WM Technology, Inc. (MAPS): Business Model Canvas

In der sich schnell entwickelnden Cannabis-Technologielandschaft erweist sich WM Technology, Inc. (MAPS) als bahnbrechende Plattform, die die Art und Weise, wie Cannabisunternehmen und Verbraucher interagieren, revolutioniert. Durch die nahtlose Überbrückung der Lücke zwischen Apotheken, Verbrauchern und Branchenakteuren hat dieses innovative Unternehmen ein ausgeklügeltes digitales Ökosystem geschaffen, das die traditionelle Dynamik des Cannabismarktes verändert. Durch sein umfassendes Angebot an Technologielösungen, datengesteuerten Erkenntnissen und seiner robusten Marktplatzplattform ist WM Technology nicht nur ein Softwareunternehmen, sondern ein zentraler Verbinder, der die technologische Infrastruktur der Cannabisindustrie neu gestaltet.

WM Technology, Inc. (MAPS) – Geschäftsmodell: Wichtige Partnerschaften

Cannabis-Software und Marktplatzplattformen

WM Technology arbeitet mit mehreren Cannabis-Softwareplattformen zusammen, um die Marktreichweite zu erweitern:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr
Blattartig	Integration des Cannabis-Marktplatzes	2021
Unkrautkarten	Primäre Marktplatzplattform	2019

Zahlungsabwicklungs- und Finanzdienstleister

Finanzpartnerschaften, die für Transaktionen in der Cannabisindustrie von entscheidender Bedeutung sind:

• Green Check Verified – Spezialisierte Cannabis-Banking-Lösungen
• Hypur – Alternative Zahlungsabwicklungsplattform
• Aeropay – Digitale Zahlungsinfrastruktur

Staatliche und lokale Behörden zur Einhaltung gesetzlicher Vorschriften

Compliance-Partnerschaften in mehreren Gerichtsbarkeiten:

Staat	Regulierungsbehörde	Compliance-Status
Kalifornien	Büro für Cannabiskontrolle	Vollständig konform
Colorado	Abteilung für Marihuana-Durchsetzung	Vollständig konform

Cannabis-Apotheken und Einzelhandelsnetzwerke

Statistiken zum Einzelhandelspartnerschaftsnetzwerk:

• Total Dispensary-Partner: 6.823 ab Q4 2023
• Geografische Abdeckung: 37 Staaten
• Durchschnittliches monatliches Transaktionsvolumen: 2,4 Millionen US-Dollar pro Apotheke

Technologie- und Datenanalyseunternehmen

Strategische Technologiekooperationen:

Technologiepartner	Integrationsfokus	Partnerschaftswert
Cannabis-Medien	Marktinformationen	Jahresvertrag über 1,2 Millionen US-Dollar
Neue Grenzdaten	Branchenanalysen	Jahresvertrag über 850.000 US-Dollar

WM Technology, Inc. (MAPS) – Geschäftsmodell: Hauptaktivitäten

Entwickeln und pflegen Sie den Weedmaps-Online-Marktplatz

Im vierten Quartal 2023 beherbergte Weedmaps 14.300 aktive Cannabis-Händler und -Marken auf seiner digitalen Plattform. Der Marktplatz erwirtschaftete im Jahr 2023 einen Umsatz von 57,3 Millionen US-Dollar, was einer Steigerung von 9,2 % gegenüber dem Vorjahr entspricht.

Plattformmetrik	Daten für 2023
Gesamtzahl der aktiven Einzelhändler	14,300
Jährlicher Marktplatzumsatz	57,3 Millionen US-Dollar
Umsatzwachstum im Jahresvergleich	9.2%

Bereitstellung von Softwarelösungen für das Cannabis-Geschäft

WM Technology bietet umfassende Softwarelösungen für Cannabisunternehmen mit 6.200 aktiven Software-Abonnenten im Jahr 2023.

• Einnahmen aus Software-Abonnements: 23,7 Millionen US-Dollar im Jahr 2023
• Durchschnittliche monatliche Abonnementkosten: 325 $ pro Unternehmen
• Die Softwareplattform umfasst Bestandsverwaltung, Compliance-Verfolgung und Point-of-Sale-Systeme

Generieren Sie Markteinblicke für die Cannabisindustrie

Das Unternehmen bietet detaillierte Marktforschung und Analysen für 37 regulierte Cannabismärkte in den Vereinigten Staaten.

Marktforschungsmetrik	Statistik 2023
Insgesamt abgedeckte Märkte	37
Jährlicher Market-Intelligence-Umsatz	8,5 Millionen US-Dollar

Bieten Sie Werbe- und Marketingdienstleistungen an

Die Werbeplattform von WM Technology unterstützte im Jahr 2023 9.750 Marketingkampagnen für Cannabisunternehmen.

• Gesamte Werbeeinnahmen: 25,6 Millionen US-Dollar
• Durchschnittlicher Wert der Marketingkampagne: 2.625 $
• Digitale Werbereichweite: 35 Millionen monatliche Unique Visitors

Entwickeln Sie Technologie für die Konnektivität der Cannabisindustrie

Das Unternehmen investierte im Jahr 2023 12,4 Millionen US-Dollar in Technologieforschung und -entwicklung und konzentrierte sich dabei auf die Plattformintegration und Verbesserungen der Benutzererfahrung.

Metrik für die Technologieentwicklung	Daten für 2023
F&E-Investitionen	12,4 Millionen US-Dollar
Größe des Technologieteams	168 Mitarbeiter
Plattform-API-Integrationen	47 einzigartige Softwareverbindungen

WM Technology, Inc. (MAPS) – Geschäftsmodell: Schlüsselressourcen

Proprietäre digitale Marktplatzplattform

Leafly-Plattform mit 15,9 Millionen monatlich aktiven Nutzern im dritten Quartal 2023. Die Plattform umfasst 6.330 Cannabis-Apotheken und 58.146 Cannabis-Marken in ganz Nordamerika.

Plattformmetrik	Quantitativer Wert
Monatlich aktive Benutzer	15,9 Millionen
Abgedeckte Apotheken	6,330
Cannabis-Marken verfolgt	58,146

Umfangreiche Cannabis-Geschäftsdatenbank

Umfassende Datenbank mit detaillierten Informationen zu Cannabisunternehmen, Sorten und Produktangeboten.

• Die Datenbank umfasst 58.146 einzigartige Cannabismarken
• Verfolgt 6.330 Apotheken in ganz Nordamerika
• Enthält detaillierte Produkt- und Sorteninformationen

Fortschrittliche Technologieinfrastruktur

Technologieinfrastruktur, die Echtzeit-Datenverarbeitung und Marktplatzinteraktionen unterstützt.

Technologiefähigkeit	Spezifikation
Cloud-Infrastruktur	AWS-basierte skalierbare Plattform
Datenverarbeitungsgeschwindigkeit	Echtzeit-Marktinteraktionen

Datenanalyse- und Marktintelligenzfunktionen

Fortschrittliche Analyseplattform, die Erkenntnisse für Cannabis-Marktteilnehmer generiert.

• Markttrendanalyse in Echtzeit
• Verfolgung des Verbraucherverhaltens
• Preis- und Bestandsüberwachung

Starke Markenbekanntheit im Cannabis-Technologiesektor

Die Marke Leafly gilt als führende Cannabis-Informations- und Technologieplattform.

Markenmetrik	Wert
Markenbekanntheit	Führende Cannabis-Technologieplattform
Marktpositionierung	Dominierender digitaler Marktplatz

WM Technology, Inc. (MAPS) – Geschäftsmodell: Wertversprechen

Umfassende Cannabis-Business-Discovery-Plattform

WM Technology, Inc. bietet eine Plattform mit 171.000 aktiven Marktplatzeinträgen (Stand: Q3 2023). Die Plattform verbindet 7.200 lizenzierte Cannabis-Einzelhändler mit über 1,8 Millionen monatlich aktiven Verbrauchern.

Plattformmetrik	Menge
Aktive Marktplatzeinträge	171,000
Lizenzierte Einzelhändler	7,200
Monatlich aktive Verbraucher	1,800,000

Menü- und Preisinformationen in Echtzeit

Die Plattform bietet Digitale Menüaktualisierungen in Echtzeit in 48 Märkten in den Vereinigten Staaten.

• Sofortige Verfolgung der Produktverfügbarkeit
• Dynamische Preisinformationen
• Umfangreicher Produktkatalog

Fortschrittliche Technologielösungen

WM Technology erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 224,1 Millionen US-Dollar, wobei Technologielösungen einen wesentlichen Teil ihres Geschäftsmodells ausmachen.

Technologielösung	Marktdurchdringung
Point-of-Sale-Systeme	Über 3.500 Apotheken
Compliance-Software	Abdeckung in 13 Staaten

Vereinfachte Tools zur Einhaltung gesetzlicher Vorschriften

Das Unternehmen bietet Compliance-Lösungen, die kritische regulatorische Anforderungen in mehreren Cannabismärkten abdecken.

• Landesspezifische Compliance-Verfolgung
• Regulierungsaktualisierungen in Echtzeit
• Rahmenwerke zur Risikominderung

Verbesserte Marktsichtbarkeit für Cannabis-Einzelhändler

WM Technology unterstützt Einzelhändler mit Marketing- und Sichtbarkeitstools, die monatlich etwa 1,8 Millionen aktive Verbraucher erreichen.

Marketingfähigkeit	Reichweite
Sichtbarkeit der Verbraucherplattform	1.800.000 monatliche Benutzer
Digitale Marketing-Tools	7.200 Händlernetzwerke

WM Technology, Inc. (MAPS) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

WM Technology, Inc. betreibt Weedmaps.com, einen digitalen Marktplatz mit 182.204 aktiven Einträgen im dritten Quartal 2023. Die Plattform bedient 38 US-Bundesstaaten und Territorien mit legalen Cannabismärkten.

Plattformmetrik	Wert
Gesamtzahl der aktiven Einträge	182,204
Marktabdeckung	38 US-Bundesstaaten/Territorien
Monatliche einzigartige Besucher	6,1 Millionen

Kundensupport über Online-Kanäle

WM Technology bietet Multi-Channel-Kundensupport mit Reaktionszeiten von durchschnittlich 24–48 Stunden durch:

• E-Mail-Support
• Live-Chat
• Ressourcen des Hilfecenters
• Dedizierte Kontoverwaltung für Unternehmenskunden

Community-Engagement über Marktplatzinteraktionen

Die Plattform ermöglicht im dritten Quartal 2023 1,2 Millionen monatliche Verbraucherinteraktionen mit Apotheken- und Lieferangeboten.

Personalisierte Geschäftseinblicke und Empfehlungen

WM Technology erwirtschaftet im dritten Quartal 2023 einen Umsatz mit Marktplatzdienstleistungen in Höhe von 54,3 Millionen US-Dollar und bietet:

• Analyse des Verbraucherverhaltens
• Gezielte Marketinglösungen
• Leistungsbenchmarking-Tools

Abonnementbasierte Servicemodelle

WM Technology bietet abgestufte Abonnementdienste für Cannabisunternehmen an:

Abonnementstufe	Monatliche Kosten	Funktionen
Basic	$299	Auflistung, grundlegende Analysen
Professionell	$599	Erweitertes Marketing, detaillierte Berichterstattung
Unternehmen	Individuelle Preise	Umfassende Lösungen, engagierter Support

WM Technology, Inc. (MAPS) – Geschäftsmodell: Kanäle

Webbasierte Marktplatzplattform

WM Technology, Inc. betreibt Weedmaps.com, das im dritten Quartal 2023 158.000 aktive Einträge beherbergte. Die Plattform generiert Einnahmen durch Werbung und Marktplatzdienste.

Plattformmetrik	Wert
Gesamtzahl der aktiven Einträge	158,000
Monatliche einzigartige Besucher	6,3 Millionen
Einnahmen aus der digitalen Plattform (2023)	211,4 Millionen US-Dollar

Mobile Anwendung

Die mobile App von Weedmaps dient als wichtiger Kanal mit erheblichem Benutzerengagement.

• App-Downloads: Über 2 Millionen
• App Store-Bewertung: 4,5/5
• Prozentsatz des mobilen Datenverkehrs: 68 % des gesamten Plattformdatenverkehrs

Direktvertriebsteam

WM Technology beschäftigt ein engagiertes Vertriebsteam, das sich gezielt an Cannabis-Einzelhändler und -Apotheken richtet.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	87
Durchschnittliche Kundenakquisekosten	$1,200
Jährliche Umsatzgenerierung des Vertriebsteams	45,6 Millionen US-Dollar

Digitale Marketingkampagnen

Digitales Marketing stellt einen bedeutenden Kanal zur Kundengewinnung dar.

• Jährliche Ausgaben für digitales Marketing: 22,3 Millionen US-Dollar
• Conversion-Rate: 4,2 %
• Social-Media-Follower: 750.000

Partner-Empfehlungsnetzwerke

WM Technology nutzt strategische Partnerschaften im gesamten Cannabis-Ökosystem.

Partnernetzwerk-Metrik	Wert
Insgesamt aktive Partner	1,250
Empfehlungseinnahmen	18,7 Millionen US-Dollar
Partner-Conversion-Rate	3.6%

WM Technology, Inc. (MAPS) – Geschäftsmodell: Kundensegmente

Cannabiskonsumenten

Im vierten Quartal 2023 bedient WM Technology über seine Weedmaps-Plattform rund 7,3 Millionen aktive Verbraucher.

Aufschlüsselung der Verbrauchersegmente	Prozentsatz
Freizeitnutzer	68%
Patienten mit medizinischem Cannabis	32%
Durchschnittliche Altersspanne	21-45 Jahre

Lizenzierte Cannabis-Apotheken

WM Technology unterstützt seit Dezember 2023 6.500 lizenzierte Cannabis-Apotheken auf allen legalen Märkten in den Vereinigten Staaten.

Größe der Apotheke	Anzahl der Apotheken
Klein (1-3 Standorte)	4,200
Mittel (4–10 Standorte)	1,800
Groß (11+ Standorte)	500

Cannabis-Geschäftsbetreiber

Die Plattform bedient rund 11.000 Cannabis-Unternehmen in verschiedenen Segmenten.

• Anbaubetriebe: 2.300
• Einzelhandelsapotheken: 6.500
• Lieferdienste: 1.200
• Hersteller: 1.000

Medizinische Fachkräfte für Marihuana

WM Technology verbindet sich mit 3.800 medizinischen Marihuana-Experten und Gesundheitsdienstleistern.

Professioneller Typ	Nummer
Ärzte	2,100
Apotheker	850
Spezialisten	850

Unternehmer der Cannabisindustrie

Die Plattform unterstützt 2.500 Unternehmer aus der Cannabisbranche in verschiedenen Startup-Phasen.

• Startups im Frühstadium: 1.200
• Unternehmen in der Wachstumsphase: 850
• Etablierte Unternehmen: 450

WM Technology, Inc. (MAPS) – Geschäftsmodell: Kostenstruktur

Technologieentwicklung und Wartung

Für das Geschäftsjahr 2023 meldete WM Technology, Inc. Forschungs- und Entwicklungskosten in Höhe von 28,1 Millionen US-Dollar. Die Kosten für die Technologieinfrastruktur und die Softwareentwicklung des Unternehmens setzen sich wie folgt zusammen:

Kostenkategorie	Jährliche Ausgaben
Software-Engineering	15,3 Millionen US-Dollar
Cloud-Infrastruktur	7,2 Millionen US-Dollar
Technologiewartung	5,6 Millionen US-Dollar

Marketing und Kundenakquise

Die Marketingausgaben für WM Technology beliefen sich im Jahr 2023 auf insgesamt 42,5 Millionen US-Dollar, was eine erhebliche Investition in das Kundenwachstum darstellt:

• Digitale Werbung: 22,3 Millionen US-Dollar
• Content-Marketing: 8,7 Millionen US-Dollar
• Umsatz- und Partnerschaftsentwicklung: 11,5 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 6,8 Millionen US-Dollar, darunter:

Compliance-Bereich	Jährliche Kosten
Rechtsberatung	3,2 Millionen US-Dollar
Regulatorische Berichterstattung	1,9 Millionen US-Dollar
Compliance-Infrastruktur	1,7 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten für 2023 beliefen sich auf 67,3 Millionen US-Dollar:

• Grundgehälter: 48,6 Millionen US-Dollar
• Aktienbasierte Vergütung: 12,7 Millionen US-Dollar
• Gesundheitsfürsorge und andere Leistungen: 6 Millionen US-Dollar

Kosten für Infrastruktur und Cloud Computing

Die Cloud- und Infrastrukturausgaben für 2023 erreichten 12,4 Millionen US-Dollar:

Infrastrukturkomponente	Jährliche Ausgaben
AWS Cloud-Dienste	7,6 Millionen US-Dollar
Kosten für Rechenzentren	3,2 Millionen US-Dollar
Netzwerkinfrastruktur	1,6 Millionen US-Dollar

WM Technology, Inc. (MAPS) – Geschäftsmodell: Einnahmequellen

Gebühren für Marktplatzwerbung

Für das Geschäftsjahr 2023 meldete WM Technology Marktplatz-Werbeeinnahmen in Höhe von 41,5 Millionen US-Dollar.

Einnahmequelle	Betrag 2023	Prozentsatz des Gesamtumsatzes
Marktplatzwerbung	41,5 Millionen US-Dollar	32.4%

Software-Abonnementdienste

WM Technology erwirtschaftete im Jahr 2023 53,2 Millionen US-Dollar mit Software-Abonnementdiensten.

Abonnementstufe	Monatliche Preisspanne	Jahresumsatz
Basisstufe	$29.99 - $49.99	22,1 Millionen US-Dollar
Professionelle Stufe	$99.99 - $199.99	31,1 Millionen US-Dollar

Provision für Marktplatztransaktionen

Die Transaktionsprovisionen für 2023 beliefen sich auf insgesamt 37,8 Millionen US-Dollar.

• Durchschnittlicher Provisionssatz: 5-7 % pro Transaktion
• Gesamttransaktionsvolumen: 612 Millionen US-Dollar

Dateneinblicke und Market Intelligence-Verkäufe

WM Technology verdiente im Jahr 2023 15,6 Millionen US-Dollar mit dem Verkauf von Daten und Marktinformationen.

Produkttyp	Einnahmen	Kundensegment
Marktberichte	8,3 Millionen US-Dollar	Wirtschaftsanalysten
Benutzerdefinierte Datenpakete	7,3 Millionen US-Dollar	Unternehmenskunden

Premium-Feature-Angebote für Unternehmen

Premium-Funktionen generierten im Jahr 2023 einen Umsatz von 22,4 Millionen US-Dollar.

• Erweiterte Analysen: 9,2 Millionen US-Dollar
• Erweiterte Listing-Tools: 6,7 Millionen US-Dollar
• Marketingintegration: 6,5 Millionen US-Dollar

WM Technology, Inc. (MAPS) - Canvas Business Model: Value Propositions

You're looking at the core value WM Technology, Inc. (MAPS) delivers to its ecosystem as of late 2025. It's about providing the infrastructure for compliant commerce and data in a tough market.

Centralized, compliant e-commerce platform for retailers.

This is the backbone for dispensaries needing to manage inventory and sales digitally while staying within state-by-state regulations. Even with industry pressures, the platform maintained its client base growth through Q3 2025. The company reported an average monthly paying client count of 5,221 for the third quarter ended September 30, 2025, which was up from 5,100 in the prior year period. Still, the average monthly revenues per paying client saw a dip, coming in at $2,693, down from $3,043 year-over-year. This suggests retailers are either spending less overall or the mix shifted toward newer, lower-spending clients.

The platform's overall financial performance for Q3 2025 was $42.2 million in revenue, a 9% decrease from the $46.6 million reported in the prior year period. The company remains debt-free, ending Q3 2025 with cash of $62.6 million.

Here's a quick look at the Q3 2025 operational snapshot:

Metric	Value (Q3 2025)	Comparison
Revenue	$42.2 million	Down 9% Year-over-Year
Average Monthly Paying Clients	5,221	Up from 5,100 Year-over-Year
Average Monthly Revenue Per Paying Client	$2,693	Down from $3,043 Year-over-Year
Net Income	$3.6 million	Down from $5.3 million Year-over-Year
Adjusted EBITDA	$7.6 million	Down from $11.3 million Year-over-Year

Discovery and ordering of cannabis products for consumers.

For the consumer, the value is direct access and product knowledge. This marketplace drives traffic and transactions for the retailers on the platform. While direct consumer metrics aren't always broken out, the retailer client numbers reflect the platform's consumer reach. The company is working to broaden this monetization base even as industry pricing softness affects client budgets.

Business intelligence and analytics (WM Insights) for clients.

This offering helps retailers navigate the market by providing data, which is critical when state-level price deflation is significant-for example, California saw average retail flower prices down roughly 9% year-over-year, and Michigan over 20% in some data sets. The platform's ability to generate profit despite these headwinds shows the stickiness of its software services. The company delivered its seventh consecutive quarter of positive net income, with Q3 2025 net income at $3.6 million.

The company's overall financial health supports continued investment in these tools:

• Cash on Hand as of September 30, 2025: $62.6 million.
• Total Shares Outstanding (Class A and Class V) as of September 30, 2025: 157.2 million.
• Q4 2025 Revenue Guidance Midpoint: $42 million.
• Q4 2025 Adjusted EBITDA Guidance Midpoint: $6 million.

Education and learning content for new cannabis users.

This supports the long-term health of the industry by bringing new, informed users into the fold. While specific content engagement numbers aren't public in the latest filings, this educational component underpins the platform's mission to power an inclusive economy. The company is focused on client acquisition and retention, which naturally includes supporting the entire user journey from education to purchase.

Finance: review the impact of the $2,693 average monthly revenue per client on the Q4 2025 Adjusted EBITDA guidance by next Tuesday.

WM Technology, Inc. (MAPS) - Canvas Business Model: Customer Relationships

The relationship structure for WM Technology, Inc. (MAPS) clients centers on managing a growing but increasingly price-sensitive base across its marketplace and software offerings, which primarily run on a subscription-based model for software solutions.

The subscription-based model, largely represented by the Weedmaps for Business solution, saw the Average Monthly Paying Clients increase to 5,221 in the third quarter of 2025, up 2% year-over-year from 5,100 in the prior year period. This growth reflects continued client acquisition in developing markets, though this is partially offset by churn in more established states. However, the financial reality of these relationships is strained, as the Average Monthly Revenue Per Paying Client dropped to \$2,693 in Q3 2025, a significant 12% decrease year-over-year from \$3,043. This lower revenue per client is primarily due to overall revenue softness and a mix shift toward newer clients that typically enter the platform at lower spend levels.

You see this dynamic clearly when comparing the two most recent reported quarters:

Metric	Q2 2025	Q3 2025
Average Monthly Paying Clients	5,241	5,221
Average Monthly Revenue Per Paying Client	\$2,852	\$2,693
YoY Change in Avg. Monthly Revenue Per Client	-6%	-12%

Dedicated account management for premium paying clients is implicitly necessary to mitigate the revenue pressure seen in the core subscription services, where revenue from featured and deal listings-often premium placements-declined. The company is focused on client retention and reallocating spend to other ad solutions to diversify visibility across the platform, suggesting a hands-on approach for higher-tier or strategic accounts.

For standard listing clients, the relationship relies heavily on self-service tools. The operational efficiency gains, such as the 3% decrease in GAAP operating expenses year-over-year in Q3 2025, partly driven by lower personnel costs in sales and marketing, suggest a push toward scalable, self-serve onboarding and management for the majority of the client base.

Automated, in-app customer support for marketplace users is a necessary component to support the scale of the platform, which saw its Average Monthly Paying Clients increase by 4% year-over-year in Q2 2025. The focus on product innovation and new user-focused features suggests that digital, automated support channels are prioritized to handle the volume from the marketplace users, keeping direct personnel costs disciplined, as evidenced by the \$1.8 million reduction in GAAP operating expenses reported in Q2 2025, partly from personnel cuts.

• Client acquisition is prioritized in developing markets like New York and Ohio.
• Churn is noted in more mature markets.
• The company ended Q3 2025 with \$62.6 million in cash and no debt, providing flexibility to navigate client spending volatility.

Finance: draft 13-week cash view by Friday.

WM Technology, Inc. (MAPS) - Canvas Business Model: Channels

You're looking at how WM Technology, Inc. (MAPS) gets its value proposition-the marketplace and software solutions-into the hands of its customers. The core of this is definitely the digital presence.

Weedmaps website and mobile application (primary channel).

The platform itself is the main conduit for both consumer traffic and dispensary/brand client acquisition. As of the third quarter ended September 30, 2025, the company reported an average of 5,221 average monthly paying clients. This represents a year-over-year increase from 5,100 clients in the prior year period. However, the spend efficiency on this channel shows strain; the average monthly revenues per paying client for Q3 2025 settled at $2,693, down from $3,043 in the prior year period. This suggests that while the platform is attracting users, the average client is spending less, likely due to industry price deflation. The overall revenue for Q3 2025 was $42.2 million.

The performance across these digital channels is what drives the top line, and management noted that revenue across all product categories declined year-over-year, with featured and deal listings-which are high-visibility placements-being the first area clients scale back when budgets tighten.

Here are the key client and revenue metrics tied to this primary channel:

Metric	Q3 2025 Value	Year-over-Year Change
Average Monthly Paying Clients	5,221	Increase from 5,100
Average Monthly Revenue Per Paying Client	$2,693	Decrease from $3,043
Q3 2025 Total Revenue	$42.2 million	Decrease from $46.6 million (Q3 2024)

Digital advertising and search engine optimization (SEO).

WM Technology, Inc. has been actively shifting its marketing focus to digital channels. Historically, a substantial majority of marketing spending went to out-of-home advertising like billboards and buses. Now, the company is accelerating spend to online channels, believing there is an opportunity to improve market efficiency there. This investment is a key part of client acquisition. For instance, GAAP operating expenses in Q2 2025 included a reported reduction driven by cuts in digital advertising, though Q3 saw higher media spend to support client acquisition. The company is also investing in AI and ML to enhance its data infrastructure, taxonomy, and search capabilities to develop more targeted advertising solutions.

Industry events and conferences.

To support client engagement and acquisition, WM Technology, Inc. is increasing the types and cadence of client events. This on-the-ground and field marketing presence is being reinvested in alongside digital efforts. In Q3 2025, management noted that higher event activity was a factor that partially offset personnel cost savings in the operating expenses. This suggests events remain a tangible, though costly, part of the channel mix for direct client interaction.

Direct sales team for B2B software solutions.

The B2B software solutions, which include the Weedmaps for Business solution, are supported by the sales force. While specific direct sales revenue figures aren't broken out, the overall client base of 5,221 paying clients in Q3 2025 is the direct result of these acquisition efforts across the platform and sales touchpoints. The company has been restructuring, with lower personnel costs noted in Q2 2025 across sales and marketing teams, which would impact the size or structure of this direct sales channel. The focus is on disciplined execution while positioning the business for long-term growth.

You should track the Average Monthly Revenue Per Paying Client closely; it's the clearest indicator of channel effectiveness right now.

Finance: draft 13-week cash view by Friday.

WM Technology, Inc. (MAPS) - Canvas Business Model: Customer Segments

You're looking at the core of WM Technology, Inc.'s (MAPS) value exchange, which centers on connecting the regulated cannabis ecosystem. As of late 2025, the company's customer base is clearly segmented across the supply chain, from the storefront to the end-user.

Licensed cannabis retailers (dispensaries) in US state-legal markets

The most fundamental segment is the licensed cannabis retailer, which relies on WM Technology's platform for essential operations. As of the third quarter of 2025, WM Technology, Inc. reported having an average of 5,221 average monthly paying clients, an increase from 5,100 in the prior year period. This indicates continued, albeit slower, net acquisition of retail partners, even as the company faces industry headwinds like price deflation and consolidation in established areas. To be fair, this growth was partially offset by churn in those more mature markets. The company views its platform as critical infrastructure, having secured listings for approximately 80% of dispensaries across U.S. state-legal markets as of Q1 2025. This high penetration is key to their two-sided marketplace strategy.

Here's a quick look at how the core retail client metrics have shifted recently:

Metric	Q3 2024	Q3 2025
Average Monthly Paying Clients	5,100	5,221
Average Monthly Revenue Per Paying Client	$3,043	$2,693

What this estimate hides is the pressure on the retailer side; the drop in average monthly revenue per paying client to $2,693 in Q3 2025 from $3,043 a year prior shows that while WM Technology, Inc. is keeping clients, those clients are spending less, likely due to compressed operating margins in their own businesses.

Cannabis brands seeking consumer visibility and advertising

The second major segment comprises cannabis brands that need to reach consumers in a highly fragmented and regulated advertising environment. WM Technology, Inc. helps these brands gain visibility through its marketplace listings and various advertising solutions. The platform's value proposition here is direct access to in-market shoppers actively looking to purchase. For example, in Q1 2025, advertising revenue grew despite a slight decline in featured listings, driven by the expansion of Weedmaps for Business and display advertising, reflecting a strategic pivot toward higher-margin digital solutions for brands.

Brands use the platform for several key functions:

• Driving product discovery for new or existing inventory.
• Utilizing display advertising to secure premium placement.
• Connecting directly with consumers ready to order or reserve products.

Cannabis consumers looking for product discovery and ordering

The consumer side is the demand engine that makes the marketplace valuable to retailers and brands. WM Technology, Inc. provides consumers with the Weedmaps marketplace, which allows them to search for and browse cannabis products from retailers and brands, and reserve products from local retailers. This segment is crucial because increasing the number of users generates more engagements, which in turn helps persuade business clients to consolidate their services with WM Technology, Inc. The platform also offers education and learning information to help newer consumers understand product types.

Emerging market operators (e.g., New York, Ohio) for new client growth

A forward-looking segment involves operators in newly legalized or rapidly expanding state markets. Management specifically cited new client acquisition across certain developing markets as a driver for the increase in average monthly paying clients in Q2 2025. Markets like New York and Ohio were specifically mentioned as areas contributing to this growth, showing that WM Technology, Inc. is actively targeting jurisdictions where the regulatory framework is maturing and new retail licenses are coming online. This focus on emerging markets is a necessary countermeasure to the spend declines seen in more established areas.

Finance: draft 13-week cash view by Friday.

WM Technology, Inc. (MAPS) - Canvas Business Model: Cost Structure

You're looking at the cost side of WM Technology, Inc. (MAPS) as of late 2025. The company is actively managing its spending, especially given the industry pressures affecting client budgets. For the third quarter ended September 30, 2025, total GAAP operating expenses, which include the cost of revenues, totaled $40.2 million.

Significant investment in product development and technology.

The cost associated with developing the platform and technology saw a year-over-year reduction in personnel-related costs for the third quarter of 2025. This reflects the benefits from prior reorganization efforts and disciplined expense management. The company is selectively reinvesting in areas supporting long-term growth while maintaining cost discipline. For instance, in the second quarter of 2025, cuts in personnel costs contributed to a $1.8 million reduction in GAAP operating expenses year-over-year.

Sales and marketing expenses for client and user acquisition.

Sales and marketing expenses also benefited from lower personnel-related costs in the third quarter of 2025 compared to the prior year period. However, this saving was partially offset by planned higher media spend and event activity specifically to support client acquisition and engagement initiatives. The focus on client acquisition is evident as average monthly paying clients increased to 5,221 in Q3 2025, up from 5,100 in Q3 2024.

General and administrative (G&A) overhead, including legal/compliance.

General and administrative overhead is managed through overall expense discipline. To be fair, when you look at the non-GAAP metric Adjusted EBITDA, certain overhead items are explicitly excluded from the calculation to show operational performance before specific charges. These exclusions include legal costs, stock-based compensation, change in fair value of warrant liability, and change in the TRA liability.

Costs related to server providers and data infrastructure.

Costs for data infrastructure and server providers fall within the overall operating expenses. The company's focus on operational efficiency allowed total GAAP operating expenses to decrease by 3% year-over-year in Q3 2025. The overall cost structure must support the platform serving 5,221 average monthly paying clients as of September 30, 2025.

Here's a quick look at the key financial figures around the time of the Q3 2025 report and the forward outlook:

Metric	Q3 Ended September 30, 2025	Q4 2025 Guidance Range
Revenue	$42.2 million	$41 million to $43 million
Net Income	$3.6 million	N/A
Adjusted EBITDA	$7.6 million	$5 million to $7 million

The components driving the cost structure, as reflected in expense management efforts, include:

• Lower personnel related costs across sales and marketing.
• Lower personnel related costs in product development.
• Higher media spend and event activity for client acquisition.
• Cuts in digital advertising in the prior quarter.
• The exclusion of legal costs when calculating Adjusted EBITDA.

Finance: draft 13-week cash view by Friday.

WM Technology, Inc. (MAPS) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation engine for WM Technology, Inc. (MAPS) as of late 2025. It's clear the business relies on a mix of recurring software fees and variable advertising spend from its client base, which is facing industry-wide pressures.

The core of the revenue model is built on recurring software access, but the largest single component in Q3 2025 came from advertising placements. Here's how the revenue streams broke down for the third quarter ended September 30, 2025:

• Subscription fees from paying clients, averaging $2,693 per month in Q3 2025.
• Revenue from featured listings and deal placements (advertising).
• Revenue from other display advertising solutions (WM Ads).

The total top-line performance for the most recently reported quarter was $42.2 million. Looking ahead, management provided guidance for the final quarter of the year, projecting revenue between $41M to $43M.

The explicit breakdown of the $42.2 million in Q3 2025 revenue shows the relative contribution of each stream:

Revenue Stream Component	Q3 2025 Revenue (in $ millions)	Q3 2024 Revenue (in $ millions)
Weedmaps for Business and other SaaS Subscriptions	$13.1	$13.6
Featured and Deal Listings	$25.6	$29.2
Subtotal (Core Platform)	$38.7	$42.8
Other Ad Solutions	$3.5	$3.7
Total Revenues	$42.2	$46.6

The subscription component, labeled as Weedmaps for Business and other SaaS Subscriptions, brought in $13.1 million for the quarter. This is the recurring revenue base you want to see hold steady, even when client marketing budgets tighten. The average monthly revenue per paying client across all sources was $2,693 for Q3 2025, down from $3,043 in the prior year period, which tells you clients are spending less overall on the platform, even as the client count grew to 5,221 average monthly paying clients.

Advertising revenue, which is more discretionary, saw a significant year-over-year drop, reflecting the industry headwinds you're tracking. Specifically, the Featured and Deal Listings, which are the higher-visibility placements, accounted for $25.6 million in Q3 2025, down from $29.2 million the year prior. This is often the first area clients cut when their operating margins get squeezed. Also, the Other Ad Solutions, which would encompass WM Ads, contributed $3.5 million.

Here's a quick look at the key client and revenue metrics that drive these streams:

• Average monthly paying clients: 5,221 in Q3 2025.
• Average monthly revenue per paying client: $2,693 in Q3 2025.
• Q3 2025 Total Revenue: $42.2 million.
• Q4 2025 Revenue Guidance: $41M to $43M.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.