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10-K annual report · filed Mar 12, 2026

WM TECHNOLOGY, INC. (MAPS) FY2025 10-K Annual Report

MAPS overviewOriginal on SEC EDGAR
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WM TECHNOLOGY, INC. (MAPS) filed its fiscal 2025 10-K annual report with the SEC on Mar 12, 2026. It reported revenue of $175M (−5.3% year over year) and net income of $2M.

  • Top risk flagged: Cybersecurity breach risk causing regulatory actions, litigation, fines, business disruptions, reputational harm, and revenue loss

FY2025 key financial metrics · XBRL

Revenue
$175M
−5.3% YoY
Net income
$2M
−74.3% YoY
Operating margin
0.4%
−7.6 pp YoY
ROE
3.4%
−17.7 pp YoY
Operating cash flow
$26M
−28.6% YoY

Source: XBRL data from the WM TECHNOLOGY, INC. (MAPS) FY2025 10-K on SEC EDGAR. USD.

WM TECHNOLOGY, INC. FY2025 10-K analysis

AI summary of each section, grounded in the filing text

Business Overview

  • Core business: online cannabis marketplace (Weedmaps) plus SaaS eCommerce and compliance solutions for cannabis retailers and brands
  • No new products or segments introduced; emphasis on expanding business listings and enhancing Weedmaps for Business platform functionality
  • Strategic shift: increased marketing spend pivoting toward digital and on-the-ground client engagement to boost brand awareness and client retention
  • Key metric: average monthly paying clients up 2% to 5,190; revenues down 5% to $174.7M; net income declined from $12.2M to $3.3M due to industry challenges
  • Noteworthy: $7.1 million goodwill impairment charge and $6.9 million legal settlement/legal costs impacting Adjusted EBITDA and net income

Risk Factors

  • Cybersecurity breach risk causing regulatory actions, litigation, fines, business disruptions, reputational harm, and revenue loss
  • CTO with 15+ years experience leads security team with 40+ collective years overseeing cybersecurity risk and compliance
  • Incident response plans escalate cybersecurity incidents to leadership and Audit Committee for mitigation and remediation oversight

Generated from the filing text; verify against the original. How to read a 10-K

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