WM Technology, Inc. — Cyborg Score 4/10

Mixed
Cannabis Technology & Marketplace

Strategic Profile

The company has achieved its tenth consecutive quarter of Adjusted EBITDA profitability. In Q2 2025, the company achieved net income of $2.2 million (up 81% YoY) and Adjusted EBITDA of $11.7 million (up 16% YoY), though revenue decreased slightly to $44.8 million from $45.9 million in the prior year. The company is focused on monetizing its Weedmaps marketplace while growing its B2B software offerings.

Cyborg Score Rationale

WM Technology has achieved consecutive quarters of EBITDA profitability and maintains a growing business, but faces significant headwinds including declining revenue, decreasing revenue per client, depressed stock valuation (down 89% since IPO), and insider selling pressure. Market cap has contracted to ~$170M, indicating investor skepticism.

Top Insights

  • Ten consecutive quarters of Adjusted EBITDA profitability demonstrates operational discipline, though margins remain thin
  • Revenue momentum is negative with Q2 2025 revenue declining YoY and average revenue per client falling from $3,033 to $2,852
  • Founder take-private proposal ($1.70/share, withdrawn Feb 2025) signals internal skepticism about public market valuation
  • Stock has collapsed 89% from $10 IPO price (Aug 2019), with current valuation at multi-year lows despite profitability

Named Competitors

  • Leafly Marketplace — Cannabis discovery and dispensary reviews platform
  • Dutchie Platform — POS and ordering platform for cannabis retailers
  • Verano Holdings Cannabis Brands — Vertically integrated cannabis producer and retailer

Recent Developments

  • (February 2026) Appointed Harry DeMott and Brent Cox to Board; Susan Echard transitioned to full-time CFO
  • (November 2025) General Counsel Brian Camire sold 90,979 shares
  • (September 2025) Co-founders withdrew non-binding take-private proposal at $1.70/share due to external factors
  • (August 2025) Q2 2025 earnings: net income $2.2M (+81% YoY), revenue $44.8M (-2.4% YoY)

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