WM Technology (MAPS) 10-Q12 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39021
Entity Registrant Name	WM TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1605615
Entity Address, Address Line One	41 Discovery
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	844
Local Phone Number	933-3627
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001779474
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	MAPS
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		97,376,026
Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Entity Information [Line Items]
Title of 12(b) Security	Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Trading Symbol	MAPSW
Security Exchange Name	NASDAQ
Class V Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		55,486,361

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 45,043	$ 34,350
Accounts receivable, net	7,907	11,158
Prepaid expenses and other current assets	6,409	5,978
Total current assets	59,359	51,486
Property and equipment, net	24,876	24,255
Goodwill	68,368	68,368
Intangible assets, net	2,091	2,507
Right-of-use assets	15,513	15,629
Other assets	3,361	4,776
Total assets	173,568	167,021
Current liabilities
Accounts payable and accrued expenses	16,533	21,182
Deferred revenue	5,765	5,918
Operating lease liabilities, current	4,088	6,493
Tax receivable agreement liability, current	1,396	122
Total current liabilities	27,782	33,715
Operating lease liabilities, non-current	26,912	26,550
Tax receivable agreement liability, non-current	1,730	1,634
Warrant liability	390	585
Other long-term liabilities	1,764	1,386
Total liabilities	58,578	63,870
Commitments and contingencies
Stockholders’ equity
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	88,762	80,884
Accumulated deficit	(59,230)	(64,518)
Total WM Technology, Inc. stockholders’ equity	29,547	16,380
Noncontrolling interests	85,443	86,771
Total stockholders’ equity	114,990	103,151
Total liabilities and stockholders’ equity	173,568	167,021
Class A Common Stock
Stockholders’ equity
Common Stock	10	9
Class V Common Stock
Stockholders’ equity
Common Stock	$ 5	$ 5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	97,376,026	94,383,053
Common stock, shares outstanding (in shares)	97,376,026	94,383,053
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	55,486,361	55,486,361
Common stock, shares outstanding (in shares)	55,486,361	55,486,361

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended			9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Net revenues	$ 46,552,000	$ 46,687,000	[1]	$ 136,844,000	$ 141,526,000	[1]
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	2,182,000	3,015,000	[1]	6,729,000	9,748,000	[1]
Sales and marketing	9,671,000	11,544,000	[1]	30,374,000	36,171,000	[1]
Product development	9,484,000	7,748,000	[1]	28,355,000	27,882,000	[1]
General and administrative	16,494,000	18,151,000	[1]	51,549,000	55,839,000	[1]
Depreciation and amortization	3,517,000	3,395,000	[1]	9,641,000	9,417,000	[1]
Asset impairment charges	0	8,382,000		0	8,382,000	[2]
Total costs and expenses	41,348,000	52,235,000	[1]	126,648,000	147,439,000	[1]
Operating income (loss)	5,204,000	(5,548,000)	[1]	10,196,000	(5,913,000)	[1]
Other income (expenses), net
Change in fair value of warrant liability	585,000	(460,000)	[1]	195,000	(780,000)	[1],[2]
Change in tax receivable agreement liability	(548,000)	(69,000)	[1]	(1,486,000)	(689,000)	[1],[2]
Other income (expense)	98,000	3,565,000	[1]	(362,000)	2,884,000	[1]
Income (loss) before income taxes	5,339,000	(2,512,000)	[1]	8,543,000	(4,498,000)	[1]
Provision for income taxes	21,000	0	[1]	72,000	0	[1]
Net income (loss)	5,318,000	(2,512,000)	[1]	8,471,000	(4,498,000)	[1],[2]
Net income (loss) attributable to noncontrolling interests	1,986,000	(974,000)	[1]	3,183,000	(1,711,000)	[1]
Net income (loss) attributable to WM Technology, Inc.	$ 3,332,000	$ (1,538,000)	[1]	$ 5,288,000	$ (2,787,000)	[1]
Class A Common Stock
Class A Common Stock:
Basic income (loss) per share - Class A (in dollars per share)	$ 0.03	$ (0.02)	[1]	$ 0.06	$ (0.03)	[1]
Diluted income (loss) per share - Class A (in dollars per share)	$ 0.03	$ (0.02)	[1]	$ 0.05	$ (0.03)	[1]
Class A Common Stock:
Weighted average basic shares outstanding - Class A (in shares)	97,166,788	93,651,871	[1]	95,743,064	92,947,191	[1]
Weighted average diluted shares outstanding - Class A (in shares)	97,811,251	93,651,871	[1]	96,761,731	92,947,191	[1]

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands		Total		Class P Units	Class A	Class V	Total WM Technology, Inc. Stockholders’ Equity	Total WM Technology, Inc. Stockholders’ Equity Class P Units	Common Stock Class A	Common Stock Class A Class P Units	Common Stock Class V	Additional Paid-in Capital	Additional Paid-in Capital Class P Units	(Accumulated Deficit)/ Retained Earnings	Non-controlling Interests	Non-controlling Interests Class P Units
Beginning balance (in shares) at Dec. 31, 2022									92,062,468		55,486,361
Beginning balance at Dec. 31, 2022		$ 114,777					$ 13,380		$ 9		$ 5	$ 67,986		$ (54,620)	$ 101,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		4,681					4,396					4,396			285
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									475,510
Distributions		(250)													(250)
Issuance of common stock - Class P Unit exchange (in shares)										35,488
Issuance of common stock - Class P Unit exchange				$ 0				$ 62					$ 62			$ (62)
Net income (loss)		(3,969)					(2,475)							(2,475)	(1,494)
Ending balance (in shares) at Mar. 31, 2023									92,573,466		55,486,361
Ending balance at Mar. 31, 2023		115,239					15,363		$ 9		$ 5	72,444		(57,095)	99,876
Beginning balance (in shares) at Dec. 31, 2022									92,062,468		55,486,361
Beginning balance at Dec. 31, 2022		114,777					13,380		$ 9		$ 5	67,986		(54,620)	101,397
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	[1],[2]	(4,498)
Ending balance (in shares) at Sep. 30, 2023									93,881,130		55,486,361
Ending balance at Sep. 30, 2023		114,782					19,946		$ 9		$ 5	77,339		(57,407)	94,836
Beginning balance (in shares) at Mar. 31, 2023									92,573,466		55,486,361
Beginning balance at Mar. 31, 2023		115,239					15,363		$ 9		$ 5	72,444		(57,095)	99,876
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		4,005					3,908					3,908			97
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									842,178
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes		(1)					(1)					(1)
Distributions		(752)													(752)
Net income (loss)		1,983					1,226							1,226	757
Ending balance (in shares) at Jun. 30, 2023									93,415,644		55,486,361
Ending balance at Jun. 30, 2023		120,474					20,496		$ 9		$ 5	76,351		(55,869)	99,978
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		2,662					2,587					2,587			75
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									455,820
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes		(4)					(4)					(4)
Distributions		(2,231)													(2,231)
Issuance of common stock - Class P Unit exchange (in shares)										9,666
Issuance of common stock - Class P Unit exchange				0				17					17			(17)
Discharge of holdback obligation related to a prior acquisition		(3,607)					(1,612)					(1,612)			(1,995)
Net income (loss)		(2,512)	[2]				(1,538)							(1,538)	(974)
Ending balance (in shares) at Sep. 30, 2023									93,881,130		55,486,361
Ending balance at Sep. 30, 2023		114,782					19,946		$ 9		$ 5	77,339		(57,407)	94,836
Beginning balance (in shares) at Dec. 31, 2023					94,383,053	55,486,361			94,383,053		55,486,361
Beginning balance at Dec. 31, 2023		103,151					16,380		$ 9		$ 5	80,884		(64,518)	86,771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		3,175					3,115					3,115			60
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									628,941
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes		(2)					(2)					(2)
Distributions		(1,455)													(1,455)
Issuance of common stock - Class P Unit exchange (in shares)										39,741
Issuance of common stock - Class P Unit exchange				$ 0				$ 59					$ 59			$ (59)
Net income (loss)		1,959					1,240							1,240	719
Ending balance (in shares) at Mar. 31, 2024									95,051,735		55,486,361
Ending balance at Mar. 31, 2024		106,828					20,792		$ 9		$ 5	84,056		(63,278)	86,036
Beginning balance (in shares) at Dec. 31, 2023					94,383,053	55,486,361			94,383,053		55,486,361
Beginning balance at Dec. 31, 2023		103,151					16,380		$ 9		$ 5	80,884		(64,518)	86,771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		8,471
Ending balance (in shares) at Sep. 30, 2024					97,376,026	55,486,361			97,376,026		55,486,361
Ending balance at Sep. 30, 2024		114,990					29,547		$ 10		$ 5	88,762		(59,230)	85,443
Beginning balance (in shares) at Mar. 31, 2024									95,051,735		55,486,361
Beginning balance at Mar. 31, 2024		106,828					20,792		$ 9		$ 5	84,056		(63,278)	86,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		3,009					2,950					2,950			59
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									1,896,515
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes		0					0		$ 1			(1)
Distributions		(1,845)													(1,845)
Net income (loss)		1,194					716							716	478
Ending balance (in shares) at Jun. 30, 2024									96,948,250		55,486,361
Ending balance at Jun. 30, 2024		109,186					24,458		$ 10		$ 5	87,005		(62,562)	84,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		1,817					1,758					1,758			59
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									427,776
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes		(1)					(1)					(1)
Distributions		(1,330)													(1,330)
Net income (loss)		5,318					3,332							3,332	1,986
Ending balance (in shares) at Sep. 30, 2024					97,376,026	55,486,361			97,376,026		55,486,361
Ending balance at Sep. 30, 2024		$ 114,990					$ 29,547		$ 10		$ 5	$ 88,762		$ (59,230)	$ 85,443

[1]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended			9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income (loss)	$ 5,318,000	$ (2,512,000)	[1]	$ 8,471,000	$ (4,498,000)	[1],[2]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization				9,641,000	9,417,000	[2]
Change in fair value of warrant liability	(585,000)	460,000	[1]	(195,000)	780,000	[1],[2]
Change in tax receivable agreement liability	548,000	69,000	[1]	1,486,000	689,000	[1],[2]
Amortization of right-of-use lease assets				3,284,000	3,666,000	[2]
Asset impairment charges	0	8,382,000		0	8,382,000	[2]
Stock-based compensation				7,172,000	10,389,000	[2]
Gain on lease termination				(109,000)	0	[2]
Discharge of a holdback obligation related to a prior acquisition				0	(3,705,000)	[2]
Provision (recovery) for credit losses	320,000	219,000		(295,000)	(196,000)	[2]
Changes in operating assets and liabilities:
Accounts receivable				3,546,000	5,320,000	[2]
Prepaid expenses and other current assets				(439,000)	2,419,000	[2]
Other assets				1,029,000	21,000	[2]
Accounts payable and accrued expenses				(1,169,000)	(15,439,000)	[2]
Deferred revenue				(153,000)	(167,000)	[2]
Operating lease liabilities				(4,994,000)	(4,668,000)	[2]
Net cash provided by operating activities				27,275,000	12,410,000	[2]
Cash flows from investing activities
Capitalized software and expenditures				(9,499,000)	(8,870,000)	[2]
Net cash used in investing activities				(9,499,000)	(8,870,000)	[2]
Cash flows from financing activities
Repayments of insurance premium financing				0	(1,450,000)	[2]
Distributions				(7,250,000)	(3,233,000)	[2]
Proceeds from repayment of related party note				286,000	286,000	[2]
Tax receivable agreement payment				(116,000)	0	[2]
Taxes paid related to net share settlement of equity awards				(3,000)	(5,000)	[2]
Net cash used in financing activities				(7,083,000)	(4,402,000)	[2]
Net increase (decrease) in cash				10,693,000	(862,000)	[2]
Cash – beginning of period				34,350,000	28,583,000	[2]
Cash – end of period	45,043,000	27,721,000	[2]	45,043,000	27,721,000	[2]
Supplemental disclosures of noncash investing and financing activities
Stock-based compensation capitalized for software development	$ 216,000	$ 365,000		829,000	959,000	[2]
Capitalized assets included in accounts payable and accrued expenses				560,000	663,000	[2]
Remeasurement of lease liabilities and right-of-use assets due to lease modification				$ 3,348,000	$ 0

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Business and Organization

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Founded in 2008, and headquartered in Irvine, California, WM Technology, Inc. (the “Company”) operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to both storefront locations and delivery operators (“retailers”) and brands in the U.S. states and U.S. territories legalized cannabis markets. The Company’s comprehensive two-sided marketplace of business-to-consumer and business-to-business suite of products afford cannabis retailers and brands of all sizes integrated tools to compliantly run their businesses and to reach, convert, and retain consumers. The Company’s business primarily consists of its commerce-driven marketplace (“Weedmaps”), and its fully integrated suite of end-to-end Software-as-a-Service (“SaaS”) solutions software offering (“Weedmaps for Business”). The Weedmaps marketplace provides cannabis consumers with information regarding cannabis retailers and brands. In addition, the Weedmaps marketplace aggregates data from a variety of sources, including retailer point-of-sale solutions (“POS”), to provide consumers with the ability to browse by strain, price, cannabinoids and other information regarding locally available cannabis products, through the Company’s website and mobile apps. The marketplace provides consumers with product discovery, access to deals and discounts, and reservation of products for pickup by consumers or delivery to consumers by participating retailers (retailers complete orders and process payments outside of the Weedmaps marketplace as Weedmaps serves only as a portal, passing a consumer’s inquiry to the dispensary). The marketplace also provides education and learning information to help newer consumers learn about the types of products to purchase. The Company believes the size, loyalty and engagement of its user base and the frequency of consumption of cannabis by its user base makes the Weedmaps marketplace highly valuable to its clients. Weedmaps for Business, the Company’s SaaS offering, is a comprehensive set of eCommerce and compliance software solutions catered towards cannabis retailers, delivery services and brands that streamline front and back-end operations and help manage compliance needs. With the development of Weedmaps for Business, the Company offers an end-to-end platform for licensed cannabis retailers to comply with state l aws. The C ompany sells a monthly subscription offering to storefront, delivery and brand clients as well as upsell and add-on offerings to licensed clients. The Company also offers other ad solutions and WM Dispatch for additional fees. WM Technology, Inc. was initially incorporated in the Cayman Islands on June 7, 2019 under the name “Silver Spike Acquisition Corp” (“Silver Spike”). Silver Spike was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On June 16, 2021 (the “Closing Date”), Silver Spike consummated the business combination (the “Business Combination”), pursuant to that certain Agreement and Plan of Merger, dated December 10, 2020, by and among Silver Spike, Silver Spike Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Silver Spike Acquisition Corp., WM Holding Company, LLC, a Delaware limited liability company (when referred to in its pre-Business Combination capacity, “Legacy WMH” and following the Business Combination, “WMH LLC”), and Ghost Media Group, LLC, a Nevada limited liability company. On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Silver Spike was domesticated and continues as a Delaware corporation, changing its name to WM Technology, Inc. Legacy WMH was reorganized into an Up-C structure, in which substantially all of the assets and business of Legacy WMH are held by WMH LLC and continue to operate through WMH LLC and its subsidiaries, and WM Technology, Inc.’s material assets are the equity interests of WMH LLC indirectly held by it. Legacy WMH was determined to be the accounting acquirer in the Business Combination, which was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As of September 30, 2024 , the Company had an accumulated deficit of $59.2 million . The Company has funded its operations primarily with customer payments for its services and proceeds from the issuance of common stock in connection with its initial public offering and follow-on offering. As of September 30, 2024 , the Company had cash of $45.0 million . The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least the next twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, certain information and footnotes required by GAAP in annual financial statements have been omitted or condensed and these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on May 24, 2024. The condensed consolidated financial statements of the Company include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair statement of the Company’s financial position as of September 30, 2024, and results of its operations and its cash flows for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the entire year. There have been no significant changes in the Company’s accounting policies from those described in the Company’s audited consolidated financial statements and the related notes to those statements. Principles of Consolidation The condensed consolidated financial statements include the accounts of WM Technology, Inc. and WMH LLC, including their wholly and majority owned subsidiaries. In conformity with GAAP, all significant intercompany accounts and transactions have been eliminated. Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses In connection with the preparation of the Company's Consolidated Financial Statements as of and for the fiscal year ended December 31, 2023, the Company discovered that in 2023, it had an inadequate policy associated with its revenue recognition related to the cash collection of a certain subset of its customers that had been placed on cash basis in 2023. For these customers, because the determination had been made that there was significant collection risk and the Company had no ability to estimate the collectability of the consideration it was entitled to, revenue recognition was prohibited under Accounting Standards Codification, (“ASC”), Topic 606, “Revenue from Contracts with Customers ” until cash was collected for the services that were provided. The Company refers to the customers in this situation as customers that have been placed on cash basis. As further discussed below, in 2023 the Company misapplied this policy in each of the first three quarters of 2023 by failing to apply (in certain cases) cash receipts to prior accounts receivable (via a credit loss recovery) and instead recognized additional revenue for the cash receipt. The Company recognizes revenue from contracts with customers under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Once the Company believes that it is no longer probable of collecting substantially all of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer and as such is prohibited from recognizing revenue until it is probable that it will be entitled to all of the consideration. As such, when a customer with significant collection risk is identified, the Company fully reserves for all outstanding accounts receivable and records a credit loss for these receivables. Initially, revenue for contracts that the Company assesses are not probable of collection is not recognized until the customer has paid or settled all outstanding accounts receivable balances. Collectability is reassessed when there is a significant change in facts or circumstances. The assessment of collectability considers whether the Company may limit its exposure to credit risk through its right to stop transferring additional service in the event the customer is delinquent. When services are still provided to customers that have been identified with significant collection risk, the Company initially applies all payments received against the customers oldest invoices. However, if the Company continues to provide services to these customers for a significant period of time, cash collections have stabilized and other factors indicate it is appropriate, cash collections are assessed to determine if any of the on-going cash receipts should be accounted for as variable consideration under ASC 606 for on-going services instead of recovery of credit losses. To date, no material variable consideration has been recognized and after applying the corrections shown in the table below, all cash collections for these customers are reflected as recovery of credit losses. Due to the inconsistency of the cash application related to the cash basis customers, and the prohibition on recognizing revenue when the Company does not believe it will receive the consideration it is entitled to, the C ompany had determined that it had improperly recognized revenue for these customers and should have instead recognized a credit loss recovery related to these cash receipts. All periods presented below have been retrospectively restated to reflect the effects of the change to revenues and operating expenses. There was no impact to operating income (loss), net income (loss), net income (loss) per share, net cash provided by operating activities and adjusted EBITDA for any periods presented. The consolidated statement of equity is not affected by this restatement. The Company has restated its unaudited condensed consolidated statements of operations for the period ended September 30, 2023 as follows (in thousands): Three Months Ended Nine Months Ended Previously Reported Adjustment As Restated Previously Reported Adjustment As Restated Net revenues $ 47,725 $ (1,038) $ 46,687 $ 146,584 $ (5,058) $ 141,526 General and administrative expenses $ 19,189 $ (1,038) $ 18,151 $ 60,897 $ (5,058) $ 55,839 Total costs and expenses $ 53,273 $ (1,038) $ 52,235 $ 152,497 $ (5,058) $ 147,439 The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended September 30, 2023 as follows (in thousands): Nine Months Ended Previously Reported Adjustment As Restated Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Provision (recovery) for credit losses $ 4,862 $ (5,058) $ (196) Changes in operating assets and liabilities: Accounts receivable $ 262 $ 5,058 $ 5,320 Foreign Currency Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the periods. The impact of exchange rate fluctuations from translation of assets and liabilities is insignificant for the three and nine months ended September 30, 2024 and 2023. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management include, the allowance for credit losses, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill and other intangible assets, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement (“TRA”) liability, revenue recognition, performance and stock-based compensation and the recognition and disclosure of contingent liabilities. Risks and Uncertainties The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any state that permits use of cannabis was to change their laws or the federal government was to actively enforce the CSA or other laws related to the federal prohibition on cannabis, the Company’s business could be adversely affected. In addition, the Company’s ability to grow and meet its operating objectives depends largely on the continued legalization and regulation of cannabis on a widespread basis. There can be no assurance that such legalization will occur on a timely basis, or at all. The geographic concentration of the Company’s clients makes the Company vulnerable to a downturn in the local market area. Historically, the Company’s business operations have been located primarily in the State of California. See Note 3, “ Revenue from Contracts with Customers ,” to these condensed consolidated financial statements for additional information. Fair Value Measurements The Company follows the guidance in ASC 820 – Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. See Note 5, “Fair Value Measurements” to these condensed consolidated financial statements for additional information. Accounts Receivable, Net A receivable is recorded when an unconditional right to invoice and receive payment exists. Accounts receivable primarily include amounts related to receivables from customers. Receivables are shown net of allowance for credit losses which is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The Company measures credit losses on its trade accounts receivable using the current expected credit loss model under ASC 326 – Financial Instruments – Credit Losses . The Company calculates the expected credit losses on a pool basis for trade receivables that have similar risk characteristics. For trade receivables that do not share similar risk characteristics, the allowance for credit losses is calculated on an individual basis. Risk characteristics relevant to the Company’s accounts receivable include balance of customer account and aging status. Account balances are written off against the allowance when it is determined that it is probable that the receivable will not be recovered. The Company had allowance for credit losses of $0.9 million and $8.7 million as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, no customer accounted for more than 10% of the total gross accounts receivable outstanding. The following table summarizes the changes in the allowance for credit losses: Three months ended September 30, Nine months ended September 30, 2024 2023 As Restated 1 2024 2023 As Restated 1 Allowance, beginning of period $ 2,756 $ 10,202 $ 8,748 $ 12,232 Provision (recovery) for credit losses 320 219 (295) (196) Write-offs (2,218) (1,317) (7,595) (2,932) Allowance, end of period $ 858 $ 9,104 $ 858 $ 9,104 ___________________________ 1 The Provision (recovery) for credit losses for the three and nine months ended September 30, 2023 and related allowance at the end of the period September 30, 2023, has been retrospectively adjusted to reflect the restatement of previously reported credit losses. See Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses above for further information. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation, and consist of internally developed software, computer equipment, furniture and fixtures and leasehold improvements. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and generally over three years for computer equipment and seven years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining term of the related lease. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the Company’s condensed consolidated statements of operations. The Company assesses impairment of property and equipment when an event and change in circumstance indicates that the carrying value of such assets may not be recoverable. If an event and a change in circumstance indicates that the carrying amount of an asset (or asset group) may not be recoverable and the expected undiscounted cash flows attributable to the asset are less than its carrying value, an impairment loss equals to the excess of the asset’s carrying value over its fair value is recognized. No impairments to property and equipment were recorded during the three and nine months ended September 30, 2024. The Company recorded a non-cash property and equipment impairment charge of $2.3 million for the three and nine months ended September 30, 2023 related to certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the condensed consolidated statements of operations. Capitalized Software Capitalized website and internal-use software development costs are included in property and equipment in the accompanying condensed consolidated balance sheets. The Company capitalizes certain costs related to the development and enhancement of the Weedmaps platform and SaaS solutions. The Company began to capitalize these costs when preliminary development efforts were successfully completed, management has authorized and committed project funding, and it was probable that the project would be completed and the software would be used as intended. Capitalization ceases upon completion of all substantial testing. Maintenance and training costs are expensed as incurred. Such costs are amortized when placed in service, on a straight-line basis over the estimated useful life of the related asset, generally estimated to be three years. Costs incurred for enhancements that were expected to result in additional features or functionality are capitalized and expensed over the estimated useful life of the enhancements, generally three years. Product development costs include compensation and benefits for employees, including engineering and technical teams who are responsible for building new products, as well as maintaining and improving existing products. Product development costs that do not meet the criteria for capitalization are expensed as incurred. As of September 30, 2024 and December 31, 2023, the Company has $23.7 million and $23.1 million in capitalized software costs, net, respectively which are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets. During the three months ended September 30, 2024 and 2023, the Company amortized $3.1 million and $2.2 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company amortized $8.4 million and $5.4 million, respectively. Amortization of internal-use software development costs is included in depreciation and amortization expense in the accompanying condensed consolidated statements of operations. Goodwill and Intangible Assets Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is reviewed for impairment each year using a qualitative or quantitative process that is performed at least annually as of December 31, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. As of September 30, 2024 and December 31, 2023, the Company has $68.4 million in goodwill. In testing for goodwill impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value. If it is determined that it is unlikely that the carrying value exceeds the fair value, the Company is not required to complete the quantitative goodwill impairment evaluation. If it is determined that the carrying value may exceed fair value when considering qualitative factors, a quantitative goodwill impairment evaluation is performed. When performing the quantitative evaluation, if the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Goodwill is assessed for impairment annually on December 31. For the year ended December 31, 2023, in accordance with the Company’s annual assessment policy, the Company opted to bypass the qualitative assessment and performed a quantitative assessment to test goodwill for impairment. As part of the Company’s impairment assessment, the fair value of the reporting unit is estimated using a discounted cash flow valuation which incorporates assumptions regarding long-term growth rates, revenue and earnings projections, estimation of cash flows, discount rates and other factors. For the year ended December 31, 2023, in conducting the quantitative assessment, it was determined that the fair value of the goodwill exceeded its carrying amount by approximately 18%, and as a result, no impairment existed as of the annual assessment date of December 31, 2023. If the Company’s forecasts of cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit would be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. There were no goodwill impairment charges recorded for the three and nine months ended September 30, 2024 and 2023. Intangible assets are recorded at cost less accumulated amortization. Intangible assets are reviewed for impairment whenever events or changes in circumstances may affect the recoverability of the net assets. Such reviews may include an analysis of current results and take into consideration the undiscounted value of projected operating cash flows. The Company recorded a non-cash intangible impairment charge of $6.1 million for the three and nine months ended September 30, 2023 related to certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the condensed consolidated statements of operations. There were no intangible asset impairment charges recorded for the three and nine months ended September 30, 2024. See Note 6, “Intangible Assets,” to these condensed consolidated financial statements for additional information. Leases The Company’s operating leases consist of office space located in the United States. The Company does not have any leases classified as financing leases. The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the condensed consolidated balance sheets as both a right-of-use asset (“ROU”) and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term. The Company assesses impairment of ROU assets when an event and change in circumstance indicates that the carrying value of such ROU assets may not be recoverable. If an event and a change in circumstance indicates that the carrying value of an ROU asset may not be recoverable and the estimated fair value attributable to the ROU asset is less than its carrying value, an impairment loss equals to the excess of the ROU asset’s carrying value over its fair value is recognized. The fair values of ROU assets were estimated using an income approach based on management’s forecast of future cash flows expected to be derived based on the sublease market rent. First, the Company tests the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease payments related to the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, the Company performs the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, the Company relies on a discounted cash flow approach using market participant assumptions of the expected cash flows. During the three and nine months ended September 30, 2024 and 2023, the Company recognized no impairment charge related to ROU assets. Net rent expense f or the three months ended September 30, 2024 and 2023 was $1.7 million and $2.2 million, respectively. Net rent expense f or the nine months ended September 30, 2024 and 2023 was $5.8 million and $6.6 million, respectively. Rent expense is incl uded in general and administrative expense in the accompanying condensed consolidated statements of operations. In the third quarter of 2024, the Company amended its lease associated with its corporate headquarters located in Irvine, California. The amendment extended the lease term five years through February 2030 and reduced the leased square footage. The lease extension was accounted for as a lease modification, and the Company remeasured its lease liability and ROU asset using an incremental borrowing rate of 11.5% and recognized a non-cash lease liability of $3.3 million a nd the related non-cash ROU asset of $3.3 million. The lease classification remained as an operating lease. In addition, in the second quarter 2024, the Company paid $0.1 million to terminate a lease agreement for one of the offices. In conjunction with the early lease termination, the Company reported a gain of $0.1 million which is recognized as a reduction to the related lease expense. The Company also de-recognized the remaining ROU asset of $0.2 million and a lease liability of $0.4 million on the condensed consolidated balance sheet related to early lease termination. In 2022, the Company entered into a sublease agreement with an affiliate of the Chief Executive Officer. The sublease commenced on June 1, 2022, and expired on October 31, 2024. See Note 13, “Related Party Transactions,” to these condensed consolidated financial statements for additional information. Sublease rental income is recognized as a reduction to the related lease expense on a straight-line basis over the sublease term. For the three months ended September 30, 2024 and 2023, the Company recorded rent income related to sublease of $0.2 million and $0.5 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded rent income related to sublease of $1.3 million and $1.6 million, respectively. Warrant Liability The Company assumed public warrants originally issued in the initial public offering of Silver Spike (the “Public Warrants”) and private placement warrants that were originally issued in a private placement by Silver Spike (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”) upon the Closing, all of which were issued in connection with Silver Spike’s initial public offering. The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity and concluded they do not meet the criteria to be classified in stockholders’ equity. See Note 9, “Warrant Liability,” to these condensed consolidated financial statements for additional information. Tax Receivable Agreement In connection with the Business Combination, the Company entered into a TRA with continuing members that provides for a payment to the continuing Class A Unit holders of 85% of the amount of tax benefits, if any, that the Company realizes, or is deemed to realize, as a result of redemptions or exchanges of Units. In connection with such potential future tax benefits resulting from the Business Combination, the Company has established a deferred tax asset for the additional tax basis and a corresponding TRA liability of 85% of the expected benefit. The remaining 15% is recorded to additional paid-in capital. The TRA liability is subject to remeasurement each reporting period, due to various factors, including changes in federal and state income tax rates and assessment of the probability of payment. As these remeasurement changes are subsequent to the initial measurement, the impact of the remeasurement is recorded in other income (loss), net on the condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the TRA liability was $3.1 million and $1.8 million, respectively. During the three and nine months ended September 30, 2024, the Company recognized a loss of $0.5 million and $1.5 million, respectively, related to the remeasurement of its TRA liability. During the three and nine months ended September 30, 2023, the Company recognized a loss of $0.1 million and $0.7 million, respectively, related to the remeasurement of its TRA liability. See Income Taxes below for information related to the Company’s allowance against its net deferred tax assets. Revenue Recognition The Company recognizes revenue when the fundamental criteria for revenue recognition are met. In accord ance with ASC 606 - Revenue from Contracts with Customers, t he Company recognizes revenue by applying the following five steps: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations in an amount that reflects the consideration it expects to be entitled to in exchange for those services. The Company excludes sales taxes and other similar taxes from the measurement of the transaction price . The transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term. The Company’s revenues are derived primarily from monthly subscriptions to Weedmaps for Business, featured and deal listings and other ad solutions. The Company’s Weedmaps for Business subscriptions generally have one-month terms that automatically renew unless notice of cancellation is provided in advance. Featured and deal listings and other ad solutions are offered as add-on products to the Weedmaps for Business subscriptions. Featured and deal listings provide customers with premium placement ad solutions and discount and promotion pricing tools. Other ad solutions include banner ads and promotion tiles on the Company’s marketplace ad as well as other advertising products on and off the Weedmaps marketplace. The Company has a fixed inventory of featured listing and display advertising in each market, and price is generally determined through a competitive auction process that reflects local market demand. Revenues for these arrangements are recognized over-time, generally during a month-to-month subscription period as the services are provided. The Company rarely needs to allocate the transaction price to separate performance obligations. In the rare case that allocation of the transaction price is needed, the Company recognizes revenue in proportion to the standalone selling prices of the underlying services at contract inception. Revenue for service contracts that the Company assesses are not probable of collection is not recognized until the contract is completed and payment is received. Collectability is reassessed when there is a significant change in facts or circumstances. The assessment of collectability considers whether the Company may limit its exposure to credit risk through its right to stop transferring additional service in the event the customer is delinquent. Se e Note 3, “Revenue from Contracts with Customers,” to these condensed consolidated financial statements for additional information. Cost of Revenues (Exclusive of Depreciation and Amortization) The Company’s cost of revenue primarily consists of web hosting, internet service costs, credit card processing costs and other third party services. Advertising The Company expenses the cost of advertising in the period incurred. Advertising expense totaled $2.0 million and $3.5 million for the three months ended September 30, 2024 and 2023, respectively, and $8.3 million and $8.1 million for the nine months ended September 30, 2024 and 2023, respectively, and are included in sales and marketing expense in the accompanying condensed consolidated statements of operations. Stock-Based Compensation The Company measures fair value of employ

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The Company sells a monthly subscription offering to retailer and brand clients as well as upsell and add-on offerings to licensed clients. The Company’s current Weedmaps for Business monthly subscription package includes: • WM Listings: A listing page with product menu for a retailer or brand on the Weedmaps marketplace, enabling the Company’s clients to be discovered by the marketplace’s users. This also allows clients to disclose their license information, hours of operation, contact information, discount policies and other information that may be required under applicable state law. • WM Orders: Software for retailers to receive pickup and delivery orders directly from a Weedmaps listing and connect orders directly with a client’s POS system (for certain POS systems). The marketplace also enables brands to route customer purchase interest to a retailer that carries the brand’s product. After a dispensary receives the order request from the consumer, the dispensary and the consumer can continue to communicate, adjust items in the request, and handle any stock issues, prior to and while the dispensary processes and fulfills the order. • WM Store: Customizable order and menus embed which allows retailers and brands to import their Weedmaps listing menu or product reservation functionality to their own white-labeled WM Store website or separately owned website. WM Store facilitates customer pickup or delivery orders and enables retailers to reach more customers by bringing the breadth of the Weedmaps marketplace to a client’s own website. • WM Connectors: A centralized integration platform, including API tools, for easier menu management, automatic inventory updates and streamlined order fulfillment to enable clients to save time and more easily integrate into the WM Technology ecosystem and integrate with disparate software systems. This creates business efficiencies and improves the accuracy and timeliness of information across Weedmaps, creating a more positive experience for consumers and businesses. • WM Insights: An insights and analytics platform for clients leveraging data across the Weedmaps marketplace and software solutions. WM Insights provides data and analytics on user engagement and traffic trends to a client’s listing page. For Brand clients, WM Insights allows them to monitor their brand and product rankings, identify retailers not carrying products and keep track of top brands and products by category and state. The Company also offers other add-on products for additional fees, including: • WM Ads, which includes, featured and deal listings and other ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including: ◦ Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify our clients’ businesses and maximize clients’ listings and deal presence. ◦ WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts. ◦ Other ad solutions: Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces. • WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door. In December 2023, we completed the sunset of WM AdSuite, WM CRM and WM Screens product offerings as we continue to focus our efforts on other Weedmaps for Business products that support the Weedmaps marketplace and improve the eCommerce experience for our clients and users. Disaggregation of revenue The following table summarizes the Company’s disaggregated net revenues information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 As Restated 1 2024 2023 As Restated 1 Revenues: Weedmaps for Business and other SaaS solutions $ 13,583 $ 10,877 $ 40,285 $ 33,847 Featured and deal listings 29,233 31,907 85,814 96,782 Subtotal 42,816 42,784 126,099 130,629 Other ad solutions 3,736 3,903 10,745 10,897 Total net revenues 2 $ 46,552 $ 46,687 $ 136,844 $ 141,526 ___________________________ 1 For the three and nine months ended September 30, 2023, net revenues have been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information. 2 Net revenues are net of discounts of $0.1 million and $0.8 million, respectively, for the three months ended September 30, 2024 and 2023 and $0.6 million and $3.0 million, respectively, for the nine months ended September 30, 2024 and 2023. Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription offerings, as described above, and is recognized as the revenue recognition criteria are met. Deferred revenue balance as of September 30, 2024 and December 31, 2023 were $5.8 million and $5.9 million, respectively, and the balance is expected to be fully recognized within the next twelve months. The Company generally invoices customers and receives payment on an upfront basis and payments do not include significant financing components or variable consideration and there are generally no rights of return or refunds after the subscription period has passed. Substantially all of the Company’s revenue has been generated in the United States for the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024, approximately 52% of the Company’s net revenues originated in California. For the three and nine months ended September 30, 2023, approximately 51% and 52% of the Company’s net revenues originated in California, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation During the ordinary course of the Company’s business, it is subject to various claims and litigation. Management believes that the outcome of such claims or litigation will not have a material adverse effect on the Company’s financial position, results of operations or cash flow. SEC Matter As previously disclosed, in the second quarter of 2022, the Company’s board of directors received an internal complaint regarding the calculation, definition and reporting of the Company’s monthly active users (“MAUs”) metric. In response, the Company’s board of directors formed a special committee of independent directors to conduct an internal investigation with the assistance of outside counsel. As a result of the findings of that internal investigation, the Company provided certain additional information regarding the growth and nature of the Company’s previously-reported MAUs in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the SEC on August 9, 2022. This investigation found no impact on the Company’s financial results under GAAP or the reporting or disclosure of any currently disclosed non-GAAP financial metric. As also previously reported, in the third quarter of 2022, the Company determined not to report MAUs going forward. In August 2022, the Company’s board of directors determined to voluntarily report the internal complaint and subsequent internal investigation to the SEC, following which the SEC’s Division of Enforcement commenced an investigation. The Company has been fully cooperating with the SEC’s investigation. As also previously reported in the Current Report on Form 8-K filed on July 25, 2024, on July 22, 2024, the Company reached an agreement in principle with the SEC staff to resolve the SEC’s investigation with respect to the Company. Under the terms of the settlement, the Company consented, without admitting or denying the SEC’s findings, to the entry of an administrative cease-and-desist order finding violations of Sections 17(a)(2) and (3) of the Securities Act of 1933, as amended, Sections 13(a) and 14(a) of the Securities Exchange Act of 1934, as amended, and Rules 12b-20, 13a-1, 13a-11, 13a-13, and 14a-9 thereunder, and pay a civil money penalty of $1.5 million. The settlement was approved by the SEC, and the administrative cease-and-desist order was entered in September 2024. The Company issued payment to the SEC, and it was received by the SEC, in October 2024. Accordingly, the SEC enforcement matter is concluded with respect to the Company. As of September 30, 2024, the Company recorded a liability of $1.5 million for the SEC settlement which is included in general and administrative expenses in the condensed consolidated statements of operations and accounts payable and accrued expenses in the condensed consolidated balance sheets. The SEC settlement of $1.5 million was paid in October 2024. Purchase Obligations The Company has minimum outstanding purchase obligations of approximately $1.8 million for the remaining three months in 2024, $7.3 million in 2025 and $7.5 million in 2026, due under software license agreements, of which the majority relates to the Company’s three-year AWS Enterprise agreement.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company follows the guidance in ASC 820 – Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: • Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. • Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): Level September 30, 2024 December 31, 2023 Liabilities: Warrant liability – Public Warrants 1 $ 250 $ 375 Warrant liability – Private Placement Warrants 3 140 210 Total warrant liability $ 390 $ 585 The following tables summarize the changes in the fair value of the warrant liabilities (in thousands): Three Months Ended Nine Months Ended Public Warrants Private Placement Warrants Warrant Liabilities Public Warrants Private Warrants Warrant Liabilities Fair value, beginning of period $ 625 $ 350 $ 975 $ 375 $ 210 $ 585 Change in valuation inputs or other assumptions (375) (210) (585) (125) (70) (195) Fair value, end of period $ 250 $ 140 $ 390 $ 250 $ 140 $ 390 Three Months Ended Nine Months Ended Public Warrants Private Placement Warrants Warrant Liabilities Public Warrants Private Warrants Warrant Liabilities Fair value, beginning of period $ 1,500 $ 910 $ 2,410 $ 1,250 $ 840 $ 2,090 Change in valuation inputs or other assumptions 250 210 460 500 280 780 Fair value, end of period $ 1,750 $ 1,120 $ 2,870 $ 1,750 $ 1,120 $ 2,870 Public Warrants The Company determined the fair value of the Public Warrants, based on the publicly listed trading price of such warrants as of the valuation date. Accordingly, the Public Warrants are classified as Level 1 financial instruments. The fair value of the Public Warrants was $0.3 million and $0.4 million as of September 30, 2024 and December 31, 2023, respectively. Private Placement Warrants The estimated fair value of the Private Placement Warrants is determined with Level 3 inputs using the Black-Scholes model. The significant inputs and assumptions in this method are the stock price, exercise price, volatility, risk-free rate, and term or maturity. The underlying stock price input is the closing stock price as of each valuation date and the exercise price is the price as stated in the warrant agreement. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company. Volatility for each comparable publicly traded company is calculated as the annualized standard deviation of daily continuously compounded returns. The Black-Scholes analysis is performed in a risk-neutral framework, which requires a risk-free rate assumption based upon constant-maturity treasury yields, which are interpolated based on the remaining term of the Private Placement Warrants as of each valuation date. The term/maturity is the duration between each valuation date and the maturity date, which is five years following the date the Business Combination closed, or June 16, 2026. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: September 30, 2024 December 31, 2023 Exercise price $ 11.50 $ 11.50 Stock price $ 0.87 $ 0.72 Volatility 93.0 % 87.5 % Term (years) 1.71 2.46 Risk-free interest rate 3.75 % 4.13 % Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively.

Intangible Assets

Intangible Assets	9 Months Ended
Intangible Assets	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Weighted Average Amortization Period (Years) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Trade and domain names 15.0 $ 7,256 $ (5,370) $ 1,886 Software technology 5.0 249 (150) 99 Customer relationships 8.0 170 (64) 106 Total intangible assets 14.5 $ 7,675 $ (5,584) $ 2,091 December 31, 2023 Weighted Average Amortization Period (Years) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Trade and domain names 15.0 $ 7,256 $ (5,008) $ 2,248 Software technology 5.0 249 (112) 137 Customer relationships 8.0 170 (48) 122 Total intangible assets 14.5 $ 7,675 $ (5,168) $ 2,507 Amortization expense for intangible assets was $0.1 million and $0.5 million during the three months ended September 30, 2024 and 2023, respectively. Amortization expense for intangible assets was $0.4 million and $1.6 million during the nine months ended September 30, 2024 and 2023, respectively. The Company recorded a non-cash intangible impairment charge of $6.1 million for the three and nine months ended September 30, 2023 related to certain product offerings that were sunset in December, 2023, which is included in asset impairment charges in the condensed consolidated statements of operations. The estimated future amortization expense of intangible assets as of September 30, 2024 is as follows (in thousands): Remaining period in 2024 (three months) $ 139 Year ended December 31, 2025 555 Year ended December 31, 2026 543 Year ended December 31, 2027 505 Year ended December 31, 2028 222 Thereafter 127 Total $ 2,091

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
Prepaid Expenses and Other Current Assets	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 Prepaid insurance $ 1,730 $ 1,530 Prepaid marketing 292 387 Prepaid software 1,954 2,406 Other prepaid expenses and other current assets 2,433 1,655 Total $ 6,409 $ 5,978 The Company capitalizes implementation costs incurred in cloud computing arrangements that are service contracts if they meet certain requirements. Those requirements are similar to the requirements for capitalizing implementation costs incurred to develop internal-use software. Amortization is computed using the straight-line method over the term of the associated hosting arrangement. These implementation costs are classified on the balance sheet in prepaid and other current assets, and the related cash flows are presented as cash outflows from operations. Impairment is recognized and measured when it is no longer probable that the computer software project will be completed and placed in service.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
Accounts Payable and Accrued Expenses	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accounts payable and other accrued liabilities $ 6,932 $ 7,323 Accrued employee expenses 9,601 13,859 Total $ 16,533 $ 21,182 Accrued employee expenses include accrued bonuses and commission of $4.2 million and $7.4 million as of September 30, 2024 and December 31, 2023, respectively. Accounts payable and other accrued liabilities as of September 30, 2024 include $1.5 million in potential SEC settlement. See Note 4, “Commitments and Contingencies” to these condensed consolidated financial statements for further information.

Warrant Liability

Warrant Liability	9 Months Ended
Warrant Liability	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant Liability	Warrant Liability At September 30, 2024, there were 12,499,973 Public Warrants outstanding and 7,000,000 Private Placement Warrants outstanding. The Public Warrants entitle the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustments. The Public Warrants may be exercised only for a whole number of shares of Class A Common Stock. No fractional shares will be issued upon exercise of the warrants. The Public Warrants will expire at 5:00 p.m. New York City time on June 16, 2026, or earlier upon redemption or liquidation. The Public Warrants are listed on the NYSE under the symbol “MAPSW.” The Company may redeem the Public Warrants starting July 16, 2021, in whole and not in part, at a price of $0.01 per Public Warrant, upon not less than 30 days’ prior written notice of redemption to each holder of Public Warrants, and if, and only if, the reported last sales price of the Company’s Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalization and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the holders of Public Warrants. Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Private Placement Warrants (including the shares of Class A Common Stock issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain exceptions, and they are nonredeemable as long as they are held by Silver Spike Sponsor or its permitted transferees. Silver Spike Sponsor, as well as its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis and will have certain registration rights related to such Private Placement Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. If the Private Placement Warrants are held by holders other than Silver Spike Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. The Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A Common Stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of shares of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. The Company concluded the Public Warrants and Private Placement Warrants, or the Warrants, meet the definition of a derivative under ASC 815- Derivatives and Hedging and are recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants are remeasured as of each balance sheet date, which resulted in a non-cash gain of $0.6 million and $0.2 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2024, respectively, and a non-cash loss of $0.5 million and $0.8 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023, respectively. See Note 5, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.

Equity

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Class A Common Stock Voting Rights Each holder of the shares of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of the shares of Class A Common Stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding the foregoing, the holders of the outstanding shares of Class A Common Stock are entitled to vote separately upon any amendment to the Company’s certificate of incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such class of common stock in a manner that is disproportionately adverse as compared to the Class V Common Stock. Dividend Rights Subject to preferences that may be applicable to any outstanding preferred stock, the holders of shares of Class A Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Company’s board of directors out of funds legally available therefor. Rights upon Liquidation, Dissolution and Winding-Up In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of the shares of Class A Common Stock are entitled to share ratably in all assets remaining after payment of the Company’s debts and other liabilities, subject to prior distribution rights of preferred stock or any class or series of stock having a preference over the shares of Class A Common Stock, then outstanding, if any. Preemptive or Other Rights The holders of shares of Class A Common Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the shares of Class A Common Stock. The rights, preferences and privileges of holders of shares of Class A Common Stock will be subject to those of the holders of any shares of the preferred stock that the Company may issue in the future. Class V Common Stock Voting Rights Each holder of the shares of Class V Common Stock is entitled to one vote for each share of Class V Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of shares of Class V Common Stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding the foregoing, the holders of the outstanding shares of Class V Common Stock are entitled to vote separately upon any amendment to the Company’s certificate of incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such class of common stock in a manner that is disproportionately adverse as compared to the Class A Common Stock. Dividend Rights The holders of the Class V Common Stock will not participate in any dividends declared by the Company’s board of directors. Rights upon Liquidation, Dissolution and Winding-Up In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class V Common Stock are not entitled to receive any of the Company’s assets. Preemptive or Other Rights The holders of shares of Class V Common Stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class V Common Stock. Issuance and Retirement of Class V Common Stock In the event that any outstanding share of Class V Common Stock ceases to be held directly or indirectly by a holder of Class A Units, such share will automatically be transferred to us for no consideration and thereupon will be retired. The Company will not issue additional shares of Class V Common Stock other than in connection with the valid issuance or transfer of Units in accordance with the governing documents of WMH LLC. Preferred Stock Pursuant to the amended and restated certificate of incorporation in effect as of June 15, 2021, the Company was authorized to issue 75,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2024, there were no shares of preferred stock issued or outstanding. Noncontrolling Interests The noncontrolling interest represents the Units held by holders other than the Company. As of September 30, 2024, the noncontrolling interests owned 36.9% of the Units outstanding. The noncontrolling interests’ ownership percentage can fluctuate over time, including as the WMH LLC equity holders elect to exchange Units for Class A Common Stock. The Company has consolidated the financial position and results of operations of WMH LLC and reflected the proportionate interest held by the WMH LLC Unit equity holders as noncontrolling interests.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
Stock-based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation WM Holding Company, LLC Equity Incentive Plan The Company has accounted for the issuance of Class A-3 and Class B Units issued under WM Holding Company, LLC’s Equity Incentive Plan in accordance with ASC 718 – Stock Based Compensation . The Company considers the limitation on the exercisability of the Class A-3 and Class B Units to be a performance condition and records compensation cost when it becomes probable that the performance condition will be met. In connection with the Business Combination, each of the Class A-3 Units outstanding prior to the Business Combination were cancelled, and the holder thereof received a number of Class A units representing limited liability company interests of WMH LLC (the “Class A Units”) and an equivalent number of shares of Class V Common Stock, par value $0.0001 per share (together with the Class A Units, the “Paired Interests”), and each of the Class B Units outstanding prior to the Business Combination were cancelled and holders thereof received a number of Class P units representing limited liability company interests of WMH LLC (the “Class P Units” and together with the Class A Units, the “Units”), each in accordance with the Merger Agreement. Concurrently with the closing of the Business Combination, the Unit holders entered into an exchange agreement (the “Exchange Agreement”). The terms of the Exchange Agreement, among other things, provide the Unit holders (or certain permitted transferees thereof) with the right from time to time at and after 180 days following the Business Combination to exchange their vested Paired Interests for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or Class P Units for shares of Class A Common Stock with a value equal to the value of such Class P Units less their participation threshold, or in each case, at the Company’s election, the cash equivalent of such shares of Class A Common Stock. A summary of the Class P Unit activity for the nine months ended September 30, 2024 is as follows: Number of Units Outstanding Class P Units, December 31, 2023 14,804,507 Cancellations (775) Exchanged for Class A Common Stock (125,000) Outstanding, Class P Units, September 30, 2024 14,678,732 Vested, September 30, 2024 14,659,364 As of September 30, 2024, unrecognized stock-based compensation expense for non-vested Class P Units was $0.04 million which is expected to be recognized over a weighted-average period of 0.2 years. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense for the Class P Units of $0.1 million and $0.1 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense for the Class P Units of $0.2 million and $0.5 million, respectively. WM Technology, Inc. Equity Incentive Plan In connection with the Business Combination, the Company adopted the WM Technology, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options to employees and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants. As of September 30, 2024, 40,639,882 shares of Class A Common Stock were authorized for issuance pursuant to awards under the 2021 Plan. The number of shares of Class A Common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1 st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. As of September 30, 2024, 27,621,566 shares of Class A Common Stock were available for future issuance. A summary of the restricted stock unit (“RSU”) activity for the nine months ended September 30, 2024 is as follows: Number of RSUs Weighted-average Grant Date Fair Value Non-vested at December 31, 2023 7,683,598 $ 2.96 Granted 906,232 $ 1.03 Vested (2,897,408) $ 2.97 Forfeited (1,328,501) $ 2.87 Non-vested at September 30, 2024 4,363,921 $ 2.57 As of September 30, 2024, unrecognized stock-based compensation expense for non-vested RSUs was $10.0 million, which is expected to be recognized over a weighted-average period of 1.2 years. For the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense for the RSUs of $1.5 million and $2.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense for the RSUs of $6.9 million and $10.1 million, respectively. The Company grants performance-based restricted stock units (“PRSUs”) with performance and service-based vesting conditions. The level of achievement of such goals may cause the actual number of units that ultimately vest to range from 0% to 200% of the original units granted. The Company recognizes expense ratably over the vesting period for the PRSUs when it is probable that the performance criteria specified will be achieved. The fair value is equal to the market price of the Company’s common stock on the date of grant. Number of PRSUs Weighted-average Grant Date Fair Value Non-vested at December 31, 2023 234,375 $ 6.40 Granted 0 $ — Vested (58,594) $ 6.40 Forfeited (175,781) $ 6.40 Non-vested at September 30, 2024 — $ — As of September 30, 2024, the Company has no outstanding grants for PRSUs. For the three months ended September 30, 2024, the Company recorded no stock-based compensation expense for PRSUs. For the three months ended September 30, 2023, the Company recorded stock-based compensation credit of for PRSUs $0.5 million. For the nine months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense for PRSUs of $0.1 million and stock-based compensation credit for PRSUs of $0.2 million, respectively. The Company recorded stock-based compensation cost related to the Class P Units, RSUs and PRSUs in the following expense categories on the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ 351 $ 587 $ 1,116 $ 2,180 Product development 985 944 2,811 3,226 General and administrative 265 766 3,245 4,983 Total stock-based compensation expense 1,601 2,297 7,172 10,389 Amount capitalized to software development 216 365 829 959 Total stock-based compensation cost $ 1,817 $ 2,662 $ 8,001 $ 11,348

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic income (loss) per share of Class A Common Stock is computed by dividing net earnings (loss) attributable to WM Technology, Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted income (loss) per share of Class A Common Stock adjusts basic net income (loss) per share of Class A Common Stock for the potentially dilutive impact of securities. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability, net of the portion attributable to non-controlling interests, and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. The computation of income (loss) per share attributable to WM Technology, Inc. and weighted-average shares of the Company’s Class A Common Stock outstanding are as follows for the three and nine months ending September 30, 2024 and 2023 (in thousands, except for share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 5,318 $ (2,512) $ 8,471 $ (4,498) Less: net income (loss) attributable to noncontrolling interests 1,986 (974) 3,183 (1,711) Net income (loss) attributable to WM Technology, Inc. Class A Common Stock – basic and diluted $ 3,332 $ (1,538) $ 5,288 $ (2,787) Denominator: Weighted average of shares of Class A Common Stock outstanding – basic 97,166,788 93,651,871 95,743,064 92,947,191 Weighted average effect of dilutive securities: Acquisition holdback shares — — — — Restricted stock units 1 644,463 — 1,016,101 — Performance-based restricted stock units — — 2,566 — Weighted average of shares of Class A Common Stock outstanding – diluted 97,811,251 93,651,871 96,761,731 92,947,191 Net income (loss) per share of Class A Common Stock – basic $ 0.03 $ (0.02) $ 0.06 $ (0.03) Net income (loss) per share of Class A Common Stock – diluted $ 0.03 $ (0.02) $ 0.05 $ (0.03) ¹ Calculated using the treasury stock method. Shares of the Class V Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V Common Stock under the two-class method has not been presented. However, shares of the Class V Common Stock outstanding for the period are considered potentially dilutive shares of Class A common stock under application of the if-converted method and are included in the computation of diluted earnings (loss) per share, except when the effect would be anti-dilutive. The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Class V Units 55,486,361 55,486,361 55,486,361 55,486,361 Class P Units 14,678,732 14,966,127 14,678,732 14,966,127 RSUs 2,813,084 7,173,708 2,964,600 7,173,708 PRSUs — 234,375 — 234,375 Public Warrants 12,499,973 12,499,973 12,499,973 12,499,973 Private Placement Warrants 7,000,000 7,000,000 7,000,000 7,000,000

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the second quarter of 2022, the Company entered into a sublease agreement with an affiliate of the Chief Executive Officer. The sublease commenced on June 1, 2022, and the term is for the remainder of the amended lease term which expired on October 31, 2 024. The monthly base rent, after the rent abatement period for the first four months, is $69,000. As of September 30, 2024 and December 31, 2023, rent receivable was $0.2 million and $0.7 million, respectively, and these amounts are included in prepaid expenses and other current assets on the accompanying condensed balance sheets. The Company expects to collect the remaining rent receivable balance which was $0.2 million as of September 30, 2024 in the fourth quarter of 2024. Rent receivable of $0.7 million from December 31, 2023 was subsequently collected in April 2024. For the three and nine months ended September 30, 2024, income on the sublease with a related party was $0.2 million and $0.5 million, respectively. For the three and nine months ended September 30, 2023, income on the sublease with a related party was $0.2 million and $0.5 million, respectively. Th e income on sublease is netted with rent expense and included in general and administrative expenses on the condensed consolidated statements of operations. In connection with the Business Combination, the Company paid $1.1 million in certain transaction costs reimbursable by Silver Spike’s sponsor (“Silver Spike Sponsor”), an affiliate to a member of the board of directors. On March 16, 2023, Silver Spike Holdings, an affiliate of Silver Spike Sponsor, entered into a promissory note with the Company and agreed to pay the principal amount of $1.1 million in 12 equal quarterly installments commencing on March 31, 2023. The promissory note bears interest at a rate of 5% per annum commencing on March 31, 2023. In an event of default, the outstanding principal amount shall bear interest for the entire period during which the principal balance is unpaid at a rate which is equal to 10% per annum. As of September 30, 2024, the remaining balance of the promissory note receivable was the $0.4 million of which $0.3 million was included in prepaid expenses and other current assets and $0.1 million was included in other assets on the condensed consolidated balance sheets. As of December 31, 2023, the remaining balance of the promissory note receivable was $0.7 million of which $0.4 million was included in prepaid expenses and other current assets and $0.3 million was included in other assets on the consolidated balance sheets. For the three and nine ended September 30, 2024 and 2023, interest income on the promissory note was less than $0.1 million, which is included in other income (expense), net on the accompanying condensed consolidated statements of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, certain information and footnotes required by GAAP in annual financial statements have been omitted or condensed and these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on May 24, 2024. The condensed consolidated financial statements of the Company include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair statement of the Company’s financial position as of September 30, 2024, and results of its operations and its cash flows for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the entire year. There have been no significant changes in the Company’s accounting policies from those described in the Company’s audited consolidated financial statements and the related notes to those statements.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of WM Technology, Inc. and WMH LLC, including their wholly and majority owned subsidiaries. In conformity with GAAP, all significant intercompany accounts and transactions have been eliminated.
Foreign Currency	Foreign Currency Assets and liabilities denominated in a foreign currency are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the average exchange rates during the periods. The impact of exchange rate fluctuations from translation of assets and liabilities is insignificant for the three and nine months ended September 30, 2024 and 2023.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management include, the allowance for credit losses, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill and other intangible assets, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement (“TRA”) liability, revenue recognition, performance and stock-based compensation and the recognition and disclosure of contingent liabilities.
Risks and Uncertainties	Risks and Uncertainties The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any state that permits use of cannabis was to change their laws or the federal government was to actively enforce the CSA or other laws related to the federal prohibition on cannabis, the Company’s business could be adversely affected. In addition, the Company’s ability to grow and meet its operating objectives depends largely on the continued legalization and regulation of cannabis on a widespread basis. There can be no assurance that such legalization will occur on a timely basis, or at all. The geographic concentration of the Company’s clients makes the Company vulnerable to a downturn in the local market area. Historically, the Company’s business operations have been located primarily in the State of California. See Note 3, “ Revenue from Contracts with Customers ,” to these condensed consolidated financial statements for additional information.
Fair Value Measurements	Fair Value Measurements The Company follows the guidance in ASC 820 – Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. See Note 5, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.
Accounts Receivable, Net	Accounts Receivable, Net A receivable is recorded when an unconditional right to invoice and receive payment exists. Accounts receivable primarily include amounts related to receivables from customers. Receivables are shown net of allowance for credit losses which is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The Company measures credit losses on its trade accounts receivable using the current expected credit loss model under ASC 326 – Financial Instruments – Credit Losses . The Company calculates the expected credit losses on a pool basis for trade receivables that have similar risk characteristics. For trade receivables that do not share similar risk characteristics, the allowance for credit losses is calculated on an individual basis. Risk characteristics relevant to the Company’s accounts receivable include balance of customer account and aging status. Account balances are written off against the allowance when it is determined that it is probable that the receivable will not be recovered. The Company had allowance for credit losses of $0.9 million and $8.7 million as of September 30, 2024 and December 31, 2023, respectively.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation, and consist of internally developed software, computer equipment, furniture and fixtures and leasehold improvements. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and generally over three years for computer equipment and seven years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining term of the related lease. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the Company’s condensed consolidated statements of operations. The Company assesses impairment of property and equipment when an event and change in circumstance indicates that the carrying value of such assets may not be recoverable. If an event and a change in circumstance indicates that the carrying amount of an asset (or asset group) may not be recoverable and the expected undiscounted cash flows attributable to the asset are less than its carrying value, an impairment loss equals to the excess of the asset’s carrying value over its fair value is recognized. No impairments to property and equipment were recorded during the three and nine months ended September 30, 2024. The Company recorded a non-cash property and equipment impairment charge of $2.3 million for the three and nine months ended September 30, 2023 related to certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the condensed consolidated statements of operations. Capitalized Software Capitalized website and internal-use software development costs are included in property and equipment in the accompanying condensed consolidated balance sheets. The Company capitalizes certain costs related to the development and enhancement of the Weedmaps platform and SaaS solutions. The Company began to capitalize these costs when preliminary development efforts were successfully completed, management has authorized and committed project funding, and it was probable that the project would be completed and the software would be used as intended. Capitalization ceases upon completion of all substantial testing. Maintenance and training costs are expensed as incurred. Such costs are amortized when placed in service, on a straight-line basis over the estimated useful life of the related asset, generally estimated to be three years. Costs incurred for enhancements that were expected to result in additional features or functionality are capitalized and expensed over the estimated useful life of the enhancements, generally three years. Product development costs include compensation and benefits for employees, including engineering and technical teams who are responsible for building new products, as well as maintaining and improving existing products. Product development costs that do not meet the criteria for capitalization are expensed as incurred. As of September 30, 2024 and December 31, 2023, the Company has $23.7 million and $23.1 million in capitalized software costs, net, respectively which are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets. During the three months ended September 30, 2024 and 2023, the Company amortized $3.1 million and $2.2 million, respectively. During the nine months ended September 30, 2024 and 2023, the Company amortized $8.4 million and $5.4 million, respectively. Amortization of internal-use software development costs is included in depreciation and amortization expense
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is reviewed for impairment each year using a qualitative or quantitative process that is performed at least annually as of December 31, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. As of September 30, 2024 and December 31, 2023, the Company has $68.4 million in goodwill. In testing for goodwill impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value. If it is determined that it is unlikely that the carrying value exceeds the fair value, the Company is not required to complete the quantitative goodwill impairment evaluation. If it is determined that the carrying value may exceed fair value when considering qualitative factors, a quantitative goodwill impairment evaluation is performed. When performing the quantitative evaluation, if the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. Goodwill is assessed for impairment annually on December 31. For the year ended December 31, 2023, in accordance with the Company’s annual assessment policy, the Company opted to bypass the qualitative assessment and performed a quantitative assessment to test goodwill for impairment. As part of the Company’s impairment assessment, the fair value of the reporting unit is estimated using a discounted cash flow valuation which incorporates assumptions regarding long-term growth rates, revenue and earnings projections, estimation of cash flows, discount rates and other factors. For the year ended December 31, 2023, in conducting the quantitative assessment, it was determined that the fair value of the goodwill exceeded its carrying amount by approximately 18%, and as a result, no impairment existed as of the annual assessment date of December 31, 2023. If the Company’s forecasts of cash flows or other key inputs are negatively revised in the future, the estimated fair value of the reporting unit would be adversely impacted, potentially leading to an impairment in the future that could materially affect our operating results. There were no goodwill impairment charges recorded for the three and nine months ended September 30, 2024 and 2023. Intangible assets are recorded at cost less accumulated amortization. Intangible assets are reviewed for impairment whenever events or changes in circumstances may affect the recoverability of the net assets. Such reviews may include an analysis of current results and take into consideration the undiscounted value of projected operating cash flows. The Company recorded a non-cash intangible impairment charge of $6.1 million for the three and nine months ended September 30, 2023 related to certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the condensed consolidated statements of operations. There were no intangible asset impairment charges recorded for the three and nine months ended September 30, 2024. See Note 6, “Intangible Assets,” to these condensed consolidated financial statements for additional information.
Leases	Leases The Company’s operating leases consist of office space located in the United States. The Company does not have any leases classified as financing leases. The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the condensed consolidated balance sheets as both a right-of-use asset (“ROU”) and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term. The Company assesses impairment of ROU assets when an event and change in circumstance indicates that the carrying value of such ROU assets may not be recoverable. If an event and a change in circumstance indicates that the carrying value of an ROU asset may not be recoverable and the estimated fair value attributable to the ROU asset is less than its carrying value, an impairment loss equals to the excess of the ROU asset’s carrying value over its fair value is recognized. The fair values of ROU assets were estimated using an income approach based on management’s forecast of future cash flows expected to be derived based on the sublease market rent. First, the Company tests the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease payments related to the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, the Company performs the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, the Company relies on a discounted cash flow approach using market participant assumptions of the expected cash flows. During the three and nine months ended September 30, 2024 and 2023, the Company recognized no impairment charge related to ROU assets. Net rent expense f or the three months ended September 30, 2024 and 2023 was $1.7 million and $2.2 million, respectively. Net rent expense f or the nine months ended September 30, 2024 and 2023 was $5.8 million and $6.6 million, respectively. Rent expense is incl uded in general and administrative expense in the accompanying condensed consolidated statements of operations. In the third quarter of 2024, the Company amended its lease associated with its corporate headquarters located in Irvine, California. The amendment extended the lease term five years through February 2030 and reduced the leased square footage. The lease extension was accounted for as a lease modification, and the Company remeasured its lease liability and ROU asset using an incremental borrowing rate of 11.5% and recognized a non-cash lease liability of $3.3 million a nd the related non-cash ROU asset of $3.3 million. The lease classification remained as an operating lease. In addition, in the second quarter 2024, the Company paid $0.1 million to terminate a lease agreement for one of the offices. In conjunction with the early lease termination, the Company reported a gain of $0.1 million which is recognized as a reduction to the related lease expense. The Company also de-recognized the remaining ROU asset of $0.2 million and a lease liability of $0.4 million on the condensed consolidated balance sheet related to early lease termination. In 2022, the Company entered into a sublease agreement with an affiliate of the Chief Executive Officer. The sublease commenced on June 1, 2022, and expired on October 31, 2024. See Note 13, “Related Party Transactions,” to these condensed consolidated financial statements for additional information.
Warrant Liability	Warrant Liability The Company assumed public warrants originally issued in the initial public offering of Silver Spike (the “Public Warrants”) and private placement warrants that were originally issued in a private placement by Silver Spike (the “Private Placement Warrants” and, together with the Public Warrants, the “Warrants”) upon the Closing, all of which were issued in connection with Silver Spike’s initial public offering. The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity and concluded they do not meet the criteria to be classified in stockholders’ equity. See Note 9, “Warrant Liability,” to these condensed consolidated financial statements for additional information.
Tax Receivable Agreement	Tax Receivable Agreement In connection with the Business Combination, the Company entered into a TRA with continuing members that provides for a payment to the continuing Class A Unit holders of 85% of the amount of tax benefits, if any, that the Company realizes, or is deemed to realize, as a result of redemptions or exchanges of Units. In connection with such potential future tax benefits resulting from the Business Combination, the Company has established a deferred tax asset for the additional tax basis and a corresponding TRA liability of 85% of the expected benefit. The remaining 15% is recorded to additional paid-in capital. The TRA liability is subject to remeasurement each reporting period, due to various factors, including changes in federal and state income tax rates and assessment of the probability of payment. As these remeasurement changes are subsequent to the initial measurement, the impact of the remeasurement is recorded in other income (loss), net on the condensed consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the TRA liability was $3.1 million and $1.8 million, respectively. During the three and nine months ended September 30, 2024, the Company recognized a loss of $0.5 million and $1.5 million, respectively, related to the remeasurement of its TRA liability. During the three and nine months ended September 30, 2023, the Company recognized a loss of $0.1 million and $0.7 million, respectively, related to the remeasurement of its TRA liability. See Income Taxes
Revenue Recognition	Revenue Recognition The Company recognizes revenue when the fundamental criteria for revenue recognition are met. In accord ance with ASC 606 - Revenue from Contracts with Customers, t he Company recognizes revenue by applying the following five steps: the contract with the customer is identified; the performance obligations in the contract are identified; the transaction price is determined; the transaction price is allocated to the performance obligations in the contract; and revenue is recognized when (or as) the Company satisfies these performance obligations in an amount that reflects the consideration it expects to be entitled to in exchange for those services. The Company excludes sales taxes and other similar taxes from the measurement of the transaction price . The transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term. The Company’s revenues are derived primarily from monthly subscriptions to Weedmaps for Business, featured and deal listings and other ad solutions. The Company’s Weedmaps for Business subscriptions generally have one-month terms that automatically renew unless notice of cancellation is provided in advance. Featured and deal listings and other ad solutions are offered as add-on products to the Weedmaps for Business subscriptions. Featured and deal listings provide customers with premium placement ad solutions and discount and promotion pricing tools. Other ad solutions include banner ads and promotion tiles on the Company’s marketplace ad as well as other advertising products on and off the Weedmaps marketplace. The Company has a fixed inventory of featured listing and display advertising in each market, and price is generally determined through a competitive auction process that reflects local market demand. Revenues for these arrangements are recognized over-time, generally during a month-to-month subscription period as the services are provided. The Company rarely needs to allocate the transaction price to separate performance obligations. In the rare case that allocation of the transaction price is needed, the Company recognizes revenue in proportion to the standalone selling prices of the underlying services at contract inception. Revenue for service contracts that the Company assesses are not probable of collection is not recognized until the contract is completed and payment is received. Collectability is reassessed when there is a significant change in facts or circumstances. The assessment of collectability considers whether the Company may limit its exposure to credit risk through its right to stop transferring additional service in the event the customer is delinquent. Se e Note 3, “Revenue from Contracts with Customers,” to these condensed consolidated financial statements for additional information. Substantially all of the Company’s revenue has been generated in the United States for the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024, approximately 52% of the Company’s net revenues originated in California. For the three and nine months ended September 30, 2023, approximately 51% and 52% of the Company’s net revenues originated in California, respectively.
Cost of Revenues (Exclusive of Depreciation and Amortization)	Cost of Revenues (Exclusive of Depreciation and Amortization)
Advertising	Advertising The Company expenses the cost of advertising in the period incurred. Advertising expense totaled $2.0 million and $3.5 million for the three months ended September 30, 2024 and 2023, respectively, and $8.3 million and $8.1 million for the nine months ended September 30, 2024 and 2023, respectively, and are included in sales and marketing expense in the accompanying condensed consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation The Company measures fair value of employee stock-based compensation awards on the date of grant and allocates the related expense over the requisite service period. The fair value of restricted stock units and performance-based restricted stock units is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 11, “Stock-based Compensation,” to these condensed consolidated financial statements for additional information.
Employee Benefit Plan	Employee Benefit Plan The Company’s 401(k) saving plan is a tax-qualified deferred compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches up to 3.5% of the employee’s eligible compensation, vested upon two years of service. For the three months ended September 30, 2024 and 2023, the Company recognized an expense of $0.4 million and $0.9 million, respectively, and for the nine months ended September 30, 2024 and 2023, the Company recognized an expense of $1.4 million and $1.9 million, respectively, related to employer contributions for the Company’s 401(k) plan.
Other Income (Expense), net	Other Income (Expense), net Other income (expense), net consists primarily of change in fair value of warrant liability, TRA liability remeasurement, discharge of a holdback obligation related to a prior acquisition, interest income and other tax related expenses.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes under ASC 740 - Income Taxes . Under the guidance, deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. The Company assesses whether it is “more-likely-than-not” that it will realize its deferred tax assets. The Company establishes a valuation allowance when available evidence indicates that it is more-likely-than-not that the deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers the amounts and timing of expected future deductions or carry forwards and sources of taxable income that may enable utilization. This includes an analysis of the Company’s current financial position, results of operations for the current and prior years and all currently available information about future years. This assessment and estimates require significant management judgment. The Company maintains an existing valuation allowance until enough positive evidence exists to support its reversal. Change in the amount or timing of expected future deductions or taxable income may have a material impact on the level of income tax valuation allowances. For nine months ended September 30, 2024 and for the year ending December 31, 2023, the Company conducted similar analyses, and determined that a full valuation allowance was still required. As of September 30, 2024 and December 31, 2023, the TRA liability was $3.1 million and $1.8 million, respectively. The tax provision for interim periods is determined using an estimate of the Company's annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of its annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The quarterly tax provision, and estimate of the Company's annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), revaluations of the warrant liability, changes in flow-through income not subject to tax, valuation allowances and tax law developments. As a result of the Business Combination, WM Technology, Inc. became the sole managing member of WMH LLC, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, WMH LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by WMH LLC is passed through to and included in the taxable income or loss of its members, including WM Technology, Inc. on a pro rata basis. WM Technology, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to its allocable share of any taxable income of WMH LLC following the Business Combination. The Company is also subject to taxes in foreign jurisdictions. WMH LLC will generally be required from time to time to make pro rata distributions in cash to the Company and the other holders of WMH Units at certain assumed tax rates in amounts that are intended to be sufficient to cover the taxes on the Company’s and the other WMH equity holders’ respective allocable shares of the taxable income of WMH LLC. For the three and nine ended September 30, 2024, the Company recorded $0.02 million and $0.07 million , respectively, in income tax provisions due to the impact of the full valuation allowance on its net deferred assets. For the three and nine months ended September 30, 2023, the Company recorded zero in income tax provisions due to the impact of the full valuation allowance on its net deferred assets. The effective tax rates differ from the federal statutory rate of 21% primarily due to the impact of valuation allowances, warrant valuations, non-controlling interests represented by the portion of the flow-through income not subject to tax, permanent stock-based compensation and state taxes. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. The Company does not believe it has any uncertain income tax positions that are more-likely-than-not to materially affect its condensed consolidated financial statements.
Segment Reporting	Segment Reporting
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic income (loss) per share is computed by dividing net income (loss) attributable to WM Technology, Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted income (loss) per share is computed giving effect to all potential weighted-average dilutive shares for the period. The dilutive effect of outstanding awards or financial instruments, if any, is reflected in diluted income (loss) per share by application of the treasury stock method or if-converted method, as applicable. Potential common shares are excluded from the calculation of diluted EPS in the event they are antidilutive or subject to performance conditions for which the necessary conditions have not been satisfied by the end of the reporting period. See Note 12, “Earnings Per Share,” for additional information on dilutive securities.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions and the Company’s cash balances at these institutions typically exceed the Federal Deposit Insurance Corporation limit. As of September 30, 2024, the Company had cash balances that exceeded the FDIC limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.
Recently Adopted And Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company reviewed the accounting pronouncements that became effective for fiscal year 2024 and determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, “ Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” , which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements. In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. We are currently evaluating the impact of the adoption of this standard. The Company also reviewed other recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The Company has restated its unaudited condensed consolidated statements of operations for the period ended September 30, 2023 as follows (in thousands): Three Months Ended Nine Months Ended Previously Reported Adjustment As Restated Previously Reported Adjustment As Restated Net revenues $ 47,725 $ (1,038) $ 46,687 $ 146,584 $ (5,058) $ 141,526 General and administrative expenses $ 19,189 $ (1,038) $ 18,151 $ 60,897 $ (5,058) $ 55,839 Total costs and expenses $ 53,273 $ (1,038) $ 52,235 $ 152,497 $ (5,058) $ 147,439 The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended September 30, 2023 as follows (in thousands): Nine Months Ended Previously Reported Adjustment As Restated Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Provision (recovery) for credit losses $ 4,862 $ (5,058) $ (196) Changes in operating assets and liabilities: Accounts receivable $ 262 $ 5,058 $ 5,320
Schedule of Restatement of Previously Issued Financial Statements	The following table summarizes the changes in the allowance for credit losses: Three months ended September 30, Nine months ended September 30, 2024 2023 As Restated 1 2024 2023 As Restated 1 Allowance, beginning of period $ 2,756 $ 10,202 $ 8,748 $ 12,232 Provision (recovery) for credit losses 320 219 (295) (196) Write-offs (2,218) (1,317) (7,595) (2,932) Allowance, end of period $ 858 $ 9,104 $ 858 $ 9,104 ___________________________ 1 The Provision (recovery) for credit losses for the three and nine months ended September 30, 2023 and related allowance at the end of the period September 30, 2023, has been retrospectively adjusted to reflect the restatement of previously reported credit losses. See Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
Revenue from Contracts with Customers (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Net Revenues	The following table summarizes the Company’s disaggregated net revenues information (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 As Restated 1 2024 2023 As Restated 1 Revenues: Weedmaps for Business and other SaaS solutions $ 13,583 $ 10,877 $ 40,285 $ 33,847 Featured and deal listings 29,233 31,907 85,814 96,782 Subtotal 42,816 42,784 126,099 130,629 Other ad solutions 3,736 3,903 10,745 10,897 Total net revenues 2 $ 46,552 $ 46,687 $ 136,844 $ 141,526 ___________________________ 1 For the three and nine months ended September 30, 2023, net revenues have been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information. 2

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Liabilities Measured on Recurring Basis	The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands): Level September 30, 2024 December 31, 2023 Liabilities: Warrant liability – Public Warrants 1 $ 250 $ 375 Warrant liability – Private Placement Warrants 3 140 210 Total warrant liability $ 390 $ 585
Schedule of Derivative Liabilities at Fair Value	The following tables summarize the changes in the fair value of the warrant liabilities (in thousands): Three Months Ended Nine Months Ended Public Warrants Private Placement Warrants Warrant Liabilities Public Warrants Private Warrants Warrant Liabilities Fair value, beginning of period $ 625 $ 350 $ 975 $ 375 $ 210 $ 585 Change in valuation inputs or other assumptions (375) (210) (585) (125) (70) (195) Fair value, end of period $ 250 $ 140 $ 390 $ 250 $ 140 $ 390 Three Months Ended Nine Months Ended Public Warrants Private Placement Warrants Warrant Liabilities Public Warrants Private Warrants Warrant Liabilities Fair value, beginning of period $ 1,500 $ 910 $ 2,410 $ 1,250 $ 840 $ 2,090 Change in valuation inputs or other assumptions 250 210 460 500 280 780 Fair value, end of period $ 1,750 $ 1,120 $ 2,870 $ 1,750 $ 1,120 $ 2,870
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: September 30, 2024 December 31, 2023 Exercise price $ 11.50 $ 11.50 Stock price $ 0.87 $ 0.72 Volatility 93.0 % 87.5 % Term (years) 1.71 2.46 Risk-free interest rate 3.75 % 4.13 %

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
Intangible Assets (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 Weighted Average Amortization Period (Years) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Trade and domain names 15.0 $ 7,256 $ (5,370) $ 1,886 Software technology 5.0 249 (150) 99 Customer relationships 8.0 170 (64) 106 Total intangible assets 14.5 $ 7,675 $ (5,584) $ 2,091 December 31, 2023 Weighted Average Amortization Period (Years) Gross Intangible Assets Accumulated Amortization Net Intangible Assets Trade and domain names 15.0 $ 7,256 $ (5,008) $ 2,248 Software technology 5.0 249 (112) 137 Customer relationships 8.0 170 (48) 122 Total intangible assets 14.5 $ 7,675 $ (5,168) $ 2,507
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The estimated future amortization expense of intangible assets as of September 30, 2024 is as follows (in thousands): Remaining period in 2024 (three months) $ 139 Year ended December 31, 2025 555 Year ended December 31, 2026 543 Year ended December 31, 2027 505 Year ended December 31, 2028 222 Thereafter 127 Total $ 2,091

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Sep. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 Prepaid insurance $ 1,730 $ 1,530 Prepaid marketing 292 387 Prepaid software 1,954 2,406 Other prepaid expenses and other current assets 2,433 1,655 Total $ 6,409 $ 5,978

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
Accounts Payable and Accrued Expenses (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands): September 30, 2024 December 31, 2023 Accounts payable and other accrued liabilities $ 6,932 $ 7,323 Accrued employee expenses 9,601 13,859 Total $ 16,533 $ 21,182

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
Stock-based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Class P Unit Activities	A summary of the Class P Unit activity for the nine months ended September 30, 2024 is as follows: Number of Units Outstanding Class P Units, December 31, 2023 14,804,507 Cancellations (775) Exchanged for Class A Common Stock (125,000) Outstanding, Class P Units, September 30, 2024 14,678,732 Vested, September 30, 2024 14,659,364
Schedule of Restricted Stock Units Activity	A summary of the restricted stock unit (“RSU”) activity for the nine months ended September 30, 2024 is as follows: Number of RSUs Weighted-average Grant Date Fair Value Non-vested at December 31, 2023 7,683,598 $ 2.96 Granted 906,232 $ 1.03 Vested (2,897,408) $ 2.97 Forfeited (1,328,501) $ 2.87 Non-vested at September 30, 2024 4,363,921 $ 2.57
Schedule of Performance Shares Activity	The fair value is equal to the market price of the Company’s common stock on the date of grant. Number of PRSUs Weighted-average Grant Date Fair Value Non-vested at December 31, 2023 234,375 $ 6.40 Granted 0 $ — Vested (58,594) $ 6.40 Forfeited (175,781) $ 6.40 Non-vested at September 30, 2024 — $ —
Schedule of Stock-based Payment Arrangement	The Company recorded stock-based compensation cost related to the Class P Units, RSUs and PRSUs in the following expense categories on the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Sales and marketing $ 351 $ 587 $ 1,116 $ 2,180 Product development 985 944 2,811 3,226 General and administrative 265 766 3,245 4,983 Total stock-based compensation expense 1,601 2,297 7,172 10,389 Amount capitalized to software development 216 365 829 959 Total stock-based compensation cost $ 1,817 $ 2,662 $ 8,001 $ 11,348

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of income (loss) per share attributable to WM Technology, Inc. and weighted-average shares of the Company’s Class A Common Stock outstanding are as follows for the three and nine months ending September 30, 2024 and 2023 (in thousands, except for share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 5,318 $ (2,512) $ 8,471 $ (4,498) Less: net income (loss) attributable to noncontrolling interests 1,986 (974) 3,183 (1,711) Net income (loss) attributable to WM Technology, Inc. Class A Common Stock – basic and diluted $ 3,332 $ (1,538) $ 5,288 $ (2,787) Denominator: Weighted average of shares of Class A Common Stock outstanding – basic 97,166,788 93,651,871 95,743,064 92,947,191 Weighted average effect of dilutive securities: Acquisition holdback shares — — — — Restricted stock units 1 644,463 — 1,016,101 — Performance-based restricted stock units — — 2,566 — Weighted average of shares of Class A Common Stock outstanding – diluted 97,811,251 93,651,871 96,761,731 92,947,191 Net income (loss) per share of Class A Common Stock – basic $ 0.03 $ (0.02) $ 0.06 $ (0.03) Net income (loss) per share of Class A Common Stock – diluted $ 0.03 $ (0.02) $ 0.05 $ (0.03)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Class V Units 55,486,361 55,486,361 55,486,361 55,486,361 Class P Units 14,678,732 14,966,127 14,678,732 14,966,127 RSUs 2,813,084 7,173,708 2,964,600 7,173,708 PRSUs — 234,375 — 234,375 Public Warrants 12,499,973 12,499,973 12,499,973 12,499,973 Private Placement Warrants 7,000,000 7,000,000 7,000,000 7,000,000

Business and Organization (Deta

Business and Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 59,230	$ 64,518
Cash	$ 45,043	$ 34,350

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Restatement of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenues	$ 46,552	$ 46,687	[1]	$ 136,844	$ 141,526	[1]
General and administrative expenses		18,151			55,839
Total costs and expenses	41,348	52,235	[1]	126,648	147,439	[1]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision (recovery) for credit losses	$ 320	219		(295)	(196)	[2]
Changes in operating assets and liabilities:
Accounts receivable				$ 3,546	5,320	[2]
Previously Reported
Income Statement [Abstract]
Net revenues		47,725			146,584
General and administrative expenses		19,189			60,897
Total costs and expenses		53,273			152,497
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision (recovery) for credit losses					4,862
Changes in operating assets and liabilities:
Accounts receivable					262
Adjustment
Income Statement [Abstract]
Net revenues		(1,038)			(5,058)
General and administrative expenses		(1,038)			(5,058)
Total costs and expenses		$ (1,038)			(5,058)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision (recovery) for credit losses					(5,058)
Changes in operating assets and liabilities:
Accounts receivable					$ 5,058

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended				9 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($) institution	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)		Sep. 30, 2024 USD ($) segment institution	Sep. 30, 2023 USD ($)		Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Allowance of bad debt	$ 858,000	$ 2,756,000	$ 9,104,000		$ 858,000	$ 9,104,000		$ 8,748,000	$ 10,202,000	$ 12,232,000
Asset impairment charges	0		8,382,000		0	8,382,000	[1]
Noncash asset impairment charges			2,300,000			2,300,000
Impairment charges					23,700,000			23,100,000
Capitalized computer software, amortization	3,100,000		2,200,000		8,400,000	5,400,000
Goodwill	68,368,000				68,368,000			$ 68,368,000
Percentage fair value above carrying value								18%
Goodwill and intangible asset impairment	0		0		0	0
Intangible asset impairment charges			6,100,000			6,100,000
Operating lease, impairment loss	0		0		0	0
Lease, cost	1,700,000		2,200,000		5,800,000	6,600,000
Right-of-use assets	15,513,000				15,513,000			$ 15,629,000
Payments for lease termination		100,000
Gain on lease termination		100,000			109,000	0	[1]
Derecognizing on right of use asset		200,000
Derecognition on lease liability		$ 400,000
Contra rent expense	$ 200,000		500,000		$ 1,300,000	1,600,000
Tax receivable agreement liabilities as percent of expected benefit	85%				85%
Tax receivable agreement, percent recorded in additional paid-in capital	15%				15%
Tax receivable agreement, liability	$ 3,100,000				$ 3,100,000			$ 1,800,000
Change in tax receivable agreement liability	548,000		69,000	[2]	1,486,000	689,000	[1],[2]
Advertising expense	2,000,000		3,500,000		$ 8,300,000	8,100,000
Requisite service period					2 years
Defined contribution cost	400,000		900,000		$ 1,400,000	1,900,000
Provision for income taxes	$ 21,000		$ 0	[2]	$ 72,000	$ 0	[2]
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Number of financial institutions with cash balance exceeding FDIC limit \| institution	4				4
Irvine Corporate Headquarters Lease
Accounting Policies [Line Items]
Lease renewal term	5 years
Weighted average discount rate	11.50%				11.50%
Lease Liability	$ 3,300,000				$ 3,300,000
Right-of-use assets	$ 3,300,000				$ 3,300,000
Maximum
Accounting Policies [Line Items]
Employer matching contribution, percent of match					3.50%
Class A Common Stock, $0.0001 par value per share
Accounting Policies [Line Items]
Payment to continuing members as percent of amount of tax benefit	85%				85%
Computer equipment
Accounting Policies [Line Items]
Property and equipment, useful life	3 years				3 years
Furniture and fixtures
Accounting Policies [Line Items]
Property and equipment, useful life	7 years				7 years
Software technology
Accounting Policies [Line Items]
Property and equipment, useful life	3 years				3 years
Enhancements
Accounting Policies [Line Items]
Property and equipment, useful life	3 years				3 years

[1]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance, beginning of period	$ 2,756	$ 10,202	$ 8,748	$ 12,232
Provision (recovery) for credit losses	320	219	(295)	(196)	[1]
Write-offs	(2,218)	(1,317)	(7,595)	(2,932)
Allowance, end of period	$ 858	$ 9,104	$ 858	$ 9,104

[1]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Schedule of Disaggregated Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net revenues	$ 46,552	$ 46,687	[1]	$ 136,844	$ 141,526	[1]
Sales discount	2,182	3,015	[1]	6,729	9,748	[1]
Weedmaps for Business and other SaaS solutions
Revenues:
Net revenues	13,583	10,877		40,285	33,847
Featured and deal listings
Revenues:
Net revenues	29,233	31,907		85,814	96,782
Subtotal
Revenues:
Net revenues	42,816	42,784		126,099	130,629
Other ad solutions
Revenues:
Net revenues	3,736	3,903		10,745	10,897
Sales Discount
Revenues:
Sales discount	$ 100	$ 800		$ 600	$ 3,000

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 5,765		$ 5,765		$ 5,918
California \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52%	51%	52%	52%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Civil money penalty	$ 1.5
Software License Agreements
Restructuring Cost and Reserve [Line Items]
2024	1.8
2025	7.3
2026	$ 7.5
Agreement period	3 years

Fair Value Measurements - Warra

Fair Value Measurements - Warrants (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023		Jun. 16, 2021
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period	$ 975	$ 2,410		$ 585	$ 2,090
Change in valuation inputs or other assumptions	(585)	460	[1]	(195)	780	[1],[2]
Fair value, end of period	390	2,870		390	2,870
Warrant liability	390	2,870		390	2,870
Warrants
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Remaining maturity							5 years
Public Warrants
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period	625	1,500		375	1,250
Change in valuation inputs or other assumptions	(375)	250		(125)	500
Fair value, end of period	250	1,750		250	1,750
Warrant liability	250	1,750		250	1,750
Private Placement Warrants
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period	350	910		210	840
Change in valuation inputs or other assumptions	(210)	210		(70)	280
Fair value, end of period	140	1,120		140	1,120
Warrant liability	140	$ 1,120		140	$ 1,120
Recurring Basis
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period				585
Fair value, end of period	390			390
Warrant liability	390			390
Recurring Basis \| Level 1 \| Public Warrants
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period				375
Fair value, end of period	250			250
Warrant liability	250			250
Recurring Basis \| Level 3 \| Private Placement Warrants
Changes In Fair Value Of Warrant Liabilities [Roll Forward]
Fair value, beginning of period				210
Fair value, end of period	140			140
Warrant liability	$ 140			$ 140

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information (Details) $ in Thousands	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability \| $	$ 390	$ 975	$ 585	$ 2,870	$ 2,410	$ 2,090
Private Placement Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability \| $	$ 140	$ 350	$ 210	$ 1,120	$ 910	$ 840
Level 3 \| Private Placement Warrants \| Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	11.50		11.50
Level 3 \| Private Placement Warrants \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	0.87		0.72
Level 3 \| Private Placement Warrants \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.930		0.875
Level 3 \| Private Placement Warrants \| Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, term	1 year 8 months 15 days		2 years 5 months 15 days
Level 3 \| Private Placement Warrants \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0375		0.0413

Intangible Assets - Intangible

Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	14 years 6 months	14 years 6 months
Gross Intangible Assets	$ 7,675	$ 7,675
Accumulated Amortization	(5,584)	(5,168)
Net Intangible Assets	$ 2,091	$ 2,507
Trade and domain names
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	15 years	15 years
Gross Intangible Assets	$ 7,256	$ 7,256
Accumulated Amortization	(5,370)	(5,008)
Net Intangible Assets	$ 1,886	$ 2,248
Software technology
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	5 years	5 years
Gross Intangible Assets	$ 249	$ 249
Accumulated Amortization	(150)	(112)
Net Intangible Assets	$ 99	$ 137
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	8 years	8 years
Gross Intangible Assets	$ 170	$ 170
Accumulated Amortization	(64)	(48)
Net Intangible Assets	$ 106	$ 122

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 100	$ 500	$ 400	$ 1,600
Intangible asset impairment charges		$ 6,100		$ 6,100

Intangible Assets - Amortizatio

Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining period in 2024 (three months)	$ 139
Year ended December 31, 2025	555
Year ended December 31, 2026	543
Year ended December 31, 2027	505
Year ended December 31, 2028	222
Thereafter	127
Net Intangible Assets	$ 2,091	$ 2,507

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 1,730	$ 1,530
Prepaid marketing	292	387
Prepaid software	1,954	2,406
Other prepaid expenses and other current assets	2,433	1,655
Prepaid expenses and other current assets	$ 6,409	$ 5,978

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable and other accrued liabilities	$ 6,932	$ 7,323
Accrued employee expenses	9,601	13,859
Total	16,533	21,182
Accrued bonuses	4,200	$ 7,400
Civil money penalty	$ 1,500

Warrant Liability (Details)

Warrant Liability (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			9 Months Ended
	Jul. 16, 2021	Sep. 30, 2024	Sep. 30, 2023		Sep. 30, 2024	Sep. 30, 2023
Derivative [Line Items]
Unit price (in dollars per share)		$ 11.50			$ 11.50
Notice period to redeem warrants	30 days
Threshold trading days	20 days
Trading period	30 days
Change in fair value of warrant liability		$ (585)	$ 460	[1]	$ (195)	$ 780	[1],[2]
Common Stock
Derivative [Line Items]
Stock price trigger (in dollars per share)	$ 18
Public Warrants
Derivative [Line Items]
Warrants outstanding (in shares)		12,499,973			12,499,973
Warrant redemption price (in dollars per share)	$ 0.01
Change in fair value of warrant liability		$ (375)	250		$ (125)	500
Private Placement Warrants
Derivative [Line Items]
Warrants outstanding (in shares)		7,000,000			7,000,000
Number of ordinary shares called by each warrant (in shares)	1
Limitation period to transfer, assign or sell warrants	30 days
Change in fair value of warrant liability		$ (210)	$ 210		$ (70)	$ 280
Class A Common Stock
Derivative [Line Items]
Number of ordinary shares called by each warrant (in shares)		1			1
Exercise price of warrant (in dollars per share)	$ 11.50

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Equity (Details)

Equity (Details)	9 Months Ended
Equity (Details)	Sep. 30, 2024 vote shares	Dec. 31, 2023 shares	Jun. 15, 2021 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
WMH Units
Noncontrolling Interest [Line Items]
Noncontrolling interests, percent of outstanding units held	36.90%
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1
Class V Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details)		3 Months Ended		9 Months Ended
Stock-based Compensation - Additional Information (Details)	Jun. 16, 2021 $ / shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of exchange agreement	180 days
Shares converted basis (in shares)	1
Share-based compensation expense		$ 1,601,000	$ 2,297,000	$ 7,172,000	$ 10,389,000
Class P Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized		40,000		$ 40,000
Weighted-average period				2 months 12 days
Share-based compensation expense		100,000	100,000	$ 200,000	500,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized		10,000,000		$ 10,000,000
Weighted-average period				1 year 2 months 12 days
Share-based compensation expense		1,500,000	2,700,000	$ 6,900,000	10,100,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 0	$ (500,000)	$ 100,000	$ (200,000)
PRSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award				0%
PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award				200%
Class V Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001		$ 0.0001		$ 0.0001
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001
Class A Common Stock \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares		40,639,882		40,639,882
Period of automatic increase of shares				10 years
Percent of increase in shares from capital stock outstanding		5%		5%
Number of shares available for future issuance (in shares) \| shares		27,621,566		27,621,566

Stock-based Compensation - Clas

Stock-based Compensation - Class P Units Activity (Details) - Class P Units	9 Months Ended
	Sep. 30, 2024 shares
Number of Units
Outstanding beginning balance (in shares)	14,804,507
Cancellations (in shares)	(775)
Exchanged for Class A common stock (in shares)	(125,000)
Outstanding ending balance (in shares)	14,678,732
Vested (in shares)	14,659,364

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Units Activity (Details)	9 Months Ended
Stock-based Compensation - Stock Units Activity (Details)	Sep. 30, 2024 $ / shares shares
RSUs
Number of RSUs and PSUs
Beginning balance (in shares) \| shares	7,683,598
Granted (in shares) \| shares	906,232
Vested (in shares) \| shares	(2,897,408)
Forfeited (in shares) \| shares	(1,328,501)
Ending balance (in shares) \| shares	4,363,921
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 2.96
Granted (in dollars per share) \| $ / shares	1.03
Vested (in dollars per share) \| $ / shares	2.97
Forfeited (in dollars per share) \| $ / shares	2.87
Ending balance (in dollars per share) \| $ / shares	$ 2.57
PRSUs
Number of RSUs and PSUs
Beginning balance (in shares) \| shares	234,375
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(58,594)
Forfeited (in shares) \| shares	(175,781)
Ending balance (in shares) \| shares	0
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 6.40
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	6.40
Forfeited (in dollars per share) \| $ / shares	6.40
Ending balance (in dollars per share) \| $ / shares	$ 0

Stock-based Compensation - St_2

Stock-based Compensation - Stock-Based Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,601	$ 2,297	$ 7,172	$ 10,389
Amount capitalized to software development	216	365	829	959	[1]
Total stock-based compensation cost	1,817	2,662	8,001	11,348
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	351	587	1,116	2,180
Product development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	985	944	2,811	3,226
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 265	$ 766	$ 3,245	$ 4,983

[1]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Earnings Per Share - Computatio

Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023		Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)	$ 5,318	$ 1,194	$ 1,959	$ (2,512)	[1]	$ 1,983	$ (3,969)	$ 8,471	$ (4,498)	[1],[2]
Less: net income (loss) attributable to noncontrolling interests	$ 1,986			$ (974)				$ 3,183	$ (1,711)
Denominator:
Acquisition holdback shares (in shares)	0			0				0	0
RSUs
Denominator:
Stock units (in shares)	644,463			0				1,016,101	0
Performance-based restricted stock units
Denominator:
Stock units (in shares)	0			0				2,566	0
Class A Common Stock
Numerator:
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock – basic	$ 3,332			$ (1,538)				$ 5,288	$ (2,787)
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted	$ 3,332			$ (1,538)				$ 5,288	$ (2,787)
Denominator:
Weighted average of shares of Class A common stock outstanding - basic (in shares)	97,166,788			93,651,871	[1]			95,743,064	92,947,191	[1]
Weighted average common shares outstanding - diluted (in shares)	97,811,251			93,651,871	[1]			96,761,731	92,947,191	[1]
Net income (loss) per share of Class A common stock - basic (in dollars per share)	$ 0.03			$ (0.02)	[1]			$ 0.06	$ (0.03)	[1]
Net income (loss) per share of Class A common stock - diluted (in dollars per share)	$ 0.03			$ (0.02)	[1]			$ 0.05	$ (0.03)	[1]

[1]For the three and nine months ended September 30, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.[2]For the nine months ended September 30, 2023, provision (recovery) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Earnings Per Share - Dilutive S

Earnings Per Share - Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Dilutive Securities (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class V Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	55,486,361	55,486,361	55,486,361	55,486,361
Class P Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,678,732	14,966,127	14,678,732	14,966,127
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,813,084	7,173,708	2,964,600	7,173,708
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	234,375	0	234,375
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,499,973	12,499,973	12,499,973	12,499,973
Private Placement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,000,000	7,000,000	7,000,000	7,000,000

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	3 Months Ended		9 Months Ended		28 Months Ended
Related Party Transactions (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) installment
Related Party Transaction [Line Items]
Accounts receivable, net	$ 7,907		$ 7,907		$ 7,907	$ 11,158
Related Party
Related Party Transaction [Line Items]
Number of installments \| installment							12
Interest rate							5%
Interest rate if defaulted	10%		10%		10%
Accounts receivable, net	$ 400		$ 400		$ 400	700
Interest income	100	$ 100	100	$ 100
Related Party \| Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Accounts receivable, net	300		300		300	400
Related Party \| Other Assets
Related Party Transaction [Line Items]
Accounts receivable, net	100		100		$ 100	300
Silver Spike Sponsor \| Silver Spike
Related Party Transaction [Line Items]
Transaction expenses							$ 1,100
Sublease Agreement \| Related Party
Related Party Transaction [Line Items]
Rent abatement period					4 months
Income on the sublease					$ 69
Sublease income, net	200	$ 200	500	$ 500
Sublease Agreement \| Related Party \| Other Current Assets
Related Party Transaction [Line Items]
Rents received, related party	$ 200		$ 200		$ 200	$ 700