IRVINE, Calif. - WM Technology, Inc. (NASDAQ:MAPS) announced preliminary financial results for the first quarter ended March 31, 2026, according to a press release statement.
The cannabis marketplace and technology solutions provider expects revenue between $42 million and $44 million for the quarter. Adjusted EBITDA is projected in the range of $5 million to $7 million. The company held approximately $57 million in cash, cash equivalents, and investments as of March 31, 2026. The stock currently trades at $0.35, near its 52-week low of $0.33, with shares down 56% year-to-date. Despite the challenging market conditions, InvestingPro analysis suggests the company appears undervalued at current levels. The company maintains impressive gross profit margins of 95% and holds more cash than debt on its balance sheet, according to InvestingPro Tips.
The company plans to release complete financial results for the first quarter after market close on May 11, 2026.
WM Technology confirmed plans to voluntarily delist from Nasdaq, with intentions to trade on the OTCQX exchange operated by OTC Markets Group Inc. following the delisting. The company also plans to deregister its Class A common stock and warrants under the Securities Exchange Act of 1934.
"While we feel good about our performance, industry conditions remain challenging, which we believe limits the potential for growth of our core business in the absence of major regulatory change," said Doug Francis, CEO and Chairman of WM Technology.
The company stated it will continue providing quarterly financial updates as required under SEC rules through the end of 2026 and will evaluate its reporting frequency thereafter, according to Susan Echard, Chief Financial Officer.
The preliminary financial results are unaudited and based on information available to management as of the press release date. The company's independent registered public accounting firm has not performed any procedures on these preliminary results.
WM Technology operates Weedmaps, a cannabis marketplace, and provides eCommerce and compliance software solutions for cannabis businesses in U.S. state-legal markets.
In other recent news, WM Technology, Inc. reported disappointing financial results for the fourth quarter of 2025. The company missed both earnings per share (EPS) and revenue forecasts, posting an EPS of -$0.03 compared to the anticipated $0.04, which represents a substantial negative surprise of -175%. Revenue for the quarter was $43.07 million, slightly below the expected $43.85 million. These results have drawn attention from investors and analysts alike. Additionally, WM Technology announced plans to voluntarily delist its Class A common stock and warrants from the Nasdaq Global Select Market. The company intends to move its securities to the OTC markets, with the last trading day on Nasdaq expected to be on or about April 24, 2026. This decision marks a significant shift in the company's market presence.