WM Technology, Inc. (OTC: MAPS) announced its financial results for the third quarter ended September 30, 2026, revealing a period of operational and financial contraction. The company reported revenues of $38.5 million for the quarter, a decrease from $42.2 million in the prior year period. This decline was driven by client payment difficulties and a challenging operating environment characterized by margin compression and cash flow constraints affecting customers.
The company also reported a net loss of $5.9 million for the quarter, compared to a net income of $3.6 million in the prior year. Adjusted EBITDA fell to $0.8 million from $7.6 million in the prior year. Management attributed the decrease in Adjusted EBITDA and increased cash utilization to higher marketing spend and one-time expenses, including a securities litigation settlement and severance costs related to a workforce reduction.
Key operational metrics showed a decrease in the average monthly paying client base to 4,899 from 5,221 in the prior year. Average monthly revenues per paying client decreased to $2,618 from $2,693. Despite the near-term pressures, the company noted that it has focused on collections and terminated clients with late payments to protect the long-term health of the business. The company also highlighted that it has identified potential targets for acquisition as part of its strategy to expand deeper into the cannabis supply chain.
Regarding future guidance, WM Technology expects fourth quarter 2026 revenue to decline by a low-single digit percentage compared to the third quarter. The company anticipates that no business acquisitions, investments, restructurings, or legal settlements will be concluded in the period.
