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Founder take-private proposal ($1.70/share, withdrawn Feb 2025) signals internal skepticism about public market valuation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