WM Technology, Inc. Q4 FY2025 earnings call

Doug mentioned the company focused on executing priorities over the past year despite cannabis industry headwinds. Full year 2025 had $175M revenue, $40M adjusted EBITDA, and $62M cash. Macro trends include consolidation led by MSOs and California retailers. Weedmaps is enhancing product offerings, deepening client relationships. Product updates underway for better discovery, and early momentum in New York.

Full year 2025 revenue was $175 million. Fourth quarter 2025 revenue was $43 million, a 10% YoY decline. Full year adjusted EBITDA was $40 million. Fourth quarter adjusted EBITDA exceeded guidance but was down over 10% YoY. Newer markets like New York and Ohio showed growth, while mature markets like California and Michigan faced challenges.

First quarter 2026 revenue expected to decline mid- to high single digits sequentially from Q4. No adjusted EBITDA guidance provided for 2026. Company remains committed to preserving financial flexibility and disciplined capital allocation.

Industry structural headwinds. Consolidation reduces market operators and narrows product choice. Schedule III rescheduling won't immediately change legal status or enable new business lines. 280E tax impact may be limited and favor large operators, affecting Weedmaps business model.