The company's 2026Q1 operating margin of 0.5% highlights a failure to achieve operating leverage despite maintaining high gross margins of 94.9%.
WM Technology, Inc. (MAPS) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 171.25M | 174.7M | 184.51M | 187.99M | 215.53M | 193.15M | 161.79M | 144.23M | 101.4M |
| Revenue Growth % | -6.77% | -5.32% | -1.85% | -12.78% | 11.59% | 19.38% | 12.17% | 42.24% | - |
| Cost of Goods Sold | 25.64M | 22.23M | 9.02M | 12.53M | 15.41M | 7.94M | 7.63M | 7.07M | 6.3M |
| COGS % of Revenue | - | 12.72% | 4.89% | 6.66% | 7.15% | 4.11% | 4.72% | 4.9% | 6.22% |
| Gross Profit | 145.61M | 152.48M | 175.5M | 175.47M | 200.12M | 185.21M | 154.16M | 137.16M | 95.1M |
| Gross Margin % | 85.03% | 87.28% | 95.11% | 93.34% | 92.85% | 95.89% | 95.28% | 95.1% | 93.78% |
| Gross Profit Growth % | - | -13.12% | 0.02% | -12.32% | 8.05% | 20.14% | 12.4% | 44.23% | - |
| Operating Expenses | 151M | 140.73M | 160.75M | 193.92M | 269.75M | 193.39M | 112.96M | 130.87M | 80.12M |
| OpEx % of Revenue | - | 80.55% | 87.12% | 103.15% | 125.15% | 100.12% | 69.82% | 90.74% | 79.01% |
| Selling, General & Admin | 112.86M | 115.8M | 111.04M | 121.39M | 203.41M | 151.19M | 81.84M | 96.21M | 56.73M |
| SG&A % of Revenue | - | 66.28% | 60.18% | 64.57% | 94.38% | 78.28% | 50.59% | 66.71% | 55.95% |
| Research & Development | 29.99M | 28.14M | 36.43M | 36M | 50.52M | 35.4M | 27.14M | 29.5M | 20.03M |
| R&D % of Revenue | - | 16.11% | 19.74% | 19.15% | 23.44% | 18.33% | 16.78% | 20.45% | 19.76% |
| Other Operating Expenses | 2M | -3.2M | 13.28M | 36.54M | 15.81M | 6.8M | 3.98M | 5.16M | 2.15M |
| Operating Income | 4.46M | 11.75M | 14.75M | -18.46M | -69.62M | -8.18M | 41.2M | 6.29M | 16.18M |
| Operating Margin % | 2.6% | 6.72% | 7.99% | -9.82% | -32.3% | -4.23% | 25.46% | 4.36% | 15.96% |
| Operating Income Growth % | - | -20.36% | 179.9% | 73.49% | -751.33% | -119.85% | 555.29% | -61.15% | - |
| EBITDA | 19.1M | 27.62M | 31.8M | -1.39M | -53.47M | -3.75M | 45.18M | 11.45M | 18.33M |
| EBITDA Margin % | 11.15% | 15.81% | 17.23% | -0.74% | -24.81% | -1.94% | 27.92% | 7.94% | 18.08% |
| EBITDA Growth % | -38.35% | -13.14% | 2380.85% | 97.39% | -1324.7% | -108.31% | 294.58% | -37.54% | - |
| D&A (Non-Cash Add-back) | 14.64M | 15.87M | 17.05M | 17.06M | 16.15M | 4.42M | 3.98M | 5.16M | 2.15M |
| EBIT | 6.16M | 11.75M | 14.75M | 5.95M | -65.31M | -5.81M | 41.2M | 6.29M | 16.18M |
| Net Interest Income | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 1.81M | 0 |
| Interest Income | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 1.81M | 621.46K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -1.16M | -8.39M | -2.52M | 2.82M | 166.05M | 159.79M | -2.37M | -5.34M | -1.83M |
| Pretax Income | 3.3M | 3.36M | 12.23M | -15.63M | 96.43M | 151.62M | 38.83M | 946K | 14.35M |
| Pretax Margin % | 1.93% | 1.92% | 6.63% | -8.32% | 44.74% | 78.5% | 24% | 0.66% | 14.16% |
| Income Tax | 117K | 93K | 46K | 93K | 179.08M | -601K | 0 | 1.32M | 0 |
| Effective Tax Rate % | 3.54% | 2.77% | 0.38% | -0.59% | 185.71% | -0.4% | 0% | 139.64% | 0% |
| Net Income | 2.08M | 1.96M | 7.64M | -9.9M | -115.99M | 60.38M | 38.83M | -375K | 14.35M |
| Net Margin % | 1.22% | 1.12% | 4.14% | -5.27% | -53.82% | 31.26% | 24% | -0.26% | 14.16% |
| Net Income Growth % | -76.22% | -74.32% | 177.18% | 91.47% | -292.09% | 55.51% | 10454.67% | -102.61% | - |
| Net Income (Continuing) | 3.19M | 3.26M | 12.19M | -15.73M | -82.65M | 152.22M | 38.83M | -375K | 14.35M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 76.01M | 74.63M | 83.99M | 86.77M | 101.4M | 68.38M | 0 | 0 | 0 |
| EPS (Diluted) | 0.02 | 0.02 | 0.08 | -0.11 | -1.36 | -0.18 | 0.59 | -0.01 | 2.08 |
| EPS Growth % | -79.31% | -77% | 171.55% | 91.91% | -655.56% | -130.51% | 5016.67% | -100.58% | - |
| EPS (Basic) | - | 0.02 | 0.08 | -0.11 | -1.36 | 0.93 | 0.59 | -0.01 | 2.08 |
| Diluted Shares Outstanding | 111.5M | 108.22M | 97.1M | 93.25M | 85.03M | 66.81M | 65.68M | 31.25M | 6.91M |
| Basic Shares Outstanding | 111.4M | 106.57M | 96.25M | 93.25M | 85.03M | 65.01M | 65.68M | 31.25M | 6.91M |
| Dividend Payout Ratio | - | 97.66% | 100.56% | - | - | 31.46% | 56.53% | - | 79.59% |
Quick answers to the most common questions about buying MAPS stock.
For fiscal year 2025, WM Technology, Inc. (MAPS) reported total revenue of $174.7M. This represents a 72.3% increase compared to $101.4M in 2018.
WM Technology, Inc. (MAPS) is profitable, generating $2.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.1%.
WM Technology, Inc. (MAPS) reported an operating income of $11.7M, resulting in an operating profit margin of 6.7%. This margin reflects the operational efficiency of the business before interest and taxes.
WM Technology, Inc. (MAPS) generated $152.5M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and cyclical saturation
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction Trends
As evidenced by the most recent quarterly data, MAPS has struggled to maintain positive momentum, reporting a -2.4% year-over-year revenue decline in 2026Q1, which underscores the ongoing challenges in achieving sustainable top-line growth within its core marketplace and software segments across mature legal cannabis markets.
The consistent pattern of negative or stagnant revenue growth suggests that the company is facing significant headwinds from market saturation and potential pricing pressure. Investors should monitor whether the current contraction reflects a cyclical downturn in retailer ad spend or a more structural loss of competitive positioning against emerging alternatives.
High Gross Margins Masking Inefficiency
According to the provided financial statements, MAPS maintains a robust gross margin profile, frequently exceeding 94% in recent periods, yet this high-level profitability is significantly diluted by elevated operating expenses that prevent the realization of meaningful bottom-line expansion for the broader enterprise.
While the software-centric model allows for exceptional gross profitability, the inability to translate this into consistent operating margin growth suggests that customer acquisition and platform maintenance costs remain disproportionately high. This disparity warrants further investigation into whether the company can achieve operating leverage without sacrificing its core marketplace engagement.
Operating Leverage Remains Elusive
Based on reported figures, operating income has failed to scale proportionally with gross profit, as evidenced by the 2026Q1 operating margin of just 0.5%, indicating that the company's cost structure remains heavily burdened by administrative and sales-related overhead that limits overall profitability.
The lack of meaningful operating leverage suggests that the company is currently in a phase where incremental revenue gains are largely offset by the costs required to maintain its market position. Analysts should scrutinize whether management can successfully streamline SG&A expenses to improve the conversion of gross profit into operating income.
Earnings Volatility and SBC Impact
Financial disclosures reveal that net income remains highly sensitive to non-operating items and periodic stock-based compensation charges, with 2026Q1 net income of $1.2M appearing volatile when compared to the significant losses observed in previous periods like 2025Q4, complicating the assessment of core earnings quality.
The fluctuation in net income, often influenced by variable stock-based compensation, suggests that investors should focus on normalized profitability metrics to gauge the underlying health of the business. The inconsistency in bottom-line performance warrants caution regarding the sustainability of current earnings levels in the absence of more stable operational growth.
Structural Risks to Marketplace Dominance
As reported in recent filings, the company's reliance on a niche cannabis marketplace model faces potential disruption, as the -5.32% revenue contraction trend may indicate that the platform's value proposition is increasingly vulnerable to both regulatory shifts and the entry of better-capitalized mainstream technology competitors.
Short-term observers may argue that the current revenue contraction is a precursor to a more permanent decline in market share if the company cannot successfully pivot toward more durable, compliance-driven software revenue. The risk remains that the marketplace model is inherently tied to the financial health of retailers, which may continue to constrain growth in a high-interest-rate environment.