WM Technology, Inc. (MAPS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário da tecnologia de cannabis em rápida evolução, a WM Technology, Inc. (MAPS) surge como uma plataforma inovadora que revoluciona como as empresas e os consumidores de cannabis interagem. Ao preencher perfeitamente a lacuna entre dispensários, consumidores e partes interessadas do setor, essa empresa inovadora criou um sofisticado ecossistema digital que transforma a dinâmica tradicional de mercado de cannabis. Através de seu conjunto abrangente de soluções de tecnologia, informações orientadas a dados e plataforma robusta de mercado, a WM Technology não é apenas uma empresa de software, mas um conector essencial remodelando a infraestrutura tecnológica da indústria de cannabis.

WM Technology, Inc. (MAPS) - Modelo de negócios: Parcerias -chave

Software de cannabis e plataformas de mercado

A WM Technology faz parceria com várias plataformas de software de cannabis para expandir o alcance do mercado:

Parceiro	Detalhes da parceria	Ano estabelecido
Folheado	Integração do mercado de cannabis	2021
Weedmaps	Plataforma de mercado primário	2019

Provedores de processamento de pagamentos e serviços financeiros

Parcerias financeiras críticas para transações da indústria de cannabis:

• Verificação verde verificada - soluções bancárias de cannabis especializadas
• Hypur - plataforma de processamento de pagamento alternativa
• Aeropay - Infraestrutura de pagamento digital

Agências de conformidade regulatória estaduais e locais

Parcerias de conformidade em várias jurisdições:

Estado	Agência regulatória	Status de conformidade
Califórnia	Bureau of Cannabis Control	Totalmente compatível
Colorado	Divisão de aplicação da maconha	Totalmente compatível

Dispensários de cannabis e redes de varejo

Estatísticas de rede de parceria de varejo:

• Total Dispensary Partners: 6.823 a partir do quarto trimestre 2023
• Cobertura geográfica: 37 estados
• Volume médio de transação mensal: US $ 2,4 milhões por dispensário

Empresas de tecnologia e análise de dados

Colaborações de tecnologia estratégica:

Parceiro de tecnologia	Foco de integração	Valor da parceria
Mídia de cannabiz	Inteligência de mercado	Contrato anual de US $ 1,2 milhão
Novos dados de fronteira	Análise da indústria	Contrato anual de US $ 850.000

WM Technology, Inc. (MAPS) - Modelo de negócios: Atividades -chave

Desenvolva e mantenha o mercado on -line do WeEDMaps

A partir do quarto trimestre 2023, o Weedmaps hospedou 14.300 varejistas e marcas ativos de cannabis em sua plataforma digital. O mercado gerou receita de US $ 57,3 milhões em 2023, com um aumento de 9,2% em relação ao ano anterior.

Métrica da plataforma	2023 dados
Total de varejistas ativos	14,300
Receita anual do mercado	US $ 57,3 milhões
Crescimento de receita ano a ano	9.2%

Forneça soluções de software de cannabis Business Software

A WM Technology oferece soluções abrangentes de software para empresas de cannabis, com 6.200 assinantes de software ativos em 2023.

• Receita de assinatura de software: US $ 23,7 milhões em 2023
• Custo médio de assinatura mensal: US $ 325 por empresa
• A plataforma de software abrange gerenciamento de inventário, rastreamento de conformidade e sistemas de ponto de venda

Gerar insights do mercado da indústria de cannabis

A empresa fornece pesquisas e análises de mercado detalhadas, cobrindo 37 mercados regulamentados de cannabis nos Estados Unidos.

Métrica de pesquisa de mercado	2023 Estatísticas
Mercados totais cobertos	37
Receita anual de inteligência de mercado	US $ 8,5 milhões

Ofereça serviços de publicidade e marketing

A plataforma de publicidade da WM Technology suportou 9.750 campanhas de marketing de negócios de cannabis em 2023.

• Receita total de publicidade: US $ 25,6 milhões
• Valor médio da campanha de marketing: US $ 2.625
• Alcance de publicidade digital: 35 milhões de visitantes únicos mensais

Desenvolver tecnologia para conectividade da indústria de cannabis

A empresa investiu US $ 12,4 milhões em pesquisa e desenvolvimento de tecnologia em 2023, com foco na integração da plataforma e nas melhorias na experiência do usuário.

Métrica de Desenvolvimento de Tecnologia	2023 dados
Investimento em P&D	US $ 12,4 milhões
Tamanho da equipe de tecnologia	168 funcionários
Integrações da API da plataforma	47 conexões de software exclusivas

WM Technology, Inc. (MAPS) - Modelo de negócios: Recursos -chave

Plataforma de mercado digital proprietário

Plataforma de folhas com 15,9 milhões de usuários ativos mensais a partir do terceiro trimestre de 2023. A plataforma cobre 6.330 dispensários de cannabis e 58.146 marcas de cannabis na América do Norte.

Métrica da plataforma	Valor quantitativo
Usuários ativos mensais	15,9 milhões
Dispensários cobertos	6,330
As marcas de cannabis rastrearam	58,146

Extenso banco de dados de negócios de cannabis

Banco de dados abrangente contendo informações detalhadas sobre empresas, cepas e ofertas de produtos de cannabis.

• O banco de dados abrange 58.146 marcas de cannabis exclusivas
• Rastreia 6.330 dispensários em toda a América do Norte
• Contém informações detalhadas do produto e de tensão

Infraestrutura de tecnologia avançada

Infraestrutura de tecnologia que suporta o processamento de dados em tempo real e as interações do mercado.

Capacidade de tecnologia	Especificação
Infraestrutura em nuvem	Plataforma escalável baseada em AWS
Velocidade de processamento de dados	Interações no mercado em tempo real

Análise de dados e recursos de inteligência de mercado

Plataforma avançada de análise gerando insights para participantes do mercado de cannabis.

• Análise de tendências de mercado em tempo real
• Rastreamento de comportamento do consumidor
• Monitoramento de preço e estoque

Forte reconhecimento de marca no setor de tecnologia de cannabis

A marca de folhas reconhecida como líder de informação de cannabis e plataforma de tecnologia.

Métrica da marca	Valor
Reconhecimento da marca	Plataforma de tecnologia líder de cannabis
Posicionamento de mercado	Mercado digital dominante

WM Technology, Inc. (MAPS) - Modelo de negócios: proposições de valor

Plataforma abrangente de descoberta de negócios de cannabis

A WM Technology, Inc. fornece a uma plataforma 171.000 listagens de mercado ativo a partir do terceiro trimestre de 2023. A plataforma conecta 7.200 varejistas de cannabis licenciados a mais de 1,8 milhão de consumidores ativos mensais.

Métrica da plataforma	Quantidade
Listagens de mercado ativo	171,000
Varejistas licenciados	7,200
Consumidores ativos mensais	1,800,000

Menu em tempo real e informações de preços

A plataforma oferece Atualizações de menu digital em tempo real em 48 mercados nos Estados Unidos.

• Rastreamento instantâneo de disponibilidade de produtos
• Informações dinâmicas de preços
• Catálogo abrangente de produtos

Soluções de tecnologia avançada

A tecnologia WM gerou US $ 224,1 milhões em receita para o ano fiscal de 2022, com soluções de tecnologia representando uma parcela significativa de seu modelo de negócios.

Solução tecnológica	Penetração de mercado
Sistemas de ponto de venda	3.500+ dispensários
Software de conformidade	Cobertura em 13 estados

Ferramentas de conformidade regulatória simplificada

A empresa fornece soluções de conformidade que cobrem requisitos regulatórios críticos em vários mercados de cannabis.

• Rastreamento de conformidade específico do estado
• Atualizações regulatórias em tempo real
• Estruturas de mitigação de risco

Visibilidade do mercado aprimorada para varejistas de cannabis

A WM Technology suporta varejistas com ferramentas de marketing e visibilidade que atingem aproximadamente 1,8 milhão de consumidores ativos mensais.

Capacidade de marketing	Alcançar
Visibilidade da plataforma de consumidor	1.800.000 usuários mensais
Ferramentas de marketing digital	7.200 redes de varejistas

WM Technology, Inc. (MAPS) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A WM Technology, Inc. opera o Weedmaps.com, um mercado digital com 182.204 listagens ativas a partir do terceiro trimestre de 2023. A plataforma serve 38 estados e territórios dos EUA com mercados legais de cannabis.

Métrica da plataforma	Valor
Listagens ativas totais	182,204
Cobertura de mercado	38 Estados/Territórios dos EUA
Visitantes únicos mensais	6,1 milhões

Suporte ao cliente através de canais online

A tecnologia WM fornece suporte ao cliente multicanal com os tempos de resposta com média de 24 a 48 horas até:

• Suporte por e -mail
• Bate -papo ao vivo
• Ajuda dos recursos do centro
• Gerenciamento de conta dedicado para clientes corporativos

Engajamento da comunidade através de interações de mercado

A plataforma facilita 1,2 milhão de interações mensais do consumidor com listagens de dispensários e entrega no terceiro trimestre de 2023.

Insights e recomendações de negócios personalizados

A tecnologia WM gera US $ 54,3 milhões em receita de serviços de mercado para o terceiro trimestre de 2023, oferecendo:

• Análise de comportamento do consumidor
• Soluções de marketing direcionadas
• Ferramentas de benchmarking de desempenho

Modelos de serviço baseados em assinatura

A WM Technology oferece serviços de assinatura em camadas para empresas de cannabis:

Camada de assinatura	Custo mensal	Características
Basic	$299	Listagem, análise básica
Profissional	$599	Marketing avançado, relatórios detalhados
Empresa	Preços personalizados	Soluções abrangentes, suporte dedicado

WM Technology, Inc. (MAPS) - Modelo de Negócios: Canais

Plataforma de mercado baseada na Web

A WM Technology, Inc. opera o Weedmaps.com, que hospedou 158.000 listagens ativas a partir do terceiro trimestre de 2023. A plataforma gera receita por meio de serviços de publicidade e mercado.

Métrica da plataforma	Valor
Listagens ativas totais	158,000
Visitantes únicos mensais	6,3 milhões
Receita da plataforma digital (2023)	US $ 211,4 milhões

Aplicativo móvel

O aplicativo móvel WeedMaps serve como um canal crítico com envolvimento significativo do usuário.

• Downloads de aplicativos: mais de 2 milhões
• App Store Classificação: 4.5/5
• Porcentagem de tráfego móvel: 68% do tráfego total da plataforma

Equipe de vendas diretas

A WM Technology emprega uma força de vendas dedicada direcionada aos varejistas e dispensários de cannabis.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	87
Custo médio de aquisição de clientes	$1,200
Equipe de vendas geração de receita anual	US $ 45,6 milhões

Campanhas de marketing digital

O marketing digital representa um canal de aquisição de clientes significativo.

• Gastes anuais de marketing digital: US $ 22,3 milhões
• Taxa de conversão: 4,2%
• Seguidores de mídia social: 750.000

Redes de referência de parceiros

A tecnologia WM aproveita as parcerias estratégicas no ecossistema de cannabis.

Métrica de rede de parceiros	Valor
Total de parceiros ativos	1,250
Receita de referência	US $ 18,7 milhões
Taxa de conversão de parceiros	3.6%

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

Consumidores de cannabis

A partir do quarto trimestre 2023, a WM Technology atende a aproximadamente 7,3 milhões de consumidores ativos por meio de sua plataforma Weedmaps.

Remutação do segmento do consumidor	Percentagem
Usuários recreativos	68%
Pacientes com cannabis medicinal	32%
Faixa etária média	21-45 anos

Dispensários de cannabis licenciados

A WM Technology suporta 6.500 dispensários de cannabis licenciados em mercados legais nos Estados Unidos em dezembro de 2023.

Tamanho do dispensário	Número de dispensários
Pequenos (1-3 locais)	4,200
Médio (4-10 locais)	1,800
Grande (mais de 11 locais)	500

Operadores de negócios de cannabis

A plataforma serve aproximadamente 11.000 operadores de negócios de cannabis em vários segmentos.

• Empresas de cultivo: 2.300
• Dispensários de varejo: 6.500
• Serviços de entrega: 1.200
• Fabricantes: 1.000

Profissionais médicos de maconha

A tecnologia WM se conecta com 3.800 profissionais de maconha medicinal e profissionais de saúde.

Tipo profissional	Número
Médicos	2,100
Farmacêuticos	850
Especialistas	850

Empreendedores da indústria de cannabis

A plataforma suporta 2.500 empreendedores da indústria de cannabis em vários estágios de inicialização.

• Startups em estágio inicial: 1.200
• Negócios em estágio de crescimento: 850
• Empresas estabelecidas: 450

WM Technology, Inc. (MAPS) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de tecnologia

Para o ano fiscal de 2023, a WM Technology, Inc. registrou US $ 28,1 milhões em despesas de pesquisa e desenvolvimento. A infraestrutura de tecnologia e os custos de desenvolvimento de software da empresa se decompõem da seguinte forma:

Categoria de custo	Despesa anual
Engenharia de software	US $ 15,3 milhões
Infraestrutura em nuvem	US $ 7,2 milhões
Manutenção de tecnologia	US $ 5,6 milhões

Marketing e aquisição de clientes

As despesas de marketing para a tecnologia WM em 2023 totalizaram US $ 42,5 milhões, representando investimentos significativos no crescimento do cliente:

• Publicidade digital: US $ 22,3 milhões
• Marketing de conteúdo: US $ 8,7 milhões
• Desenvolvimento de vendas e parceria: US $ 11,5 milhões

Despesas de conformidade regulatória

Os custos relacionados à conformidade para 2023 totalizaram US $ 6,8 milhões, incluindo:

Área de conformidade	Custo anual
Consultoria jurídica	US $ 3,2 milhões
Relatórios regulatórios	US $ 1,9 milhão
Infraestrutura de conformidade	US $ 1,7 milhão

Salários e benefícios dos funcionários

O total de despesas de pessoal para 2023 foi de US $ 67,3 milhões:

• Salários base: US $ 48,6 milhões
• Compensação baseada em ações: US $ 12,7 milhões
• Saúde e outros benefícios: US $ 6 milhões

Custos de infraestrutura e computação em nuvem

As despesas de nuvem e infraestrutura de 2023 atingiram US $ 12,4 milhões:

Componente de infraestrutura	Despesa anual
AWS Cloud Services	US $ 7,6 milhões
Custos de data center	US $ 3,2 milhões
Infraestrutura de rede	US $ 1,6 milhão

WM Technology, Inc. (MAPS) - Modelo de negócios: fluxos de receita

Taxas de publicidade no mercado

Para o ano fiscal de 2023, a WM Technology registrou US $ 41,5 milhões em receita de publicidade no mercado.

Fonte de receita	2023 quantidade	Porcentagem da receita total
Publicidade no mercado	US $ 41,5 milhões	32.4%

Serviços de assinatura de software

A WM Technology gerou US $ 53,2 milhões em serviços de assinatura de software em 2023.

Camada de assinatura	Faixa de preço mensal	Receita anual
Camada básica	$29.99 - $49.99	US $ 22,1 milhões
Nível Profissional	$99.99 - $199.99	US $ 31,1 milhões

Comissão de Transações do Marketplace

As comissões de transação para 2023 totalizaram US $ 37,8 milhões.

• Taxa média de comissão: 5-7% por transação
• Volume total de transações: US $ 612 milhões

Insights de dados e vendas de inteligência de mercado

A WM Technology ganhou US $ 15,6 milhões com vendas de dados e inteligência de mercado em 2023.

Tipo de produto	Receita	Segmento de clientes
Relatórios de mercado	US $ 8,3 milhões	Analistas de negócios
Pacotes de dados personalizados	US $ 7,3 milhões	Clientes corporativos

Ofertas de recursos premium para empresas

Os recursos premium geraram US $ 22,4 milhões em receita durante 2023.

• Análise avançada: US $ 9,2 milhões
• Ferramentas de listagem aprimoradas: US $ 6,7 milhões
• Integração de marketing: US $ 6,5 milhões

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.