Observed Signal · Aug 6, 2026 · earnings · Source: SEC API · Impact: 3.8/5

10-Q Financial Filing Analysis for Weedmaps (2026-08-06)

Executive Signal Summary

WM Technology, Inc. (Weedmaps) reported its Q2 2026 financial results, generating $42.45 million in revenue, a 5% decrease year-over-year from $44.85 million in Q2 2025. Net income improved to $2.88 million compared to $2.16 million in the prior-year period, primarily driven by a 7% reduction in total operating expenses to $40.09 million and the partial reversal of AWS purchase commitment loss contingencies. However, Adjusted EBITDA declined sharply by 58% to $4.97 million compared to $11.73 million in Q2 2025. Operationally, the company continues to face headwinds in its core California market and established regions due to customer margin compression, industry consolidation, and price deflation. Average monthly paying clients fell 4% YoY to 5,040, and average monthly revenue per paying client slipped to $2,807. During the quarter, the company completed its voluntary delisting from Nasdaq to the OTCQX market and settled major putative shareholder and derivative class actions for $7.5 million (mostly insurance-funded).

Polaris7 AgentPolaris7 Strategic Assessment
High Confidence

The filing highlights Weedmaps' strategic shift to the OTCQX market following its Nasdaq delisting, persistent macro/liquidity stress across the US cannabis retail landscape, and resolution of historical MAU-related litigation.

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Key Takeaways & Evidence Grounding

  • Q2 2026 revenue fell 5.4% YoY to $42.45 million, while net income rose to $2.88 million ($0.02 EPS) and Adjusted EBITDA dropped 57.6% YoY to $4.97 million.
  • Average monthly paying clients dropped 4% YoY to 5,040 with average monthly revenue per paying client decreasing to $2,807.
  • Completed voluntary delisting from Nasdaq on April 24, 2026, transitioning trading of Class A Common Stock to the OTCQX Best Market under ticker MAPS.
Primary Source Grounding & Direct Attribution
Direct Origin Attribution
Primary Reporting: SEC API•Published: Aug 6, 2026

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