--- title: "WM Tech | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 43.56 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285992949.md" datetime: "2026-05-11T20:32:49.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285992949.md) - [en](https://longbridge.com/en/news/285992949.md) - [zh-HK](https://longbridge.com/zh-HK/news/285992949.md) --- # WM Tech | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 43.56 M Revenue: As of FY2026 Q1, the actual value is USD 43.56 M, beating the estimate of USD 41.56 M. EPS: As of FY2026 Q1, the actual value is USD 0.01. EBIT: As of FY2026 Q1, the actual value is USD 1.235 M. WM Technology, Inc. operates as a single reportable segment, aggregating all its product offerings due to their similar nature and proximity . #### Segment Revenue For the three months ended March 31, 2026, WM Technology, Inc.’s total revenues were $43.558 million, a 2% decrease compared to $44.612 million for the same period in 2025 . This decrease was primarily due to a $0.2 million reduction in Weedmaps for Business revenues and a $1.5 million decrease in other WM Ad solutions, partially offset by a $0.6 million increase in Featured Listing and WM Deal products . In Q1 2026, Featured Listing and WM Deal products constituted approximately 64% of total revenues, Weedmaps for Business 31%, and other ad solutions 5% . Approximately 61% of the company’s revenue originated in California for the three months ended March 31, 2026, compared to 55% for the same period in 2025 . Transaction price adjustments for both periods were $1.8 million . #### Operational Metrics - **Cost of Revenues (exclusive of depreciation and amortization):** Remained flat at $2.204 million for Q1 2026, compared to $2.241 million in Q1 2025 . - **Sales and Marketing:** Increased by 3% to $10.302 million in Q1 2026 from $10.017 million in Q1 2025, mainly due to a $1.3 million increase in advertising expense and a $0.2 million increase in outside service expense, partially offset by a $1.2 million decrease in personnel-related costs . - **Product Development:** Decreased by 10% to $8.733 million in Q1 2026 from $9.720 million in Q1 2025, primarily due to a $1.0 million decrease in personnel-related costs and a $0.4 million decrease in outside service expense, partially offset by a $0.4 million increase in software expense . - **General and Administrative:** Increased by 14% to $19.060 million in Q1 2026 from $16.666 million in Q1 2025, largely due to a $3.6 million increase in provision for credit losses and a $0.2 million increase in salary and wages, partially offset by decreases in employee benefits, outside service, and software expenses . - **Depreciation and Amortization:** Decreased by 8% to $3.060 million in Q1 2026 from $3.321 million in Q1 2025, primarily due to reduced depreciation of capitalized software development . - **Operating Income:** Decreased to $0.199 million in Q1 2026 from $2.647 million in Q1 2025 . - **Net Income:** Decreased to $1.694 million in Q1 2026 from $2.494 million in Q1 2025, primarily due to a $1.1 million revenue decrease and a $1.4 million operating expense increase, partially offset by a $1.0 million increase in other income, a $0.1 million change in fair value of warrant liability, and a $0.5 million change in tax receivable agreement liability . - **Adjusted EBITDA:** Decreased to $5.857 million in Q1 2026 from $10.137 million in Q1 2025 . - **Other Income (Expense), Net:** Increased to $1.527 million in Q1 2026 from - $0.144 million in Q1 2025, driven by favorable changes in fair value of warrant liability ($0.1 million), changes in tax receivable agreement liability ($0.5 million), a $0.1 million increase in interest income, and a $1.0 million increase in other income from the sale of a domain name . #### Cash Flow - **Net Cash Provided by (Used in) Operating Activities:** WM Technology, Inc. used - $1.289 million in operating activities for Q1 2026, compared to $5.664 million provided in Q1 2025 . The Q1 2026 outflow resulted from net income of $1.7 million, offset by $10.6 million in net cash outflows from changes in operating assets and liabilities, and $7.6 million in non-cash items . - **Net Cash Used in Investing Activities:** Totaled - $13.023 million in Q1 2026, which included - $2.5 million for capital expenditures and - $11.5 million for marketable securities purchases, partially offset by $1.0 million from the sale of a domain name . This compares to - $3.650 million used in Q1 2025 . - **Net Cash Used in Financing Activities:** Totaled - $2.570 million in Q1 2026, primarily due to - $2.7 million in Tax Receivable Agreement (TRA) payments, partially offset by $0.1 million from the repayment of a related party note . This compares to - $0.705 million used in Q1 2025 . - **Cash, Cash Equivalents, and Marketable Securities:** Totaled $57.002 million as of March 31, 2026, down from $62.401 million as of December 31, 2025 . #### Unique Metrics - **Average Monthly Paying Clients:** Decreased by 4% to 4,983 in Q1 2026 from 5,179 in Q1 2025, primarily due to churn in established markets, partially offset by new client acquisitions in developing markets . - **Average Monthly Revenues Per Paying Client:** Increased to $2,914 in Q1 2026 from $2,871 in Q1 2025, mainly due to a positive mix impact from churn among clients with below-average spend levels . #### Future Outlook and Strategy WM Technology, Inc. plans to expand its two-sided marketplace by attracting more businesses and consumers, aiming to increase platform value and drive traffic . The company intends to grow revenue by acquiring and retaining paying clients and increasing revenue per client, while exploring new expansion opportunities as cannabis legalization progresses . Following its voluntary delisting from Nasdaq, WM Technology, Inc. will explore unique business opportunities and potential revenue streams, including investments, joint ventures, commercial partnerships, acquisitions, and direct involvement in emerging lines of business within the broader cannabis ecosystem . The company expects to fund short-term and long-term liquidity requirements from existing cash, cash equivalents, marketable securities, and operating cash flow, believing these resources will be sufficient for at least the next 12 months . ### Related Stocks - [MAPS.US](https://longbridge.com/en/quote/MAPS.US.md) ## Related News & Research - [WM Technology Q1 revenue, net income decline amid challenging conditions for cannabis operators](https://longbridge.com/en/news/285993185.md) - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [Bureau Veritas: All resolutions passed at May 19, 2026 Shareholders' Meeting.](https://longbridge.com/en/news/286946080.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Helium Evolution files Q1 2026 financial results.](https://longbridge.com/en/news/286968740.md)