WM TECHNOLOGY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data WM TECHNOLOGY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	144	162	193	216	188	185	175
Cost of revenue	7.07	7.63	7.94	15.4	12.5	9.02	8.83
Gross profit	137	154	185	200	175	175	166
Research and development	29.5	27.1	35.4	50.5	36	36.4	28.1
Selling and marketing	39.7	30.7	56.1	82.6	47.1	40.4	38.9
General and administrative	56.5	51.1	95.1	121	74.3	70.6	76.9
Operating expenses		3.86
Operating income	6.29	41.2	-8.18	-69.6	-18.5	14.8	0.77
Interest income		2.26
Other non-operating income	-5.34	-2.37	-6.72	-1.67	2.57	0.24	1.87
Pre-tax income	0.95	38.8	152	96.4	-15.6	12.2	3.36
Income tax	1.32	0	-0.6	179	0.09	0.05	0.09
Net income to minority interests	0	0	91.8	33.3	-5.83	4.55	1.3
Net income	-0.38	38.8	60.4	-116	-9.9	7.64	1.96
EBITDA	11.4	45.2	-3.75	-58.1	-6.32	28	14.2
EPS, basic	0.42	-5.94
EPS, diluted	0.42	-5.94
Shares, basic (weighted)	8.37	9.02	65	85	93.2	96.3	107
Shares, diluted (weighted)	8.37	9.02	66.8	85	93.2	97.1	108

Balance sheet

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.97	19.9	67.8	28.6	34.4	52	62.4
Short-term investments							0
Receivables		9.43	17.6	17.4	11.2	10.1	14.6
Other current assets	0.26	4.82	13.6	8.96	5.98	7.49	7.9
Total current assets	1.15	34.2	98.9	55	51.5	69.5	84.9
Property, plant and equipment		7.39	13.3	24.9	24.3	24.1	25
Lease right-of-use assets			36.5	31.4	15.6	14.7	12.2
Goodwill		3.96	45.3	68.4	68.4	68.4	61.3
Intangible assets		4.51	8.3	10.3	2.51	1.95	1.51
Other non-current assets		3.87	10.7	8.97	4.78	3.26	5.76
Total assets	253	53.9	365	199	167	182	191
Accounts payable	0.1	2.24	4.3	4.34	7.32	7.47	13
Accrued liabilities	0.1	6.59	10.1	24.1	3.03	2.77	2.97
Deferred revenue		5.3	8.1	6.26	5.9	5.43	5.5
Total current liabilities		23.2	37.8	46.3	33.7	30.4	36.2
Lease liabilities			39.4	33	26.6	26.6	22.6
Other non-current liabilities		1.37	0	2.3	1.39	1.17	0
Total liabilities	22.1	24.6	233	84.3	63.9	61.8	58.9
Paid-in capital	0	0	2.17	68	80.9	92.9	112
Retained earnings	5	0	61.4	-54.6	-64.5	-56.9	-54.9
Shareholders' equity	5	0	63.6	13.4	16.4	36.1	57.2
Minority interests		0	68.4	101	86.8	84	74.6
Total equity	5	0	132	115	103	120	132
Total liabilities and equity	253	53.9	365	199	167	182	191
Shares outstanding			129

Cash flow statement

	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.38	38.8	152	-82.7	-15.7	12.2	3.26
Depreciation and amortization	5.16	3.98	4.43	11.5	12.1	13.3	13.4
Stock-based compensation	0	0	29.3	23.5	13.5	9.22	7.78
Deferred income tax	0	0	-0.84	179	0	0	0
Change in receivables	-2.75	-6.77	-13.6	-16.3	4.49	1.06	-8.94
Change in payables	7.37	-0.34	0.7	14.9	-15.3	1	0.58
Cash from operations	6.3	39.2	30.2	-11.6	22.9	36.7	26.2
Capital expenditures	-5.13	-1.31	-7.94	-16.1	-11.9	-11.6	-12.7
Acquisitions	0	0	-16	-0.71	0
Cash from investing	-5.13	-1.31	-30.4	-17.8	-11.9	-11.6	-12.7
Share buybacks	-1.57	-0.41	-5.57	0	0
Cash from financing	-22	-23	48.1	-9.81	-5.29	-7.42	-3.07
Net change in cash	-20.8	15	47.9	-39.2	5.77	17.6	10.4
Free cash flow	1.17	37.9	22.3	-27.7	11.1	25	13.5
Interest paid	0.16	0	0
Income taxes paid	0.12	1.34	0.24	-0.09	0.04	0.05	0.15

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.36 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	94.7%	Gross profit / revenue.
Operating margin	-0.7%	Operating income / revenue.
EBITDA margin	6.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.9%	Pre-tax income / revenue.
Net margin	1.2%	Net income / revenue.
FCF margin	1.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Effective tax rate	3.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	-49.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	17.5%	Research and development expense / revenue.
Stock-based pay / revenue	3.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.9%	Capital expenditures / revenue.
D&A / revenue	7.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	1.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-94.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	-54.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-49.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	-20.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-74.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	-45.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-28.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-7.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-46.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-18.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	58.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	62.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	64.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.72x	Current assets / current liabilities.
Quick ratio	2.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.93x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.2%	Total liabilities / total assets.
Working capital	$53.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$310.0K	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.90x	Revenue / average total assets.
Fixed asset turnover	6.65x	Revenue / average property, plant and equipment.
Receivables turnover	9.12x	Revenue / average receivables.
Days sales outstanding	40 days	365 x average receivables / revenue.
Days payables	472 days	365 x average accounts payable / cost of revenue.
FCF conversion	140.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	82.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$1.54	Revenue / diluted weighted shares.
FCF per share	$0.03	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.15	Cash from operations / diluted weighted shares.
Book value per share	$0.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.00	Tangible book value / shares outstanding.
Cash per share	$0.54	(Cash + short-term investments) / shares outstanding.

What was WM TECHNOLOGY, INC.'s revenue in fiscal 2025?

WM TECHNOLOGY, INC. reported revenue of $174.7M for fiscal 2025, 5.3% lower than the year before.

Was WM TECHNOLOGY, INC. profitable in fiscal 2025?

Yes. Net income was $2.0M, a net margin of 1.1%.

How much free cash flow did WM TECHNOLOGY, INC. generate in fiscal 2025?

Cash from operations of $26.2M minus capital expenditures of $12.7M left free cash flow of $13.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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