WM Technology (OTC: MAPS) reported Q2 2026 revenue of $42.4 million on August 6, 2026 — down from $44.8 million in Q2 2025 — while adjusted EBITDA fell to $5.0 million from $11.7 million a year earlier, a 57% year-over-year compression, per the company's August 6, 2026 news release.
Net income improved to $2.9 million in Q2 2026 from $2.2 million in Q2 2025. Basic and diluted Class A earnings per share came in at $0.02 for the quarter, per the same release. Adjusted EBITDA and net income moved in opposite directions over that period; the company's August 6, 2026 news release does not attribute that divergence to any specific cause.
The client count mirrors the revenue line. Average monthly paying clients fell to 5,040 in Q2 2026, down from 5,241 in the prior-year period.
CEO Doug Francis framed the environment in the company's results announcement: "The cannabis industry is entering a more demanding phase, particularly in established markets where sustained economic and regulatory pressures continue to reshape the competitive landscape. Weedmaps is responding by strengthening our core marketplace and the value it delivers to consumers and licensed operators, expanding into underpenetrated states and continuing to evaluate adjacent opportunities across the broader cannabis ecosystem that can support our platform's long-term growth."
The balance sheet provides context. As of June 30, 2026, WM Technology held $60,499 thousand in cash and cash equivalents against total liabilities of $51,745 thousand and total stockholders' equity of $138,826 thousand, per the company's 10-Q filing. The stock traded at $0.35 per share with a market cap of approximately $45.4 million as of August 5, 2026.
A proposed securities class action settlement of $7.5 million received preliminary court approval on July 20, 2026. Approximately $5.1 million is expected from insurers; the company has accrued approximately $2.4 million. A final approval hearing is scheduled for January 11, 2027.
For the full year 2025, WM Technology reported revenue of $174.70 million, down from $184.51 million the prior year — a decrease of 5.32% — with earnings falling to $1.96 million, a decrease of 74.32%.
On guidance, the company expects third-quarter 2026 revenue to decline by mid-single digit percentages sequentially from Q2's $42.4 million base, per the August 6, 2026 news release. The next scheduled disclosure is the Q3 2026 results; the settlement final approval hearing follows on January 11, 2027.