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Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Supplier Finance Program [Line Items]
Accounts payable and other accrued liabilities	$ 6,958	$ 12,999
Accrued commissions and bonuses	3,868	6,361
Accrued salaries	1,435	1,011
Accrued vacation	2,414	2,973
Other accrued employee expenses	734	618
Accounts payable and accrued expenses	15,409	23,962
Settlement Obligation
Supplier Finance Program [Line Items]
Loss contingency accrual	0	2,800
Software License Agreements
Supplier Finance Program [Line Items]
AWS loss contingency	$ 0	$ 2,300	$ 2,300

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

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, 2025, filed with the SEC on March 12, 2026. 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, 2026, 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, 2026 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.

Statements of Operations Reclassification

Beginning on January 1, 2026, the Company reclassified certain employee and non-employee related expenses to align the financial statements with the Company’s current management of its operations. These expenses were reclassified from General and Administrative expenses to Product Development and Sales and Marketing expenses. These reclassifications have no impact on operating income, net income or shareholders’ equity as previously reported. In addition, certain prior year balances have been reclassified in order to conform to current year presentation.

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, 2026 and 2025.

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 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, among others, the allowance for credit losses, loss contingencies, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement (“TRA”) liability, 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, forty 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 two states continue to prohibit cannabis entirely. However, in 2025, at least three ballot initiatives (Arizona, Massachusetts and Maine) were introduced to repeal all or some portion of each state’s laws permitting adult use sales, and Florida’s Attorney General has thus far successfully precluded adult‑use legalization from being placed on the 2026 ballot. 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. On April 23, 2026, the U.S. Department of Justice issued a final rule rescheduling marijuana contained in FDA-approved drug products and marijuana subject to a state medical marijuana license from Schedule I to Schedule III of the Controlled Substances Act (“CSA”). However, any form of marijuana other than in an FDA-approved drug product or marijuana subject to a state medical marijuana license remains a Schedule I controlled substance under the 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 of the states that permit use of cannabis were 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 markets. 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 Accounting Standards Codification (“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 6, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible into cash and have original maturities of three months or less at the date of purchase. The Company had cash equivalents of nil and $10.0 million as of September 30, 2026 and December 31, 2025, respectively. See “Investments,” below for further discussion.

Accounts Receivable, Net

A receivable is recorded when an unconditional right to invoice and receive payment exists. Accounts receivable represents 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 $8.6 million and $4.2 million as of September 30, 2026 and December 31, 2025, respectively. The increase in the allowance was primarily driven by the aging of general customer receivables and higher credit loss estimates for certain customers, particularly in the Company’s California market. This increase was driven by a challenging operating environment for the Company’s customers, who have faced margin compression and cash flow constraints. These pressures have affected customers’ timing and ability to pay, resulting in higher days sales outstanding. Consequently, a greater portion of the Company’s accounts receivable portfolio has aged into higher delinquency buckets, leading to an increased provision for credit losses.

The Company continues to pursue a disciplined approach to accounts receivable management, including increased focus on payment plans and collection efforts. While the Company continues to support clients through a difficult operating environment, the Company also seeks to take appropriate action where payment behavior no longer supports continued service.

As of September 30, 2026 and December 31, 2025, 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,
	2026		2025		2026		2025
Allowance, beginning of period	$	8,399	$	1,638	$	4,196	$	1,243
Provision for credit losses	4,974		1,536		13,005		2,618
Write-offs, net of recoveries	(4,794)		(393)		(8,622)		(1,080)
Allowance, end of period	$	8,579	$	2,781	$	8,579	$	2,781

Investments

Marketable securities

Investments in debt securities are primarily comprised of U.S. Treasury Bills, highly rated corporate bonds and municipal bonds and are classified as available-for-sale investment securities. Investments in U.S. Treasury Bills had maturities less than 90 days and as such are classified as cash and cash equivalents on the condensed consolidated balance sheets. The Company may sell

these securities at any time for use in current operations even if they have not yet reached maturity. The Company invests in a diversified portfolio of debt securities and limits the concentration of its investment in any particular security.

The Company reports available-for-sale investments at fair value as of each balance sheet date in accordance with ASC 320, “Investments – Debt Securities” and records any unrealized gains or losses in accumulated other comprehensive income as a component of stockholders’ equity. The cost of securities sold is determined on a specific identification basis and realized gains and losses upon disposition are included in other income (expense) within the condensed consolidated statements of operations.

In addition, realized losses are recognized when the Company determines that a decline in value is other than temporary, which requires judgment regarding the amount and timing of recovery. For investments that are classified as available-for-sale securities, the Company also considers the extent to which cost exceeds fair value, the duration of that difference, management’s judgment about the issuer’s current and prospective financial condition, as well as the Company’s intent and ability to hold the security until recovery of the unrealized losses.

Fair value of available-for-sale investment securities are generally obtained from third party pricing sources using quoted market prices to determine fair value. If quoted market prices are not available, fair values are estimated using pricing models with observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See Note 6, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.

Equity Securities

Investments in equity securities that do not have a readily determinable fair value and qualify for the measurement alternative for equity investments provided in ASC 321, “Investments – Equity Securities,” are accounted for at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of September 30, 2026 and December 31, 2025, the carrying value of the Company’s investments in equity securities without a readily determinable fair value were $0.0 million.

The Company performs a qualitative assessment at each reporting date to evaluate whether the investments in equity securities are impaired. When a qualitative assessment indicates that an investment is impaired, the investment is written down to its fair value and the impairment charge is included in asset impairment charges in the accompanying condensed consolidated statements of operations. No impairment to investments in equity securities were recorded for the three and nine months ended September 30, 2026 and 2025.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation, amortization and asset impairment charges, and consist of internally developed software, computer equipment, motor vehicle, 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 and amortization 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 or change in circumstance indicates that the carrying value of such assets may not be recoverable. If an event and/or 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 equal 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, 2026 and 2025.

Capitalized Software

Capitalized website and internal-use software development costs are included in property and equipment in the accompanying consolidated balance sheets. The Company capitalizes certain costs related to the development and enhancement of the Weedmaps Marketplace solutions when (i) the preliminary development project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and performed as intended. These capitalized costs include personnel and related expenses for employees and costs of third-party

contractors who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. 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 salaries 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, 2026 and December 31, 2025, the Company had $25.3 million and $24.2 million in capitalized software development costs, net, respectively, which are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets. For the three months ended September 30, 2026 and 2025, the Company amortized $3.3 million and $2.9 million of capitalized software development costs, respectively. For the nine months ended September 30, 2026 and 2025, the Company amortized $9.2 million and $9.1 million of capitalized software development costs, respectively. Amortization of capitalized 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 or whenever events or circumstances indicate a likely reduction in the fair value of a reporting unit below its carrying amount 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.

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, 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. Changes in these inputs could materially affect the results of the impairment review. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded. No goodwill impairment charges were recorded for the three and nine months ended September 30, 2026 and 2025.

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. No intangible assets impairment charges were recorded for the three and nine months ended September 30, 2026 and 2025. See Note 7, “Intangible Assets,” to these condensed consolidated financial statements for additional information.

Leases

The Company’s operating leases consist of office space located primarily 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 leases, and leases are recorded on the 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 as provided under ASC 842, “Leases,” 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 or change in circumstance indicates that the carrying value of such ROU assets may not be recoverable. If an event and/or 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 equal 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, 2026 and 2025, the Company recognized no impairment charge related to ROU assets.

Net rent expense for the three months ended September 30, 2026 and 2025 was $1.9 million and $1.5 million, respectively. Net rent expense for the nine months ended September 30, 2026 and 2025 was $5.7 million and $4.7 million, respectively. Rent expense is included in general and administrative expense in the accompanying condensed consolidated statements of operations.

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, 2026 and 2025, the Company recorded no rent income related to subleases. For the nine months ended September 30, 2026 and 2025, the Company recorded rent income related to subleases of nil and $0.9 million, respectively.

Warrant Liability

The Company assumed 12,499,993 Public Warrants originally issued in the initial public offering of Silver Spike (the “Public Warrants”) and 7,000,000 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 and entitle the holder to purchase one share of Class A Common Stock at an exercise price of at $11.50 per share. The Public Warrants were publicly traded and were exercisable for cash unless certain conditions occurred, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the warrants may have been cashless exercised. The Private Placement Warrants were transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants were exercisable for cash or on a cashless basis, at the holder’s option, and were non-redeemable so long as they were held by the initial purchasers or their permitted transferees. If the Private Placement Warrants were held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants would cease to be Private Placement Warrants, and become Public Warrants and be redeemable by the Company and exercisable by such holders on the same basis as the other Public Warrants. On June 16, 2026, all outstanding Public Warrants and Private Placement Warrants expired pursuant to their terms and ceased to be exercisable.

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they did not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants would have settled in cash upon the occurrence of a tender offer or exchange that involved 50% or more of the Company’s Class A equity holders. Because not all of the voting stockholders needed to participate in such tender offer or exchange to trigger the potential cash settlement and the Company did not control the occurrence of such an event, the Company concluded that the Warrants did not meet the conditions to be classified in equity. Since the Warrants met the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the condensed consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in change in fair value of warrant liabilities within the condensed consolidated statements of operations at each reporting date. See Note 10, “Warrant Liability,” to these condensed consolidated financial statements for additional information.

Tax Receivable Agreement

In connection with the Business Combination, the Company entered into the 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 (as defined below). In connection with such potential future

tax benefits resulting from the Business Combination, and such subsequent redemptions and exchanges, 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) on the condensed consolidated statements of operations. As of September 30, 2026 and December 31, 2025, the TRA liability was nil and $2.7 million, respectively. For the three and nine months ended September 30, 2026, the Company recognized no gain or loss related to the remeasurement of the TRA liability. For the three and nine months ended September 30, 2025, the Company recognized a gain of $1.6 million and $0.5 million, respectively, related to the remeasurement of the 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 accordance with ASC Topic 606, “Revenue from Contracts with Customers,” the 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 Company’s contracts with customers do not contain general rights of return. However, adjustments to the standard pricing may occur for selected customers on a case-by-case basis. Revenue reflects the transaction price, including any adjustments, that the Company expects to receive for such goods and services. Transaction price adjustments are primarily related to the Company’s Together for Equity Access and Legislation program, through which the Company provides free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides these transaction price adjustments to license holders who were awarded special status by the state based on owner qualifications. Special status is 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 the three months ended September 30, 2026 and 2025, total transaction price adjustments issued was $1.1 million and $2.2 million, respectively. For the nine months ended September 30, 2026 and 2025, total transaction price adjustments issued was $4.4 million and $6.0 million, respectively. For clients that pay in advance for listings and other services, the Company records deferred revenue and recognizes revenue over the applicable contract period.

The Company’s revenues are derived primarily from Standard Listings, Featured Listings and WM Deal products and other ad solutions. The Company’s Weedmaps Standard Listings generally have one-month terms that automatically renew unless notice of cancellation is provided in advance. Featured Listings and WM Deal products are offered as add-on products to the Weedmaps Standard Listings. Featured Listings and WM Deal products 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 Listings 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 offering 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. See 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 $7.6 million and $3.4 million for the three months ended September 30, 2026 and 2025, respectively, and $14.6 million and $7.0 million for the nine months ended September 30, 2026 and 2025, 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 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 without market conditions is equal to the market price of the Company’s Class A common stock on the date of grant. The fair value of performance-based restricted stock units with market conditions is measured using a Monte Carlo simulation. 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 of the Company that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met. The level of achievement of such goals in the performance-based restricted stock awards may cause the actual number of units that ultimately vest to range from 0% to 200% of the original units granted. When awards include a performance condition of the markets, the vesting of the award is dependent upon the attainment of a target stock price. Forfeitures of such stock-based awards are recognized as they occur and the Company records compensation cost over the derived service period. See Note 12, “Stock-based Compensation,” to these condensed consolidated financial statements for additional information.

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 Company’s 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, 2026 and 2025, the Company expensed $0.3 million and $0.5 million, respectively, and for the nine months ended September 30, 2026 and 2025, the Company expensed $1.0 million and $1.7 million, respectively, related to employer contributions for the Company’s 401(k) saving plan.

Other Income (Expense), net

Other income (expense), net consists primarily of change in fair value of warrant liability, TRA liability remeasurement, interest income earned on cash, cash equivalents and other investments, and other non-operating income and expense.

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.

Based on the weight of all available evidence, both positive and negative, the Company determined during the fourth quarter of 2022 that a full valuation allowance was required against its net deferred tax assets. Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred tax assets. Significant pieces of negative evidence evaluated were the book operating loss incurred during the year ended December 31, 2023 and fluctuation in both historical book operating results and future expectations. For the year ended December 31, 2025 and for the nine months ended September 30, 2026, the Company conducted similar analyses, and determined that a full valuation allowance was still required based in a more likely than not standard. The Company’s gross deferred tax asset and corresponding full valuation allowance was approximately $184.5 million as of September 30, 2026 and $185.9 million on December 31, 2025. Payment with respect to the TRA liability was not probable, resulting from the full valuation allowance.

The Company will continue to evaluate the realization of the TRA tax attributes, and in the future, management may conclude that it is more likely than not that the Company will be able to utilize the deferred tax assets that are subject to the TRA, and therefore that the TRA liability is probable of payment. If the TRA liability is reinstated, the payments would be substantial. Assuming a reinstatement of the TRA liability, there are several assumptions that would be relevant in the ultimate determination of the amount of our TRA liability. For example, assuming no material changes in relevant tax law, that there are no future redemptions or exchanges to Class A Units and that we earn sufficient taxable income to realize all tax benefits that are subject to the TRA, the tax savings associated with acquisitions of Legacy WMH common units in the Business Combination and subsequent exchanges as of September 30, 2026, would equal approximately $160.3 million, determined as of September 30, 2026. Under this scenario, the Company would be required to pay certain Class A Unit holders approximately 85% of such amount, or $136.2 million. The actual amounts the Company will be required to pay may materially differ from these hypothetical amounts, because potential future tax savings that the Company will be deemed to realize, and the TRA payments made by the Company, will be calculated based in part on the market value of the Class A Common Stock at the time of each redemption or exchange under the Exchange Agreement and the prevailing applicable tax rates applicable to the Company over the life of the TRA and will depend on its generating sufficient taxable income to utilize the tax benefits that are subject to the TRA. As of September 30, 2026, the TRA liability was nil. As of December 31, 2025, the TRA liability was $2.7 million, which was paid in March 2026.

The termination fee under the TRA may also exceed any potential future tax savings that the Company will be deemed to realize. Payments under the TRA are not conditioned on the TRA parties continued equity ownership in the Company or WMH LLC. 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 months ended September 30, 2026 and 2025, the Company recorded less than $0.1 million 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.

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 13, “Earnings Per Share,” for additional information on dilutive securities.

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 applicable government insurance limits. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, result of operations, and cash flows. The Company believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) 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 annual reporting periods beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company adopted retrospectively this ASU as of December 31, 2025.

The Company also reviewed other accounting pronouncements that became effective for fiscal year 2026 and determined that either they were not applicable, or they did not have a material impact on the condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” requiring additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the statement of income. This ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of the adoption of this standard.

In September 2025, the FASB issued ASU 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” which amends the guidance in ASC 350-40, Intangibles-Goodwill and Other-Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This ASU is effective for annual reporting periods beginning after December 15, 2027, and interim reporting period within those annual reporting periods. The Company is 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.

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2026
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 commerce and compliant advertising 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 business-to-consumer and business-to-business suite of products affords cannabis retailers and brands of all sizes integrated tools to compliantly run their businesses and to reach, convert, and retain consumers. The Company’s principal business is the operation of Weedmaps, one of the cannabis industry’s leading consumer marketplaces ("Weedmaps Marketplace"), which is integrated with a suite of advertising solutions to allow cannabis retailers and brands to connect with their local communities. The Weedmaps Marketplace provides cannabis consumers with information regarding cannabis retailers and brands and 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 base makes the Weedmaps Marketplace highly valuable to its clients. 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 (the “Merger Agreement”), 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, solely in its capacity as the initial holder representative. 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”).

Warrant Liability (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 16, 2021	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Derivative [Line Items]
Unit price (in dollars per share)		$ 11.50		$ 11.50
Change in valuation inputs or other assumptions		$ 0	$ 390	$ (195)	$ 0
Class A Common Stock, $0.0001 par value per share
Derivative [Line Items]
Number of ordinary shares called by each warrant (in shares)		1		1
Public Warrants
Derivative [Line Items]
Warrants outstanding (in shares)		0		0
Units issued (in shares)				12,500,000
Change in valuation inputs or other assumptions		$ 0	250	$ (125)	0
Private Placement Warrants
Derivative [Line Items]
Warrants issued (in shares)	7,000,000
Change in valuation inputs or other assumptions		$ 0	$ 140	$ (70)	$ 0

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

Goodwill

Goodwill totaled $61.3 million as of September 30, 2026 and December 31, 2025, respectively. The Company recorded a goodwill impairment charge of $7.1 million for the year ended December 31, 2025. No goodwill impairment charges were recorded for the three and nine months ended September 30, 2026 and 2025.

Intangible Assets

Intangible assets consisted of the following as of September 30, 2026 and December 31, 2025 (in thousands):


	September 30, 2026
	Weighted Average Amortization Period (Years)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Trade and domain names	15.0	$	7,379	$	(6,349)	$	1,030
Software technology	5.0	249		(249)		—
Customer relationships	8.0	170		(106)		64

Total intangible assets	14.5	$	7,798	$	(6,704)	$	1,094


	December 31, 2025
	Weighted Average Amortization Period (Years)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
Trade and domain names	15.0	$	7,373	$	(5,980)	$	1,393
Software technology	5.0	249		(212)		37
Customer relationships	8.0	170		(90)		80

Total intangible assets	14.5	$	7,792	$	(6,282)	$	1,510

During the nine months ended September 30, 2026, the Company sold all rights, title and interest in one of its acquired domain names for cash proceeds of $1.0 million. The domain name had a de-minimus carrying value at the date of sale. In connection with the sale, the Company recognized a gain of $1.0 million, which is included in “Other income (expense), net” in the accompanying condensed consolidated statements of operations.

Amortization expense for intangible assets was $0.1 million and $0.1 million, respectively, for the three months ended September 30, 2026 and 2025, respectively. Amortization expense for intangible assets was $0.4 million and $0.4 million, respectively, for the nine months ended September 30, 2026 and 2025, respectively.

The estimated future amortization expense of intangible assets as of September 30, 2026 is as follows (in thousands):


Remaining period in 2026 (three months)	$	128
Year ended December 31, 2027	513
Year ended December 31, 2028	144
Year ended December 31, 2029	138
Year ended December 31, 2030	93
Thereafter	78
Total	$	1,094

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

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,
	2026		2025		2026		2025
Allowance, beginning of period	$	8,399	$	1,638	$	4,196	$	1,243
Provision for credit losses	4,974		1,536		13,005		2,618
Write-offs, net of recoveries	(4,794)		(393)		(8,622)		(1,080)
Allowance, end of period	$	8,579	$	2,781	$	8,579	$	2,781

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2026

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, 2026 and December 31, 2025 consisted of the following (in thousands):


	September 30, 2026		December 31, 2025
Prepaid insurance	$	1,609	$	1,094
Prepaid marketing	535		445
Prepaid software	2,173		2,934
Other prepaid expenses and other current assets	1,833		3,427
Total	$	6,150	$	7,900

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Intangible Asset, Finite-Lived, Acquired [Line Items]
Goodwill	$ 61,274,000		$ 61,274,000		$ 61,274,000
Goodwill, impairment loss	0	$ 0	0	$ 0	$ 7,100,000
Proceeds from sale of domain name			1,000,000	0
Gain (loss) on disposition of intangible assets			1,000,000	0
Amortization expense for intangible assets	$ 100,000	$ 100,000	400,000	$ 400,000
Domain Name
Intangible Asset, Finite-Lived, Acquired [Line Items]
Proceeds from sale of domain name			1,000,000.0
Gain (loss) on disposition of intangible assets			$ 1,000,000.0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Jun. 30, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total warrant liability	$ 0	$ 0	$ 195	$ 585	$ 195	$ 585
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total warrant liability	0	0	125	375	125	375
Private Placement Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total warrant liability	$ 0	$ 0	$ 70	$ 210	$ 70	$ 210

Commitments and Contingencies (Details) - USD ($) $ in Millions			3 Months Ended	9 Months Ended
	Jul. 31, 2026	May 14, 2026	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Restructuring Cost and Reserve [Line Items]
Reduction to purchase obligation			$ 0.1	$ 2.3
Software License Agreements
Restructuring Cost and Reserve [Line Items]
Purchase obligation, to be paid			1.4	1.4
AWS loss contingency			0.0	0.0	$ 2.3	$ 2.3
Settlement Obligation
Restructuring Cost and Reserve [Line Items]
Civil money penalty		$ 7.5
Loss contingency accrual			0.0	0.0	$ 2.8
Loss contingency, accrual, to be paid by insurance			$ 2.3	$ 2.3
Litigation settlement, amount awarded to other party	$ 0.7

Stock-based Compensation - Additional Information (Details)		1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 16, 2021 $ / shares	Nov. 30, 2024 shares	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 $ / shares 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 \| $			$ 1,273,000	$ 1,551,000	$ 3,796,000	$ 6,369,000
Class P Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares) \| shares			13,803,732		13,803,732
Unrecognized stock-based compensation expense, less than \| $			$ 0		$ 0
Share-based compensation expense \| $			0	0	0	0
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, less than \| $			5,000,000.0		5,000,000.0
Share-based compensation expense \| $			$ 1,200,000	1,300,000	$ 3,200,000	5,700,000
Weighted-average period					1 year 7 months 6 days
Granted (in shares) \| shares					2,393,835
Non-vested, number of shares (in shares) \| shares			6,008,145		6,008,145		7,915,966
Weighted average grant date fair value (in dollars per share) \| $ / shares			$ 0.94		$ 0.94		$ 1.08
PRSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, less than \| $			$ 100,000		$ 100,000
Share-based compensation expense \| $			$ 100,000	$ 200,000	$ 600,000	$ 700,000
Weighted-average period					1 month 6 days
Granted (in shares) \| shares		4,342,391
Non-vested, number of shares (in shares) \| shares			4,342,391		4,342,391		4,342,391
Weighted average grant date fair value (in dollars per share) \| $ / shares			$ 0.38		$ 0.38
PRSUs outstanding \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award					0.00%
PRSUs outstanding \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award					200.00%
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, $0.0001 par value per share
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, $0.0001 par value per share \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares			56,199,663		56,199,663
Period of automatic increase of shares					10 years
Percent of increase in shares from capital stock outstanding			5.00%		5.00%
Number of shares available for future issuance (in shares) \| shares			28,910,567		28,910,567

Warrant Liability	9 Months Ended
Warrant Liability	Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant Liability	Warrant Liability At September 30, 2026, there were no outstanding Public Warrants and Private Placement Warrants. As part of Silver Spike’s initial public offering, 12,500,000 Public Warrants were sold. The Public Warrants entitled 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 were exercisable only for a whole number of shares of Class A Common Stock. No fractional shares were issuable upon exercise of the warrants. The Public Warrants expired at 5:00 p.m. New York City time on June 16, 2026 and ceased to be exercisable. As of March 31, 2026, the Public Warrants were listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “MAPSW.” On April 17, 2026, the Company filed a Form 25 with the SEC to effect the delisting of the Class A Common Stock and the Public Warrants from Nasdaq and to deregister the Class A Common Stock and Public Warrants under Section 12(b) of the Exchange Act. The removal of the Class A Common Stock and the Public Warrants from Nasdaq became effective on April 24, 2026. On April 27, 2026, the Public Warrants commenced trading on the OTCID Basic Market operated by the OTC under the ticker “MAPSW”. The Public Warrants ceased trading on the OTCID on June 17, 2026, upon expiration. The deregistration of the Company’s Class A common stock and public warrants under Section 12(b) of the Exchange Act became effective in July 2026. Simultaneously with Silver Spike’s initial public offering, Silver Spike consummated a private placement of 7,000,000 Private Placement Warrants with Silver Spike’s sponsor (“Silver Spike Sponsor”). The Private Placement Warrants expired at 5:00 p.m. New York City time on June 16, 2026 and ceased to be exercisable. The Company concluded the Public Warrants and Private Placement Warrants, (collectively, the “Warrants”), meet the definition of a derivative under ASC 815 - Derivatives and Hedging (as described in Note 2) and were recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants was remeasured as of each balance sheet date, which resulted in non-cash gain of nil and $0.2 million in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026, respectively, and non-cash loss of $0.4 million and nil in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025, respectively. See Note 6, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, Acquired [Line Items]
Weighted Average Amortization Period (Years)	14 years 6 months	14 years 6 months
Gross Intangible Assets	$ 7,798	$ 7,792
Accumulated Amortization	(6,704)	(6,282)
Net Intangible Assets	$ 1,094	$ 1,510
Trade and domain names
Intangible Asset, Finite-Lived, Acquired [Line Items]
Weighted Average Amortization Period (Years)	15 years	15 years
Gross Intangible Assets	$ 7,379	$ 7,373
Accumulated Amortization	(6,349)	(5,980)
Net Intangible Assets	$ 1,030	$ 1,393
Software technology
Intangible Asset, Finite-Lived, Acquired [Line Items]
Weighted Average Amortization Period (Years)	5 years	5 years
Gross Intangible Assets	$ 249	$ 249
Accumulated Amortization	(249)	(212)
Net Intangible Assets	$ 0	$ 37
Customer relationships
Intangible Asset, Finite-Lived, Acquired [Line Items]
Weighted Average Amortization Period (Years)	8 years	8 years
Gross Intangible Assets	$ 170	$ 170
Accumulated Amortization	(106)	(90)
Net Intangible Assets	$ 64	$ 80

Earnings (loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Numerator:
Net income (loss)	$ (5,899)	$ 2,882	$ 1,694	$ 3,641	$ 2,159	$ 2,494	$ (1,323)	$ 8,294
Less: net income (loss) attributable to non-controlling interests	(1,735)			1,181			(353)	2,760
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock – basic	(4,164)			2,460			(970)	5,534
Net income attributable to WM Technology, Inc. Class A Common Stock - diluted	$ (4,164)			$ 2,460			$ (970)	$ 5,534
Denominator:
Weighted average of shares of Class A common stock outstanding - basic (in shares)	112,174,531			107,569,086			111,687,280	105,797,793
Weighted average effect of dilutive securities:
Weighted average of shares of Class A Common Stock outstanding - diluted (in shares)	112,174,531			109,112,744			111,687,280	108,144,795
Net income (loss) per share of Class A Common Stock:
Net income (loss) per share of Class A Common Stock – basic (in dollars per share)	$ (0.04)			$ 0.02			$ (0.01)	$ 0.05
Net income (loss) per share of Class A Common Stock – diluted (in dollars per share)	$ (0.04)			$ 0.02			$ (0.01)	$ 0.05
Restricted stock units
Weighted average effect of dilutive securities:
Restricted stock units (in shares)	0			1,543,658			0	2,347,002

Stock-based Compensation - Schedule of Valuation Assumptions (Details) - Phantom Share Units (PSUs)	Nov. 07, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PRSUs Granted (in shares) \| shares	4,342,391
Grant Date Stock Price (in dollars per share) \| $ / shares	$ 0.77
Risk-Free Rate at Valuation Date	4.05%
Cost of Equity	18.00%
Estimated Volatility at Valuation Date	85.61%

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 30, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
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
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	MAPS
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	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock, $0.0001 par value per share
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		113,199,207
Class V Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		47,852,652

Equity (Details)	9 Months Ended
Equity (Details)	Sep. 30, 2026 vote shares	Sep. 30, 2025 shares	Dec. 31, 2025 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 outstanding (in shares)	0		0
Preferred stock, shares issued (in shares)	0		0
Class A Common Stock, $0.0001 par value per share
Class of Stock [Line Items]
Votes per share \| vote	1
Class V Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1
Noncontrolling Interest [Line Items]
Shares converted basis (in shares)	0	5,000,000
Common stock conversion ratio		1
WMH Units
Noncontrolling Interest [Line Items]
Noncontrolling interests, percent of outstanding units held	29.70%		30.80%

Stock-based Compensation - Stock Units Activity (Details) - RSUs outstanding	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Number of RSUs and PSUs
Beginning balance (in shares) \| shares	7,915,966
Granted (in shares) \| shares	2,393,835
Vested (in shares) \| shares	(3,745,893)
Forfeited (in shares) \| shares	(555,763)
Ending balance (in shares) \| shares	6,008,145
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 1.08
Granted (in dollars per share) \| $ / shares	0.73
Vested (in dollars per share) \| $ / shares	1.12
Forfeited (in dollars per share) \| $ / shares	0.88
Ending balance (in dollars per share) \| $ / shares	$ 0.94

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements - Quantitative Information (Details) - Level 3 - Private Placement Warrants	Dec. 31, 2025 $ / shares
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	11.50
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.83
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.700
Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, term	5 months 15 days
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0360

Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Remaining period in 2026 (three months)	$ 128
Year ended December 31, 2027	513
Year ended December 31, 2028	144
Year ended December 31, 2029	138
Year ended December 31, 2030	93
Thereafter	78
Net Intangible Assets	$ 1,094	$ 1,510

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2026
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. On October 17, 2024, a putative shareholder class action complaint, captioned Seret Ishak v. WM Technology, Inc. et al., Case No. 2:24-cv-08959 (the “Securities Class Action”), was filed in the U.S. District Court for the Central District of California, naming the Company and certain former and current officers and/or directors of the Company and Silver Spike as defendants. The lawsuit alleges that the Company made material misrepresentations and/or omissions of material fact relating to historical public reporting of MAUs in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The putative class action is brought on behalf of persons or entities who purchased or otherwise acquired the Company’s securities between May 25, 2021, and September 24, 2024, inclusive, and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys’ fees. On May 12, 2025, the plaintiffs filed an amended class action complaint. On July 11, 2025, the defendants moved to dismiss the plaintiffs’ amended class action complaint. On February 12, 2026, the parties filed a notice of settlement stating that they had reached an agreement in principle to fully settle all pending claims in the action and requesting the court to not rule on the pending motions to dismiss as they were now moot. On May 14, 2026, the parties filed a joint stipulation of settlement. Under the terms of the settlement, in exchange for the release and dismissal with prejudice of all pending claims, the Company has agreed to pay $7.5 million to resolve the dispute, to be partially funded by the Company’s insurance carriers. On July 20, 2026, the court granted the motion for preliminary approval of the settlement. A hearing on final approval of the settlement is scheduled for January 11, 2027. Until then, the settlement remains subject to final approval by the court and certain other conditions and contingencies out of our control. There can be no guarantee that all of these conditions and contingencies will occur. Should a material condition or contingency to the settlement fail to occur, one or both of the parties to the settlement may exercise their right to terminate the settlement agreement. The accrual liability related to the settlement agreement as of September 30, 2026 and December 31, 2025 were nil and $2.8 million, respectively. This accrued liability is included in accounts payable and accrued expenses in the condensed consolidated balance sheets. The Company paid $2.3 million related to this settlement agreement during the third quarter of 2026 and the remaining amount is expected to be paid by the Company’s insurance carriers. On November 8, 2024, a shareholder derivative action, captioned DeGennaro v. Francis, et. al, Case No. 8:24-cv-02454 (the “DeGennaro Action”), was filed in the U.S. District Court for the Central District of California against certain members of the Company’s board of directors and certain former and current officers. The plaintiff purports to bring the action derivatively on behalf of the Company, and the Company is a nominal defendant in the action. The derivative complaint alleges, among other things, that the individual defendants authorized or permitted materially false statements and/or material omissions of fact relating to historical public reporting of MAUs. The derivative complaint asserts claims for violations of Section 10(b) of the Exchange Act as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, unjust enrichment, and waste of corporate assets. The derivative complaint seeks unspecified damages on behalf of the Company, disgorgement or restitution, corporate governance reforms, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees. Further, on November 18, 2024, a shareholder derivative action, captioned Pearson v. Francis, et. al, Case No. 8:24-cv-02525 (the “Pearson Action”), was filed in the U.S. District Court for the Central District of California against certain former and current members of the Company’s board of directors and certain former and current officers. The derivative complaint alleges, among other things, that the individual defendants authorized or permitted materially false statements and/or material omissions of fact relating to historical public reporting of MAUs and corporate governance matters. The derivative complaint asserts claims for violations of Section 14(a) of the Exchange Act and Rule 14a-9 promulgated thereunder, as well as claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and contribution under Sections 10(b) and 21D of the Exchange Act. The derivative complaint seeks unspecified damages on behalf of the Company, restitution, corporate governance reforms, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees. On December 10, 2024, the U.S. District Court of the Central District of California issued an order consolidating the DeGennaro Action and the Pearson Action (the “Consolidated Derivative Action”). On October 3, 2025, the court granted the parties’ joint stipulation to stay the Consolidated Derivative Action until resolution of the motions to dismiss the Securities Class Action discussed above. On February 17, 2026, in light of the notice of settlement in the Securities Class Action and the denial of the motions to dismiss as moot, the court ordered the parties to show cause regarding the continued stay of the Consolidated Derivative Action. On February 25, 2026, the court extended the stay to provide the parties additional time to discuss a potential resolution to the Consolidated Derivative Action, pursuant to a court-entered stipulation by the parties. On May 14, 2026, the parties informed the court they reached a settlement in principle and requested additional time to negotiate plaintiffs’ counsel’s attorneys’ fees. On July 31, 2026, the parties filed a joint stipulation of settlement. Under the terms of the settlement, in exchange for the release and dismissal of all pending claims, the Company has agreed to certain governance reforms to resolve the dispute and the Company’s insurance carriers have agreed to pay plaintiffs’ counsel $0.7 million in attorneys’ fees and costs. On July 31, 2026, Plaintiffs filed a motion for preliminary approval of the settlement. The settlement remains subject to final approval by the court and certain other conditions and contingencies out of our control. There can be no guarantee that all of these conditions and contingencies will occur. Should a material condition or contingency to the settlement fail to occur, one or both of the parties to the settlement may exercise their right to terminate the settlement agreement. Purchase Obligations AWS Minimum Commitment Obligation As of September 30, 2026, the Company had minimum outstanding purchase obligations with AWS Enterprise, (“AWS”) of approximately $1.4 million for the remaining three months in 2026 due under a software license agreement that expires on December 31, 2026. The Company has an obligation to pay any shortfall if it does not meet the specified minimum purchase obligations. Under ASC 450 – Contingencies, the Company evaluated whether a loss contingency should be recognized for non-cancellable commitments that will not provide future economic benefits. During the year ended December 31, 2025, the Company performed a review of its cloud infrastructure strategy prompted by a downward revision in forecasted server cost spend for the full fiscal year 2025 and 2026. The lower spend identified in the year ended December 31, 2025 was attributable to server management optimization and efficiencies implemented during 2024 and 2025 and discounts received on prepayments under the AWS agreement. Due to the revised forecast, the Company identified a probable shortfall in the minimum purchase obligation of approximately $2.3 million. The Company determined that the unused portion of the AWS minimum commitment obligation is not probable of being recovered through usage or other means, and as such recorded a loss contingency in the three months ended June 30, 2025 of $2.3 million. During the three and nine months ended September 30, 2026, the Company conducted a similar analysis and recorded a reduction in shortfall from minimum purchase obligation of $0.1 million and $2.3 million. The reduction to the shortfall was primarily due to an increase in spending on artificial intelligence initiatives. As of September 30, 2026 and December 31, 2025, the Company had amounts due to AWS of nil and $2.3 million, which is included in accounts payable and accrued expenses in the condensed consolidated balance sheets. Leases The Company's operating leases consist primarily of office space located in the United States, and the Company is committed to future minimum lease payments under these non-cancellable agreements. Subsequent to September 30, 2026, the Company entered into a lease termination agreement to terminate its lease agreement for office space in Los Angeles and executed a new lease agreement for office space in Austin, Texas, both of which represent non-cancellable contractual obligations that will impact the Company's future lease commitments. See Note 2, "Summary of Significant Accounting Policies," and Note 15, "Subsequent Events," for additional information regarding the Company's lease obligations and recent lease activity.

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 16, 2023	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Accounts receivable, net		$ 16,088		$ 16,088		$ 14,619
Silver Spike Sponsor
Related Party Transaction [Line Items]
Debt instrument, term	12 months
Related Party
Related Party Transaction [Line Items]
Interest rate	5.00%
Interest rate if defaulted	10.00%
Interest income			$ 100		$ 100
Related Party \| Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent
Related Party Transaction [Line Items]
Accounts receivable, net						$ 100
Silver Spike Holdings
Related Party Transaction [Line Items]
Legal fees		$ 0		$ 200
Silver Spike \| Silver Spike Sponsor
Related Party Transaction [Line Items]
Transaction expenses	$ 1,100

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 50,988	$ 62,401
Accounts receivable, net	16,088	14,619
Prepaid expenses and other current assets	6,150	7,900
Total current assets	73,226	84,920
Property and equipment, net	25,830	24,986
Goodwill	61,274	61,274
Intangible assets, net	1,094	1,510
Right-of-use assets	10,443	12,219
Other assets	6,101	5,758
Total assets	177,968	190,667
Current liabilities
Accounts payable and accrued expenses	15,409	23,962
Deferred revenue	4,830	5,499
Operating lease liabilities, current	4,378	3,922
Tax receivable agreement liability, current	0	2,658
Warrant liability, current	0	195
Total current liabilities	24,617	36,236
Operating lease liabilities, non-current	19,282	22,631
Total liabilities	43,899	58,867
Commitments and contingencies (Note 5)
Stockholders’ equity
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	115,681	112,076
Accumulated other comprehensive loss	(13)	0
Accumulated deficit	(55,887)	(54,917)
Total WM Technology, Inc. stockholders’ equity	59,797	57,175
Non-controlling interests	74,272	74,625
Total stockholders’ equity	134,069	131,800
Total liabilities and stockholders’ equity	177,968	190,667
Class A Common Stock
Stockholders’ equity
Common Stock	11	11
Class V Common Stock
Stockholders’ equity
Common Stock	$ 5	$ 5

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Lease Termination with Alameda Square Owner LLC On October 6, 2026, Ghost Management Group, LLC (the "Subsidiary"), a subsidiary of the Company, entered into a lease termination agreement (the "Lease Termination Agreement") with Alameda Square Owner LLC (the "Landlord") to terminate the lease agreement dated as of June 7, 2019 (as amended, the "Lease") for approximately 113,692 rentable square feet at 767 S. Alameda Street, Los Angeles, California 90021 (the "Premises"). The Lease Termination Agreement provides for the early termination of the Lease, which was originally scheduled to expire in February 2031. The effectiveness of the Lease Termination Agreement was conditioned upon the execution of an agreement, on or prior to October 7, 2026, between the Landlord and a third-party tenant for the lease of the Premises (the "Termination Contingency"). The Landlord notified the Subsidiary that the Termination Contingency was satisfied on October 7, 2026, and accordingly, the Lease was terminated effective October 7, 2026. As consideration for the Lease Termination Agreement, the Subsidiary agreed to pay the Landlord a termination fee in an aggregate amount of $32.4 million, which the Subsidiary will pay in fifty-three (53) monthly installments beginning October 2026. Lease Agreement with 7th and SM LP On October 9, 2026, the Subsidiary entered into a lease agreement (the "Austin Lease") with 7th and SM LP, a Delaware limited liability company (the "Austin Landlord"), for approximately 26,223 rentable square feet located at 924 E. 7th Street, Austin, Texas 78702. The aggregate estimated base rent payments due over the term of the Austin Lease are approximately $14.3 million. In addition to base rent, the Subsidiary will be required to pay its share of operating expenses, taxes and insurance expenses, as well as other additional operating costs under the Austin Lease. The Austin Landlord will provide a tenant improvement allowance totaling up to $1.7 million. To secure its obligations under the Austin Lease, the Subsidiary will be required to provide the Austin Landlord with an irrevocable standby letter of credit in an amount of $0.8 million. The Austin Lease is expected to commence on the later of (i) February 1, 2027 and (ii) the date that Austin Landlord delivers possession of the premises in accordance with the terms of the Austin Lease (the “Term Commencement Date”), and will expire 114 full calendar months after the Term Commencement Date.

Segment Reporting (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2026 USD ($)	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment							1
Segment Reporting [Line Items]
Revenues	$ 38,482			$ 42,176			$ 124,486	$ 131,635
Cost of revenues	2,269			2,118			6,997	6,639
Product development	8,007			8,131			25,006	26,363
General and administrative	18,137			15,618			53,818	51,561
Depreciation and amortization	3,503			3,068			9,765	9,847
Provision for income taxes	7			13			40	22
Net income (loss)	(5,899)	$ 2,882	$ 1,694	3,641	$ 2,159	$ 2,494	(1,323)	8,294
Reportable Segment
Segment Reporting [Line Items]
Revenues	38,482			42,176			124,486	131,635
Cost of revenues	2,269			2,118			6,997	6,639
Sales and marketing	12,923			11,282			32,706	30,750
Product development	8,007			8,131			25,006	26,363
General and administrative	18,137			15,618			53,818	51,561
Depreciation and amortization	3,503			3,068			9,765	9,847
Other non-operating expense (income), net	(465)			(1,695)			(2,523)	(1,841)
Provision for income taxes	7			13			40	22
Net income (loss)	$ (5,899)			$ 3,641			$ (1,323)	$ 8,294

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (1,323,000)	$ 8,294,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	9,765,000	9,847,000
Change in fair value of warrant liability	(195,000)	0
Change in tax receivable agreement liability	0	(460,000)
Amortization of right-of-use lease assets	1,776,000	1,894,000
Gain on sale of domain name	(1,000,000)	0
Stock-based compensation	3,796,000	6,369,000
Loss contingency	(2,324,000)	2,324,000
Provision for credit losses	13,005,000	2,618,000
Other reconciling items included in net income	(132,000)	0
Changes in operating assets and liabilities:
Accounts receivable	(14,475,000)	(3,268,000)
Prepaid expenses and other current assets	1,750,000	(798,000)
Other assets	(431,000)	450,000
Accounts payable and accrued expenses	(5,593,000)	(1,154,000)
Deferred revenue	(669,000)	(319,000)
Operating lease liabilities	(2,893,000)	(2,655,000)
Net cash provided by operating activities	1,057,000	23,142,000
Cash flows from investing activities
Capitalized software and expenditures	(10,807,000)	(9,359,000)
Purchase of marketable securities	(13,472,000)	0
Proceeds from sale of marketable securities	13,591,000	0
Proceeds from sale of domain name	1,000,000	0
Net cash used in investing activities	(9,688,000)	(9,359,000)
Cash flows from financing activities
Distributions to non-controlling interests	0	(1,916,000)
Proceeds from repayment of related party note	89,000	183,000
Tax receivable agreement payment	(2,659,000)	(1,422,000)
Taxes paid related to net share settlement of equity awards	(212,000)	(3,000)
Net cash used in financing activities	(2,782,000)	(3,158,000)
Net increase (decrease) in cash	(11,413,000)	10,625,000
Cash – beginning of period	62,401,000	51,966,000
Cash – end of period	50,988,000	62,591,000
Supplemental disclosures of cash flow information
Cash paid for income taxes	136,000	76,000
Supplemental disclosures of noncash investing and financing activities
Stock-based compensation capitalized for software development	22,000	645,000
Accrued distribution included in accounts payable and accrued expenses	0	0
Capitalized assets included in accounts payable and accrued expenses	$ 711,000	$ 1,005,000

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A Units	Class P Units	Common Stock Class A	Common Stock Class V	Total WM Technology, Inc. Stockholders’ Equity	Total WM Technology, Inc. Stockholders’ Equity Class A Units	Total WM Technology, Inc. Stockholders’ Equity Class P Units	Common Stock Common Stock Class A	Common Stock Common Stock Class A Class A Units	Common Stock Common Stock Class A Class P Units	Common Stock Common Stock Class V	Common Stock Common Stock Class V Class A Units	Additional Paid-in Capital	Additional Paid-in Capital Class A Units	Additional Paid-in Capital Class P Units	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-controlling Interests	Non-controlling Interests Class A Units	Non-controlling Interests Class P Units
Beginning balance (in shares) at Dec. 31, 2024									99,033,110			54,319,542
Beginning balance at Dec. 31, 2024	$ 120,067					$ 36,077			$ 10			$ 5		$ 92,941			$ 0	$ (56,879)	$ 83,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,457					2,457								2,457
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									711,646
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes	(1)					(1)								(1)
Distributions to non-controlling interests	(1,301)																		(1,301)
Issuance of common stock Unit exchange (in shares)										5,000,000	309,010		(5,000,000)
Issuance of common stock Unit exchange		$ 0	$ 0				$ 7,825	$ 460							$ 7,825	$ 460				$ (7,825)	$ (460)
Net income (loss)	2,494					1,647												1,647	847
Ending balance (in shares) at Mar. 31, 2025									105,053,766			49,319,542
Ending balance at Mar. 31, 2025	123,716					48,465			$ 10			$ 5		103,682			0	(55,232)	75,251
Beginning balance (in shares) at Dec. 31, 2024									99,033,110			54,319,542
Beginning balance at Dec. 31, 2024	120,067					36,077			$ 10			$ 5		92,941			0	(56,879)	83,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	0
Net income (loss)	8,294
Ending balance (in shares) at Sep. 30, 2025									107,897,133			49,319,542
Ending balance at Sep. 30, 2025	135,358					56,908			$ 11			$ 5		108,237			0	(51,345)	78,450
Beginning balance (in shares) at Mar. 31, 2025									105,053,766			49,319,542
Beginning balance at Mar. 31, 2025	123,716					48,465			$ 10			$ 5		103,682			0	(55,232)	75,251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,848					2,848								2,848
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									2,172,694
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes	0								$ 1					(1)
Distributions to non-controlling interests	(718)																		(718)
Net income (loss)	2,159					1,427												1,427	732
Ending balance (in shares) at Jun. 30, 2025									107,226,460			49,319,542
Ending balance at Jun. 30, 2025	128,005					52,740			$ 11			$ 5		106,529			0	(53,805)	75,265
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,709					1,709								1,709
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									670,673
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes	(1)					(1)								(1)
Distributions adjustments to non-controlling interests	2,004																		2,004
Other comprehensive income (loss)	0
Net income (loss)	3,641					2,460												2,460	1,181
Ending balance (in shares) at Sep. 30, 2025									107,897,133			49,319,542
Ending balance at Sep. 30, 2025	135,358					56,908			$ 11			$ 5		108,237			0	(51,345)	78,450
Beginning balance (in shares) at Dec. 31, 2025				109,990,343	47,852,652				109,990,343			47,852,652
Beginning balance at Dec. 31, 2025	131,800					57,175			$ 11			$ 5		112,076			0	(54,917)	74,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,337					1,337								1,337
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									1,197,271
Other comprehensive income (loss)	2					2											2
Net income (loss)	1,694					1,171												1,171	523
Ending balance (in shares) at Mar. 31, 2026									111,187,614			47,852,652
Ending balance at Mar. 31, 2026	134,833					59,685			$ 11			$ 5		113,413			2	(53,746)	75,148
Beginning balance (in shares) at Dec. 31, 2025				109,990,343	47,852,652				109,990,343			47,852,652
Beginning balance at Dec. 31, 2025	131,800					57,175			$ 11			$ 5		112,076			0	(54,917)	74,625
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(13)
Net income (loss)	(1,323)
Ending balance (in shares) at Sep. 30, 2026				113,199,207	47,852,652				113,199,207			47,852,652
Ending balance at Sep. 30, 2026	134,069					59,797			$ 11			$ 5		115,681			(13)	(55,887)	74,272
Beginning balance (in shares) at Mar. 31, 2026									111,187,614			47,852,652
Beginning balance at Mar. 31, 2026	134,833					59,685			$ 11			$ 5		113,413			2	(53,746)	75,148
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,208					1,208								1,208
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									645,530
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes	(95)					(95)								(95)
Other comprehensive income (loss)	(2)					(2)											(2)
Net income (loss)	2,882					2,023												2,023	859
Ending balance (in shares) at Jun. 30, 2026									111,833,144			47,852,652
Ending balance at Jun. 30, 2026	138,826					62,819			$ 11			$ 5		114,526			0	(51,723)	76,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	1,273					1,273								1,273
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)									1,366,063
Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes	(118)					(118)								(118)
Other comprehensive income (loss)	(13)					(13)											(13)
Net income (loss)	(5,899)					(4,164)												(4,164)	(1,735)
Ending balance (in shares) at Sep. 30, 2026				113,199,207	47,852,652				113,199,207			47,852,652
Ending balance at Sep. 30, 2026	$ 134,069					$ 59,797			$ 11			$ 5		$ 115,681			$ (13)	$ (55,887)	$ 74,272

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
Statement [Line Items]
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
Statement [Line Items]
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)	113,199,207	109,990,343
Common stock, shares outstanding (in shares)	113,199,207	109,990,343
Class V Common Stock
Statement [Line Items]
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)	47,852,652	47,852,652
Common stock, shares outstanding (in shares)	47,852,652	47,852,652

Equity	9 Months Ended
Equity	Sep. 30, 2026
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 the Company’s 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 the Company’s 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, 2026, there were no shares of preferred stock issued or outstanding. Non-controlling Interests The non-controlling interest represents the Units held by holders other than the Company. As of September 30, 2026 and December 31, 2025, the non-controlling interests owned 29.7% and 30.8% of the Units outstanding, respectively. The non-controlling interests’ ownership percentage can fluctuate over time, including as the WMH LLC equity holders elect to exchange Units for Class A Common Stock. During the nine months ended September 30, 2026, there were no exchanges of Class V Common Stock to Class A Common Stock. During the nine months ended September 30, 2025, 5 million shares of Class V Common Stock were exchanged on a one-to-one basis to shares of 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 non-controlling interests. See condensed consolidated statement of equity for further information.

Subsequent Events (Details) - Subsequent Event $ in Millions	Oct. 09, 2026 USD ($) ft²	Oct. 06, 2026 USD ($) ft² installment
Subsequent Event [Line Items]
Lessee, operating lease termination, rentable square feet \| ft²		113,692
Sale and leaseback transaction, lease agreement, termination fee		$ 32.4
Lessee, operating lease, termination fee payable, number of monthly installments \| installment		53
Lessee, operating lease, rentable square feet \| ft²	26,223
Unrecorded unconditional purchase obligation	$ 14.3
Lessee, operating lease, tenant improvement allowance	1.7
Letters of credit outstanding, amount	$ 0.8
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	114 months

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 bores interest at a rate of 5% per annum, which commenced on March 31, 2023 and matured on December 31, 2025. In an event of default, the outstanding principal amount bore interest for the entire period during which the principal balance was unpaid at a rate which was equal to 10% per annum. The promissory note was paid in full on January 2026. As of December 31, 2025, the remaining balance of the promissory note receivable was $0.1 million and included in prepaid expenses and other current assets on the condensed consolidated balance sheets. For the three and nine months ended September 30, 2025, interest income on the promissory note was less than $0.1 million, which is included in other income (expense), net on the condensed consolidated statements of operations. During the three and nine months ended September 30, 2026, the Company reimbursed nil and $0.2 million, respectively, in certain legal fees to Silver Spike Holdings, an affiliate to a member of the board of directors in connection with responding to the previously disclosed SEC investigation into the calculation, definition and reporting of the Company’s monthly active users metric, which matter was concluded in October 2024. The expense is included in general and administrative expenses on the condensed consolidated statements of operations.