WM Technology plans Nasdaq delisting, reports preliminary Q1 results

WM Technology Inc. (NASDAQ: MAPS) announced preliminary first-quarter 2026 financial results and confirmed plans to delist from Nasdaq, citing regulatory limitations on strategic expansion in the cannabis industry.

The cannabis marketplace and technology solutions provider reported preliminary revenue of $42 million to $44 million for the quarter ended March 31, 2026. Adjusted EBITDA is expected between $5 million and $7 million. The company held approximately $57 million in cash, cash equivalents, and investments as of March 31.

Chief Executive Officer Doug Francis said industry conditions remain challenging and limit growth potential for the core business without major regulatory changes. The company plans to trade on the OTCQX exchange operated by OTC Markets Group Inc. following the Nasdaq delisting.

Chief Financial Officer Susan Echard stated the company intends to continue providing quarterly financial updates as required under SEC rules through the end of 2026 and will evaluate reporting frequency thereafter.

WM Technology operates Weedmaps, a cannabis marketplace for consumers, along with eCommerce and compliance software solutions for cannabis businesses in state-legal markets. The Irvine, California-based company was founded in 2008.

The preliminary financial results are unaudited estimates based on available information and may change before the company files its first-quarter Form 10-Q. WM Technology plans to report complete first-quarter results after market close on May 11, 2026.

The company noted that its Nasdaq listing limits strategic optionality and expressed hope that federal policy changes will eventually allow cannabis companies to operate with major U.S. exchange listings.

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