--- title: "WM Tech - CW24 | 10-K: FY2025 Revenue: USD 174.7 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278941027.md" datetime: "2026-03-12T20:41:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278941027.md) - [en](https://longbridge.com/en/news/278941027.md) - [zh-HK](https://longbridge.com/zh-HK/news/278941027.md) --- # WM Tech - CW24 | 10-K: FY2025 Revenue: USD 174.7 M Revenue: As of FY2025, the actual value is USD 174.7 M. EPS: As of FY2025, the actual value is USD 0.02. EBIT: As of FY2025, the actual value is USD -1.033 M. WM Technology, Inc. considers its product offerings as a single reportable segment, and all financial metrics below reflect the consolidated results of this segment for the years ended December 31, 2025 and 2024. #### Segment Revenue - **Total Revenues**: Total revenues were $174.7 million in 2025, a decrease of 5% from $184.5 million in 2024. - **Revenue by Product (2025)**: - Featured and deal listings: $106.1 million (approximately 61%). - Weedmaps for Business and other SaaS solutions: $53.3 million (approximately 31%). - Other ad solutions: $15.3 million (approximately 8%). - **Revenue by Product (2024)**: - Featured and deal listings: $115.0 million. - Weedmaps for Business and other SaaS solutions: $54.2 million. - Other ad solutions: $15.3 million. - **Transaction Price Adjustments**: These amounted to $7.9 million in 2025 and $5.5 million in 2024, primarily related to the “Together for Equity Access and Legislation” program. - **Geographic Concentration**: Approximately 56% of revenue in 2025 and 53% in 2024 originated in California, with substantially all revenue generated in the United States. #### Operational Metrics - **Net Income**: Net income was $3.3 million in 2025, down from $12.2 million in 2024, primarily due to a $9.8 million decrease in revenues and a $4.2 million increase in total costs and expenses, partially offset by other changes. - **EBITDA**: EBITDA was $15.0 million in 2025, compared to $25.1 million in 2024. - **Adjusted EBITDA**: Adjusted EBITDA was $39.8 million in 2025, compared to $42.9 million in 2024. - **Cost of Revenues**: Cost of revenues decreased by 2% to $8.8 million in 2025 from $9.0 million in 2024, mainly due to a decrease in credit card processing costs. - **Sales and Marketing Expenses**: Sales and marketing expenses were $38.9 million in 2025, a decrease of 4% from $40.4 million in 2024, driven by lower personnel-related costs and advertising expenses. - **Product Development Expenses**: Product development expenses decreased by 23% to $28.1 million in 2025 from $36.4 million in 2024, primarily due to reduced personnel-related costs and outside service expenses. - **General and Administrative Expenses**: General and administrative expenses increased by 9% to $76.9 million in 2025 from $70.6 million in 2024, mainly due to increases in salaries, stock-based compensation, employee benefits, and a $4.4 million provision for credit losses, among other factors. - **Depreciation and Amortization Expenses**: These expenses were $13.4 million in 2025, a slight increase from $13.3 million in 2024. - **Asset Impairment Charges**: Asset impairment charges totaled $7.8 million in 2025, including $7.1 million in goodwill impairment and $0.7 million in impairment charges related to capitalized implementation costs, with no such charges recorded in 2024. - **Operating Income**: Operating income was $0.8 million in 2025, a significant decrease from $14.8 million in 2024. - **Other Income (Expense), net**: This was $2.6 million income in 2025, compared to - $2.5 million expense in 2024, primarily driven by changes in TRA liability, increased net interest income, and favorable changes in fair value of warrant liability. - **Provision for Income Taxes**: Less than $0.1 million was recorded in both 2025 and 2024 due to a full valuation allowance on net deferred assets. #### Unique Metrics - **Average Monthly Paying Clients**: Increased by approximately 2% to 5,190 in 2025 from 5,077 in 2024, primarily due to new client acquisitions in developing markets. - **Average Monthly Revenues Per Paying Client**: This metric was $2,805 in 2025, down from $3,029 in 2024, reflecting spend declines in established markets due to industry challenges like price deflation and consolidation. #### Cash Flow - **Cash and Cash Equivalents**: Cash and cash equivalents stood at $62.4 million as of December 31, 2025, up from $52.0 million as of December 31, 2024. - **Net Cash Provided by Operating Activities**: This was $26.2 million in 2025, compared to $36.7 million in 2024, with the decrease in 2025 attributed to lower net income and changes in operating assets and liabilities. - **Net Cash Used in Investing Activities**: Net cash used in investing activities was - $12.7 million in 2025, compared to - $11.6 million in 2024, both primarily for capitalized software and expenditures. - **Net Cash Used in Financing Activities**: Net cash used in financing activities was - $3.1 million in 2025, compared to - $7.4 million in 2024, including distributions to non-controlling interests and TRA payments. #### Outlook / Guidance The company expects product development costs to increase on an absolute basis but remain consistent as a percentage of total revenues. They plan to accelerate investments in marketing and continue enhancing the functionality of their Weedmaps for Business offering. The company anticipates that existing cash, cash equivalents, and cash generated from operations will be sufficient to meet anticipated cash needs for at least the next 12 months. ### Related Stocks - [MAPSW.US](https://longbridge.com/en/quote/MAPSW.US.md) ## Related News & Research - [Thoma Bravo says AI ends 'SaaSpocalypse' as SaaS stocks rebound](https://longbridge.com/en/news/289321038.md) - [Can Bitcoin Hold the August 2024 Low?](https://longbridge.com/en/news/289503848.md) - [Jensen Huang's 'Saaspocalypse' Prediction Coming True? 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