WM Technology, Inc. reported a decline in financial performance for the third quarter of 2025, with revenues totaling $42.2 million, down 9% from $46.6 million in the same period last year. For the nine months ending September 30, 2025, total revenues were $131.6 million, a decrease of 4% compared to $136.8 million in the prior year. The company attributed this decline primarily to reduced revenues from its Featured Listing and WM Deal products, as well as its Weedmaps for Business and other SaaS solutions, which faced ongoing pricing pressures and market challenges.
Net income for the third quarter was $3.6 million, down from $5.3 million in the previous year, while net income for the nine-month period was $8.3 million, slightly lower than $8.5 million in 2024. The decrease in net income was influenced by a combination of lower revenues and changes in the fair value of warrant liabilities, although total costs and expenses also decreased by 3% to $40.2 million in the third quarter. The company reported an adjusted EBITDA of $7.6 million for the quarter, down from $11.3 million in the prior year.
Operationally, WM Technology saw an increase in its average monthly paying clients, which rose to 5,221 from 5,100 year-over-year. However, the average monthly revenue per paying client decreased to $2,693 from $3,043, reflecting the impact of pricing pressures in established markets. The company continues to operate primarily in the U.S., with approximately 56% of its revenues generated in California.
In terms of strategic developments, WM Technology has been focusing on expanding its market presence and enhancing its product offerings. The company operates in over 35 U.S. states and territories with legalized cannabis markets and aims to capitalize on growth opportunities as more jurisdictions legalize cannabis. The company is also investing in marketing and technology to improve its platform and attract more clients.
Looking ahead, WM Technology remains optimistic about its growth potential, despite the current challenges in the cannabis market. The company plans to continue investing in brand awareness and expanding its service offerings to enhance the user experience on its Weedmaps platform. However, it acknowledges the risks associated with market volatility and regulatory changes that could impact its operations and financial performance.
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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