WM Technology, Inc. (MAPS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de tecnología de cannabis en rápida evolución, WM Technology, Inc. (MAPS) surge como una plataforma innovadora que revoluciona cómo interactúan las empresas y los consumidores de cannabis. Al cerrar la brecha sin problemas entre los dispensarios, los consumidores y las partes interesadas de la industria, esta empresa innovadora ha creado un ecosistema digital sofisticado que transforma la dinámica tradicional del mercado de cannabis. A través de su conjunto integral de soluciones tecnológicas, ideas basadas en datos y una plataforma de mercado robusta, WM Technology no es solo una compañía de software, sino un conector fundamental que remodelan la infraestructura tecnológica de la industria del cannabis.

WM Technology, Inc. (MAPS) - Modelo de negocio: asociaciones clave

Software de cannabis y plataformas de mercado

WM Technology se asocia con múltiples plataformas de software de cannabis para expandir el alcance del mercado:

Pareja	Detalles de la asociación	Año establecido
Hojas	Integración del mercado de cannabis	2021
Mapas de malezas	Plataforma del mercado primario	2019

Procesamiento de pagos y proveedores de servicios financieros

Asociaciones financieras críticas para las transacciones de la industria del cannabis:

• Verificación Verde Verificado - Soluciones de banca de cannabis especializadas
• Hypur - Plataforma de procesamiento de pagos alternativos
• Aeropay - Infraestructura de pago digital

Agencias de cumplimiento regulatorio estatal y local

Asociaciones de cumplimiento en múltiples jurisdicciones:

Estado	Agencia reguladora	Estado de cumplimiento
California	Oficina de control de cannabis	Totalmente cumplido
Colorado	División de aplicación de marihuana	Totalmente cumplido

Dispensarios de cannabis y redes minoristas

Estadísticas de la red de asociación minorista:

• Socios dispensarios totales: 6.823 a partir del cuarto trimestre 2023
• Cobertura geográfica: 37 estados
• Volumen de transacción mensual promedio: $ 2.4 millones por dispensario

Compañías de tecnología y análisis de datos

Colaboraciones de tecnología estratégica:

Socio tecnológico	Enfoque de integración	Valor de asociación
Medios de cannabiz	Inteligencia de mercado	Contrato anual de $ 1.2 millones
Nuevos datos fronterizos	Análisis de la industria	Contrato anual de $ 850,000

WM Technology, Inc. (MAPS) - Modelo de negocio: actividades clave

Desarrollar y mantener el mercado en línea de mapas de malezas

A partir del cuarto trimestre de 2023, WeedMaps organizó 14,300 minoristas y marcas activas de cannabis en su plataforma digital. El mercado generó $ 57.3 millones en ingresos en 2023, con un aumento del 9.2% respecto al año anterior.

Métrica de plataforma	2023 datos
Minoristas activos totales	14,300
Ingresos anuales del mercado	$ 57.3 millones
Crecimiento de ingresos año tras año	9.2%

Proporcionar soluciones de software de negocios de cannabis

WM Technology ofrece soluciones integrales de software para las empresas de cannabis, con 6.200 suscriptores de software activos en 2023.

• Ingresos de suscripción de software: $ 23.7 millones en 2023
• Costo promedio de suscripción mensual: $ 325 por negocio
• La plataforma de software cubre la gestión de inventario, el seguimiento del cumplimiento y los sistemas de punto de venta

Generar ideas del mercado de la industria del cannabis

La compañía proporciona investigación y análisis de mercado detallados que cubren 37 mercados de cannabis regulados en los Estados Unidos.

Métrica de investigación de mercado	2023 estadísticas
Mercados totales cubiertos	37
Ingresos anuales de inteligencia de mercado	$ 8.5 millones

Ofrecer servicios publicitarios y de marketing

La plataforma de publicidad de WM Technology admitió 9.750 campañas de marketing comercial de cannabis en 2023.

• Ingresos publicitarios totales: $ 25.6 millones
• Valor promedio de la campaña de marketing: $ 2,625
• Alcance de publicidad digital: 35 millones de visitantes únicos mensuales

Desarrollar tecnología para la conectividad de la industria del cannabis

La compañía invirtió $ 12.4 millones en investigación y desarrollo de tecnología en 2023, centrándose en la integración de la plataforma y las mejoras de la experiencia del usuario.

Métrica de desarrollo tecnológico	2023 datos
Inversión de I + D	$ 12.4 millones
Tamaño del equipo tecnológico	168 empleados
Integraciones de API de plataforma	47 conexiones de software únicas

WM Technology, Inc. (MAPS) - Modelo de negocio: recursos clave

Plataforma de mercado digital patentado

Plataforma Leafly con 15.9 millones de usuarios activos mensuales a partir del tercer trimestre de 2023. La plataforma cubre 6.330 dispensarios de cannabis y 58.146 marcas de cannabis en América del Norte.

Métrica de plataforma	Valor cuantitativo
Usuarios activos mensuales	15.9 millones
Dispensarios cubiertos	6,330
Las marcas de cannabis rastreadas	58,146

Extensa base de datos de negocios de cannabis

Base de datos integral que contiene información detallada sobre empresas de cannabis, tensiones y ofertas de productos.

• La base de datos cubre 58,146 marcas de cannabis únicas
• Pistas 6.330 dispensarios en América del Norte
• Contiene información detallada de productos y tensiones

Infraestructura de tecnología avanzada

Infraestructura tecnológica que admite el procesamiento de datos en tiempo real y las interacciones del mercado.

Capacidad tecnológica	Especificación
Infraestructura en la nube	Plataforma escalable basada en AWS
Velocidad de procesamiento de datos	Interacciones del mercado en tiempo real

Análisis de datos y capacidades de inteligencia de mercado

Plataforma de análisis avanzado que genera información para los participantes del mercado de cannabis.

• Análisis de tendencias del mercado en tiempo real
• Seguimiento de comportamiento del consumidor
• Monitoreo de precios e inventario

Reconocimiento de marca fuerte en el sector tecnológico de cannabis

Leafly Brand reconoció como plataforma líder de información y tecnología de cannabis.

Métrico de marca	Valor
Conciencia de marca	Plataforma de tecnología de cannabis líder
Posicionamiento del mercado	Mercado digital dominante

WM Technology, Inc. (MAPS) - Modelo de negocio: propuestas de valor

Plataforma integral de descubrimiento de negocios de cannabis

WM Technology, Inc. proporciona una plataforma con 171,000 listados de mercado activos a partir del tercer trimestre de 2023. La plataforma conecta 7,200 minoristas de cannabis con licencia con más de 1.8 millones de consumidores activos mensuales.

Métrica de plataforma	Cantidad
Listados de mercado activos	171,000
Minoristas con licencia	7,200
Consumidores activos mensuales	1,800,000

Información de menú y precios en tiempo real

La plataforma ofrece Actualizaciones de menú digital en tiempo real en 48 mercados en los Estados Unidos.

• Seguimiento de disponibilidad de productos instantáneos
• Información de precios dinámicos
• Catálogo de productos integral

Soluciones tecnológicas avanzadas

La tecnología WM generó $ 224.1 millones en ingresos para el año fiscal 2022, con soluciones tecnológicas que representan una parte significativa de su modelo de negocio.

Solución tecnológica	Penetración del mercado
Sistemas de punto de venta	3,500+ dispensarios
Software de cumplimiento	Cobertura en 13 estados

Herramientas de cumplimiento regulatorias simplificadas

La compañía proporciona soluciones de cumplimiento que cubren los requisitos regulatorios críticos en múltiples mercados de cannabis.

• Seguimiento de cumplimiento específico del estado
• Actualizaciones regulatorias en tiempo real
• Marcos de mitigación de riesgos

Visibilidad de mercado mejorada para minoristas de cannabis

WM Technology admite a los minoristas con herramientas de marketing y visibilidad que alcanzan aproximadamente 1.8 millones de consumidores activos mensuales.

Capacidad de marketing	Alcanzar
Visibilidad de la plataforma del consumidor	1,800,000 usuarios mensuales
Herramientas de marketing digital	7.200 redes minoristas

WM Technology, Inc. (MAPS) - Modelo de negocio: relaciones con los clientes

Plataforma digital de autoservicio

WM Technology, Inc. opera WeedMaps.com, un mercado digital con 182,204 listados activos al tercer trimestre de 2023. La plataforma atiende a 38 estados y territorios de EE. UU. Con mercados legales de cannabis.

Métrica de plataforma	Valor
Listados activos totales	182,204
Cobertura del mercado	38 estados/territorios de EE. UU.
Visitantes únicos mensuales	6.1 millones

Atención al cliente a través de canales en línea

WM Technology proporciona atención al cliente multicanal con tiempos de respuesta con un promedio de 24-48 horas a través de:

• Soporte por correo electrónico
• Chat en vivo
• Ayudar a los recursos de los centros
• Gestión de cuentas dedicada para clientes empresariales

Participación comunitaria a través de interacciones del mercado

La plataforma facilita 1,2 millones de interacciones mensuales del consumidor con listados de dispensario y entrega en el tercer trimestre de 2023.

Informes y recomendaciones comerciales personalizados

WM Technology genera $ 54.3 millones en ingresos por servicios de mercado para el tercer trimestre de 2023, ofreciendo:

• Análisis de comportamiento del consumidor
• Soluciones de marketing específicas
• Herramientas de evaluación comparativa

Modelos de servicio basados ​​en suscripción

WM Technology ofrece servicios de suscripción escalonados para empresas de cannabis:

Nivel de suscripción	Costo mensual	Características
Basic	$299	Listado, análisis básico
Profesional	$599	Marketing avanzado, informes detallados
Empresa	Precios personalizados	Soluciones integrales, soporte dedicado

WM Technology, Inc. (MAPS) - Modelo de negocio: canales

Plataforma de mercado basada en la web

WM Technology, Inc. opera WeedMaps.com, que alojó 158,000 listados activos al tercer trimestre de 2023. La plataforma genera ingresos a través de los servicios publicitarios y de mercado.

Métrica de plataforma	Valor
Listados activos totales	158,000
Visitantes únicos mensuales	6.3 millones
Ingresos de la plataforma digital (2023)	$ 211.4 millones

Aplicación móvil

La aplicación móvil WeedMaps sirve como un canal crítico con una importante participación del usuario.

• Descargas de aplicaciones: más de 2 millones
• Calificación de la tienda de aplicaciones: 4.5/5
• Porcentaje de tráfico móvil: 68% del tráfico total de la plataforma

Equipo de ventas directas

WM Technology emplea una fuerza de ventas dedicada dirigida a minoristas y dispensarios de cannabis.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	87
Costo promedio de adquisición de clientes	$1,200
Generación de ingresos anuales del equipo de ventas	$ 45.6 millones

Campañas de marketing digital

El marketing digital representa un canal de adquisición de clientes significativo.

• Gasto anual de marketing digital: $ 22.3 millones
• Tasa de conversión: 4.2%
• Seguidores de redes sociales: 750,000

Redes de referencia de socios

La tecnología WM aprovecha las asociaciones estratégicas en el ecosistema de cannabis.

Métrica de la red de socios	Valor
Total de socios activos	1,250
Ingreso de referencia	$ 18.7 millones
Tasa de conversión de pareja	3.6%

WM Technology, Inc. (MAPS) - Modelo de negocio: segmentos de clientes

Consumidores de cannabis

A partir del cuarto trimestre de 2023, WM Technology atiende a aproximadamente 7.3 millones de consumidores activos a través de su plataforma WeedMaps.

Desglose del segmento del consumidor	Porcentaje
Usuarios recreativos	68%
Pacientes con cannabis medicinal	32%
Rango de edad promedio	21-45 años

Dispensarios de cannabis con licencia

WM Technology admite 6.500 dispensarios de cannabis con licencia en los mercados legales en los Estados Unidos a diciembre de 2023.

Tamaño dispensario	Número de dispensarios
Pequeño (1-3 ubicaciones)	4,200
Medio (4-10 ubicaciones)	1,800
Grande (11+ ubicaciones)	500

Operadores comerciales de cannabis

La plataforma atiende a aproximadamente 11,000 operadores comerciales de cannabis en varios segmentos.

• Negocios de cultivo: 2,300
• Dispensarios minoristas: 6.500
• Servicios de entrega: 1.200
• Fabricantes: 1,000

Profesionales médicos de marihuana

WM Technology se conecta con 3.800 profesionales de marihuana medicinal y proveedores de atención médica.

Tipo profesional	Número
Médicos	2,100
Farmacéuticos	850
Especialistas	850

Empresarios de la industria del cannabis

La plataforma admite 2.500 empresarios de la industria del cannabis en varias etapas de inicio.

• Startups de etapa temprana: 1,200
• Empresas en etapa de crecimiento: 850
• Empresas establecidas: 450

WM Technology, Inc. (MAPS) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la tecnología

Para el año fiscal 2023, WM Technology, Inc. reportó $ 28.1 millones en gastos de investigación y desarrollo. La infraestructura tecnológica de la compañía y los costos de desarrollo de software se descomponen de la siguiente manera:

Categoría de costos	Gasto anual
Ingeniería de software	$ 15.3 millones
Infraestructura en la nube	$ 7.2 millones
Mantenimiento de la tecnología	$ 5.6 millones

Marketing y adquisición de clientes

Los gastos de marketing para la tecnología WM en 2023 totalizaron $ 42.5 millones, lo que representa una inversión significativa en el crecimiento del cliente:

• Publicidad digital: $ 22.3 millones
• Marketing de contenido: $ 8.7 millones
• Desarrollo de ventas y asociación: $ 11.5 millones

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento para 2023 ascendieron a $ 6.8 millones, incluyendo:

Área de cumplimiento	Costo anual
Aviso legal	$ 3.2 millones
Informes regulatorios	$ 1.9 millones
Infraestructura de cumplimiento	$ 1.7 millones

Salarios y beneficios de los empleados

Los gastos totales de personal para 2023 fueron de $ 67.3 millones:

• Salarios base: $ 48.6 millones
• Compensación basada en acciones: $ 12.7 millones
• Atención médica y otros beneficios: $ 6 millones

Costos de infraestructura y computación en la nube

Los gastos de nubes e infraestructura para 2023 alcanzaron $ 12.4 millones:

Componente de infraestructura	Gasto anual
Servicios en la nube de AWS	$ 7.6 millones
Costos del centro de datos	$ 3.2 millones
Infraestructura de red	$ 1.6 millones

WM Technology, Inc. (MAPS) - Modelo de negocio: flujos de ingresos

Tarifas publicitarias del mercado

Para el año fiscal 2023, WM Technology reportó $ 41.5 millones en ingresos por publicidad del mercado.

Fuente de ingresos	Cantidad de 2023	Porcentaje de ingresos totales
Publicidad del mercado	$ 41.5 millones	32.4%

Servicios de suscripción de software

La tecnología WM generó $ 53.2 millones a partir de servicios de suscripción de software en 2023.

Nivel de suscripción	Rango de precios mensual	Ingresos anuales
Nivel básico	$29.99 - $49.99	$ 22.1 millones
Nivel profesional	$99.99 - $199.99	$ 31.1 millones

Comisión de transacciones del mercado

Las comisiones de transacción para 2023 totalizaron $ 37.8 millones.

• Tasa de comisión promedio: 5-7% por transacción
• Volumen de transacción total: $ 612 millones

Insights de datos y ventas de inteligencia de mercado

La tecnología WM ganó $ 15.6 millones de las ventas de datos e inteligencia de mercado en 2023.

Tipo de producto	Ganancia	Segmento de clientes
Informes del mercado	$ 8.3 millones	Analistas de negocios
Paquetes de datos personalizados	$ 7.3 millones	Clientes empresariales

Ofertas de características premium para empresas

Las características premium generaron $ 22.4 millones en ingresos durante 2023.

• Análisis avanzado: $ 9.2 millones
• Herramientas de listado mejoradas: $ 6.7 millones
• Integración de marketing: $ 6.5 millones

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.