily due to higher salaries and stock-based compensation. The company’s operating income for the quarter was $2.0 million, compared to $1.2 million in the same quarter last year.
WM Technology's balance sheet showed total assets of $188.1 million as of June 30, 2025, an increase from $181.9 million at the end of 2024. The company reported cash and cash equivalents of $59.0 million, up from $52.0 million, indicating a solid liquidity position. The company’s employee headcount remained stable, supporting its operational capabilities as it navigates the evolving cannabis market landscape.
Looking ahead, WM Technology remains optimistic about its growth prospects, emphasizing its commitment to expanding its marketplace and enhancing its software solutions. The company plans to invest in marketing and product development to attract new clients and retain existing ones, aiming to capitalize on the ongoing legalization of cannabis across various jurisdictions. However, it also acknowledged the potential risks associated with market volatility and regulatory changes that could impact its operations.
About WM TECHNOLOGY, INC.
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