WM Technology, Inc. (MAPS): Business Model Canvas [Dec-2025 Updated]

You're looking at WM Technology, Inc. right now, trying to figure out how they're navigating this choppy cannabis market, especially with Q3 revenue landing at $42.2 million and guidance for Q4 sitting between $41M and $43M. Honestly, understanding their engine-how they pull in that $2,693 average monthly subscription fee from retailers while sitting on $62.6 million in cash as of Q3 2025-is key to seeing where the near-term risks and opportunities truly lie. So, let's cut through the noise and map out the nine building blocks of the WM Technology, Inc. Business Model Canvas below; it's the blueprint you need to make your next move.

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

WM Technology, Inc. is committed to advocating for full U.S. legalization, industry-wide social equity, and continued education about the plant through key partnerships and cannabis subject matter experts.

The company's focus on entrenching its data and ML tools into its partners' tech stacks is a critical aspect of its platform strategy.

The financial performance as of the third quarter ended September 30, 2025, provides a backdrop to the scale of operations supported by these partnerships:

Key Partnerships:

• Technology/cloud providers for platform infrastructure.
• Cannabis subject matter experts for consumer education.
• Advocacy groups for U.S. legalization and social equity.
• Strategic integrations with third-party software (e.g., POS systems).

The company reported 5,221 average monthly paying clients for the third quarter of 2025. The average monthly revenue per paying client was $2,693 in Q3 2025. This compares to $2,852 in Q2 2025.

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

You're looking at the core engine of WM Technology, Inc. (MAPS) as of late 2025, focusing on what they actually do to generate revenue and maintain their market position. It's all about the platform, the clients, and the tech powering it all.

Developing and maintaining the Weedmaps marketplace platform

The platform development and maintenance is a constant cost center, even when revenue is tight. For the third quarter ended September 30, 2025, operating expenses, which include cost of revenues, totaled $40.2 million. That figure represented a 3% decrease year-over-year, driven in part by lower personnel related costs across product development, reflecting prior reorganization efforts. The revenue stream most tied to platform visibility, featured and deal listings, saw a decline, which drove the majority of the overall revenue decrease for the quarter. The platform supported an average of 5,221 paying clients monthly in Q3 2025.

Managing regulatory compliance for cannabis e-commerce

Navigating the complex regulatory environment is a necessary, non-negotiable activity. While specific compliance spending figures aren't itemized in the Q3 2025 results, the broader industry pressures are clear. Management noted ongoing challenges across core markets where persistent pricing compression and margin pressure weigh on client budgets and their spend on the platform. Furthermore, regulatory uncertainty in segments like the hemp market caused WM Technology, Inc. to delay aggressive moves toward launching product offerings in that space.

Sales and client acquisition for business software subscriptions

Getting and keeping those paying clients is central to the business. WM Technology, Inc. managed to increase its average monthly paying clients by 2% year-over-year, reaching 5,221 clients in Q3 2025, up from 5,100 in the prior year period. This growth came from new client acquisitions in developing markets. However, the average monthly revenue per paying client saw a significant drop, falling to $2,693 in Q3 2025 from $3,043 in Q3 2024. Personnel costs across sales and marketing were down year-over-year, though this was partially offset by higher media spend and event activity aimed at supporting client acquisition.

Here's the quick math on the client economics for Q3 2025 versus Q3 2024:

It's a balancing act right now; adding clients while average spend per client is contracting.

Investing in AI/machine learning for data products

The company is actively working on innovation to support long-term growth, even while managing near-term costs. Management highlighted that they are preparing to launch expanded premium placement opportunities for brands. Specifically, they mentioned expanding AI and machine learning capabilities within product catalog data. This strategic reinvestment is happening while the company delivered an Adjusted EBITDA of $7.6 million for Q3 2025, and they project Q4 2025 Adjusted EBITDA to be between $5 million and $7 million. The company ended Q3 2025 with a cash position of $62.6 million.

Key operational metrics supporting profitability:

• Net Income for Q3 2025 was $3.6 million.
• Adjusted EBITDA for Q3 2025 was $7.6 million.
• Cash reserves stood at $62.6 million as of September 30, 2025.
• Total shares outstanding (Class A and B) were 157.2 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets WM Technology, Inc. (MAPS) relies on to run its business as of late 2025. These aren't just abstract concepts; they are measurable components driving their market position.

The primary tangible resource is the platform itself, which centers on The Weedmaps marketplace and mobile application. This digital infrastructure is the conduit for all transactions and information exchange in their ecosystem. As of the third quarter of 2025, the platform supported a base of 5,221 average monthly paying clients. This client base generated quarterly revenues of $42.2 million for WM Technology, Inc..

Here's a quick look at some key operational metrics from the Q3 2025 report:

The platform's value is also tied to its financial backing. WM Technology, Inc. maintained a strong cash position of $62.6 million as of September 30, 2025, up from $52.0 million at the end of 2024. Importantly, the company continues to operate with no debt, which provides operational flexibility. The total share count across Class A and Class V Common Stock was 157.2 million as of that same date.

The second critical resource is the Proprietary data on consumer behavior and market trends. WM Technology, Inc. processes sensitive information, including proprietary and confidential business data, intellectual property, and sensitive third-party data in the ordinary course of business. The company has stated its intention to continue making substantial investments in its data infrastructure.

Finally, the human capital supporting this platform is essential. This includes Technology talent for platform development. WM Technology, Inc. has expressed plans to selectively reinvest in areas that support long-term growth and enhance its platform. The company supports remote and hybrid work for eligible employees, headquartered in Irvine, California.

You should track the following specific resource indicators:

• The platform's ability to maintain or grow the 5,221 average monthly paying clients.
• The trend in Average monthly revenue per paying client, which stood at $2,693 in Q3 2025.
• The stated commitment to substantial investments in technology and data infrastructure.

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:

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:

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:

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:

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:

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:

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.