Cash flow generation has deteriorated significantly, with free cash flow margins falling to negative 3.0% in 2026Q1 compared to a peak of 21.9% in 2024Q2.
WM Technology, Inc. (MAPS) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 16.38M | 26.19M | 36.68M | 22.93M | -11.62M | 23.09M | 39.24M | 6.29M | 17.69M |
| Operating CF Margin % | - | 14.99% | 19.88% | 12.2% | -5.39% | 11.96% | 24.25% | 4.36% | 17.44% |
| Operating CF Growth % | -227.29% | -28.6% | 59.96% | 297.3% | -150.32% | -41.15% | 523.29% | -64.41% | - |
| Net Income | 2.08M | 1.96M | 12.19M | -9.9M | -82.65M | 152.22M | 38.83M | -375K | 12.68M |
| Depreciation & Amortization | 11.84M | 15.87M | 17.05M | 17.06M | 11.5M | 4.42M | 3.98M | 5.16M | 2.15M |
| Stock-Based Compensation | 4.28M | 7.78M | 9.22M | 13.52M | 23.49M | 29.32M | 0 | 0 | 0 |
| Deferred Taxes | 71K | 0 | 2.77M | 0 | 179.08M | -842K | 0 | 0 | 0 |
| Other Non-Cash Items | 20.78M | 15.06M | -71K | 16.41M | -146.19M | -158.66M | 1.27M | 180K | 2.43M |
| Working Capital Changes | -21.69M | -14.48M | -4.48M | -14.16M | 3.15M | -3.37M | -4.84M | 1.33M | 428.86K |
| Change in Receivables | -18.5M | -8.94M | 1.06M | 4.49M | -16.27M | -13.61M | -6.77M | -2.75M | -432.1K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 480K | -3.06M | 0 | 0 |
| Change in Payables | 2.07M | 582K | 996K | -15.28M | 14.08M | -480K | 3.06M | 0 | 0 |
| Cash from Investing | -12.35M | -12.69M | -11.64M | -11.87M | -17.77M | -30.43M | -1.31M | -5.13M | -2.12M |
| Capital Expenditures | -13.47M | -12.69M | -11.64M | -11.87M | -16.05M | -7.93M | -1.31M | -5.13M | -2.12M |
| CapEx % of Revenue | 7.86% | 7.26% | 6.31% | 6.31% | 7.45% | 4.11% | 0.81% | 3.56% | 2.1% |
| Acquisitions | 0 | 0 | 0 | 0 | -1.71M | -16M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 1M | 0 | 0 | 0 | 0 | -22.5M | 0 | 250M | 0 |
| Cash from Financing | -2.49M | -3.07M | -7.42M | -5.29M | -9.8M | 55.2M | -22.97M | -21.97M | 3.24M |
| Debt Issued (Net) | -3K | 0 | 0 | -1.45M | -7.34M | -205K | -616K | -5.02M | -2.94M |
| Equity Issued (Net) | -2K | 0 | -4K | -6K | -13K | -5.57M | -406K | -1.57M | -1.69M |
| Dividends Paid | 0 | -1.92M | -7.68M | -4.22M | -2.45M | -19M | -21.95M | -15.38M | -11.42M |
| Share Repurchases | -2K | 0 | -4K | -6K | -13K | -5.57M | -406K | -1.57M | -1.69M |
| Other Financing | -2.39M | -1.15M | 263K | 384K | -7.36M | 79.97M | 0 | 0 | 19.3M |
| Net Change in Cash | 1.55M | 10.44M | 17.62M | 5.77M | -39.19M | 47.86M | 14.95M | -20.8M | 18.81M |
| Free Cash Flow | 2.92M | 13.5M | 25.04M | 11.06M | -27.68M | 15.16M | 37.92M | 1.17M | 15.57M |
| FCF Margin % | 1.7% | 7.73% | 13.57% | 5.88% | -12.84% | 7.85% | 23.44% | 0.81% | 15.35% |
| FCF Growth % | -86.96% | -46.07% | 126.45% | 139.95% | -282.6% | -60.03% | 3152.57% | -92.51% | - |
| FCF per Share | 0.03 | 0.12 | 0.26 | 0.12 | -0.33 | 0.23 | 0.58 | 0.04 | 2.25 |
| FCF Conversion (FCF/Net Income) | 1.40x | 13.35x | 4.80x | -2.32x | 0.10x | 0.38x | 1.01x | -16.79x | 1.23x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 157K | 0 |
| Taxes Paid | 0 | 0 | 52K | 38K | 0 | 242K | 1.34M | 118K | 0 |
Quick answers to the most common questions about buying MAPS stock.
WM Technology, Inc. (MAPS) generated $26.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
WM Technology, Inc. (MAPS) generated $13.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
WM Technology, Inc. (MAPS) spent $12.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, WM Technology, Inc. (MAPS) returned $1.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory and cyclical saturation
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in financial statements, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio swinging from a high of 17.67 in 2024Q2 to a negative 1.10 in 2026Q1, signaling significant volatility in the company's underlying cash generation quality.
The wide variance between reported net income and operating cash flow suggests that non-cash items and working capital fluctuations are heavily distorting the company's true earnings power. Investors should monitor whether this disconnect reflects genuine operational challenges or merely timing differences in revenue recognition and expense accruals.
Free Cash Flow Margin Compression
Based on EDBL's reported figures, free cash flow margins have experienced a sharp decline, moving from a peak of 21.9% in 2024Q2 to a negative 3.0% in 2026Q1, which highlights the difficulty in maintaining cash flow efficiency amidst a broader environment of top-line revenue contraction.
The transition to negative free cash flow in the most recent quarter indicates that the company's current cost structure may be unsustainable without consistent revenue growth. This trend warrants further investigation into whether management can effectively scale back discretionary spending to preserve liquidity in a tightening market.
Working Capital Volatility and Pressure
According to recent SEC filings, working capital changes have consistently acted as a drag on cash flow, with a notable $6.7M outflow in 2025Q4, suggesting that the company is struggling to manage its receivables and payables cycle effectively in the current cannabis retail environment.
The persistent negative working capital adjustments appear to indicate that the company is facing challenges in collecting payments from its client base, potentially due to the financial instability of cannabis retailers. This trend may imply that the company is effectively financing its customers' operations, which introduces additional credit risk.
Capital Allocation Amidst Cash Constraints
As disclosed in financial statements, the company has historically utilized cash for dividends and minor buybacks, yet the recent shift to negative free cash flow in 2026Q1 suggests that such capital deployment strategies may no longer be supported by the firm's current operational cash generation.
The decision to return capital to shareholders while operating cash flow is deteriorating may indicate a management preference for maintaining investor sentiment over building a cash buffer. Investors should monitor whether these distributions are curtailed in future periods to prioritize balance sheet preservation given the current revenue headwinds.