Here are 1-3 brief analogies for WM Technology (MAPS):

• Yelp for cannabis dispensaries.
• Shopify for cannabis businesses.
• Grubhub for cannabis delivery.

• Weedmaps Marketplace: A consumer-facing platform (website and mobile app) for discovering cannabis products, dispensaries, and brands, enabling users to browse menus, place orders, and access industry information.
• WM Business Platform (SaaS): A suite of software tools provided to cannabis retailers and brands to manage their online presence, inventory, point-of-sale, and logistics within the Weedmaps ecosystem.
• Advertising & Promotional Services: Opportunities for cannabis businesses to enhance their visibility and reach consumers through various advertising placements and promotional features on the Weedmaps platform.

WM Technology (MAPS) Major Customers

WM Technology, operating primarily through its Weedmaps platform, functions as a business-to-business (B2B) platform. Its primary customers are licensed cannabis businesses.

Unlike many companies that rely on a few large enterprise customers, WM Technology's revenue model is based on serving a broad and diverse base of cannabis operators. According to their financial filings (e.g., their most recent 10-K), **no single customer accounts for 10% or more of their total revenue.** Therefore, there are no specific "major customer companies" that can be individually identified by name or stock symbol.

Instead, WM Technology's customer base consists of thousands of businesses within the legal cannabis industry that pay to list their products, advertise, and utilize the platform's tools and services. These customer categories include:

• Licensed Cannabis Dispensaries: These are retail stores that sell cannabis products directly to consumers. They use Weedmaps to list their menus, showcase their products, and attract customers.
• Cannabis Brands and Producers: Companies that cultivate, manufacture, and brand cannabis products (e.g., flower, edibles, concentrates). They utilize the platform to gain visibility for their products among dispensaries and consumers.
• Cannabis Delivery Services: Businesses that facilitate the delivery of cannabis products from licensed dispensaries to consumers. They leverage Weedmaps for listing their services and connecting with customers in their service areas.

• Amazon.com, Inc. (AMZN)

Douglas Francis, Chief Executive Officer

Douglas Francis co-founded Weedmaps (Legacy WMH), the predecessor company to WM Technology, alongside Justin Hartfield in 2008. He served as President & Chief Operating Officer of Weedmaps from 2009 to 2016 and as Chief Executive Officer from 2016 to March 2019. In 2021, Francis joined the Weedmaps board of directors after the company began publicly trading on Nasdaq, becoming Executive Chair in August 2022. He was named CEO in November 2024. WM Holding Co. was acquired by Silver Spike Acquisition Corp. on June 16, 2021. Francis is also the founder of Ghost Management Group LLC.

Susan Echard, Chief Financial Officer

Susan Echard joined Weedmaps as Interim Chief Financial Officer in February 2024. She is a partner at SeatonHill Partners, LP, a CFO services firm. While at SeatonHill, she served as CFO for Direct Digital Holdings from June 2021 to June 2023, and as CFO for Trinity Capital Investment from April 2019 to February 2021. Prior to that, she was Chief Financial Officer at CUBEX LLC from January 2017 to February 2019. Echard brings over 35 years of experience in both domestic and international finance roles, including with public companies such as Royal Caribbean, Tupperware, PetSmart, and CSK Automotive.

Sarah Griffis, Chief Technology Officer

Sarah Griffis joined Weedmaps as Chief Technology Officer in January 2025. Before joining WM Technology, she spent three years as Chief Technology Officer for Cerebral Inc., a digital mental healthcare company, from January 2022 to December 2024. Her previous experience also includes serving as Director of Engineering for GoodRx from May 2020 to January 2022, and as a founding member and Head of Engineering for Kindbody from July 2018 to May 2020.

Brian Camire, General Counsel and Secretary

Brian Camire has served as General Counsel and Secretary for WM Technology since May 2019. Prior to his role at Weedmaps, he was Associate General Counsel at Snap Inc. from May 2016 to April 2019, and Corporate Counsel from March 2015 to May 2016. He also worked as an associate attorney at Cooley LLP from January 2011 to February 2015.

The key risks to WM Technology's business (symbol: MAPS) are primarily rooted in the highly dynamic and competitive cannabis industry, coupled with internal operational challenges.

1. Industry & Regulatory Volatility: WM Technology operates within the cannabis industry, which is subject to rapidly evolving and fragmented regulations at state and federal levels. The company's performance and growth heavily depend on the regulatory climate and the pace of cannabis legalization. This volatility can lead to fluctuating client spending and impact the company's ability to expand into new and existing markets.
2. Material Weakness in Internal Controls: The company has identified and is working to remediate material weaknesses in its internal controls over financial reporting, including ineffective information technology controls related to areas like change management and access controls in the order-to-cash cycle. The persistence of these control weaknesses poses a significant operational risk to financial reporting and overall company stability.
3. Competitive Pressure & Revenue Declines: WM Technology faces significant competitive pressure from other cannabis-focused platforms and general online marketplaces. This intense competition contributes to industry-wide pricing compression and has led to modest revenue declines and a decrease in average monthly revenues per paying client. Maintaining and enhancing brand recognition and a strong competitive moat are critical for retaining and acquiring clients in this environment.

WM Technology (NASDAQ: MAPS) operates in the cannabis technology sector, primarily through its Weedmaps online marketplace and a suite of business software solutions. The company's main products and services encompass an online cannabis marketplace that connects consumers with retailers and brands, offering information and advertising opportunities. Additionally, it provides subscription-based business software solutions for e-commerce, compliance, inventory management, point-of-sale (POS), customer relationship management (CRM), and analytics for cannabis businesses.

The addressable markets for WM Technology's main products and services can be broadly categorized under the global and North American cannabis technology and cannabis industry software markets:

• Global Cannabis Technology Market: This market was valued at approximately USD 5.3 billion in 2023 and is projected to reach USD 46.53 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 27.3% from 2025 to 2032. Other estimates place the global cannabis technology market size at USD 6.2 billion in 2024, expected to reach USD 23.7 billion by 2030 with a CAGR of 24.9% from 2024-2030.
• North America Cannabis Technology Market: North America is a dominant region in the global cannabis technology market, accounting for an impressive 60% of the total market. The North American cannabis technology market size was valued at USD 13.25 billion in 2023 and is projected to reach approximately USD 162.65 billion by 2033, growing at a CAGR of 28.5% from 2024 to 2033. The software segment alone dominated the North American cannabis technology market, holding a 60.0% revenue share in 2023.
• Global Cannabis Industry Software Market: This specific segment of the cannabis market was estimated at USD 806.99 million in 2022 and is projected to grow substantially to USD 6,656.15 million by 2030, at a CAGR of 30.2% during the forecast period from 2023 to 2030. Another report valued the global cannabis industry software market at USD 1207.91 million in 2024, with a projection to reach USD 9962.94 million by 2031, at a CAGR of 30.18% from 2024 to 2031.
• Global Dispensary Software Market: This market is projected to reach approximately USD 2,000 million by 2025, demonstrating a CAGR of around 12% between 2019 and 2033. North America is expected to dominate this market.

Here are 3-5 expected drivers of future revenue growth for WM Technology (NASDAQ: MAPS) over the next 2-3 years:

1. Expansion into Emerging Markets and Multi-State Operators (MSOs): WM Technology is actively driving growth in "target markets including MSOs" and focusing on new client acquisitions in "emerging markets" to offset challenges in more mature areas. This expansion into developing cannabis markets and partnerships with larger multi-state operators is expected to increase their client base and, consequently, their revenue.
2. Focus on Core Marketplace and Premium Offerings: The company has strategically decided to "narrow [its] focus" and "sunset its WM AdSuite, WM CRM and WM Screens products" to concentrate efforts and investments on its core marketplace. This refined focus, coupled with exploring "new revenue streams from premium placements and product innovations," suggests a strategy to enhance and monetize their primary platform more effectively.
3. Increased Average Monthly Revenue Per Paying Client (ARPU) in Growing Markets: While average monthly revenue per paying client has seen some declines in established markets, the company's efforts to onboard new clients at potentially higher spending tiers in emerging markets, or through improved monetization of their core marketplace, could lead to an increase in ARPU over time. Although recent reports show a decrease in ARPU, the strategic shift towards core offerings and potential premium placements aims to reverse this trend and drive revenue growth.
4. Leveraging Overall Cannabis Industry Growth and Potential Regulatory Changes: The broader trend towards cannabis legalization and market maturation in various U.S. states and potentially new international markets provides an underlying growth driver for WM Technology. As more states regulate cannabis, WM Technology, as a leading marketplace and technology provider, is well-positioned to expand its reach and client base. The company "acknowledges the potential impact of federal cannabis regulations on its business and continues to monitor changes in the regulatory environment."

Share Issuance

• The 2021 Equity Incentive Plan authorizes an automatic annual increase on January 1st of each year, from 2022 to 2031, equal to five percent of the total outstanding capital stock as of December 31st of the preceding year.
• As of September 30, 2025, 48,307,514 shares of Class A Common Stock were authorized for issuance under the 2021 Plan, with 23,098,008 shares remaining available for future issuance.
• Class A Common Stock outstanding increased from 96,948,250 shares as of August 5, 2024, to 107,897,133 shares as of October 31, 2025. Conversely, Class V Common Stock outstanding decreased from 55,486,361 shares as of December 31, 2023, to 49,319,542 shares as of September 30, 2025.

Capital Expenditures

• Capital expenditures and capitalized software resulted in net cash outflows of approximately $11.6 million for the full year 2024.
• Net cash outflows for capital expenditures and capitalized software amounted to approximately $11.9 million for the full year 2023.
• The company plans strategic investments in 2025 to support long-term growth and health, prioritizing key technology and marketing initiatives.