WM Technology, Inc. Class A (MAPS)

WM Technology's stock price experienced a significant decline of 44.25% from March 31, 2025, to March 30, 2026. Key events included the company reporting its third-quarter 2025 earnings with EPS missing analyst expectations, improved investor sentiment leading to a stock rise, the stock being considered undervalued, the appointment of Harry DeMott and Brent Cox to the Board of Directors, a Nasdaq notice regarding a minimum bid price deficiency, the Chief Technology Officer selling company stock, the reporting of fourth-quarter and full-year 2025 financial results with a revenue decrease and net loss, the appointment of Nick Rellas to the Board of Directors, and the recording of an asset impairment charge.

Demand for WM Technology's products and services exhibits seasonality influenced by consumer behavior in the cannabis industry. The period from October to December, encompassing holidays, is a peak season for cannabis consumer activity. Following the holiday season, January typically sees a decrease in total orders. Despite seasonal fluctuations, WM Technology aims to help cannabis businesses capitalize on consumer demand throughout the year.

WM Technology, Inc. (MAPS) operates as an online cannabis marketplace, providing e-commerce and compliance software solutions to retailers and brands in legalized cannabis markets. The company's sector is Information Technology, specifically Software or Application Software. Major products include the Weedmaps Marketplace, a B2C platform for cannabis users to search for products, access deals, and place orders, and WM Business, a suite of B2B SaaS solutions for managing cannabis retail operations, including WM Listings, WM Orders, WM Store, WM Connectors, WM Insights, WM Ads / WM AdSuite, WM Dispatch, WM Screens, Sprout (CRM), Cannveya, and WM Retail / MMJMenu.

WM Technology, Inc. operates in the United States and internationally, including Canada and select other markets. The company's headquarters are located in Irvine, California, with offices or hubs in Denver, Colorado; Los Angeles, California; Kitchener, Ontario (Canada); Springfield, Vienna, and New York, United States; Tucson, United States; and Barcelona, Spain. Weedmaps lists dispensaries and brands across numerous U.S. states and Canada.

WM Technology's brand reputation has been impacted by legal challenges and concerns about its operational integrity. A class-action lawsuit was filed against Weedmaps alleging that it knowingly allowed unlicensed cannabis retailers to advertise on its platform. The company has also been dealing with material weaknesses in its internal controls over financial reporting, which can cast a shadow on its operational reliability and transparency.

WM Technology, Inc. has a mixed ownership structure, with significant stakes held by institutional investors, insiders, and retail investors. Institutional investors hold approximately 26.06% to 44.86% of outstanding shares, with major shareholders including BlackRock, Inc. and Vanguard Group Inc. Insiders, primarily co-founders and executives, control approximately 35.26% to 41.01% of the shares, including Douglas Francis and Justin Hartfield. Retail investors make up a considerable portion, estimated to be over 31% to 37.56% of the investor base.