WM Technology Reports Q2 2026 Revenue Decline and Net Income Increase

WM Technology, Inc. reported its financial results for the second quarter of 2026, revealing a decline in revenue and a modest increase in net income compared to the same period last year. The company generated revenues of $42.4 million, down 5% from $44.8 million in the second quarter of 2025. This decrease was attributed primarily to lower revenues from its Weedmaps for Business and other SaaS solutions, as well as a significant drop in other ad solutions, reflecting ongoing challenges faced by customers in the cannabis industry. Despite the revenue decline, net income rose to $2.9 million, compared to $2.2 million in the prior year, driven by a reduction in total costs and expenses.

In terms of operational metrics, WM Technology reported an average of 5,040 monthly paying clients during the quarter, a decrease from 5,241 in the same period last year. The average monthly revenue per paying client also saw a slight decline, falling to $2,807 from $2,852. The company’s total costs and expenses for the quarter were $40.1 million, down from $43.0 million in the previous year, with notable reductions in general and administrative expenses. The company’s cash and cash equivalents stood at $60.5 million as of June 30, 2026, compared to $62.4 million at the end of 2025.

WM Technology continues to focus on expanding its market presence and enhancing its product offerings. The company operates primarily through its Weedmaps marketplace and its SaaS solutions, which provide integrated tools for cannabis retailers and brands. As of June 30, 2026, the company reported approximately 8,100 active listing pages on its platform, indicating a commitment to increasing its client base and improving user engagement. The company also noted that it is actively exploring new markets and opportunities for growth, particularly as more jurisdictions legalize cannabis.

The filing also highlighted the company's strategic decision to delist its Class A common stock and warrants from the Nasdaq, transitioning to trading on the OTC Markets. This move is expected to provide WM Technology with greater flexibility in pursuing business opportunities and potential revenue streams within the cannabis ecosystem. The company plans to invest in brand awareness and expand its offerings to enhance the consumer experience on its platform.

Looking ahead, WM Technology anticipates continued challenges in the cannabis market, including price deflation and margin compression affecting its clients. The company is committed to maintaining a disciplined approach to accounts receivable management and is focused on supporting clients through the current operating environment. While the company expects to leverage its existing cash and operational cash flows to meet its liquidity needs, it remains open to raising additional funds if necessary to support its growth initiatives.