WM Technology shares close at $0.2801 as investors await third-quarter results
Key Facts
WM Technology shares, which trade under the ticker MAPS, closed at $0.2801 on November 6, 2026, according to EL7 data. The close came as investors awaited the company’s third-quarter results, but key figures were not available from a reliable public source. The amount of change in revenue or adjusted EBITDA during the quarter therefore cannot be confirmed. In August, the company had issued guidance projecting a sequential decline in third-quarter revenue. That puts the stock’s performance in the context of earlier expectations for revenue pressure, without by itself establishing what actually occurred in the quarter.
In the second quarter of 2026, WM Technology reported revenue of $42.4 million, compared with $44.8 million in the second quarter of 2025, according to the company’s filing with the U.S. Securities and Exchange Commission. The company attributed the decline at the time to a challenging operating environment for its clients and pressure on margins and cash flows. That performance served as the baseline for its guidance for the following quarter. On August 6, the company said it expected third-quarter revenue to decline by a mid-single-digit percentage compared with the second quarter. That remained guidance issued before the quarter ended, not a confirmed third-quarter financial result.
Customer-base indicators in the second quarter showed continued pressure in more mature markets. Average monthly paying clients totaled 5,040, compared with 5,241 in the same period a year earlier, according to the company’s filing. WM Technology said client losses in more established markets were the main reason for the decline, while new client gains in some developing markets partly offset it. The divergence between markets reflects the challenge of offsetting contraction in the existing customer base with growth elsewhere. Verified figures were unavailable to show whether this trend continued in the third quarter.
Average monthly revenue per paying client also fell to $2,807 in the second quarter of 2026, from $2,852 a year earlier. The company attributed the decline to lower client spending in established markets, driven by lower pricing and continued industry consolidation. It added that the impact was partly offset by the mix of clients who left, as some had spent below average. These indicators complete the picture of the revenue pressures preceding the third quarter, alongside a decline in paying clients. But the available second-quarter filing does not show how these indicators changed over the following three months.
Second-quarter profitability measures moved in different directions: net income rose to $2.9 million from $2.2 million in the comparable period, while adjusted EBITDA fell to $5.0 million from $11.7 million. The comparison shows a widening year-over-year gap between net income and the adjusted profitability measure, according to figures reported by the company. Cash and cash equivalents totaled $60.5 million on June 30, 2026, compared with $59.0 million on June 30, 2025. These are balances and figures for the end of June and the second quarter, and do not establish liquidity or performance at the end of September. Whether subsequent quarterly results confirmed that pressure continued cannot be determined from the verified figures available here.
In the industry context, WM Technology Chief Executive Officer and Chairman Doug Francis said in an August filing that "the cannabis industry is entering a more demanding phase, particularly in established markets where economic and regulatory pressures continue to reshape the competitive landscape." The statement describes management’s view of the environment in which clients operated; it is not a verified breakdown of third-quarter results. The company’s guidance on the same date projected a sequential revenue decline from a second-quarter revenue base of $42.4 million. The share close of $0.2801 on November 6 remains the market figure available for that session. No subsequent third-quarter results figures or specific announcement date were available among the verified facts.