WM Technology, Inc. (MAPS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage technologique du cannabis en évolution rapide, WM Technology, Inc. (MAPS) émerge comme une plate-forme révolutionnaire révolutionnant la façon dont les entreprises de cannabis et les consommateurs interagissent. En comblant de manière transparente l'écart entre les dispensaires, les consommateurs et les parties prenantes de l'industrie, cette entreprise innovante a conçu un écosystème numérique sophistiqué qui transforme la dynamique traditionnelle du marché du cannabis. Grâce à sa suite complète de solutions technologiques, à des informations basées sur les données et à une plate-forme de marché robuste, la technologie WM n'est pas seulement une société de logiciels, mais un connecteur pivot remodelant l'infrastructure technologique de l'industrie du cannabis.

WM Technology, Inc. (MAPS) - Modèle commercial: partenariats clés

Logiciels de cannabis et plateformes de marché

La technologie WM s'associe à plusieurs plates-formes logicielles de cannabis pour étendre la portée du marché:

Partenaire	Détails du partenariat	Année établie
Feuilleur	Intégration du marché du cannabis	2021
Mauvaises herbes	Plateforme de marché primaire	2019

Traitement des paiements et fournisseurs de services financiers

Partenariats financiers critiques pour les transactions de l'industrie du cannabis:

• Vérification verte vérifiée - Solutions bancaires de cannabis spécialisées
• HYPUR - Plateforme de traitement des paiements alternatifs
• Aeropay - Infrastructure de paiement numérique

Agences de conformité réglementaire des États et locaux

Partenariats de conformité dans plusieurs juridictions:

État	Agence de réglementation	Statut de conformité
Californie	Bureau de contrôle du cannabis	Pleinement conforme
Colorado	Division de l'application de la marijuana	Pleinement conforme

Dispensaires de cannabis et réseaux de vente au détail

Statistiques sur le réseau de partenariat au détail:

• Partenaires totaux de dispensaire: 6 823 au Q4 2023
• Couverture géographique: 37 États
• Volume de transaction mensuel moyen: 2,4 millions de dollars par dispensaire

Sociétés d'analyse de technologie et de données

Collaborations technologiques stratégiques:

Partenaire technologique	Focus d'intégration	Valeur de partenariat
Média cannabiz	Intelligence du marché	Contrat annuel de 1,2 million de dollars
Nouvelles données de frontière	Analyse de l'industrie	Contrat annuel de 850 000 $

WM Technology, Inc. (cartes) - Modèle d'entreprise: activités clés

Développer et maintenir le marché en ligne des mauvaises herbes en ligne

Au quatrième trimestre 2023, les mauvaises herbes ont accueilli 14 300 détaillants et marques de cannabis actifs sur sa plate-forme numérique. Le marché a généré 57,3 millions de dollars de revenus en 2023, avec une augmentation de 9,2% par rapport à l'année précédente.

Métrique de la plate-forme	2023 données
Total des détaillants actifs	14,300
Revenus annuels du marché	57,3 millions de dollars
Croissance des revenus d'une année sur l'autre	9.2%

Fournir des solutions de logiciels commerciaux de cannabis

WM Technology propose des solutions logicielles complètes pour les entreprises de cannabis, avec 6 200 abonnés logiciels actifs en 2023.

• Revenus de l'abonnement logiciel: 23,7 millions de dollars en 2023
• Coût de souscription mensuel moyen: 325 $ par entreprise
• La plate-forme logicielle couvre la gestion des stocks, le suivi de la conformité et les systèmes de point de vente

Générer des informations sur le marché de l'industrie du cannabis

La société fournit des études de marché et des analyses détaillées couvrant 37 marchés de cannabis réglementés aux États-Unis.

Métrique d'études de marché	2023 statistiques
Total des marchés couverts	37
Revenus de renseignement du marché annuel	8,5 millions de dollars

Offrir des services de publicité et de marketing

La plate-forme publicitaire de WM Technology a soutenu 9 750 campagnes de marketing commercial de cannabis en 2023.

• Revenus publicitaires totaux: 25,6 millions de dollars
• Valeur moyenne de la campagne de marketing: 2 625 $
• Publicité numérique RECHERCHE: 35 millions de visiteurs uniques mensuels

Développer la technologie pour la connectivité de l'industrie du cannabis

La société a investi 12,4 millions de dollars dans la recherche et le développement technologiques en 2023, en se concentrant sur l'intégration des plateformes et les améliorations de l'expérience utilisateur.

Métrique de développement technologique	2023 données
Investissement en R&D	12,4 millions de dollars
Taille de l'équipe technologique	168 employés
Intégrations API de plate-forme	47 Connexions logicielles uniques

WM Technology, Inc. (MAPS) - Modèle d'entreprise: Ressources clés

Plateforme de marché numérique propriétaire

Plateforme leafly avec 15,9 millions d'utilisateurs actifs mensuels au troisième trimestre 2023. La plate-forme couvre 6 330 dispensaires de cannabis et 58 146 marques de cannabis à travers l'Amérique du Nord.

Métrique de la plate-forme	Valeur quantitative
Utilisateurs actifs mensuels	15,9 millions
Dispensaires couverts	6,330
Marques de cannabis suivies	58,146

Base de données commerciales de cannabis étendue

Base de données complète contenant des informations détaillées sur les entreprises de cannabis, les souches et les offres de produits.

• La base de données couvre 58 146 marques de cannabis uniques
• Suit 6 330 dispensaires à travers l'Amérique du Nord
• Contient des informations détaillées sur les produits et les contraintes

Infrastructure de technologie avancée

Infrastructure technologique prenant en charge le traitement des données en temps réel et les interactions sur le marché.

Capacité technologique	Spécification
Infrastructure cloud	Plate-forme évolutive basée sur AWS
Vitesse de traitement des données	Interactions de marché en temps réel

Analyse des données et capacités d'intelligence du marché

Advanced Analytics Plateforme générant des informations pour les acteurs du marché du cannabis.

• Analyse des tendances du marché en temps réel
• Suivi du comportement des consommateurs
• Surveillance des prix et des stocks

Solide reconnaissance de la marque dans le secteur de la technologie du cannabis

La marque Leafly reconnue comme la principale plateforme d'information et de technologie de cannabis.

Métrique de la marque	Valeur
Sensibilisation à la marque	Plateforme de technologie de cannabis principale
Positionnement du marché	Market numérique dominant

WM Technology, Inc. (cartes) - Modèle d'entreprise: propositions de valeur

Plateforme complète de découverte commerciale de cannabis

WM Technology, Inc. fournit une plate-forme avec 171 000 listes de marché actif au troisième trimestre 2023. La plate-forme relie 7 200 détaillants de cannabis agréés avec plus de 1,8 million de consommateurs actifs mensuels.

Métrique de la plate-forme	Quantité
Listes actifs du marché	171,000
Détaillants agréés	7,200
Consommateurs actifs mensuels	1,800,000

Informations sur le menu et les prix en temps réel

La plate-forme propose Mises à jour du menu numérique en temps réel sur 48 marchés aux États-Unis.

• Suivi instantané de la disponibilité des produits
• Informations sur les prix dynamiques
• Catalogue de produits complet

Solutions de technologie avancée

La technologie WM a généré 224,1 millions de dollars de revenus pour l'exercice 2022, avec des solutions technologiques représentant une partie importante de leur modèle commercial.

Solution technologique	Pénétration du marché
Systèmes de point de vente	3 500+ dispensaires
Logiciel de conformité	Couverture dans 13 États

Outils de conformité réglementaire simplifiés

La société fournit des solutions de conformité qui couvrent les exigences réglementaires critiques sur plusieurs marchés de cannabis.

• Suivi de conformité spécifique à l'État
• Mises à jour réglementaires en temps réel
• Cadres d'atténuation des risques

Visibilité accrue du marché pour les détaillants de cannabis

WM Technology soutient les détaillants avec des outils de marketing et de visibilité qui atteignent environ 1,8 million de consommateurs actifs mensuels.

Capacité de marketing	Atteindre
Visibilité de la plate-forme des consommateurs	1 800 000 utilisateurs mensuels
Outils de marketing numérique	7 200 réseaux de détaillants

WM Technology, Inc. (MAPS) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

WM Technology, Inc. exploite Weedmaps.com, un marché numérique avec 182 204 annonces actives au troisième trimestre 2023. La plate-forme dessert 38 États et territoires américains avec des marchés de cannabis légaux.

Métrique de la plate-forme	Valeur
Listes actifs totaux	182,204
Couverture du marché	38 États / territoires américains
Visiteurs uniques mensuels	6,1 millions

Support client via les canaux en ligne

La technologie WM fournit au support client multicanal avec des temps de réponse en moyenne de 24 à 48 heures:

• Assistance par e-mail
• Chat en direct
• Aide aux ressources centrales
• Gestion de compte dédiée pour les clients d'entreprise

Engagement communautaire via les interactions du marché

La plate-forme facilite 1,2 million d'interactions mensuelles des consommateurs avec les listes de dispensaires et de livraison au troisième trimestre 2023.

Informations et recommandations commerciales personnalisées

La technologie WM génère 54,3 millions de dollars de revenus de services Marketplace pour le troisième trimestre 2023, l'offre:

• Analyse des comportements des consommateurs
• Solutions de marketing ciblées
• Outils d'analyse comparative de performance

Modèles de service basés sur l'abonnement

WM Technology propose des services d'abonnement à plusieurs niveaux pour les entreprises de cannabis:

Niveau d'abonnement	Coût mensuel	Caractéristiques
Basic	$299	Listing, analyse de base
Professionnel	$599	Marketing avancé, reportage détaillé
Entreprise	Prix ​​personnalisés	Solutions complètes, support dédié

WM Technology, Inc. (cartes) - Modèle d'entreprise: canaux

Plateforme de marché basée sur le Web

WM Technology, Inc. exploite Weedmaps.com, qui a accueilli 158 000 annonces actives au troisième trimestre 2023. La plate-forme génère des revenus grâce à des services de publicité et de marché.

Métrique de la plate-forme	Valeur
Listes actifs totaux	158,000
Visiteurs uniques mensuels	6,3 millions
Revenus de la plate-forme numérique (2023)	211,4 millions de dollars

Application mobile

L'application mobile WeedMaps sert de canal critique avec un engagement important des utilisateurs.

• Téléchargements d'applications: plus de 2 millions
• Note de l'App Store: 4.5 / 5
• Pourcentage de trafic mobile: 68% du trafic total de la plate-forme

Équipe de vente directe

WM Technology utilise une force de vente dédiée ciblant les détaillants et les dispensaires de cannabis.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	87
Coût moyen d'acquisition des clients	$1,200
Génération annuelle des revenus de l'équipe de vente	45,6 millions de dollars

Campagnes de marketing numérique

Le marketing numérique représente un canal d'acquisition de clients important.

• Dépenses annuelles sur le marketing numérique: 22,3 millions de dollars
• Taux de conversion: 4,2%
• Abonnés des médias sociaux: 750 000

Réseaux de référence partenaires

La technologie WM exploite les partenariats stratégiques à travers l'écosystème du cannabis.

Métrique du réseau partenaire	Valeur
Total des partenaires actifs	1,250
Revenus de référence	18,7 millions de dollars
Taux de conversion des partenaires	3.6%

WM Technology, Inc. (cartes) - Modèle d'entreprise: segments de clientèle

Consommateurs de cannabis

Depuis le quatrième trimestre 2023, la technologie WM dessert environ 7,3 millions de consommateurs actifs via sa plate-forme de mauvaises herbes.

Répartition des segments des consommateurs	Pourcentage
Utilisateurs récréatifs	68%
Patiens de cannabis médical	32%
Tranche d’âge moyen	21-45 ans

Dispensaires de cannabis agréés

WM Technology soutient 6 500 dispensaires de cannabis agréés sur les marchés juridiques aux États-Unis en décembre 2023.

Taille du dispensaire	Nombre de dispensaires
Petit (1-3 emplacements)	4,200
Moyen (4-10 emplacements)	1,800
Grand (11+ emplacements)	500

Opérateurs commerciaux de cannabis

La plate-forme dessert environ 11 000 opérateurs commerciaux de cannabis dans divers segments.

• Entreprises de culture: 2 300
• Dispensaires de vente au détail: 6 500
• Services de livraison: 1 200
• Fabricants: 1 000

Professionnels médicaux de la marijuana

La technologie WM se connecte avec 3 800 professionnels de la marijuana médicale et prestataires de soins de santé.

Type professionnel	Nombre
Médecins	2,100
Pharmaciens	850
Spécialistes	850

Entrepreneurs de l'industrie du cannabis

La plate-forme prend en charge 2 500 entrepreneurs de l'industrie du cannabis à différentes étapes de démarrage.

• Startups en début de stade: 1 200
• Entreprises du stade de croissance: 850
• Entreprises établies: 450

WM Technology, Inc. (cartes) - Modèle d'entreprise: Structure des coûts

Développement et maintenance technologiques

Pour l'exercice 2023, WM Technology, Inc. a déclaré 28,1 millions de dollars en frais de recherche et développement. L'infrastructure technologique de l'entreprise et les coûts de développement de logiciels se décomposent comme suit:

Catégorie de coûts	Dépenses annuelles
Génie logiciel	15,3 millions de dollars
Infrastructure cloud	7,2 millions de dollars
Maintenance technologique	5,6 millions de dollars

Marketing et acquisition de clients

Les dépenses de marketing pour la technologie WM en 2023 ont totalisé 42,5 millions de dollars, ce qui représente des investissements importants dans la croissance des clients:

• Publicité numérique: 22,3 millions de dollars
• Marketing de contenu: 8,7 millions de dollars
• Développement des ventes et du partenariat: 11,5 millions de dollars

Frais de conformité réglementaire

Les coûts liés à la conformité pour 2023 s'élevaient à 6,8 millions de dollars, notamment:

Zone de conformité	Coût annuel
Avis juridique	3,2 millions de dollars
Représentation réglementaire	1,9 million de dollars
Infrastructure de conformité	1,7 million de dollars

Salaires et avantages sociaux des employés

Les dépenses totales du personnel pour 2023 étaient de 67,3 millions de dollars:

• Salaires de base: 48,6 millions de dollars
• Compensation à base d'actions: 12,7 millions de dollars
• Soins de santé et autres avantages: 6 millions de dollars

Coûts d'infrastructure et de cloud computing

Les dépenses de cloud et d'infrastructure pour 2023 ont atteint 12,4 millions de dollars:

Composant d'infrastructure	Dépenses annuelles
Services cloud AWS	7,6 millions de dollars
Coûts du centre de données	3,2 millions de dollars
Infrastructure réseau	1,6 million de dollars

WM Technology, Inc. (MAPS) - Modèle d'entreprise: sources de revenus

Frais de publicité sur le marché

Pour l'exercice 2023, WM Technology a déclaré 41,5 millions de dollars de revenus publicitaires Marketplace.

Source de revenus	2023 Montant	Pourcentage du total des revenus
Publicité sur le marché	41,5 millions de dollars	32.4%

Services d'abonnement logiciel

La technologie WM a généré 53,2 millions de dollars à partir des services d'abonnement logiciels en 2023.

Niveau d'abonnement	Fourchette de prix mensuelle	Revenus annuels
Niveau de base	$29.99 - $49.99	22,1 millions de dollars
Niveau professionnel	$99.99 - $199.99	31,1 millions de dollars

Commission des transactions sur le marché

Les commissions de transaction pour 2023 ont totalisé 37,8 millions de dollars.

• Taux de commission moyen: 5-7% par transaction
• Volume total des transactions: 612 millions de dollars

Informations sur les données et ventes d'intelligence du marché

WM Technology a gagné 15,6 millions de dollars des ventes de données et d'intelligence sur le marché en 2023.

Type de produit	Revenu	Segment de clientèle
Rapports du marché	8,3 millions de dollars	Analystes commerciaux
Packages de données personnalisés	7,3 millions de dollars	Clients de l'entreprise

Offres de fonctionnalités premium pour les entreprises

Les caractéristiques premium ont généré 22,4 millions de dollars de revenus en 2023.

• Analyse avancée: 9,2 millions de dollars
• Outils de liste améliorés: 6,7 millions de dollars
• Intégration marketing: 6,5 millions de dollars

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.