WM Technology, a cannabis marketplace and technology solutions provider, reported first quarter 2026 revenue of $43.6 million, down from $44.6 million in the prior year period. The company beat its own guidance despite continued softness in core markets. Average monthly paying clients declined to 4,983 from 5,179 year-over-year, primarily due to churn in established markets. However, average monthly revenue per paying client increased to $2,914 from $2,871. Net income fell to $1.7 million from $2.5 million, whilst adjusted EBITDA decreased to $5.9 million from $10.1 million. Cash and marketable securities rose to $57.0 million from $53.3 million year-over-year. The company expects second quarter 2026 revenue to decline by low-single digit percentages sequentially.

WM Technology reported full-year 2025 revenue of $175 million, down from $185 million in 2024, as cannabis industry headwinds pressured client marketing budgets. The company generated $40 million in adjusted EBITDA and ended the year with $62 million in cash, nearly 20% higher than 2024. CEO Doug Francis told investors on the 12 March earnings call that Weedmaps faced "significant structural headwinds" including pricing compression, illicit-market competition and high excise taxes. Fourth-quarter revenue totalled $43 million, down year-over-year but at the top end of guidance. Management cited ongoing consolidation amongst multi-state operators and California retailers as creating challenges, including fewer platform advertisers and narrower product assortment. The company is responding by enhancing offerings and deepening relationships with large clients.

WM Technology, operator of cannabis marketplace Weedmaps, reported fourth quarter 2025 revenue of $43.1 million, down from $47.7 million in the prior year period. Full-year revenue declined to $174.7 million from $184.5 million, driven by pricing pressure and constrained marketing budgets in core markets. Average monthly paying clients increased slightly to 5,190 for the full year from 5,077, but average monthly revenue per client fell to $2,805 from $3,029. The company reported net income of $3.3 million for 2025, down from $12.2 million previously, whilst adjusted EBITDA declined to $39.8 million from $42.9 million. Cash increased to $62.4 million from $52.0 million. The company expects first quarter 2026 revenue to decline by mid- to high-single digit percentages sequentially.