0001140361-24-034726 | POS AM | XBRL Viewer

Cost of revenues (exclusive of depreciation and amortization shown separately below)

$ 44,389,000

$ 46,687,000

$ 48,423,000

$ 46,416,000

^[1]

$ 94,839,000

$ 141,526,000

$ 187,993,000

$ 215,531,000

$ 193,146,000

Costs and expenses:

2,302,000

3,494,000

^[1]

12,527,000

15,407,000

7,938,000

9,634,000

12,060,000

^[1]

47,073,000

82,624,000

56,119,000

9,229,000

10,934,000

^[1]

36,001,000

50,520,000

35,395,000

16,526,000

18,151,000

16,779,000

20,909,000

^[1]

37,688,000

55,839,000

74,313,000

120,787,000

95,075,000

2,937,000

3,167,000

^[2]

12,133,000

11,498,000

4,425,000

24,403,000

4,317,000

2,372,000

40,628,000

$ 52,235,000

$ 44,640,000

50,564,000

^[1]

$ 95,204,000

$ 147,439,000

206,450,000

285,153,000

201,324,000

Operating income (loss)

3,761,000

(4,148,000)

^[1]

(18,457,000)

(69,622,000)

(8,178,000)

Other income (expenses), net

(850,000)

725,000

^[1],[2]

$ 166,500,000

1,505,000

25,370,000

166,518,000

Income (loss) before income taxes

(543,000)

(100,000)

^[1],[2]

(1,256,000)

142,352,000

Other income (expense)

(400,000)

(446,000)

^[1]

2,574,000

(1,674,000)

(6,723,000)

1,968,000

(3,969,000)

^[1]

(15,634,000)

96,426,000

151,617,000

Provision for (benefit from) income taxes

9,000

^[1]

93,000

179,077,000

(601,000)

Net income (loss) attributable to noncontrolling interests

1,959,000

(3,969,000)

^[1],[2]

(15,727,000)

(82,651,000)

152,218,000

719,000

(1,494,000)

^[1]

(5,829,000)

33,338,000

91,835,000

Net income (loss) attributable to WM Technology, Inc.

$ 1,240,000

$ (2,475,000)

^[1]

$ 137,100,000

$ (9,898,000)

$ (115,989,000)

$ 60,383,000

Weighted average basic shares outstanding - Class A (in shares)

94,704,164

92,323,757

93,244,911

85,027,120

65,013,517

Weighted average diluted shares outstanding - Class A (in shares)

93,244,911

85,027,120

66,813,417

Basic income (loss) per share - Class A (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ 0.93

Diluted income (loss) per share - Class A (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ (0.18)

Weighted average basic shares outstanding - Class A (in shares)

94,704,164

92,323,757

^[1]

93,244,911

85,027,120

65,013,517

Weighted average diluted shares outstanding - Class A (in shares)

96,023,352

92,323,757

^[1]

93,244,911

85,027,120

66,813,417

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Prepaid Expenses and Other Current Assets (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

7.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Prepaid insurance	$696	$1,530
Prepaid marketing	320	387
Prepaid software	2,402	2,406
Other prepaid expenses and other current assets	3,233	1,655
Total	$6,651	$5,978

and other current assets, and the related cash flows are presented as cash outflows from operations. Impairment is recognized and measured when it is no longer probable that the computer software project will be completed and placed in service.

10.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Prepaid insurance	$1,530	$2,869
Prepaid marketing	387	2,321
Prepaid software	2,406	2,762
Other prepaid expenses and other current assets	1,655	1,010
	$5,978	$8,962

The Company capitalizes implementation costs incurred in cloud computing arrangements that are service contracts if they meet certain requirements. Those requirements are similar to the requirements for capitalizing implementation costs incurred to develop internal-use software. Amortization is computed using the straight-line method over the term of the associated hosting arrangement. These implementation costs are classified on the balance sheet in prepaid and other current assets, and the related cash flows are presented as cash outflows from operations. Impairment is recognized and measured when it is no longer probable that the computer software project will be completed and placed in service.

No impairment charge was recognized during the year ended December 31, 2023, related to certain capitalized implementation costs for a cloud computing arrangement that was abandoned. The Company recognized an impairment charge of $0.8 million during the year ended December 31, 2022, related to certain capitalized implementation costs for a cloud computing arrangement that was abandoned.

Acquisitions (FY) (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

The following table summarizes the components of consideration and the estimated fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration⁽¹⁾			$697
Share consideration⁽²⁾			28,725
Total consideration			$29,422

(1)	Includes $0.2 million settlement of pre-existing accounts payable with Eyechronic and holdback of $0.1 million recorded within other current liabilities on the Company’s accompanying consolidated balance sheets.

(2)	The fair value of share consideration was calculated based on 5,399,553 shares of Class A common stock multiplied by the share price on the closing date of $5.32. This includes 677,847 of holdback shares to be issued subject to customary indemnification obligations.

Estimated Assets Acquired and Liabilities Assumed:
Assets acquired:
Cash			$118
Accounts receivable			835
Other current assets			37
Fixed assets			2,826
Software technology			825
Trade name			103
Customer relationships			3,631
Order Backlog			210
Goodwill			23,073
Total assets acquired			$31,658
Liabilities assumed:
Accounts payable			$(460)
Other current liabilities			(8)
Deferred revenue			(96)
Other liabilities			(22)
Long-term liabilities			(1,650)
Total liabilities assumed			$(2,236)
Total net assets acquired			$29,422

The following table summarizes the components of consideration and the fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration⁽¹⁾			$5,000
Share consideration⁽²⁾			10,126
Total consideration			$15,126

Assets Acquired:
Software technology			$249
Trade name			59
Customer relationships			170
Goodwill			14,648
Total asset acquired			$15,126

(1)	Includes holdback of $1.0 million, which was paid during the second quarter of 2022.

(2)	The fair value of share consideration issued in connection with the TLH acquisition was calculated based on 694,540 shares of Class A common stock issued multiplied by the share price on the closing date of $14.58.

The following table summarizes the components of consideration and the fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration			$12,000
Share consideration⁽¹⁾			19,186
Total consideration			$31,186

Assets Acquired and Liabilities Assumed:
Asset acquired:
Software technology			$2,973
Trade name			217
Customer relationships			1,410
Goodwill			26,686
Total assets acquired			31,286
Liabilities assumed:
Other current liabilities			(100)
Total net assets acquired			$31,186

(1)	The fair value of share consideration issued in connection with the Spout acquisition was calculated based on 1,244,258 shares of Class A common stock issued multiplied by the share price on the closing date of $15.42.

Related Party Transactions (FY) (Details) - USD ($)		3 Months Ended		7 Months Ended	10 Months Ended	12 Months Ended
Related Party Transactions (FY) (Details) - USD ($)	Mar. 16, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Jun. 16, 2021
Related Party Transaction [Line Items]
Accounts receivable, net		$ 7,893,000	$ 11,158,000	$ 17,438,000		$ 11,158,000	$ 17,438,000
Related Party
Related Party Transaction [Line Items]
Interest rate					5.00%
Interest rate if defaulted		10.00%
Accounts receivable, net		$ 600,000	700,000			700,000
Investment income, interest		100,000				100,000
Related Party \| Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Accounts receivable, net		300,000	400,000			400,000
Related Party \| Other Assets
Related Party Transaction [Line Items]
Accounts receivable, net	$ 1,100,000	300,000	300,000	1,100,000		300,000	1,100,000
Silver Spike Sponsor
Related Party Transaction [Line Items]
Term	12 months
Interest rate	5.00%
Interest rate if defaulted	10.00%
Silver Spike Sponsor \| Silver Spike
Related Party Transaction [Line Items]
Transaction expenses		1,100,000						$ 1,100,000
Silver Spike Holdings
Related Party Transaction [Line Items]
Legal fees			400,000
Sublease Agreement
Related Party Transaction [Line Items]
Income on the sublease				69,000	$ 69,000
Sublease income, net		$ 200,000				700,000	400,000
Sublease Agreement \| Related Party \| Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Rents receivable			$ 700,000			$ 700,000
Sublease Agreement \| Related Party \| Accounts Receivable
Related Party Transaction [Line Items]
Rents receivable				$ 100,000			$ 100,000

Equity (FY) (Details)	3 Months Ended	12 Months Ended
Equity (FY) (Details)	Dec. 31, 2023 vote shares	Dec. 31, 2023 vote shares	Mar. 31, 2024 shares	Dec. 31, 2022 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	75,000,000	75,000,000
Preferred stock, shares issued (in shares)	0	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0	0
WMH Units
Noncontrolling Interest [Line Items]
Noncontrolling interests, percent of outstanding units held	37.20%	37.20%	38.20%
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1
Class V Common Stock
Class of Stock [Line Items]
Votes per share \| vote		1

Related Party Transactions (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Related Party Transactions

13.	Related Party Transactions

During the second quarter of 2022, the Company entered into a sublease agreement with an affiliate of the Executive Chair. The sublease commenced on June 1, 2022, and the term is for the remainder of the original lease and will expire on February 28, 2025, or sooner in the event that the original lease is cancelled prior to the expiration date. The monthly base rent, after the rent abatement period for the first four months, is $69,000. As of March 31, 2024 and December 31, 2023, rent receivable was $0.8 million and $0.7 million, respectively, and these amounts are included in prepaid expenses and other current assets on the accompanying condensed balance sheets. Rent receivable of $0.7 million was subsequently collected in April 2024. For the three months ended March 31, 2024 and 2023, income on the sublease with related party were $0.2 million. The income on sublease is netted with rent expense and included in general and administrative expenses on the consolidated statements of operations.

on March 31, 2023. The promissory note bears interest at a rate of 5% per annum commencing on March 31, 2023. In an event of default, the outstanding principal amount shall bear interest for the entire period during which the principal balance is unpaid at a rate which is equal to 10% per annum.

As of March 31, 2024, the remaining balance of the promissory note receivable was $0.6 million of which $0.3 million was included in prepaid expenses and other current assets and $0.3 million was included in other assets on the consolidated balance sheets. As of December 31, 2023, the remaining balance of the promissory note receivable was $0.7 million of which, $0.4 million was included in prepaid expenses and other current assets and $0.3 million was included in other assets on the consolidated balance sheets. During the three months ended March 31, 2024, 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.

17.	Related Party Transactions

During the second quarter of 2022, the Company entered into a sublease agreement with an affiliate of the Executive Chair. The sublease commenced on June 1, 2022, and the term is for the remainder of the original lease and will expire on February 28, 2025, or sooner in the event that the original lease is cancelled prior to the expiration date. The monthly base rent, after the rent abatement period for the first four months, is $69,000. Rent receivable of $0.7 million is included in prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2023, and was subsequently collected in April 2024. As of December 31, 2022, $0.1 million of rent receivable was included in accounts receivable, net on the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2022, income on the sublease from the related party transactions were $0.7 million and $0.4 million, respectively. The income on sublease is netted with rent expense and included in general and administrative expenses on the consolidated statements of operations.

In connection with the Business Combination, the Company paid $1.1 million in certain transaction costs reimbursable by Silver Spike’s sponsor (“Silver Spike Sponsor”), an affiliate to a member of the board of directors. On March 16, 2023, Silver Spike Holdings, an affiliate of Silver Spike Sponsor, entered into a promissory note with the Company and agreed to pay the principal amount of $1.1 million in 12 equal quarterly installments commencing on March 31, 2023. The promissory note bears interest at a rate of 5% per annum commencing on March 31, 2023. In an event of default, the outstanding principal amount shall bear interest for the entire period during which the principal balance is unpaid at a rate which is equal to 10% per annum. As of December 31, 2023, the remaining balance of the promissory note receivable was $0.7 million of which, $0.4 million was included in prepaid expenses and other current assets and $0.3 million was included in other assets on the consolidated balance sheets. As of December 31, 2022, $1.1 million of related party note receivable was included in other assets on the accompanying consolidated balance sheets. For the year ended December 31, 2023, interest income on the promissory note was less than $0.1 million, which is included in other income (expense), net on the consolidated statement of operations.

During the fourth quarter of 2023, the Company reimbursed $0.4 million in certain legal fee to Silver Spike Holdings, an affiliate to a member of the board of directors in connection with responding to the SEC investigation. See Part I. Item 3. “Legal Proceedings” for further discussion. The expense is included in general and administrative expenses on the consolidated statements of operations.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Schedule Of Reverse Recapitalization [Line Items]

CONDENSED CONSOLIDATED BALANCE SHEETS (Q1) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 35,717	$ 34,350		$ 28,583
Accounts receivable, net	7,893	11,158		17,438
Prepaid expenses and other current assets	6,651	5,978		8,962
Total current assets	50,261	51,486		54,983
Property and equipment, net	25,766	24,255		24,928
Goodwill	68,368	68,368		68,368
Intangible assets, net	2,369	2,507		10,339
Right-of-use assets	14,441	15,629		31,447
Other assets	4,644	4,776		8,970
Total assets	165,849	167,021		199,035
Current liabilities
Accounts payable and accrued expenses	16,553	21,182		33,635
Deferred revenue	5,786	5,918		6,256	$ 8,100
Operating lease liabilities, current	5,900	6,493		6,334
Tax receivable agreement liability, current	1,756	122		0
Other current liabilities		0		98
Total current liabilities	29,995	33,715		46,323
Operating lease liabilities, non-current	25,414	26,550		33,043
Tax receivable agreement liability, non-current	543	1,634		500
Warrant liability	1,435	585	$ 1,365	2,090	27,460
Other long-term liabilities	1,634	1,386		2,302
Total liabilities	59,021	63,870		84,258
Commitments and contingencies (Note 4)
Stockholders' equity
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023	0	0		0
Additional paid-in capital	84,056	80,884		67,986
Accumulated deficit	(63,278)	(64,518)		(54,620)
Total WM Technology, Inc. stockholders' equity	20,792	16,380		13,380
Noncontrolling interests	86,036	86,771		101,397
Total stockholders' equity	106,828	103,151	$ 115,239	114,777	$ 131,940
Total liabilities and stockholders' equity	165,849	167,021		199,035
Class A Common Stock
Stockholders' equity
Common Stock	9	9		9
Class V Common Stock
Stockholders' equity
Common Stock	$ 5	$ 5		$ 5

Stock-based Compensation - Stock Units Activity (FY) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restricted Stock Units
Number of RSUs and PSUs
Beginning balance (in shares)	7,683,598	6,269,868
Granted (in shares)	151,516	6,634,013
Vested (in shares)	(629,884)	(2,245,844)
Forfeited (in shares)	(710,060)	(2,974,439)
Ending balance (in shares)	6,495,170	7,683,598
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 2.96	$ 7.07
Granted (in dollars per share)	0.99	1.03
Vested (in dollars per share)	4.03	6.66
Forfeited (in dollars per share)	2.37	4.53
Ending balance (in dollars per share)	$ 2.87	$ 2.96
Performance Shares
Number of RSUs and PSUs
Beginning balance (in shares)	234,375	859,375
Granted (in shares)	0	0
Vested (in shares)	0	0
Forfeited (in shares)	0	(625,000)
Ending balance (in shares)	234,375	234,375
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 6.4	$ 6.4
Granted (in dollars per share)	0	0
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	0	6.4
Ending balance (in dollars per share)	$ 6.4	$ 6.4

Business Combination - Additional Information (FY) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 16, 2021

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash consideration paid to Legacy WMH equity holders

$ 455,182

Period of exchange agreement

129,240,910

180 days

Shares converted basis (in shares)

Net income (loss) attributable to WM Technology, Inc.

$ 1,240

$ (2,475)

^[1]

$ 137,100

$ (9,898)

$ (115,989)

$ 60,383

Share-based compensation expense

850

(725)

^[1],[2]

(166,500)

(1,505)

(25,370)

(166,518)

$ 2,819

$ 4,383

29,300

$ 13,515

$ 23,493

29,324

Transaction costs allocated to warrants

$ 5,500

$ 5,547

WMH LLC

Schedule Of Reverse Recapitalization [Line Items]

Contributions made

$ 80,300

Schedule Of Reverse Recapitalization [Line Items]

Number of shares issued in transaction (in shares)

32,500,000

Price per share (in dollars per share)

$ 10

Consideration received on transaction

$ 325,000

Stock redeemed during period (in shares)

10,012

Cash consideration paid to Legacy WMH equity holders

$ 455,200

Proceeds and shares issued in business combination (in shares)

95,051,735

94,383,053

92,062,468

63,738,563

Payment to continuing members as percent of amount of tax benefit

85.00%

Class V Shares

Schedule Of Reverse Recapitalization [Line Items]

Schedule Of Reverse Recapitalization [Line Items]

65,502,347

Class P Units

Schedule Of Reverse Recapitalization [Line Items]

25,896,042

Class V Common Stock

Proceeds and shares issued in business combination (in shares)

55,486,361

65,502,347

Legacy WMH Class A Unit holders | Silver Spike

Schedule Of Reverse Recapitalization [Line Items]

Percentage of voting interests held (over 50%)

50.00%

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Fair Value Measurements - Quantitative Information (Q1) (Details) $ in Thousands	Mar. 31, 2024 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability \| $	$ 1,435	$ 585	$ 1,365	$ 2,090	$ 27,460
Private warrants1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability \| $	$ 560	$ 210	$ 490	$ 840	$ 10,710
Level 3 \| Private warrants1 \| Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	11.5	11.5		11.5
Level 3 \| Private warrants1 \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input \| $ / shares	1.33	0.72		1.01
Level 3 \| Private warrants1 \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.83	0.875		0.823
Level 3 \| Private warrants1 \| Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, term	2 years 2 months 15 days	2 years 5 months 15 days		3 years 5 months 15 days
Level 3 \| Private warrants1 \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0455	0.0413		0.0417

Related Party Transactions (Q1) (Details)	1 Months Ended	3 Months Ended	7 Months Ended	10 Months Ended	12 Months Ended
Related Party Transactions (Q1) (Details)	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) installment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 16, 2023 USD ($)	Jun. 16, 2021 USD ($)
Related Party Transaction [Line Items]
Accounts receivable, net		$ 7,893,000	$ 17,438,000		$ 11,158,000	$ 17,438,000
Other Current Assets
Related Party Transaction [Line Items]
Rents received, related party		$ 800,000			700,000
Related Party
Related Party Transaction [Line Items]
Number of installments \| installment				12
Interest rate				5.00%
Interest rate if defaulted		10.00%
Accounts receivable, net		$ 600,000			700,000
Investment income, interest		100,000			100,000
Related Party \| Prepaid Expenses and Other Current Assets
Related Party Transaction [Line Items]
Accounts receivable, net		300,000			400,000
Related Party \| Other Assets
Related Party Transaction [Line Items]
Accounts receivable, net		300,000	1,100,000		300,000	1,100,000	$ 1,100,000
Silver Spike Sponsor
Related Party Transaction [Line Items]
Interest rate							5.00%
Interest rate if defaulted							10.00%
Silver Spike Sponsor \| Silver Spike
Related Party Transaction [Line Items]
Transaction expenses		1,100,000						$ 1,100,000
Sublease Agreement
Related Party Transaction [Line Items]
Income on the sublease			$ 69,000	$ 69,000
Sublease income, net		$ 200,000			$ 700,000	$ 400,000
Sublease Agreement \| Related Party \| Subsequent Event
Related Party Transaction [Line Items]
Rent receivable collected	$ 700,000

Accounts Payable and Accrued Expenses (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Accounts payable and other accrued liabilities	$8,793	$7,323
Accrued employee expenses	7,760	13,859
Total	$16,553	$21,182

Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Accounts payable and other accrued liabilities	$7,323	$9,561
Accrued employee expenses	13,859	24,074
	$21,182	$33,635

Income Taxes - Summary of Components of Income Before Tax (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

^[1]

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic

$ (15,582)

$ 97,639

$ 151,987

Foreign

(52)

(1,213)

(370)

Income (loss) before income taxes

$ 1,968

$ (3,969)

$ (15,634)

$ 96,426

$ 151,617

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrant Liability (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

9.	Warrant Liability

At March 31, 2024, there were 12,499,973 Public Warrants outstanding and 7,000,000 Private Placement Warrants outstanding.

The Public Warrants entitle the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustments. The Public Warrants may be exercised only for a whole number of shares of Class A Common Stock. No fractional shares will be issued upon exercise of the warrants. The Public Warrants will expire at 5:00 p.m. New York City time on June 16, 2026, or earlier upon redemption or liquidation. The Public Warrants are listed on the NYSE under the symbol “MAPSW.”

The Company may redeem the Public Warrants starting July 16, 2021, in whole and not in part, at a price of $0.01 per Public Warrant, upon not less than 30 days’ prior written notice of redemption to each holder of Public Warrants, and if, and only if, the reported last sales price of the Company’s Class A Common Stock equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalization and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the holders of Public Warrants.

Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Private Placement Warrants (including the shares of Class A Common Stock issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain exceptions, and they are nonredeemable as long as they are held by Silver Spike Sponsor or its permitted transferees. Silver Spike Sponsor, as well as its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis and will have certain registration rights related to such Private Placement Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. If the Private Placement Warrants are held by holders other than Silver Spike Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

The Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A Common Stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of shares of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

The Company concluded the Public Warrants and Private Placement Warrants, or the Warrants, meet the definition of a derivative under ASC 815- Derivatives and Hedging (as described in Note 2) and are recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants is remeasured as of each balance sheet date, which resulted in a non-cash loss of $0.9 million and non-cash gain of $0.7 million on the condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023, respectively. For additional information, see Note 5, “Fair Value Measurements.”

12.	Warrant Liability

At December 31, 2023, there were 12,499,973 Public Warrants outstanding and 7,000,000 Private Placement Warrants outstanding.

As part of Silver Spike’s initial public offering, 12,500,000 Public Warrants were sold. The Public Warrants entitle the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustments. The Public Warrants may be exercised only for a whole number of shares of Class A Common Stock. No fractional shares will be issued upon exercise of the warrants. The Public Warrants will expire at 5:00 p.m. New York City time on June 16, 2026, or earlier upon redemption or liquidation. The Public Warrants are listed on the NYSE under the symbol “MAPSW.”

share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalization and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the holders of Public Warrants.

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”). Each Private Placement Warrant is exercisable for one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment. The Private Placement Warrants (including the shares of Class A Common Stock issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable until 30 days after the completion of the Business Combination, subject to certain exceptions, and they are nonredeemable as long as they are held by Silver Spike Sponsor or its permitted transferees. Silver Spike Sponsor, as well as its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis and will have certain registration rights related to such Private Placement Warrants. Otherwise, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. If the Private Placement Warrants are held by holders other than Silver Spike Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants.

The Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of Class A Common Stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, the Public Warrants will not be adjusted for issuances of shares of Class A Common Stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants.

The Company concluded the Public Warrants and Private Placement Warrants, or the Warrants, meet the definition of a derivative under ASC 815- Derivatives and Hedging (as described in Note 2) and are recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants is remeasured as of each balance sheet date, which resulted in non-cash gain of $1.5 million, $25.4 million and $166.5 million in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information, see Note 6, “Fair Value Measurements.”

Equity (Q1) (Details)	3 Months Ended
Equity (Q1) (Details)	Mar. 31, 2024 vote shares	Dec. 31, 2023 shares	Dec. 31, 2022 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	75,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
WMH Units
Noncontrolling Interest [Line Items]
Noncontrolling interests, percent of outstanding units held	38.20%	37.20%
Class A Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1
Class V Common Stock
Class of Stock [Line Items]
Votes per share \| vote	1

Summary of Significant Accounting Policies - Additional Information (Q1) (Details)

3 Months Ended

12 Months Ended

Mar. 31, 2024

USD ($)

segment

Mar. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

segment

Dec. 31, 2022

USD ($)

financialInstitutions

Dec. 31, 2021

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2023

segment

Dec. 31, 2023

financialInstitutions

Jul. 16, 2021

$ / shares

Jun. 16, 2021

$ / shares

Dec. 31, 2020

USD ($)

Equity securities without readily determinable fair value

Allowance of bad debt

$ 6,596,000

$ 11,822,000

$ 12,232,000

$ 5,169,000

$ 8,748,000

$ 857,000

3,500,000

Impairment loss

$ 3,500,000

3,000,000

Capitalized software costs, net

24,403,000

4,317,000

2,372,000

24,200,000

23,100,000

Capitalized computer software, accumulated amortization

2,500,000

1,500,000

5,100,000

12,900,000

Lease costs, net

2,200,000

8,846,000

9,074,000

11,534,000

Contra rent expense

$ 500,000

500,000

2,200,000

1,900,000

200,000

Tax receivable agreement liabilities as percent of expected benefit

85.00%

Tax receivable agreement, percent recorded in additional paid-in capital

15.00%

Tax receivable agreement, liability

$ 2,300,000

$ 1,800,000

(543,000)

(100,000)

^[1],[2]

(1,256,000)

142,352,000

Defined contribution cost

2,302,000

3,494,000

^[1]

12,527,000

15,407,000

7,938,000

Advertising expense

$ 2,500,000

1,000,000

$ 11,800,000

14,400,000

17,700,000

Requisite service period

2 years

$ 500,000

600,000

$ 2,300,000

2,400,000

1,500,000

Provision for income taxes

$ 9,000

^[1]

$ 93,000

$ 179,077,000

(601,000)

Number of operating segments | segment

Number of reportable segments | segment

Number of financial institutions with cash balance exceeding FDIC limit

$ 200,000

$ 1,100,000

$ 4,200,000

$ 4,500,000

$ 2,600,000

Maximum

Employer matching contribution, percent of match

3.50%

12,499,993

12,499,973

7,000,000

Class A Common Stock, $0.0001 par value per share

7,000,000

Right to purchase shares (in shares) | shares

Exercise price of warrant (in dollars per share) | $ / shares

$ 11.5

Minimum requirement for cash settlement as percent of stockholders

50.00%

Payment to continuing members as percent of amount of tax benefit

85.00%

Computer equipment

3 years

Furniture and fixtures

7 years

Software technology

3 years

Enhancements

Beginning balance (in shares) at Dec. 31, 2020

3 years

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

CONSOLIDATED STATEMENTS OF EQUITY (FY) - USD ($)
$ in Thousands

Total

Class V Shares

Class P Units

Class A

Class V

Total WM Technology, Inc. Stockholders' Equity

Class V Shares

Total WM Technology, Inc. Stockholders' Equity

Class P Units

Common Stock

Class A

Common Stock

Class A

Class V Shares

Common Stock

Class A

Class P Units

Common Stock

Class V

Common Stock

Class V

Class V Shares

Additional Paid-in Capital

Class V Shares

Additional Paid-in Capital

Class P Units

(Accumulated Deficit) Retained Earnings

Non-controlling Interests

Class V Shares

Non-controlling Interests

Class P Units

Members' Equity

Class P Units

Beginning balance at Dec. 31, 2020

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Proceeds and shares issued in the Business Combination (in shares)

$ 30,423

9,570

20,853

63,738,563

65,502,347

Proceeds and shares issued in the Business Combination

(84,721)

(19,119)

$ 6

$ 7

(20,118)

986

(44,928)

$ (20,674)

Issuance of common stock for acquisitions (in shares)

1,938,798

Issuance of common stock for acquisitions

29,312

12,722

$ 1

12,721

16,590

Ending balance (in shares) at Dec. 31, 2021

$ 152,218

60,383

76,757

15,078

129,240,910

65,677,361

65,502,347

Ending balance at Dec. 31, 2021

$ 131,940

63,556

$ 7

2,173

61,369

68,384

Member's equity, beginning balance at Dec. 31, 2020

29,271

Repurchase of Class B Units

(18,998)

(888)

(18,110)

$ (5,565)

(5,565)

Member's equity, ending balance at Dec. 31, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Proceeds and shares issued in the Business Combination (in shares)

63,738,563

Ending balance (in shares) at Dec. 31, 2021

129,240,910

65,677,361

65,502,347

Ending balance at Dec. 31, 2021

$ 131,940

63,556

$ 7

2,173

61,369

68,384

Member's equity, ending balance at Dec. 31, 2021

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

25,160

22,862

2,298

3,447,946

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes

(13)

(6)

(7)

Issuance of common stock for acquisitions (in shares)

4,721,706

Issuance of common stock for acquisitions

28,725

12,836

15,889

Issuance of common stock - warrants exercised (in shares)

10,015,986

8,199,449

(10,015,986)

Impact of tax receivable agreement due to exchanges of Class A Units

$ 0

$ 8,993

$ 7,064

$ 2

$ (2)

$ 8,993

$ 7,064

$ (8,993)

$ (7,064)

$ 0

14,064

Ending balance (in shares) at Dec. 31, 2022

(82,651)

(115,989)

33,338

92,062,468

55,486,361

92,062,468

55,486,361

Ending balance at Dec. 31, 2022

114,777

13,380

$ 9

$ 5

67,986

(54,620)

101,397

Member's equity, ending balance at Dec. 31, 2022

(2,448)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

4,681

4,396

285

475,510

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes

35,488

$ 0

(62)

Ending balance (in shares) at Mar. 31, 2023

(3,969)

^[1],[2]

(2,475)

(1,494)

92,573,466

55,486,361

Ending balance at Mar. 31, 2023

115,239

15,363

$ 9

$ 5

72,444

(57,095)

99,876

Beginning balance (in shares) at Dec. 31, 2022

(250)

92,062,468

55,486,361

92,062,468

55,486,361

Beginning balance at Dec. 31, 2022

114,777

13,380

$ 9

$ 5

67,986

(54,620)

101,397

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

14,901

14,385

516

2,242,930

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes

(6)

Issuance of common stock for acquisitions

Discharge of holdback obligation related to prior acquisition

(3,607)

(1,612)

(1,995)

77,655

131

(131)

$ 0

Ending balance (in shares) at Dec. 31, 2023

(15,727)

(9,898)

(5,829)

94,383,053

55,486,361

94,383,053

55,486,361

Ending balance at Dec. 31, 2023

103,151

16,380

$ 9

$ 5

80,884

(64,518)

86,771

Member's equity, beginning balance at Dec. 31, 2022

Member's equity, ending balance at Dec. 31, 2023

(7,187)

103,151

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes (in shares)

3,175

3,115

628,941

Issuance of common stock - vesting of restricted stock units, net of shares withheld for employee taxes

(2)

39,741

$ 0

$ 59

$ (59)

Ending balance (in shares) at Mar. 31, 2024

1,959

1,240

719

95,051,735

55,486,361

95,051,735

55,486,361

Ending balance at Mar. 31, 2024

106,828

$ 20,792

$ 9

$ 5

$ 84,056

$ (63,278)

86,036

$ (1,455)

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Stock-based Compensation (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Stock-based Compensation

11.	Stock-based Compensation

WM Holding Company, LLC Equity Incentive Plan

The Company has accounted for the issuance of Class A-3 and Class B Units issued under WM Holding Company, LLC’s Equity Incentive Plan in accordance with ASC 718 - Stock Based Compensation. The Company considers the limitation on the exercisability of the Class A-3 and Class B Units to be a performance condition and records compensation cost when it becomes probable that the performance condition will be met.

In connection with the Business Combination, each of the Class A-3 Units outstanding prior to the Business Combination were cancelled, and the holder thereof received a number of Class A units representing limited liability company interests of WMH LLC (the “Class A Units”) and an equivalent number of shares of Class V Common Stock, par value $0.0001 per share (together with the Class A Units, the “Paired Interests”), and each of the Class B Units outstanding prior to the Business Combination were cancelled and holders thereof received a number of Class P units representing limited liability company interests of WMH LLC (the “Class P Units” and together with the Class A Units, the “Units”), each in accordance with the Merger Agreement.

subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or Class P Units for shares of Class A Common Stock with a value equal to the value of such Class P Units less their participation threshold, or in each case, at the Company’s election, the cash equivalent of such shares of Class A Common Stock.

A summary of the Class P Unit activity for the three months ended March 31, 2024 is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2023			14,804,507
Cancellations			—
Exchanged for Class A Common Stock			(125,000)
Outstanding, Class P Units, March 31, 2024			14,679,507
Vested, March 31, 2024			14,619,079

As of March 31, 2024, unrecognized stock-based compensation expense for non-vested Class P Units was $0.2 million, which is expected to be recognized over a weighted-average period of 0.7 years. For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense for the Class P Units of $0.1 million and $0.3 million, respectively.

WM Technology, Inc. Equity Incentive Plan

In connection with the Business Combination, the Company adopted the WM Technology, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options to employees and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants. As of March 31, 2024, 33,146,412 shares of Class A Common Stock are authorized for issuance pursuant to awards under the 2021 Plan. The number of shares of Class A Common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. As of March 31, 2024, 22,446,927 shares of Class A Common Stock are available for future issuance.

A summary of the restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	7,683,598	$2.96
Granted	151,516	$0.99
Vested	(629,884)	$4.03
Forfeited	(710,060)	$2.37
Non-vested at March 31, 2024	6,495,170	$2.87

As of March 31, 2024, unrecognized stock-based compensation expense for non-vested RSUs was $16.0 million, which is expected to be recognized over a weighted-average period of 1.6 years. For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense for the RSUs of $2.7 million and $4.0 million, respectively.

The Company grants performance-based restricted stock units (“PRSUs”) with performance and service-based vesting conditions. The level of achievement of such goals may cause the actual number of units that ultimately vest to range from 0% to 200% of the original units granted. The Company recognizes expense ratably over the vesting period for the PRSUs when it is probable that the performance criteria specified will be achieved. The fair value is equal to the market price of the Company’s common stock on the date of grant.

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	234,375	$6.40
Granted	—	$—
Vested	—	$—
Forfeited	—	$—
Non-vested at March 31, 2024	234,375	$6.40

The performance period for PRSUs ended at December 31, 2023 and the estimated attainment is 25.0%. For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense for the PRSUs of $0.0 million and $0.1 million, respectively.

The Company recorded stock-based compensation cost related to the RSUs, PRSUs, and Class P Units in the following expense categories on the accompanying condensed consolidated statements of operations (in thousands):

	Three Months Ended March 31,
	2024	2023
Sales and marketing	$ 380	$897
Product development	855	1,168
General and administrative	1,584	2,318
Total stock-based compensation expense	2,819	4,383
Amount capitalized to software development	356	298
Total stock-based compensation cost	$3,175	$4,681

14.	Stock-based Compensation

WM Holding Company, LLC Equity Incentive Plan

The Company accounted for the issuance of Class A-3 and Class B Units issued under the WM Holding Company, LLC Equity Incentive Plan in accordance with ASC 718 - Stock Based Compensation. The Company considered the limitation on the exercisability of the Class A-3 and Class B Units to be a performance condition and recorded compensation cost when it became probable that the performance condition would be met.

Concurrently with the closing of the Business Combination, the Unit holders entered into an exchange agreement (the “Exchange Agreement”). The terms of the Exchange Agreement, among other things, provide the Unit holders (or certain permitted transferees thereof) with the right from time to time at and after 180 days following the Business Combination to exchange their vested Paired Interests for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or Class P Units for shares of Class A Common Stock with a value equal to the value of such Class P Units less their participation threshold, or in each case, at the Company’s election, the cash equivalent of such shares of Class A Common Stock.

A summary of the Class P Unit activity for the periods presented is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2022			15,125,429
Cancellations			(75,922)
Exchanged for Class A Common Stock			(245,000)
Outstanding Class P Units, December 31, 2023			14,804,507
Vested, December 31, 2023			14,723,936

As of December 31, 2023, unrecognized stock-based compensation expense for non-vested Class P Units were $0.2 million, which is expected to be recognized over a weighted-average period of 0.9 years. For the years ended December 31, 2023, 2022 and 2021, the Company recorded stock-based compensation expense for the Class P Units of $0.5 million, $2.3 million and $20.9 million, respectively. Due to the Business Combination completed in the second quarter of 2021, certain limitations on exercisability related to the Company’s Class P equity awards issued to employees and consultants were removed and as a result the Company recognized the life-to-date expense on units vested through the Business Combination date on those equity awards. The stock-based compensation expense recognized during the year ended December 31, 2021 includes a one-time incremental expense of $4.1 million related to an award modification as a result of an advisory agreement entered into with a former executive.

WM Technology, Inc. Equity Incentive Plan

In connection with the Business Combination, the Company adopted the WM Technology, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options to employees and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants. As of December 31, 2023, 33,146,412 shares of Class A Common Stock are authorized for issuance pursuant to awards under the 2021 Plan. The number of shares of Class A Common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. As of December 31, 2023, 19,530,046 shares of Class A Common Stock are available for future issuance.

A summary of the restricted stock unit (“RSU”) activity for the year ended December 31, 2023 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	6,269,868	$7.07
Granted	6,634,013	1.03
Vested	(2,245,844)	6.66
Cancelled/Forfeited/Expired	(2,974,439)	4.53
Non-vested at December 31, 2023	7,683,598	$2.96

As of December 31, 2023, unrecognized stock-based compensation expense for non-vested RSUs was $20.6 million, which is expected to be recognized over a weighted-average period of 1.8 years. For the years ended December 31, 2023, 2022 and 2021, the Company recorded stock-based compensation expense for the RSUs of $13.1 million, $21.2 million and $8.0 million, respectively. Stock-based compensation recognized during the year ended December 31, 2022 included a $0.6 million expense related to an award modification as a result of the departure of the Company’s former chief executive officer.

A summary of the PRSU activity for the year ended December 31, 2023 is as follows:

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	859,375	6.40
Granted	—	—
Vested	—	—
Cancelled/Forfeited/Expired	(625,000)	6.40
Non-vested at December 31, 2023	234,375	6.40

Based on the probability of attainment as of December 31, 2023, the unrecognized stock-based compensation expense for non-vested PRSUs was nil. For the years ended December 31, 2023 and 2022, the Company recorded stock-based compensation credit of $0.1 million and less than $0.1 million, respectively, related to the PRSUs. For the year ended December 31, 2021, the Company recorded stock-based compensation expense of $0.4 million related to the PRSUs. Stock-based compensation expense related to these PRSUs decreased due to the reassessment of vesting probability and the forfeitures resulting from the executive departures.

The Company recorded stock-based compensation cost related to the Class P Units, RSUs and PRSUs in the following expense categories on the consolidated statements of operations (in thousands):

	Years Ended December 31,
	2023	2022	2021
Sales and marketing	$2,706	$6,358	$6,021
Product development	4,170	5,260	5,103
General and administrative	6,639	11,875	18,200
Total stock-based compensation expense	13,515	23,493	29,324
Amount capitalized to software development	1,386	1,667	1,099
Total stock-based compensation cost	$14,901	$25,160	30,423

Commitments and Contingencies - Narrative (FY) (Details) - Software License Agreements - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
2024	$ 7.3	$ 7.1
2025	$ 7.5	7.3
2026		$ 7.5
Agreement period	3 years	3 years

Summary of Significant Accounting Policies - Schedule of Restatement of Previously Issued Financial Statements (Q1) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

General and administrative expenses

$ 44,389

$ 46,687

$ 48,423

$ 46,416

^[1]

$ 94,839

$ 141,526

$ 187,993

$ 215,531

$ 193,146

20,909

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

40,628

52,235

44,640

50,564

^[1]

95,204

147,439

206,450

285,153

201,324

(658)

360

^[2]

(415)

(196)

1,792

17,216

5,487

$ 3,923

1,677

^[2]

2,882

5,320

$ 4,488

$ (16,270)

$ (13,609)

Previously Reported

General and administrative expenses

47,725

50,852

48,007

98,859

146,584

22,500

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

53,273

47,069

52,155

99,224

152,497

1,951

3,605

4,862

(1,138)

262

Adjustment

General and administrative expenses

(1,038)

(2,429)

(1,591)

(4,020)

(5,058)

(1,591)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

$ (1,038)

$ (2,429)

(1,591)

(4,020)

(5,058)

(1,591)

(4,020)

(5,058)

Schedule of Operating Lease Liability, Maturity

$ 1,591

$ 4,020

$ 5,058

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Acquisitions - Sprout (FY) (Details)		3 Months Ended		12 Months Ended
Acquisitions - Sprout (FY) (Details)	Sep. 03, 2021 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Asset acquired:
Goodwill		$ 68,368,000		$ 68,368,000	$ 68,368,000
Liabilities assumed:
Number of operating segments \| segment		1		1
Impairment of intangible assets (excluding goodwill)				$ 6,100,000	0	$ 0
Impairment charges		$ 0	$ 0	24,403,000	$ 4,317,000	$ 2,372,000
Sprout
Consideration Transferred:
Cash consideration	$ 12,000,000
Share consideration	19,186,000
Total consideration	31,186,000
Asset acquired:
Goodwill	26,686,000
Total assets acquired	31,286,000
Liabilities assumed:
Other current liabilities	(100,000)
Total net assets acquired	$ 31,186,000
Share consideration (in shares) \| shares	1,244,258
Share price (in dollars per share) \| $ / shares	$ 15.42
Impairment of intangible assets (excluding goodwill)				2,300,000
Impairment charges				$ 100,000
Sprout \| Software technology
Asset acquired:
Intangibles	$ 2,973,000
Sprout \| Trade name
Asset acquired:
Intangibles	217,000
Sprout \| Customer relationships
Asset acquired:
Intangibles	$ 1,410,000

Goodwill and Intangible Assets - Intangible Assets (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total intangible assets
Weighted Average Amortization Period (Years)	14 years 6 months	14 years 6 months	10 years 9 months 18 days
Gross Intangible Assets	$ 7,675	$ 7,675	$ 20,572
Accumulated Amortization	(5,306)	(5,168)	(10,233)
Net Intangible Assets	2,369	2,507	10,339
Estimated future amortization expense of intangible assets
2024	555	555
2025	543	555
2026	505	543
2027	222	505
2028		222
Thereafter		127
Net Intangible Assets	$ 2,369	$ 2,507	$ 10,339
Trade and domain names
Total intangible assets
Weighted Average Amortization Period (Years)	15 years	15 years	14 years 4 months 24 days
Gross Intangible Assets	$ 7,256	$ 7,256	$ 7,635
Accumulated Amortization	(5,128)	(5,008)	(4,699)
Net Intangible Assets	2,128	2,248	2,936
Estimated future amortization expense of intangible assets
Net Intangible Assets	$ 2,128	$ 2,248	$ 2,936
Software technology
Total intangible assets
Weighted Average Amortization Period (Years)	5 years	5 years	6 years 10 months 24 days
Gross Intangible Assets	$ 249	$ 249	$ 7,516
Accumulated Amortization	(125)	(112)	(4,413)
Net Intangible Assets	124	137	3,103
Estimated future amortization expense of intangible assets
Net Intangible Assets	$ 124	$ 137	$ 3,103
Customer relationships
Total intangible assets
Weighted Average Amortization Period (Years)	8 years	8 years	11 years 6 months
Gross Intangible Assets	$ 170	$ 170	$ 5,211
Accumulated Amortization	(53)	(48)	(921)
Net Intangible Assets	117	122	4,290
Estimated future amortization expense of intangible assets
Net Intangible Assets	$ 117	$ 122	$ 4,290
Order Backlog
Total intangible assets
Weighted Average Amortization Period (Years)			1 year
Gross Intangible Assets			$ 210
Accumulated Amortization			(200)
Net Intangible Assets			10
Estimated future amortization expense of intangible assets
Net Intangible Assets			$ 10

CONSOLIDATED BALANCE SHEETS (FY) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 35,717	$ 34,350		$ 28,583
Accounts receivable, net	7,893	11,158		17,438
Prepaid expenses and other current assets	6,651	5,978		8,962
Total current assets	50,261	51,486		54,983
Property and equipment, net	25,766	24,255		24,928
Goodwill	68,368	68,368		68,368
Intangible assets, net	2,369	2,507		10,339
Right-of-use assets	14,441	15,629		31,447
Other assets	4,644	4,776		8,970
Total assets	165,849	167,021		199,035
Current liabilities
Accounts payable and accrued expenses	16,553	21,182		33,635
Deferred revenue	5,786	5,918		6,256	$ 8,100
Operating lease liabilities, current	5,900	6,493		6,334
Tax receivable agreement liability, current	1,756	122		0
Other current liabilities		0		98
Total current liabilities	29,995	33,715		46,323
Operating lease liabilities, non-current	25,414	26,550		33,043
Tax receivable agreement liability, non-current	543	1,634		500
Warrant liability	1,435	585	$ 1,365	2,090	27,460
Other long-term liabilities	1,634	1,386		2,302
Total liabilities	59,021	63,870		84,258
Commitments and contingencies (Note 5)
Stockholders' equity
Preferred Stock - $0.0001 par value; 75,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and December 31, 2022	0	0		0
Additional paid-in capital	84,056	80,884		67,986
Accumulated deficit	(63,278)	(64,518)		(54,620)
Total WM Technology, Inc. stockholders' equity	20,792	16,380		13,380
Noncontrolling interests	86,036	86,771		101,397
Total stockholders' equity	106,828	103,151	$ 115,239	114,777	$ 131,940
Total liabilities and stockholders' equity	165,849	167,021		199,035
Class A Common Stock
Stockholders' equity
Common Stock	9	9		9
Class V Common Stock
Stockholders' equity
Common Stock	$ 5	$ 5		$ 5

Leases (FY) (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease, Cost

The components of lease related costs, net for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Operating lease cost	$7,208	$7,537	$9,229
Variable lease cost	1,549	1,525	2,217
Operating lease cost	8,757	9,062	11,446
Short-term lease cost	89	12	88
Total lease cost, net	$8,846	$9,074	$11,534

As of December 31, 2023, future minimum payments for the next five years and thereafter are as follows (in thousands):

			Operating Leases
Years Ending December 31,
2024			$9,405
2025			5,830
2026			5,408
2027			5,570
2028			5,737
Thereafter			13,016
Total			$44,966
Less present value discount			(11,923)
Operating lease liabilities			$33,043

Warrant Liability (FY) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 16, 2021

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 16, 2021

Unit price (in dollars per share)

$ 11.5

30 days

Threshold trading days

20 days

Trading period

30 days

$ (850)

$ 725

^[1],[2]

$ 166,500

$ 1,505

$ 25,370

$ 166,518

Common Stock

Stock price trigger (in dollars per share)

$ 18

Number of ordinary shares called by each warrant (in shares)

Exercise price of warrant (in dollars per share)

11.5

$ 11.5

Warrant redemption price (in dollars per share)

12,499,973

Units issued (in shares)

12,500,000

$ 0.01

$ (500)

375

$ 875

15,500

Number of ordinary shares called by each warrant (in shares)

7,000,000

Warrants issued (in shares)

30 days

7,000,000

Organization, Consolidation and Presentation of Financial Statements [Abstract]

$ (350)

$ 350

$ 630

$ 9,870

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Business and Organization (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Business and Organization

1.	Business and Organization

Founded in 2008, and headquartered in Irvine, California, WM Technology, Inc. (the “Company”) operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to both storefront locations and delivery operators (“retailers”) and brands in the U.S. states and U.S. territories legalized cannabis markets. The Company’s comprehensive business-to-consumer and business-to-business suite of products afford cannabis retailers and brands of all sizes integrated tools to compliantly run their businesses and to reach, convert, and retain consumers.

The Company’s business primarily consists of its commerce-driven marketplace (“Weedmaps”), and its fully integrated suite of end-to-end Software-as-a-Service (“SaaS”) solutions software offering (“Weedmaps for Business”). The Weedmaps marketplace provides cannabis consumers with information regarding cannabis retailers and brands. In addition, the Weedmaps marketplace aggregates data from a variety of sources, including retailer point-of-sale solutions (“POS”), to provide consumers with the ability to browse by strain, price, cannabinoids and other information regarding locally available cannabis products, through the Company’s website and mobile apps. The marketplace provides consumers with product discovery, access to deals and discounts, and reservation of products for pickup by consumers or delivery to consumers by participating retailers (retailers complete orders and process payments outside of the Weedmaps marketplace as Weedmaps serves only as a portal, passing a consumer’s inquiry to the dispensary). The marketplace also provides education and learning information to help newer consumers learn about the types of products to purchase. The Company believes the size, loyalty and engagement of its user base and the frequency of consumption of cannabis by its user base makes the Weedmaps marketplace highly valuable to its clients.

Weedmaps for Business, the Company’s SaaS offering, is a comprehensive set of eCommerce and compliance software solutions catered towards cannabis retailers, delivery services and brands that streamline front and back-end operations and help manage compliance needs. With the development of Weedmaps for Business, the Company offers an end-to-end platform for licensed cannabis retailers to comply with state law. The Company sells a monthly subscription offering to storefront, delivery and brand clients as well as upsell and add-on offerings to licensed clients. The Company also offers other add-on products for additional fees.

WM Technology, Inc. was initially incorporated in the Cayman Islands on June 7, 2019 under the name “Silver Spike Acquisition Corp” (“Silver Spike”). Silver Spike was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On June 16, 2021 (the “Closing Date”), Silver Spike consummated the business combination (the “Business Combination”), pursuant to that certain Agreement and Plan of Merger, dated December 10, 2020, by and among Silver Spike, Silver Spike Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Silver Spike Acquisition Corp., WM Holding Company, LLC, a Delaware limited liability company (when referred to in its pre-Business Combination capacity, “Legacy WMH” and following the Business Combination, “WMH LLC”), and Ghost Media Group, LLC, a Nevada limited liability company. On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Silver Spike was domesticated and continues as a Delaware corporation, changing its name to WM Technology, Inc.

Legacy WMH was reorganized into an Up-C structure, in which substantially all of the assets and business of Legacy WMH are held by WMH LLC and continue to operate through WMH LLC and its subsidiaries, and WM Technology, Inc.’s material assets are the equity interests of WMH LLC indirectly held by it. Legacy WMH was determined to be the accounting acquirer in the Business Combination, which was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

As of March 31, 2024, the Company had an accumulated deficit of $63.3 million. The Company has funded its operations primarily with customer payments for its services and proceeds from the issuance of common stock in connection with its initial public offering and follow-on offering. As of March 31, 2024, the Company had cash of $35.7 million. The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least the next twelve months.

1.	Business and Organization

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 (the “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.

As of December 31, 2023, the Company had an accumulated deficit of $64.5 million. The Company has funded its operations primarily with customer payments for its services and proceeds from the issuance of common stock in connection with its initial public offering (IPO) and follow-on offering. As of December 31, 2023, the Company had cash of $34.4 million. The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least the next twelve months.

Business Combination - Elements of Business Combination (FY) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reverse Recapitalization [Abstract]
Cash - Silver Spike trust and cash, net of redemptions				$ 254,203
Cash - PIPE Financing				325,000
Less: cash consideration paid to Legacy WMH equity holders				(455,182)
Less: transaction costs and advisory fees				(44,052)
Net proceeds from the Business Combination		$ 0	$ 0	79,969
Less: initial fair value of warrant liability recognized in the Business Combination		0	0	(193,978)
Add: transaction costs allocated to Warrants	$ 5,500			5,547
Add: non-cash assets assumed from Silver Spike		0	0	1,053
Add: deferred tax asset		0	0	151,255
Less: tax receivable agreement liability		$ 0	$ 0	(128,567)
Net adjustment to total equity from the Business Combination				$ (84,721)

Intangible Assets - Amortization Expense (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining period in 2024 (nine months)	$ 416
Year ended December 31, 2025	555	$ 555
Year ended December 31, 2026	543	555
Year ended December 31, 2027	505	543
Year ended December 31, 2028	222	505
Thereafter	128
Net Intangible Assets	$ 2,369	$ 2,507	$ 10,339

Prepaid Expenses and Other Current Assets (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Prepaid insurance	$696	$1,530
Prepaid marketing	320	387
Prepaid software	2,402	2,406
Other prepaid expenses and other current assets	3,233	1,655
Total	$6,651	$5,978

Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Prepaid insurance	$1,530	$2,869
Prepaid marketing	387	2,321
Prepaid software	2,406	2,762
Other prepaid expenses and other current assets	1,655	1,010
	$5,978	$8,962

Accounts Payable and Accrued Expenses (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Accounts payable and other accrued liabilities	$8,793	$7,323
Accrued employee expenses	7,760	13,859
Total	$16,553	$21,182

Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Accounts payable and other accrued liabilities	$7,323	$9,561
Accrued employee expenses	13,859	24,074
	$21,182	$33,635

Prepaid Expenses and Other Current Assets (FY) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 696,000		$ 1,530,000	$ 2,869,000
Prepaid marketing	320,000		387,000	2,321,000
Prepaid software	2,402,000		2,406,000	2,762,000
Other prepaid expenses and other current assets	3,233,000		1,655,000	1,010,000
Total	6,651,000		5,978,000	8,962,000
Property, Plant and Equipment [Line Items]
Impairment charges	$ 0	$ 0	24,403,000	4,317,000	$ 2,372,000
Abandoned Cloud Computing Arrangement
Property, Plant and Equipment [Line Items]
Impairment charges			$ 0	$ 800,000

Goodwill and Intangible Assets - Additional Information (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 68,368		$ 68,368	$ 68,368
Goodwill, impairment loss			0	0	$ 0
Amortization expense for intangible assets	$ 100	$ 600	7,800	2,700	1,300
Impairment of intangible assets (excluding goodwill)			$ 6,100	$ 0	$ 0

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based Compensation - Additional Information (FY) (Details) - USD ($)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 16, 2021

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Period of exchange agreement

180 days

Shares converted basis (in shares)

$ 2,819,000

$ 4,383,000

$ 29,300,000

$ 13,515,000

$ 23,493,000

$ 29,324,000

Incremental expense

4,100,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

2,819,000

4,383,000

^[1]

13,515,000

23,493,000

29,324,000

Class P Units

Nonvested award, cost not yet recognized

$ 200,000

Nonvested award, period for recognition

8 months 12 days

10 months 24 days

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 100,000

300,000

$ 500,000

2,300,000

20,900,000

Restricted Stock Units

Nonvested award, cost not yet recognized

$ 16,000,000

$ 20,600,000

Nonvested award, period for recognition

1 year 7 months 6 days

1 year 9 months 18 days

Restricted Stock Units | Former Chief Executive Officer

$ 2,700,000

4,000,000

$ 13,100,000

21,200,000

8,000,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

600,000

Performance Shares

Nonvested award, cost not yet recognized

$ 0

$ 100,000

Performance Shares | Minimum

$ (100,000)

$ 100,000

$ 400,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Target award

0.00%

Performance Shares | 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)

$ 0.0001

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock, par value (in dollars per share)

$ 0.0001

Class A Common Stock | 2021 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized (in shares)

33,146,412

Period of automatic increase of shares

10 years

Percent of increase in shares from capital stock outstanding

5.00%

Number of shares available for future issuance (in shares)

22,446,927

19,530,046

[1]

For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Stock-based Compensation - Class P Units Activity (FY) (Details) - Class P Units - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Units
Outstanding beginning balance (in shares)	14,804,507	15,125,429
Cancellations (in shares)	0	(75,922)
Repurchases/Exchanged (in shares)	(125,000)	(245,000)
Outstanding ending balance (in shares)	14,679,507	14,804,507
Vested (in shares)	14,619,079	14,723,936

Stock-based Compensation (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Class P Unit Activities

A summary of the Class P Unit activity for the three months ended March 31, 2024 is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2023			14,804,507
Cancellations			—
Exchanged for Class A Common Stock			(125,000)
Outstanding, Class P Units, March 31, 2024			14,679,507
Vested, March 31, 2024			14,619,079

A summary of the Class P Unit activity for the periods presented is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2022			15,125,429
Cancellations			(75,922)
Exchanged for Class A Common Stock			(245,000)
Outstanding Class P Units, December 31, 2023			14,804,507
Vested, December 31, 2023			14,723,936

Schedule of Restricted Stock Units Activity

A summary of the restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	7,683,598	$2.96
Granted	151,516	$0.99
Vested	(629,884)	$4.03
Forfeited	(710,060)	$2.37
Non-vested at March 31, 2024	6,495,170	$2.87

A summary of the restricted stock unit (“RSU”) activity for the year ended December 31, 2023 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	6,269,868	$7.07
Granted	6,634,013	1.03
Vested	(2,245,844)	6.66
Cancelled/Forfeited/Expired	(2,974,439)	4.53
Non-vested at December 31, 2023	7,683,598	$2.96

Schedule of Performance Shares Activity

The fair value is equal to the market price of the Company’s common stock on the date of grant.

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	234,375	$6.40
Granted	—	$—
Vested	—	$—
Forfeited	—	$—
Non-vested at March 31, 2024	234,375	$6.40

A summary of the PRSU activity for the year ended December 31, 2023 is as follows:

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	859,375	6.40
Granted	—	—
Vested	—	—
Cancelled/Forfeited/Expired	(625,000)	6.40
Non-vested at December 31, 2023	234,375	6.40

Schedule of Stock-based Payment Arrangement

	Three Months Ended March 31,
	2024	2023
Sales and marketing	$ 380	$897
Product development	855	1,168
General and administrative	1,584	2,318
Total stock-based compensation expense	2,819	4,383
Amount capitalized to software development	356	298
Total stock-based compensation cost	$3,175	$4,681

The Company recorded stock-based compensation cost related to the Class P Units, RSUs and PRSUs in the following expense categories on the consolidated statements of operations (in thousands):

	Years Ended December 31,
	2023	2022	2021
Sales and marketing	$2,706	$6,358	$6,021
Product development	4,170	5,260	5,103
General and administrative	6,639	11,875	18,200
Total stock-based compensation expense	13,515	23,493	29,324
Amount capitalized to software development	1,386	1,667	1,099
Total stock-based compensation cost	$14,901	$25,160	30,423

Revenue from Contracts with Customers (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Revenue from Contracts with Customers

3.	Revenue from Contracts with Customers

The Company sells a monthly subscription offering to retailer and brand clients as well as upsell and add-on offerings to licensed clients. The Company’s current Weedmaps for Business monthly subscription package includes:

•

WM Listings: A listing page with product menu for a retailer or brand on the Weedmaps marketplace, enabling the Company’s clients to be discovered by the marketplace’s users. This also allows clients to disclose their license information, hours of operation, contact information, discount policies and other information that may be required under applicable state law.

•

WM Orders: Software for retailers to receive pickup and delivery orders directly from a Weedmaps listing and connect orders directly with a client’s POS system (for certain POS systems). The marketplace also enables brands to route customer purchase interest to a retailer that carries the brand’s product. After a dispensary receives the order request from the consumer, the dispensary and the consumer can continue to communicate, adjust items in the request, and handle any stock issues, prior to and while the dispensary processes and fulfills the order.

•

WM Store: Customizable order and menus embed which allows retailers and brands to import their Weedmaps listing menu or product reservation functionality to their own white-labeled WM Store website or separately owned website. WM Store facilitates customer pickup or delivery orders and enables retailers to reach more customers by bringing the breadth of the Weedmaps marketplace to a client’s own website.

•

WM Connectors: A centralized integration platform, including API tools, for easier menu management, automatic inventory updates and streamlined order fulfillment to enable clients to save time and more easily integrate into the WM Technology ecosystem and integrate with disparate software systems. This creates business efficiencies and improves the accuracy and timeliness of information across Weedmaps, creating a more positive experience for consumers and businesses.

•

WM Insights: An insights and analytics platform for clients leveraging data across the Weedmaps marketplace and software solutions. WM Insights provides data and analytics on user engagement and traffic trends to a client’s listing page. For Brand clients, WM Insights allows them to monitor their brand and product rankings, identify retailers not carrying products and keep track of top brands and products by category and state.

The Company also offers other add-on products for additional fees, including:

•	WM Ads: Ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including:

○	Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify our clients’ businesses and maximize clients’ listings and deal presence.

○	WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts.

○	Other WM Ads solutions: Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces.

•	WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door.

In December 2023, we completed the sunset of WM AdSuite, WM CRM and WM Screens product offerings as we continue to focus our efforts on other Weedmaps for Business products that support the Weedmaps marketplace and improve the eCommerce experience for our clients and users.

Disaggregation of revenue

The following table summarizes the Company’s disaggregated net revenues information (in thousands):

	Three Months Ended March 31,
	2024	2023 As Restated²
Net revenues:
Weedmaps for Business and other SaaS solutions	$13,282	$11,310
Featured and deal listings	28,166	32,280
Subtotal	41,448	43,590
Other ad solutions	2,941	2,826
Total net revenues¹	$44,389	$46,416

1	Net revenues are net of discounts of $0.2 million and $1.1 million, respectively, for three months ended March 31, 2024 and 2023.

2	For the three months ended March 31, 2023, net revenue has been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription offerings, as described above, and is recognized as the revenue recognition criteria are met. Deferred revenue balance as of March 31, 2024 and December 31, 2023 were $5.8 million and $5.9 million, respectively, and the balance is expected to be fully recognized within the next twelve months. The Company generally invoices customers and receives payment on an upfront basis and payments do not include significant financing components or variable consideration and there are generally no rights of return or refunds after the subscription period has passed.

Substantially all of the Company’s revenue has been generated in the United States for the three months ended March 31, 2024 and 2023. For three months ended March 31, 2024, approximately 52% of the Company’s net revenue originated in California compared with 53% of the for the three months ended March 31, 2023.

3.	Revenue from Contracts with Customers

•

The Company also offers other add-on products for additional fees, including:

•	WM Ads: Ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including:

○	Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify our clients’ businesses and maximize clients’ listings and deal presence.

○	WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts.

○	Other WM Ads solutions: Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces.

•	WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door.

Disaggregation of revenue

The following table summarizes the Company’s disaggregated net revenue information (in thousands):

	Years Ended December 31,
	2023	2022	2021
Net revenues:
Featured and deal listings	$126,546	$149,621	$138,480
Weedmaps for Business	46,730	50,662	42,611
Subtotal	173,276	200,283	181,091
Other ad solutions	14,717	15,248	12,055
Total net revenues¹	$187,993	$215,531	$193,146

1	Net revenues are net of discounts of $4.2 million in 2023, $4.5 million in 2022 and $2.6 million in 2021, primary related to the Company’s Teal program. See “Revenue Recognition” of Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements for further discussion.

Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription offerings, as described above, and is recognized as the revenue recognition criteria are met. The deferred revenue balance as of December 31, 2023 was $5.9 million and is expected to be fully recognized within the next twelve months. The deferred revenue balances as of December 31, 2022 and 2021 were $6.3 million and $8.1 million, respectively, and were fully recognized in the first quarter of the following fiscal year. The Company generally invoices customers and receives payment on an upfront basis and payments do not include significant financing components or variable consideration and there are generally no rights of return or refunds after the subscription period has passed.

Substantially all of the Company’s revenue has been generated in the United States for the years ended December 31, 2023, 2022 and 2021. For the year ended December 31, 2023, approximately 52% of the Company’s net revenue originated in California compared with 56% for the year ended December 31, 2022 and 61% for the year ended December 31, 2021.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2024
Cover [Abstract]
Document Type	POS AM
Amendment Flag	false
Entity Registrant Name	WM TECHNOLOGY, INC.
Entity Central Index Key	0001779474
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false

Fair Value Measurements (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Fair Value Liabilities Measured on Recurring Basis

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

	Level	March 31, 2024	December 31, 2023
Liabilities:
Warrant liability – Public Warrants	1	$875	$375
Warrant liability – Private Placement Warrants	3	560	210
Total warrant liability		$1,435	$585

The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):

	Level	December 31, 2023	December 31, 2022
Liabilities:
Warrant liability – Public Warrants	1	$375	$1,250
Warrant liability – Private Placement Warrants	3	210	840
Total warrant liability		$585	$2,090

Schedule of Derivative Liabilities at Fair Value

The following tables summarizes the changes in the fair value of the warrant liabilities (in thousands):

	Three Months Ended March 31, 2024
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$375	$210	$585
Change in valuation inputs or other assumptions	500	350	850
Fair value, end of period	$875	$560	$1,435

	Three Months Ended March 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(375)	(350)	(725)
Fair value, end of period	$875	$490	$1,365

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):

	Year Ended December 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(875)	(630)	(1,505)
Fair value, end of period	$375	$210	$585

	Year Ended December 31, 2022
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$16,750	$10,710	$27,460
Change in valuation inputs or other assumptions	(15,500)	(9,870)	(25,370)
Fair value, end of period	$1,250	$840	$2,090

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	March 31, 2024	December 31, 2023
Exercise price	$11.50	$11.50
Stock price	$1.33	$0.72
Volatility	83.0%	87.5%
Term (years)	2.21	2.46
Risk-free interest rate	4.55%	4.13%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	December 31, 2023	December 31, 2022
Exercise price	$11.50	$11.50
Stock price	$0.72	$1.01
Volatility	87.5%	82.3%
Term (years)	2.46	3.46
Risk-free interest rate	4.13%	4.17%

Summary of Significant Accounting Policies (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Restatement of Previously Issued Financial Statements

The Company has restated its unaudited condensed consolidated statements of operations for the period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

The Company has restated its unaudited condensed consolidated statements of operations for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$50,852	$(2,429)	$48,423	$98,859	$(4,020)	$94,839
General and administrative expenses	$19,208	$(2,429)	$16,779	$41,708	$(4,020)	$37,688
Total costs and expenses	$47,069	$(2,429)	$44,640	$99,224	$(4,020)	$95,204

	Three Months Ended September 30, 2023			Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$47,725	$(1,038)	$46,687	$146,584	$(5,058)	$141,526
General and administrative expenses	$19,189	$(1,038)	$18,151	$60,897	$(5,058)	$55,839
Total costs and expenses	$53,273	$(1,038)	$52,235	$152,497	$(5,058)	$147,439

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

	Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$3,605	$(4,020)	$(415)
Changes in operating assets and liabilities:
Accounts receivable	$(1,138)	$4,020	$2,882

	Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$4,862	$(5,058)	$(196)
Changes in operating assets and liabilities:
Accounts receivable	$262	$5,058	$5,320

Schedule of Accounts Receivable, Allowance for Credit Loss

The following table summarizes the changes in the allowance for credit losses:

	Three Months Ended March 31,
	2024	2023 As Restated¹
Allowance, beginning of period	$8,748	$12,232
Provision (benefit) for credit losses	(658)	360
Write-off, net of recoveries	(1,494)	(770)
Allowance, end of period	$6,596	$11,822

The Provision (benefit) for credit losses for the three months ended March 31, 2023 and related allowance at the end of the period March 31, 2023, has been retrospectively adjusted to reflect the restatement of previously reported credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

The following table summarizes the changes in the allowance for credit losses:

	Years Ended December 31,
	2023	2022	2021
Allowance, beginning of year	$12,232	$5,169	$857
Provision (benefit) for credit losses	1,792	17,216	5,487
Write-off, net of recoveries	(5,276)	(10,153)	(1,175)
Allowance, end of year	$8,748	$12,232	$5,169

Revenue from Contracts with Customers - Schedule of Disaggregated Net Revenues (Q1) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 44,389

$ 46,687

$ 48,423

$ 46,416

^[1]

$ 94,839

$ 141,526

$ 187,993

$ 215,531

$ 193,146

Weedmaps for Business and other SaaS solutions

2,302

3,494

^[1]

12,527

15,407

7,938

Featured and deal listings

13,282

11,310

46,730

50,662

42,611

28,166

32,280

126,546

149,621

138,480

Subtotal

41,448

43,590

173,276

200,283

181,091

Other ad solutions

2,941

2,826

14,717

15,248

12,055

$ 200

$ 1,100

$ 4,200

$ 4,500

$ 2,600

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

The aggregate cost of goods produced and sold and services rendered during the reporting period.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements - Warrants (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 16, 2021

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

$ 1,435

$ 1,365

$ 27,460

$ 585

$ 2,090

$ 27,460

585

2,090

27,460

850

(725)

^[1],[2]

(166,500)

(1,505)

(25,370)

(166,518)

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

1,435

1,365

27,460

585

2,090

27,460

Warrants

Remaining maturity

5 years

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

875

16,750

375

1,250

16,750

375

1,250

16,750

500

(375)

(875)

(15,500)

875

16,750

375

1,250

16,750

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

560

490

10,710

210

840

10,710

210

840

10,710

350

(350)

(630)

(9,870)

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

560

490

$ 10,710

210

840

$ 10,710

Recurring Basis

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

1,435

585

2,090

585

2,090

Recurring Basis | Level 1 | Public Warrants

1,435

585

2,090

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

875

375

1,250

375

1,250

Recurring Basis | Level 3 | Private Placement Warrants

875

375

1,250

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

560

210

840

210

$ 840

840

Beginning balance (in shares) at Dec. 31, 2020

$ 560

$ 210

$ 840

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Q1) - USD ($)
$ in Thousands

Total

Class P Units

Class A

Class V

Total WM Technology, Inc. Stockholders' Equity

Class P Units

Common Stock

Class A

Common Stock

Class A

Class P Units

Common Stock

Class V

Additional Paid-in Capital

Class P Units

(Accumulated Deficit)/ Retained Earnings

Non-controlling Interests

Class P Units

Beginning balance at Dec. 31, 2020

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 30,423

9,570

20,853

(18,998)

(888)

Ending balance (in shares) at Dec. 31, 2021

$ 152,218

60,383

76,757

129,240,910

65,677,361

65,502,347

Ending balance at Dec. 31, 2021

$ 131,940

63,556

$ 7

2,173

61,369

68,384

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)

25,160

22,862

2,298

3,447,946

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes

(13)

(6)

(7)

Issuance of common stock - Class P Unit exchange (in shares)

(2,448)

8,199,449

$ 7,064

$ (7,064)

Ending balance (in shares) at Dec. 31, 2022

(82,651)

(115,989)

33,338

92,062,468

55,486,361

92,062,468

55,486,361

Ending balance at Dec. 31, 2022

114,777

13,380

$ 9

$ 5

67,986

(54,620)

101,397

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)

4,681

4,396

285

475,510

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes

Issuance of common stock - Class P Unit exchange (in shares)

(250)

35,488

$ 0

(62)

Ending balance (in shares) at Mar. 31, 2023

(3,969)

^[1],[2]

(2,475)

(1,494)

92,573,466

55,486,361

Ending balance at Mar. 31, 2023

115,239

15,363

$ 9

$ 5

72,444

(57,095)

99,876

Beginning balance (in shares) at Dec. 31, 2022

92,062,468

55,486,361

92,062,468

55,486,361

Beginning balance at Dec. 31, 2022

114,777

13,380

$ 9

$ 5

67,986

(54,620)

101,397

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)

14,901

14,385

516

2,242,930

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes

(6)

Issuance of common stock - Class P Unit exchange (in shares)

(7,187)

77,655

131

(131)

Ending balance (in shares) at Dec. 31, 2023

(15,727)

(9,898)

(5,829)

94,383,053

55,486,361

94,383,053

55,486,361

Ending balance at Dec. 31, 2023

103,151

16,380

$ 9

$ 5

80,884

(64,518)

86,771

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes (in shares)

3,175

3,115

628,941

Issuance of common stock - vesting of restricted stock units, net of shares withheld for taxes

(2)

Issuance of common stock - Class P Unit exchange (in shares)

(1,455)

39,741

$ 0

$ 59

$ (59)

Ending balance (in shares) at Mar. 31, 2024

1,959

1,240

719

95,051,735

55,486,361

95,051,735

55,486,361

Ending balance at Mar. 31, 2024

$ 106,828

$ 20,792

$ 9

$ 5

$ 84,056

$ (63,278)

$ 86,036

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Business and Organization (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 63,278	$ 64,518	$ 54,620
Cash	$ 35,717	$ 34,350	$ 28,583

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

Amount of accumulated undistributed earnings (deficit).

Leases - Additional Information (FY) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash payments on operating leases			$ 9.9	$ 9.6	$ 8.2
Contra rent expense	$ 0.5	$ 0.5	$ 2.2	$ 1.9	0.2
Remaining lease term			6 years 3 months 18 days	6 years 9 months 18 days
Weighted average discount rate			9.80%
Operating lease, impairment loss			$ 10.9	$ 0.6	$ 2.4
Property, Plant and Equipment [Line Items]
Impairment charges			3.9
Leasehold improvements
Property, Plant and Equipment [Line Items]
Impairment charges			$ 1.3

Summary of Significant Accounting Policies (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and Article 10-1 of Regulation S-X. Accordingly, certain information and footnotes required by GAAP in annual financial statements have been omitted or condensed and these interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on May 24, 2024. The condensed consolidated financial statements of the Company include all adjustments of a normal recurring nature which, in the opinion of management, are necessary for a fair statement of the Company’s financial position as of March 31, 2024, and results of its operations and its cash flows for the interim periods presented. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the entire year. There have been no significant changes in the Company’s accounting policies from those described in the Company’s audited consolidated financial statements and the related notes to those statements.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of WM Technology, Inc. and WMH LLC, including their wholly and majority owned subsidiaries. In conformity with GAAP, all significant intercompany accounts and transactions have been eliminated.

Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses

In connection with the preparation of the Company's Consolidated Financial Statements as of and for the fiscal year ended December 31, 2023, the Company discovered that in 2023, it had an inadequate policy associated with its revenue recognition related to the cash collection of a certain subset of its customers that had been placed on cash basis. For these customers, because the determination had been made that there was significant collection risk and the Company had no ability to estimate the collectability of the consideration it was entitled to, revenue recognition was prohibited under Accounting Standards Codification, (“ASC”), Topic 606, “Revenue from Contracts with Customers” until cash was collected for the services that were provided. The Company refers to the customers in this situation as customers that have been placed on cash basis. As further discussed below, in 2023 the Company misapplied this policy in each of the first three quarters of 2023 by failing to apply (in certain cases) cash receipts to prior accounts receivable (via a credit loss recovery) and instead recognized additional revenue for the cash receipt.

The Company recognizes revenue from contracts with customers under ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Once the Company believes that it is no longer probable of collecting substantially all of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer and as such is prohibited from recognizing revenue until it is probable that it will be entitled to all of the consideration. As such, when a customer with significant collection risk is identified, the Company fully reserves for all outstanding accounts receivable and records a credit loss for these receivables.

Initially, revenue for contracts that the Company assesses are not probable of collection is not recognized until the customer has paid or settled all outstanding accounts receivable balances. Collectability is reassessed when there is a significant change in facts or circumstances. The assessment of collectability considers whether the Company may limit its exposure to credit risk through its right to stop transferring additional service in the event the customer is delinquent. When services are still provided to customers that have been identified with significant collection risk, the Company initially applies all payments received against the customers oldest invoices. However, if the Company continues to provide services to these customers for a significant period of time, cash collections have stabilized and other factors indicate it is appropriate, cash collections are assessed to determine if any of the on-going cash receipts should be accounted for as variable consideration under ASC 606 for on-going services instead of recovery of credit

losses. To date, no material variable consideration has been recognized and after applying the corrections shown in the table below, all cash collections for these customers are reflected as recovery of credit losses.

Due to the inconsistency of the cash application related to the cash basis customers, and the prohibition on recognizing revenue when the Company does not believe it will receive the consideration it is entitled to, the Company had determined that it had improperly recognized revenue for these customers and should have instead recognized a credit loss recovery related to these cash receipts.

All periods presented below have been retrospectively restated to reflect the effects of the change to revenues and operating expenses. There was no impact to operating income (loss), net income (loss), net income (loss) per share, net cash provided by operating activities or adjusted EBITDA for any periods presented. The consolidated statement of equity is not affected by this restatement.

The Company has restated its unaudited condensed consolidated statements of operations for the period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

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 months ended March 31, 2024 and 2023.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Significant estimates made by management include, the allowance for credit losses, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill and other intangible assets, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement (“TRA”) liability, revenue recognition, performance and stock-based compensation and the recognition and disclosure of contingent liabilities.

Risks and Uncertainties

The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any state that permits use of cannabis was to change their laws or the federal government was to actively enforce the CSA or other laws related to the federal prohibition on cannabis, the Company’s business could be adversely affected.

In addition, the Company’s ability to grow and meet its operating objectives depends largely on the continued legalization and regulation of cannabis on a widespread basis. There can be no assurance that such legalization will occur on a timely basis, or at all.

The geographic concentration of the Company’s clients makes the Company vulnerable to a downturn in the local market area. Historically, the Company’s business operations have been located primarily in the State of California. See Note 3, “Revenue from Contracts with Customers,” to these condensed consolidated financial statements for additional information.

Fair Value Measurements

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. See Note 5, “Fair Value Measurements” to these condensed consolidated financial statements for additional information.

Accounts Receivable, Net

A receivable is recorded when an unconditional right to invoice and receive payment exists. Accounts receivable primarily include amounts related to receivables from customers. Receivables are shown net of allowance for credit losses which is maintained at a level that management believes to be sufficient to absorb estimated losses in the accounts receivable portfolio. The Company measures credit losses on its trade accounts receivable using the current expected credit loss model under ASC 326 Financial Instruments – Credit Losses.

The Company calculates the expected credit losses on a pool basis for trade receivables that have similar risk characteristics. For trade receivables that do not share similar risk characteristics, the allowance for credit losses is calculated on an individual basis. Risk characteristics relevant to the Company’s accounts receivable include balance of customer account and aging status.

Account balances are written off against the allowance when it is determined that it is probable that the receivable will not be recovered. The Company had allowance for credit losses of $6.6 million and $8.7 million as of March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, no customer accounted for more than 10% of the total gross accounts receivable outstanding.

The following table summarizes the changes in the allowance for credit losses:

	Three Months Ended March 31,
	2024	2023 As Restated¹
Allowance, beginning of period	$8,748	$12,232
Provision (benefit) for credit losses	(658)	360
Write-off, net of recoveries	(1,494)	(770)
Allowance, end of period	$6,596	$11,822

Investments in 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 March 31, 2024 and December 31, 2023, the carrying value of the Company’s investments in equity securities without a readily determinable fair value was nil, which is recorded within other assets on the Company’s condensed consolidated balance sheets.

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 impairments to investments in equity securities were recorded during the three months ended March 31, 2024 and 2023.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation, and consist of internally developed software, computer equipment, furniture and fixtures and leasehold improvements. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and generally over three years for computer equipment, seven years for furniture and fixtures. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining term of the related lease. Maintenance and repairs are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the Company’s condensed consolidated statements of operations.

Capitalized Software

Capitalized website and internal-use software development costs are included in property and equipment in the accompanying condensed consolidated balance sheets. The Company capitalizes certain costs related to the development and enhancement of the Weedmaps platform and SaaS solutions. The Company began to capitalize these costs when preliminary development efforts were successfully completed, management has authorized and committed project funding, and it was probable that the project would be completed and the software would be used as intended. Capitalization ceases upon completion of all substantial testing. Maintenance and training costs are

expensed as incurred. Such costs are amortized when placed in service, on a straight-line basis over the estimated useful life of the related asset, generally estimated to be three years. Costs incurred for enhancements that were expected to result in additional features or functionality are capitalized and expensed over the estimated useful life of the enhancements, generally three years. Product development costs include 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 March 31, 2024 and December 31, 2023, the Company has $24.2 million and $23.1 million in capitalized software costs, net, respectively which are recorded within property and equipment, net on the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, the Company amortized $2.5 million and $1.5 million, respectively, of internal-use software development costs included in depreciation and amortization expense in the accompanying condensed consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill consists of the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is reviewed for impairment each year using a qualitative or quantitative process that is performed at least annually as of December 31, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit.

In testing for goodwill impairment, the Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value. If it is determined that it is unlikely that the carrying value exceeds the fair value, the Company is not required to complete the quantitative goodwill impairment evaluation. If it is determined that the carrying value may exceed fair value when considering qualitative factors, a quantitative goodwill impairment evaluation is performed. When performing the quantitative evaluation, if the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference will be recorded.

Leases

The Company’s operating leases consist of office space located in the United States. The Company does not have any leases classified as financing leases. The Company classifies arrangements meeting the definition of a lease as operating or financing leases, and leases are recorded on the condensed consolidated balance sheets as both a right-of-use asset (“ROU”) and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company’s incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components for all classes of assets. The Company excludes short-term leases having initial terms of 12 months or less from the new guidance as an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

the carrying value of an ROU asset may not be recoverable and the estimated fair value attributable to the ROU asset is less than its carrying value, an impairment loss equals to the excess of the ROU asset’s carrying value over its fair value is recognized.

The fair values of ROU assets were estimated using an income approach based on management’s forecast of future cash flows expected to be derived based on the sublease market rent. First, the Company tests the asset group for recoverability by comparing the undiscounted cash flows of the asset group, which include expected future lease payments related to the lease agreement offset by expected sublease income, to the carrying amount of the asset group. If the first step of the long-lived asset impairment test concludes that the carrying amount of the asset group is not recoverable, the Company performs the second step of the long-lived asset impairment test by comparing the fair value of the asset group to its carrying amount and recognizing a lease impairment charge for the amount by which the carrying amount exceeds the fair value. To estimate the fair value of the asset group, the Company relies on a discounted cash flow approach using market participant assumptions of the expected cash flows. Net rent expense for the three months ended March 31, 2024 and 2023 was $2.2 million and $2.2 million, respectively and is included in general and administrative expense in the accompanying condensed consolidated statements of operations.

In 2022, the Company entered into a sublease agreement with an affiliate of the Executive Chair. The sublease commenced on June 1, 2022, and the term is for the remainder of the original lease and will expire on February 28, 2025, or sooner in the event that the original lease is cancelled prior to the expiration date. See Note 13, “Related Party Transactions,” to these condensed consolidated financial statements for additional information.

Sublease rental income is recognized as a reduction to the related lease expense on a straight-line basis over the sublease term. For the three months ended March 31, 2024 and 2023, the Company recorded rent income related to a sublease of $0.5 million and $0.5 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. As of March 31, 2024, 12,499,973 Public Warrants and 7,000,000 Private Placement Warrants remained outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, 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 be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will 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.

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of our Class A equity holders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet 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 9, “Warrant Liability,” to these consolidated financial statements for additional information.

Tax Receivable Agreement

In connection with the Business Combination, the Company entered into a TRA with continuing members that provides for a payment to the continuing Class A Unit holders of 85% of the amount of tax benefits, if any, that the Company realizes, or is deemed to realize, as a result of redemptions or exchanges of Units. In connection with such potential future tax benefits resulting from the Business Combination, the Company has established a deferred tax asset for the additional tax basis and a corresponding TRA liability of 85% of the expected benefit. The remaining 15% is recorded to additional paid-in capital.

The TRA liability is subject to remeasurement each reporting period, due to various factors, including changes in federal and state income tax rates and assessment of the probability of payment. As these remeasurement changes are subsequent to the initial measurement, the impact of the remeasurement is recorded in other income (loss) on the condensed consolidated statements of operations. As of March 31, 2024 and December 31, 2023, tax receivable agreement liability was $2.3 million and $1.8 million, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized a loss of $0.5 million and $0.1 million, respectively, related to the remeasurement of its TRA liability. See Income Taxes below for information related to the Company’s allowance against its net deferred tax assets.

Revenue Recognition

The Company recognizes revenue when the fundamental criteria for revenue recognition are met. In 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 transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. During the three months ended March 31, 2024 and 2023, total discount issued was $0.2 million and $1.1 million, respectively. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term.

The Company’s revenues are derived primarily from monthly subscriptions to Weedmaps for Business, featured and deal listings and other WM Ad solutions. The Company’s Weedmaps for Business subscriptions generally have one-month terms that automatically renew unless notice of cancellation is provided in advance. Featured and deal listings and other WM Ad solutions are offered as add-on products to the Weedmaps for Business subscriptions. Featured and deal listings provide customers with premium placement ad solutions and discount and promotion pricing tools. Other WM Ad solutions include banner ads and promotion tiles on the Company’s marketplace ad as well as other advertising products on and off the Weedmaps marketplace. The Company has a fixed inventory of featured listing and display advertising in each market, and price is generally determined through a competitive auction process that reflects local market demand. Revenues for these arrangements are recognized over-time, generally during a month-to-month subscription period as the services are provided. The Company rarely needs to allocate the transaction price to separate performance obligations. In the rare case that allocation of the transaction price is needed, the Company recognizes revenue in proportion to the standalone selling prices of the underlying services at contract inception.

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 $2.5 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively, and are included in sales and marketing expense in the accompanying condensed consolidated statements of operations.

Stock-Based Compensation

The Company measures fair value of employee stock-based compensation awards on the date of grant and allocates the related expense over the requisite service period. The fair value of restricted stock units and performance-based restricted stock units is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 11, “Stock-based Compensation,” to these condensed consolidated financial statements for additional information.

Employee Benefit Plan

The Company’s 401(k) saving plan is a tax-qualified deferred compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches up to 3.5% of the employee’s eligible compensation, vested upon two years of service. For the three months ended March 31, 2024 and 2023, the Company expensed $0.5 million and $0.6 million, respectively, related to employer contributions for the 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 and other tax related expenses.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes under ASC 740 - Income Taxes. Under the guidance, deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted.

The Company assesses whether it is “more-likely-than-not” that it will realize its deferred tax assets. The Company establishes a valuation allowance when available evidence indicates that it is more-likely-than-not that the deferred tax asset will not be realized. In assessing the need for a valuation allowance, the Company considers the amounts and timing of expected future deductions or carry forwards and sources of taxable income that may enable utilization.

This includes an analysis of the Company’s current financial position, results of operations for the current and prior years and all currently available information about future years. This assessment and estimates require significant management judgment. The Company maintains an existing valuation allowance until enough positive evidence exists to support its reversal. Change in the amount or timing of expected future deductions or taxable income may have a material impact on the level of income tax valuation allowances.

For the year ending December 31, 2023 and for three months ended March 31, 2024, the Company conducted similar analyses, and determined that a full valuation allowance was still required. As of March 31, 2024 and December 31, 2023, tax receivable agreement liability $2.3 million and $1.8 million, respectively.

The tax provision for interim periods is determined using an estimate of the Company's annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company updates its estimate of its annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in such period. The quarterly tax provision, and estimate of the Company's annual effective tax rate, is subject to variation due to several factors, including variability in pre-tax income (or loss), revaluations of the warrant liability, changes in flow-through income not subject to tax, valuation allowances and tax law developments.

As a result of the Business Combination, WM Technology, Inc. became the sole managing member of WMH LLC, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, WMH LLC is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by WMH LLC is passed through to and included in the taxable income or loss of its members, including WM Technology, Inc. on a pro rata basis. WM Technology, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to its allocable share of any taxable income of WMH LLC following the Business Combination. The Company is also subject to taxes in foreign jurisdictions.

WMH LLC will generally be required from time to time to make pro rata distributions in cash to the Company and the other holders of WMH Units at certain assumed tax rates in amounts that are intended to be sufficient to cover the taxes on the Company’s and the other WMH equity holders’ respective allocable shares of the taxable income of WMH LLC

For the three months ended March 31, 2024, the Company recorded $9 thousand in income tax provisions due to the impact of the full valuation allowance on its net deferred assets. For the three months ended March 31, 2023, the Company recorded zero income tax provisions due to the impact of the full valuation allowance on its net deferred assets. The effective tax rates differ from the federal statutory rate of 21% primarily due to the impact of valuation allowances, warrant valuations, non-controlling interests represented by the portion of the flow-through income not subject to tax, permanent stock-based compensation and state taxes.

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. The Company does not believe it has any uncertain income tax positions that are more-likely-than-not to materially affect its condensed consolidated financial statements.

Segment Reporting

The Company has identified one business segment which management also considers to be one reporting unit as the Company’s Executive Chair and Interim Chief Financial Officer allocate resources, assess performance and manage the businesses as one segment.

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.

per share by application of the treasury stock method or if-converted method, as applicable. Potential common shares are excluded from the calculation of diluted EPS in the event they are antidilutive or subject to performance conditions for which the necessary conditions have not been satisfied by the end of the reporting period. See Note 12, “Earnings Per Share,” for additional information on dilutive securities.

Concentrations of Credit Risk

The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions and the Company’s cash balances at these institutions typically exceed the Federal Deposit Insurance Corporation limit. As of March 31, 2024, the Company had cash balances that exceeded the deposit insurance limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted Accounting Pronouncements

The Company reviewed the accounting pronouncements that became effective for fiscal year 2024 and determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. We are currently evaluating the impact of the adoption of this standard.

The Company also reviewed other recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the consolidated financial statements.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with GAAP and the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the consolidated results of operations and financial position for the fiscal years presented. All such adjustments are of a normal recurring nature. Certain prior year amounts have been reclassified to conform to the current year presentation.

Principles of Consolidation

The consolidated financial statements include the accounts of WM Technology, Inc. and WMH LLC, including their wholly and majority owned subsidiaries. In conformity with GAAP, all significant intercompany accounts and transactions have been eliminated.

Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses

In connection with the preparation of the Company's Consolidated Financial Statements as of and for the fiscal year ended December 31, 2023, the Company discovered that in 2023, it had an inadequate policy associated with its revenue recognition related to the cash collection of a certain subset of its customers that had been placed on cash basis in 2023. For these customers, because the determination had been made that there was significant collection risk and the Company had no ability to estimate the collectability of the consideration it was entitled to, revenue recognition was prohibited under Accounting Standards Codification, (“ASC”), Topic 606, “Revenue from Contracts with Customers” until cash was collected for the services that were provided. The Company refers to the customers in this situation as customers that have been placed on cash basis. As further discussed below, the Company misapplied this policy in each of the first three quarters of 2023 by failing to apply (in certain cases) cash receipts to prior accounts receivable (via a credit loss recovery) and instead recognized additional revenue for the cash receipt.

All periods presented below have been retrospectively restated to reflect the effects of the change to revenues and operating expenses. There was no impact to operating income (loss), net income (loss), net income (loss) per share, net cash provided by operating activities and adjusted EBITDA for any periods presented. The consolidated statement of equity is not affected by this restatement.

The Company has restated its unaudited condensed consolidated statements of operations for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$50,852	$(2,429)	$48,423	$98,859	$(4,020)	$94,839
General and administrative expenses	$19,208	$(2,429)	$16,779	$41,708	$(4,020)	$37,688
Total costs and expenses	$47,069	$(2,429)	$44,640	$99,224	$(4,020)	$95,204

	Three Months Ended September 30, 2023			Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$47,725	$(1,038)	$46,687	$146,584	$(5,058)	$141,526
General and administrative expenses	$19,189	$(1,038)	$18,151	$60,897	$(5,058)	$55,839
Total costs and expenses	$53,273	$(1,038)	$52,235	$152,497	$(5,058)	$147,439

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

	Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$3,605	$(4,020)	$(415)
Changes in operating assets and liabilities:
Accounts receivable	$(1,138)	$4,020	$2,882

	Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$4,862	$(5,058)	$(196)
Changes in operating assets and liabilities:
Accounts receivable	$262	$5,058	$5,320

Foreign Currency

Use of Estimates

The preparation of 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 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, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill and other intangible assets, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement (“TRA”) liability, revenue recognition, performance and stock-based compensation and the recognition and disclosure of contingent liabilities.

Risks and Uncertainties

The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any 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.

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 consolidated financial statements for additional information.

Accounts Receivable, Net

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 $8.7 million as of December 31, 2023 and $12.2 million of as of December 31, 2022, respectively.

As of December 31, 2023, no customer accounted for more than 10% of the total gross accounts receivable outstanding. As of December 31, 2022, a receivable due from one customer accounted for approximately 11% of the total gross accounts receivable outstanding.

The following table summarizes the changes in the allowance for credit losses:

	Years Ended December 31,
	2023	2022	2021
Allowance, beginning of year	$12,232	$5,169	$857
Provision (benefit) for credit losses	1,792	17,216	5,487
Write-off, net of recoveries	(5,276)	(10,153)	(1,175)
Allowance, end of year	$8,748	$12,232	$5,169

Investments in 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 December 31, 2022, the carrying value of the Company’s investments in equity securities without a readily determinable fair value was $3.5 million, which is recorded within other assets on the Company’s consolidated balance sheets.

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. For the years ended December 31, 2023 and 2022, the Company recorded $3.5 million, $3.0 million, respectively, in impairment charges related to investments in equity securities. These impairment charges are included in asset impairment charges in the accompanying consolidated statements of operations. The Company did not have any impairment charges related to investments in equity securities. in 2021.

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, 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, 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 results of operations.

The Company assesses impairment of property and equipment when an event and change in circumstance indicates that the carrying value of such assets may not be recoverable. If an event and a change in circumstance indicates that the carrying amount of an asset (or asset group) may not be recoverable and the expected undiscounted cash flows attributable to the asset are less than its carrying value, an impairment loss equals to the excess of the asset’s carrying value over its fair value is recognized. For the year ended December 31, 2023, the Company recorded impairment charges of $3.9 million of which $2.7 million related to property and equipment associated with certain product offerings that were sunset in December 2023 and $1.3 million related to leasehold improvements associated with the impairment of a ROU asset both of which are included in asset impairment charges in the consolidated statements of operations. No impairments to property and equipment were recorded during the years ended December 31, 2022 and 2021.

Capitalized Software

Capitalized website and internal-use software development costs are included in property and equipment in the accompanying balance sheets. The Company capitalizes certain costs related to the development and enhancement of the Weedmaps platform and SaaS 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.

During the years ended December 31, 2023, 2022, and 2021, the Company amortized $7.7 million, $5.1 million and $0.1 million, respectively, of internal-use software development costs to subscription and support cost of revenues. For the years ended December 31, 2023 and 2022, the Company capitalized $13.1 million and $15.5 million of costs related to the development of software applications. At December 31, 2023 and 2022, the accumulated amortization of capitalized internal-use software development costs was $12.9 million and $5.1 million, respectively.

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.

Intangible assets are recorded at cost less accumulated amortization. Intangible assets are reviewed for impairment whenever events or changes in circumstances may affect the recoverability of the net assets. Such reviews may include an analysis of current results and take into consideration the undiscounted value of projected operating cash flows. The Company recorded an impairment charge of $6.1 million for the year ended December 31, 2023 related to intangible assets associated with certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the consolidated statements of operations. No intangible asset impairment charges have been recorded for the years ended December 31, 2022 and 2021. See Note 9, “Goodwill and Intangible Assets,” to these 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 or financing 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 an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

The Company assesses impairment of ROU assets when an event and change in circumstance indicates that the carrying value of such ROU assets may not be recoverable. If an event and a change in circumstance indicates that the carrying value of an ROU asset may not be recoverable and the estimated fair value attributable to the ROU asset is less than its carrying value, an impairment loss equals to the excess of the ROU asset’s carrying value over its fair value is recognized.

In 2023, the Company recognized $10.9 million of ROU asset impairment charges driven by updated sublease assumptions for our second headquarter space in Los Angeles, California, pursuant to an operating lease that expires in 2031. In addition, the Company recognized ROU asset impairment charges of $0.6 million and $2.4 million during the years ended December 31, 2022 and 2021, respectively, related to certain ROU assets reducing the carrying values of the lease assets to their estimated fair values based on the discounted cash flows of estimated net rental income for the office spaces subleased.

The impairment charges of ROU assets are included in asset impairment charges in the consolidated statements of operations. See Note 4, “Leases,” to these consolidated financial statements for additional information.

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. As of December 31, 2023, 12,499,973 Public Warrants and 7,000,000 Private Placement Warrants remained outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, 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 be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their

permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will 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.

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of our Class A equity holders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the 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 consolidated statements of operations at each reporting date. See Note 12, “Warrant Liability,” to these consolidated financial statements for additional information.

Tax Receivable Agreement

In connection with the Business Combination, the Company entered into a tax receivable agreement (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.

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 transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For the years ended December 31, 2023, 2022 and 2021, total discounts issued was $4.2 million, $4.5 million and $2.6 million, respectively. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term.

pricing tools. Other WM Ad solutions include banner ads and promotion tiles on the Company’s marketplace ad as well as other advertising products on and off the Weedmaps marketplace. The Company has a fixed inventory of featured listing and display advertising in each market, and price is generally determined through a competitive auction process that reflects local market demand. Revenues for these arrangements are recognized over-time, generally during a month-to-month subscription period as the services are provided. The Company rarely needs to allocate the transaction price to separate performance obligations. In the rare case that allocation of the transaction price is needed, the Company recognizes revenue in proportion to the standalone selling prices of the underlying services at contract inception.

Revenue for service contracts that the Company assesses are not probable of collection is not recognized until the contract is completed and payment is received. Collectability is reassessed when there is a significant change in facts or circumstances. The assessment of collectability considers whether the Company may limit its exposure to credit risk through its right to stop transferring additional service in the event the customer is delinquent. See Note 3, “Revenue from Contracts with Customers,” to these 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 $11.8 million, $14.4 million and $17.7 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in sales and marketing expense in the accompanying 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 is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 14, “Stock-based Compensation,” to these 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 years ended December 31, 2023, 2022 and 2021, the Company recognized $2.3 million, $2.4 million and $1.5 million, respectively, of expenses related to employer contributions for the Company’s 401(k) plan.

Other Income (Expense), net

Other income (expense), net consists primarily of gain resulting from the discharge of a holdback obligation related to a prior acquisition, change in fair value of warrant liability and TRA liability remeasurement, political contributions, interest income, interest expense, financing fees and other tax related expenses. The Company recorded a non-cash gain of $3.7 million during the year ended December 31, 2023 resulting from the discharge of a holdback obligation related to a prior acquisition.

Income Taxes

The Company accounts for income taxes pursuant to the asset and liability method which requires the recognition of deferred income tax assets and liabilities related to the expected future tax consequences arising from temporary differences between the carrying amounts and tax bases of assets and liabilities based on enacted statutory tax rates

applicable to the periods in which the temporary differences are expected to reverse. Any effects of changes in income tax rates or laws are included in income tax expense in the period of enactment. A valuation allowance is recognized if the Company determines it is more-likely-than-not that all or a portion of a deferred tax asset will not be recognized. In making such determination, the Company considers all available evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent and expected future results of operation. See Note 16, “Income Taxes,” to these consolidated financial statements for additional information.

Segment Reporting

Earnings (Loss) Per Share

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 15, “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 Federal Deposit Insurance Corporation limit. As of December 31, 2023, the Company had cash balances that exceeded the deposit insurance limit with five financial institutions. As of December 31, 2022, the Company had cash balances that exceeded the deposit insurance limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted Accounting Pronouncements

The Company reviewed the accounting pronouncements that became effective for fiscal year 2023 and determined that either they were not applicable, or they did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Pronouncements

Accounts Payable and Accrued Expenses (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Accounts Payable and Accrued Expenses

8.	Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Accounts payable and other accrued liabilities	$8,793	$7,323
Accrued employee expenses	7,760	13,859
Total	$16,553	$21,182

Accrued employee expenses include accrued bonuses and commission of $2.7 million and $7.4 million as of March 31, 2024 and December 31, 2023 respectively. The decrease in accrued bonuses and commission as of March 31, 2024 compared to December 31, 2023 is primarily due to payment of accrued bonus and commission related to the year ended December 31, 2023.

11.	Accounts Payable and Accrued Expenses

Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Accounts payable and other accrued liabilities	$7,323	$9,561
Accrued employee expenses	13,859	24,074
	$21,182	$33,635

Accrued employee expenses include accrued bonuses of $2.6 million and $9.9 million as of December 31, 2023 and 2022, respectively, primarily related to certain employment agreements entered into in connection with prior acquisitions. The decrease in accrued employee expenses as of December 31, 2023 compared with December 31, 2022 is primarily due to a decline in bonuses accrual of $5.9 million related to certain employment agreements entered into in connection with prior acquisitions, payment of employee termination cost of $3.6 million and a decline in other employee bonuses of $0.6 million due to a decrease in employee headcount.

Fair Value Measurements (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

5.	Fair Value Measurements

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

	Level	March 31, 2024	December 31, 2023
Liabilities:
Warrant liability – Public Warrants	1	$875	$375
Warrant liability – Private Placement Warrants	3	560	210
Total warrant liability		$1,435	$585

The following tables summarizes the changes in the fair value of the warrant liabilities (in thousands):

	Three Months Ended March 31, 2024
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$375	$210	$585
Change in valuation inputs or other assumptions	500	350	850
Fair value, end of period	$875	$560	$1,435

	Three Months Ended March 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(375)	(350)	(725)
Fair value, end of period	$875	$490	$1,365

Public Warrants

The Company determined the fair value of the Public Warrants, based on the publicly listed trading price of such warrants as of the valuation date. Accordingly, the Public Warrants are classified as Level 1 financial instruments. The fair value of the Public Warrants was $0.9 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively.

Private Placement Warrants

The estimated fair value of the Private Placement Warrants is determined with Level 3 inputs using the Black-Scholes model. The significant inputs and assumptions in this method are the stock price, exercise price, volatility, risk-free rate, and term or maturity. The underlying stock price input is the closing stock price as of each valuation date and the exercise price is the price as stated in the warrant agreement. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company. Volatility for each comparable publicly traded company is calculated as the annualized standard deviation of daily continuously compounded returns. The Black-Scholes analysis is performed in a risk-neutral framework, which requires a risk-free rate assumption based upon constant-maturity treasury yields, which are interpolated based on the remaining term of the Private Placement Warrants as of each valuation date. The term/maturity is the duration between each valuation date and the maturity date, which is five years following the date the Business Combination closed, or June 16, 2026.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	March 31, 2024	December 31, 2023
Exercise price	$11.50	$11.50
Stock price	$1.33	$0.72
Volatility	83.0%	87.5%
Term (years)	2.21	2.46
Risk-free interest rate	4.55%	4.13%

Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively.

The fair value of the Private Placement Warrants was $0.6 million and $0.2 million as of March 31, 2024 and December 31, 2023, respectively. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

6.	Fair Value Measurements

Fair Value Measurements

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

	Level	December 31, 2023	December 31, 2022
Liabilities:
Warrant liability – Public Warrants	1	$375	$1,250
Warrant liability – Private Placement Warrants	3	210	840
Total warrant liability		$585	$2,090

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):

	Year Ended December 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(875)	(630)	(1,505)
Fair value, end of period	$375	$210	$585

	Year Ended December 31, 2022
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$16,750	$10,710	$27,460
Change in valuation inputs or other assumptions	(15,500)	(9,870)	(25,370)
Fair value, end of period	$1,250	$840	$2,090

Public Warrants

Private Placement Warrants

The estimated fair value of the Private Placement Warrants is determined with Level 3 inputs using the Black-Scholes model. The significant inputs and assumptions in this method are the stock price, exercise price, volatility, risk-free rate and term or maturity. The underlying stock price input is the closing stock price as of each valuation date and the exercise price is the price as stated in the warrant agreement. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company. Volatility for each comparable publicly traded company is calculated as the annualized standard deviation of daily continuously compounded returns. The Black-Scholes analysis is performed in a risk-neutral framework, which requires a risk-free rate assumption based upon constant-maturity treasury yields, which are interpolated based on the remaining term of the Private Placement Warrants as of each valuation date. The term/maturity is the duration between each valuation date and the maturity date, which is five years following the date the Business Combination closed, or June 16, 2026.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	December 31, 2023	December 31, 2022
Exercise price	$11.50	$11.50
Stock price	$0.72	$1.01
Volatility	87.5%	82.3%
Term (years)	2.46	3.46
Risk-free interest rate	4.13%	4.17%

Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively.

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Business and Organization (FY) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (63,278)	$ (64,518)	$ (54,620)
Cash and, cash equivalents	$ 35,717	$ 34,350	$ 28,583

Amount of accumulated undistributed earnings (deficit).

Leases - Future Minimum Payments (FY) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 9,405
2025	5,830
2026	5,408
2027	5,570
2028	5,737
Thereafter	13,016
Total	44,966
Less present value discount	(11,923)
Operating lease liabilities	$ 33,043

Revenue from Contracts with Customers - Additional Information (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 5,786		$ 5,918	$ 6,256	$ 8,100
Revenue Benchmark \| Geographic Concentration Risk \| California
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52.00%	53.00%	52.00%	56.00%	61.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

Summary of Significant Accounting Policies - Accounts Receivable (Q1) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Allowance, beginning of period

$ 8,748

$ 12,232

$ 5,169

$ 857

Provision (benefit) for credit losses

(658)

360

^[1]

$ (415)

$ (196)

1,792

17,216

5,487

Write-off, net of recoveries

(1,494)

(770)

(5,276)

(10,153)

(1,175)

Allowance, end of period

$ 6,596

$ 11,822

$ 8,748

$ 12,232

$ 5,169

[1]

Revenue from Contracts with Customers (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Revenue from Contracts with Customers

3.	Revenue from Contracts with Customers

•

The Company also offers other add-on products for additional fees, including:

•	WM Ads: Ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including:

○	Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify our clients’ businesses and maximize clients’ listings and deal presence.

○	WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts.

○	Other WM Ads solutions: Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces.

•	WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door.

Disaggregation of revenue

The following table summarizes the Company’s disaggregated net revenues information (in thousands):

	Three Months Ended March 31,
	2024	2023 As Restated²
Net revenues:
Weedmaps for Business and other SaaS solutions	$13,282	$11,310
Featured and deal listings	28,166	32,280
Subtotal	41,448	43,590
Other ad solutions	2,941	2,826
Total net revenues¹	$44,389	$46,416

1	Net revenues are net of discounts of $0.2 million and $1.1 million, respectively, for three months ended March 31, 2024 and 2023.

2	For the three months ended March 31, 2023, net revenue has been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information.

3.	Revenue from Contracts with Customers

•

The Company also offers other add-on products for additional fees, including:

•	WM Ads: Ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including:

○	Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify our clients’ businesses and maximize clients’ listings and deal presence.

○	WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts.

○	Other WM Ads solutions: Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces.

•	WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door.

Disaggregation of revenue

The following table summarizes the Company’s disaggregated net revenue information (in thousands):

	Years Ended December 31,
	2023	2022	2021
Net revenues:
Featured and deal listings	$126,546	$149,621	$138,480
Weedmaps for Business	46,730	50,662	42,611
Subtotal	173,276	200,283	181,091
Other ad solutions	14,717	15,248	12,055
Total net revenues¹	$187,993	$215,531	$193,146

1	Net revenues are net of discounts of $4.2 million in 2023, $4.5 million in 2022 and $2.6 million in 2021, primary related to the Company’s Teal program. See “Revenue Recognition” of Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements for further discussion.

Deferred revenue primarily consists of billings or payments received in advance of revenue recognition from subscription offerings, as described above, and is recognized as the revenue recognition criteria are met. The deferred revenue balance as of December 31, 2023 was $5.9 million and is expected to be fully recognized within the next twelve months. The deferred revenue balances as of December 31, 2022 and 2021 were $6.3 million and $8.1 million, respectively, and were fully recognized in the first quarter of the following fiscal year. The Company generally invoices customers and receives payment on an upfront basis and payments do not include significant financing components or variable consideration and there are generally no rights of return or refunds after the subscription period has passed.

Summary of Significant Accounting Policies - Schedule of Restatement of Previously Issued Financial Statements (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

$ 44,389

$ 46,687

$ 48,423

$ 46,416

^[1]

$ 94,839

$ 141,526

$ 187,993

$ 215,531

$ 193,146

16,526

18,151

16,779

20,909

^[1]

37,688

55,839

74,313

120,787

95,075

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

40,628

52,235

44,640

50,564

^[1]

95,204

147,439

206,450

285,153

201,324

(658)

360

^[2]

(415)

(196)

1,792

17,216

5,487

$ (3,923)

(1,677)

^[2]

(2,882)

(5,320)

$ (4,488)

$ 16,270

$ 13,609

Previously Reported

47,725

50,852

48,007

98,859

146,584

19,189

19,208

22,500

41,708

60,897

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

53,273

47,069

52,155

99,224

152,497

1,951

3,605

4,862

(86)

1,138

(262)

Adjustment

(1,038)

(2,429)

(1,591)

(4,020)

(5,058)

(1,038)

(2,429)

(1,591)

(4,020)

(5,058)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

$ (1,038)

$ (2,429)

(1,591)

(4,020)

(5,058)

(1,591)

(4,020)

(5,058)

$ (1,591)

$ (4,020)

$ (5,058)

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Equity (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Equity [Abstract]

Equity

10.

Equity

Class A Common Stock

Voting Rights

Each holder of the shares of Class A Common Stock is entitled to one vote for each share of Class A Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of the shares of Class A Common Stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding the foregoing, the holders of the outstanding shares of Class A Common Stock are entitled to vote separately upon any amendment to the Company’s certificate of incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such class of common stock in a manner that is disproportionately adverse as compared to the Class V Common Stock.

Dividend Rights

Subject to preferences that may be applicable to any outstanding preferred stock, the holders of shares of Class A Common Stock are entitled to receive ratably such dividends, if any, as may be declared from time to time by the Company’s board of directors out of funds legally available therefor.

Rights upon Liquidation, Dissolution and Winding-Up

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of the shares of Class A Common Stock are entitled to share ratably in all assets remaining after payment of the Company’s debts and other liabilities, subject to prior distribution rights of preferred stock or any class or series of stock having a preference over the shares of Class A Common Stock, then outstanding, if any.

Preemptive or Other Rights

The holders of shares of Class A Common Stock have no preemptive or conversion rights or other subscription rights. There are no redemption or sinking fund provisions applicable to the shares of Class A Common Stock. The rights, preferences and privileges of holders of shares of Class A Common Stock will be subject to those of the holders of any shares of the preferred stock that the Company may issue in the future.

Class V Common Stock

Voting Rights

Each holder of the shares of Class V Common Stock is entitled to one vote for each share of Class V Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote. The holders of shares of Class V Common Stock do not have cumulative voting rights in the election of directors. Generally, all matters to be voted on by stockholders must be approved by a majority (or, in the case of election of directors, by a plurality) of the votes entitled to be cast by all stockholders present in person or represented by proxy, voting together as a single class. Notwithstanding the foregoing, the holders of the outstanding shares of Class V Common Stock are entitled to vote separately upon any amendment to the Company’s certificate of incorporation (including by merger, consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such class of common stock in a manner that is disproportionately adverse as compared to the Class A Common Stock.

Dividend Rights

The holders of the Class V Common Stock will not participate in any dividends declared by the Company’s board of directors.

Rights upon Liquidation, Dissolution and Winding-Up

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class V Common Stock are not entitled to receive any of the Company’s assets.

Preemptive or Other Rights

The holders of shares of Class V Common Stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the Class V Common Stock.

Issuance and Retirement of Class V Common Stock

In the event that any outstanding share of Class V Common Stock ceases to be held directly or indirectly by a holder of Class A Units, such share will automatically be transferred to us for no consideration and thereupon will be retired. The Company will not issue additional shares of Class V Common Stock other than in connection with the valid issuance or transfer of Units in accordance with the governing documents of WMH LLC.

Preferred Stock

Pursuant to the amended and restated certificate of incorporation in effect as of June 15, 2021, the Company was authorized to issue 75,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of March 31, 2024, there were no shares of preferred stock issued or outstanding.

Noncontrolling Interests

The noncontrolling interest represents the Units held by holders other than the Company. As of March 31, 2024, the noncontrolling interests owned 38.2% of the Units outstanding. The noncontrolling interests’ ownership percentage can fluctuate over time, including as the WMH LLC equity holders elect to exchange Units for Class A Common Stock. The Company has consolidated the financial position and results of operations of WMH LLC and reflected the proportionate interest held by the WMH LLC Unit equity holders as noncontrolling interests.

13.

Equity

Class A Common Stock

Voting Rights

Dividend Rights

Rights upon Liquidation, Dissolution and Winding-Up

Preemptive or Other Rights

Class V Common Stock

Voting Rights

Dividend Rights

The holders of the Class V Common Stock will not participate in any dividends declared by the Company’s board of directors.

Rights upon Liquidation, Dissolution and Winding-Up

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class V Common Stock are not entitled to receive any of the Company’s assets.

Preemptive or Other Rights

Issuance and Retirement of Class V Common Stock

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 December 31, 2023, there were no shares of preferred stock issued or outstanding.

Noncontrolling Interests

The noncontrolling interest represents the Units held by holders other than the Company. As of December 31, 2023, the noncontrolling interests owned 37.2% of the Units outstanding. The noncontrolling interests’ ownership percentage can fluctuate over time, including as the WMH LLC equity holders elect to exchange Units for Class A Common Stock. The Company has consolidated the financial position and results of operations of WMH LLC and reflected the proportionate interest held by the WMH LLC Unit equity holders as noncontrolling interests. Net income for the period prior to the Business Combination from January 1, 2021 to June 15, 2021 is allocated to net income attributable to noncontrolling interests on the consolidated statements of operations for the year ended December 31, 2021.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies - Additional Information (FY) (Details)

3 Months Ended

12 Months Ended

Mar. 31, 2024

USD ($)

segment

Mar. 31, 2023

USD ($)

Dec. 31, 2023

USD ($)

segment

Dec. 31, 2022

USD ($)

financialInstitutions

Dec. 31, 2021

USD ($)

Dec. 31, 2023

USD ($)

Dec. 31, 2023

segment

Dec. 31, 2023

financialInstitutions

Jul. 16, 2021

$ / shares

Jun. 16, 2021

$ / shares

Dec. 31, 2020

USD ($)

Equity securities without readily determinable fair value

Allowance of bad debt

$ 6,596,000

$ 11,822,000

$ 12,232,000

$ 5,169,000

$ 8,748,000

$ 857,000

3,500,000

Impairment

$ 3,500,000

3,000,000

Impairment charges

3,900,000

Internal-use software development costs

5,100,000

100,000

7,700,000

Amortization expense for intangible assets

100,000

600,000

7,800,000

2,700,000

1,300,000

Capitalized computer software, accumulated amortization

$ 2,500,000

1,500,000

5,100,000

$ 12,900,000

Intangible asset impairment charges

6,100,000

ROU asset impairment charges

10,900,000

600,000

2,400,000

Tax receivable agreement liabilities as percent of expected benefit

85.00%

Tax receivable agreement, percent recorded in additional paid-in capital

15.00%

Defined contribution cost

$ 2,302,000

3,494,000

^[1]

12,527,000

15,407,000

7,938,000

Advertising expense

$ 2,500,000

1,000,000

$ 11,800,000

14,400,000

17,700,000

Requisite service period

2 years

$ 500,000

600,000

$ 2,300,000

2,400,000

1,500,000

Discharge of holdback obligation related to prior acquisition, operating activities

$ 3,705,000

$ 0

Number of operating segments | segment

Number of reportable segments | segment

Number of financial institutions with cash balance exceeding FDIC limit

$ 200,000

$ 1,100,000

$ 4,200,000

$ 4,500,000

2,600,000

Maximum

Employer matching contribution, percent of match

3.50%

Class A Common Stock, $0.0001 par value per share

Right to purchase shares (in shares) | shares

Exercise price of warrant (in dollars per share) | $ / shares

$ 11.5

Minimum requirement for cash settlement as percent of stockholders

50.00%

Payment to continuing members as percent of amount of tax benefit

85.00%

12,499,993

12,499,973

7,000,000

Property, Plant and Equipment

7,000,000

Impairment charges

$ 2,700,000

$ 0

Computer equipment

3 years

Furniture and fixtures

7 years

Leasehold improvements

Impairment charges

$ 1,300,000

Software technology

Amortization expense for intangible assets

3 years

$ 13,100,000

$ 15,500,000

Enhancements

Customer Concentration Risk | Accounts Receivable | Customer One

3 years

Concentration risk, percentage

11.00%

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Income Taxes - Effective Income Tax Reconciliation (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

^[1]

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Effective Income Tax Rate Reconciliation, Amount [Abstract]

Federal statutory rate

$ (3,283)

$ 20,249

$ 31,844

State blended statutory rate

(828)

5,168

8,497

Income taxed to owners of noncontrolling interests

1,558

(11,285)

(21,762)

Foreign tax impact

(80)

227

Research and development credits

(246)

(3,718)

(19,669)

Stock based compensation

2,154

2,868

Other permanent items

433

548

901

(502)

(2,514)

(751)

Return to Provision

1,128

Change in valuation allowance

(413)

186,954

112

Acquisition Holdback Share Release

(605)

Tax receivable agreement revaluation

205

(20,462)

Change in State Tax Rate

491

1,349

Provision for (benefit from) income taxes

$ 9

$ 0

$ 93

$ 179,077

$ (601)

Effective tax rate

(0.60%)

185.70%

(0.40%)

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Earnings Per Share (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Earnings Per Share

12.	Earnings Per Share

Basic income (loss) per share of Class A Common Stock is computed by dividing net earnings (loss) attributable to WM Technology, Inc. by the weighted-average number of shares of Class A Common Stock outstanding during the period. Diluted income (loss) per share of Class A Common Stock adjusts basic net income (loss) per share of Class A Common Stock for the potentially dilutive impact of securities. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability, net of the portion attributable to non-controlling interests, and adjusts the denominator to include the dilutive shares calculated using the treasury stock method.

The computation of income (loss) per share attributable to WM Technology, Inc. and weighted-average shares of the Company’s Class A Common Stock outstanding are as follows for the three months ended March 31, 2024 and 2023 (amounts in thousands, except for share and per share amounts):

	Three Months Ended March 31,
	2024	2023
Numerator:
Net income (loss)	$1,959	$(3,969)
Less: net income (loss) attributable to noncontrolling interests	719	(1,494)
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted	$1,240	$(2,475)
Effect of dilutive securities:
Less: fair value change of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted	$1,240	$(2,475)

	Three Months Ended March 31,
	2024	2023
Denominator:
Weighted average of shares of Class A Common Stock outstanding - basic	94,704,164	92,323,757
Weighted average effect of dilutive securities:
Public warrants¹	—	—
Private warrants¹	—	—
Restricted stock units¹	1,319,188	—
Weighted average of shares of Class A Common Stock outstanding - diluted	96,023,352	92,323,757
Net income (loss) per share of Class A Common Stock - basic	$0.01	$(0.03)
Net income (loss) per share of Class A Common Stock - diluted	$0.01	$(0.03)

¹	Calculated using the treasury stock method.

Shares of the Class V Common Stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class V Common Stock under the two-class method has not been presented. However, shares of the Class V Common Stock outstanding for the period are considered potentially dilutive shares of Class A common stock under application of the if-converted method and are included in the computation of diluted earnings (loss) per share, except when the effect would be anti-dilutive.

The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Class V Units	55,486,361	55,486,361
Class P Units	14,679,507	15,024,862
RSUs	6,495,170	5,909,464
PRSUs	—	859,375
Public Warrants	12,499,973	12,499,973
Private Placement Warrants	7,000,000	7,000,000
Acquisition holdback shares	—	677,847

15.	Earnings Per Share

Prior to the Business Combination, the membership structure of WMH included units which had profit interests. The Company analyzed the calculation of net earnings (loss) per unit for periods prior to the Business Combination and determined that it resulted in values that would not be meaningful to the users of these consolidated financial statements. Therefore, net earnings per share information has not been presented for periods prior to the Business Combination on June 16, 2021. The basic and diluted income (loss) per share for the year ended December 31, 2021 represent the period from June 16, 2021 (Closing Date) to December 31, 2021.

The computation of (loss) income per share attributable to WM Technology, Inc. and weighted-average shares of the Company’s Class A Common Stock outstanding are as follows for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands, except for share and per share amounts):

	Years Ended December 31,
	2023	2022	2021
Numerator:
Net income (loss)	$(15,727)	$(82,651)	$152,218
Less: net income attributable to WMH prior to the Business Combination	—	—	15,078
Less: net income (loss) attributable to noncontrolling interests after the Business Combination	(5,829)	33,338	76,757
Net income (loss) attributable to WM Technology, Inc. - basic	(9,898)	(115,989)	60,383
Effect of dilutive securities:
Change in fair value of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—	72,483
Net income (loss) attributable to WM Technology, Inc. - diluted	$(9,898)	$(115,989)	$(12,100)
Denominator:
Weighted average common shares outstanding - basic	93,244,911	85,027,120	65,013,517
Weighted average effect of dilutive securities:
Public warrants¹	—	—	1,153,782
Private warrants¹	—	—	646,118
Weighted average common shares outstanding - diluted	93,244,911	85,027,120	66,813,417
Net income (loss) per share of Class A Common Stock:
Net income (loss) per Class A common share - basic	$(0.11)	$(1.36)	$0.93
Net income (loss) per Class A common share - diluted	$(0.11)	$(1.36)	$(0.18)

¹	Calculated using the treasury stock method.

The Company excluded the following securities from its computation of diluted shares outstanding, as their effect would have been anti-dilutive:

	Years Ended December 31,
	2023	2022	2021
Class V Shares	55,486,361	55,486,361	65,502,347
Class P Units	14,804,507	15,125,429	25,660,529
RSUs outstanding	7,683,598	6,269,868	6,398,707
PRSUs outstanding	234,375	859,375	2,437,500
Public Warrants	12,499,973	12,499,973	—
Private Placement Warrants	7,000,000	7,000,000	—
Acquisition holdback shares	—	677,847	—

Acquisitions (FY)

12 Months Ended

Dec. 31, 2023

Acquisitions

8.	Acquisitions

Eyechronic

On January 14, 2022, the Company acquired all the equity interests of Eyechronic LLC (“Eyechronic”) d/b/a Enlighten and rebranded as WM Screens, a Delaware limited liability company and a provider of software, digital signage services and multi-media offerings to dispensaries and brands, for total consideration of approximately $29.4 million. The Company accounted for the Eyechronic acquisition as an acquisition of a business under ASC 805, Business Combinations (“ASC 805”). The acquired assets and liabilities of Eyechronic were recorded at their acquisition date fair values.

The following table summarizes the components of consideration and the estimated fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration⁽¹⁾			$697
Share consideration⁽²⁾			28,725
Total consideration			$29,422

(1)	Includes $0.2 million settlement of pre-existing accounts payable with Eyechronic and holdback of $0.1 million recorded within other current liabilities on the Company’s accompanying consolidated balance sheets.

(2)	The fair value of share consideration was calculated based on 5,399,553 shares of Class A common stock multiplied by the share price on the closing date of $5.32. This includes 677,847 of holdback shares to be issued subject to customary indemnification obligations.

Estimated Assets Acquired and Liabilities Assumed:
Assets acquired:
Cash			$118
Accounts receivable			835
Other current assets			37
Fixed assets			2,826
Software technology			825
Trade name			103
Customer relationships			3,631
Order Backlog			210
Goodwill			23,073
Total assets acquired			$31,658
Liabilities assumed:
Accounts payable			$(460)
Other current liabilities			(8)
Deferred revenue			(96)
Other liabilities			(22)
Long-term liabilities			(1,650)
Total liabilities assumed			$(2,236)
Total net assets acquired			$29,422

During the fourth quarter of 2022, the Company made an adjustment to the purchase price allocation of Eyechronic related to certain pre-acquisition deferred tax and other sales tax liabilities that resulted in an increase of long-term liabilities of $1.7 million.

During the year ended December 31, 2022, the Company incurred transaction expenses associated with the Eyechronic acquisition of $0.1 million, which is included in general and administrative expenses in the accompanying consolidated statements of operations.

The revenue and operating loss from Eyechronic included the Company’s consolidated statements of operations for the year ended December 31, 2022 were not material. Pro forma revenue and earnings amounts on a combined basis have not been presented as they are not material to the Company’s historical pre-acquisition financial statements.

For acquisitions, the excess of the purchase price over the estimated fair values of the net assets acquired, including identifiable intangible assets, is recorded as goodwill. Goodwill is primarily attributable to the expected synergies from combining operations. Goodwill recognized was allocated to the Company’s one operating segment and is generally deductible for tax purposes.

The fair values of the trade name and software technology intangible assets are determined using an “income approach”, specifically, the relief-from royalty approach, which is a commonly accepted valuation approach. This approach is based on the assumption that in lieu of ownership, a firm would be willing to pay a royalty in order to exploit the related benefits of these assets. Owning these intangible assets means that the underlying entity wouldn’t have to pay for the privilege of deploying those assets. Therefore, a portion of the acquired entity’s earnings, equal to the after-tax royalty that would have been paid for the use of the assets, can be attributed to the firm’s ownership. The fair values of the customer relationships and customer backlog assets were also determined using an “income approach”, specifically a multi-period excess earnings approach, which is a commonly accepted valuation approach. Under this approach, the net earnings attributable to the asset or liability being measured are isolated using the discounted projected net cash flows. These projected cash flows are isolated from the projected cash flows of the combined asset group over the remaining economic life of the intangible asset or liability being measured. Both the amount and the duration of the cash flows are considered from a market participant perspective. Where appropriate, the net cash flows were adjusted to reflect the potential attrition of existing customers in the future, as existing customers are a “wasting” asset and are expected to decline over time.

In December 31, 2023, the Company completed the sunset of certain product offerings including WM Screens, a product offering associated with our acquisition of Eyechronic, as the Company continues to focus the efforts on other Weedmaps for Business products that support the Weedmaps marketplace and improve the eCommerce experience for the Company’s clients and users. For the year ended December 31, 2023 the Company recorded impairment charges of $3.8 million related to intangible assets and $2.6 million related to property and equipment associated with the sunset of WM Screens, which is included in asset impairment charges in the consolidated statements of operations.

Transport Logistics Holding

On September 29, 2021, the Company acquired all of the equity interests of Transport Logistics Holding Company, LLC (“TLH”), a logistics platform that enables the compliant delivery of cannabis, for total consideration of approximately $15.1 million. The Company accounted for the TLH acquisition as an acquisition of a business under ASC 805.

The following table summarizes the components of consideration and the fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration⁽¹⁾			$5,000
Share consideration⁽²⁾			10,126
Total consideration			$15,126

Assets Acquired:
Software technology			$249
Trade name			59
Customer relationships			170
Goodwill			14,648
Total asset acquired			$15,126

(1)	Includes holdback of $1.0 million, which was paid during the second quarter of 2022.

(2)	The fair value of share consideration issued in connection with the TLH acquisition was calculated based on 694,540 shares of Class A common stock issued multiplied by the share price on the closing date of $14.58.

Goodwill is primarily attributable to the expected synergies from combining operations. Goodwill recognized was allocated to the Company’s one operating segment and is generally deductible for tax purposes.

Sprout

On September 3, 2021, the Company acquired certain assets of the Sprout business (“Sprout”), a leading, cloud-based customer relationship management (“CRM”) and marketing platform for the cannabis industry, for total consideration of approximately $31.2 million. The Company accounted for the Sprout acquisition as an acquisition of a business under ASC 805.

The following table summarizes the components of consideration and the fair value of assets acquired (in thousands):

Consideration Transferred:
Cash consideration			$12,000
Share consideration⁽¹⁾			19,186
Total consideration			$31,186

Assets Acquired and Liabilities Assumed:
Asset acquired:
Software technology			$2,973
Trade name			217
Customer relationships			1,410
Goodwill			26,686
Total assets acquired			31,286
Liabilities assumed:
Other current liabilities			(100)
Total net assets acquired			$31,186

(1)	The fair value of share consideration issued in connection with the Spout acquisition was calculated based on 1,244,258 shares of Class A common stock issued multiplied by the share price on the closing date of $15.42.

The fair values of the trade name intangible assets were determined using an “income approach”, specifically, the relief-from royalty approach, as described above. The fair value of the software technology intangible asset was also determined using an “income approach”, specifically a multi-period excess earnings approach, as described above. The fair value of the customer relationships was determined using an “income approach”, specifically, the With-and-Without method, which is a commonly accepted valuation approach. This method estimates the value of customer-related assets by quantifying the impact on cash flows under a scenario in which the customer-related assets must be replaced and assuming all of the existing assets are in place except the customer-related assets. Essentially, it estimates the intangible asset’s value by calculating the difference between the two discounted cash-flow models. One that represents the status quo for the business enterprise with the asset in place and the second that represents the business enterprise with everything in place besides the customer-related asset. The projected cash flow period is the time-period it takes to build back up to that status quo. The difference between the two cash flows represents the calculated value of the customer-related asset.

In December 31, 2023, the Company completed the sunset of certain product offerings including WM CRM, a product offering associated with the acquisition of Sprout, as the Company continues to focus the efforts on other

Weedmaps for Business products that support the Weedmaps marketplace and improve the eCommerce experience for the Company’s clients and users. For the year ended December 31, 2023 the Company recorded an impairment charge of $2.3 million related to intangible assets and $0.1 million related to property and equipment associated with WM CRM, which is included in asset impairment charges in the consolidated statements of operations.

Pro Forma Results and Acquisition-Related Costs

The consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 include the financial results of the above acquisitions from the date of the acquisitions. Pro forma financial results have not been presented since these acquisitions were not material to our financial results.

Revenue from Contracts with Customers - Additional Information (Q1) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 5,786		$ 5,918	$ 6,256	$ 8,100
California \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	52.00%	53.00%	52.00%	56.00%	61.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurements (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

5.	Fair Value Measurements

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

	Level	March 31, 2024	December 31, 2023
Liabilities:
Warrant liability – Public Warrants	1	$875	$375
Warrant liability – Private Placement Warrants	3	560	210
Total warrant liability		$1,435	$585

The following tables summarizes the changes in the fair value of the warrant liabilities (in thousands):

	Three Months Ended March 31, 2024
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$375	$210	$585
Change in valuation inputs or other assumptions	500	350	850
Fair value, end of period	$875	$560	$1,435

	Three Months Ended March 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(375)	(350)	(725)
Fair value, end of period	$875	$490	$1,365

Public Warrants

Private Placement Warrants

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	March 31, 2024	December 31, 2023
Exercise price	$11.50	$11.50
Stock price	$1.33	$0.72
Volatility	83.0%	87.5%
Term (years)	2.21	2.46
Risk-free interest rate	4.55%	4.13%

Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively.

6.	Fair Value Measurements

Fair Value Measurements

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

	Level	December 31, 2023	December 31, 2022
Liabilities:
Warrant liability – Public Warrants	1	$375	$1,250
Warrant liability – Private Placement Warrants	3	210	840
Total warrant liability		$585	$2,090

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):

	Year Ended December 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(875)	(630)	(1,505)
Fair value, end of period	$375	$210	$585

	Year Ended December 31, 2022
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$16,750	$10,710	$27,460
Change in valuation inputs or other assumptions	(15,500)	(9,870)	(25,370)
Fair value, end of period	$1,250	$840	$2,090

Public Warrants

Private Placement Warrants

The estimated fair value of the Private Placement Warrants is determined with Level 3 inputs using the Black-Scholes model. The significant inputs and assumptions in this method are the stock price, exercise price, volatility, risk-free rate and term or maturity. The underlying stock price input is the closing stock price as of each valuation date and the exercise price is the price as stated in the warrant agreement. The volatility input was determined using the historical volatility of comparable publicly traded companies which operate in a similar industry or compete directly against the Company. Volatility for each comparable publicly traded company is calculated as the annualized standard deviation of daily continuously compounded returns. The Black-Scholes analysis is performed in a risk-neutral framework, which requires a risk-free rate assumption based upon constant-maturity treasury yields, which are interpolated based on the remaining term of the Private Placement Warrants as of each valuation date. The term/maturity is the duration between each valuation date and the maturity date, which is five years following the date the Business Combination closed, or June 16, 2026.

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	December 31, 2023	December 31, 2022
Exercise price	$11.50	$11.50
Stock price	$0.72	$1.01
Volatility	87.5%	82.3%
Term (years)	2.46	3.46
Risk-free interest rate	4.13%	4.17%

Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively.

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (FY) (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Restructuring and Related Costs

The following table provides a roll forward of employee termination costs:

			Employee Termination Costs
Unpaid employee termination costs, January 1, 2022			$—
Employee termination costs - severance and other cash costs			8,076
Total paid			(4,430)
Unpaid employee termination costs, December 31, 2022			$3,646
Employee termination costs - severance and other cash costs			194
Total paid			(3,840)
Unpaid employee termination costs, December 31, 2023			$—

Earnings Per Share (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Earnings Per Share

12.	Earnings Per Share

	Three Months Ended March 31,
	2024	2023
Numerator:
Net income (loss)	$1,959	$(3,969)
Less: net income (loss) attributable to noncontrolling interests	719	(1,494)
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted	$1,240	$(2,475)
Effect of dilutive securities:
Less: fair value change of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted	$1,240	$(2,475)

	Three Months Ended March 31,
	2024	2023
Denominator:
Weighted average of shares of Class A Common Stock outstanding - basic	94,704,164	92,323,757
Weighted average effect of dilutive securities:
Public warrants¹	—	—
Private warrants¹	—	—
Restricted stock units¹	1,319,188	—
Weighted average of shares of Class A Common Stock outstanding - diluted	96,023,352	92,323,757
Net income (loss) per share of Class A Common Stock - basic	$0.01	$(0.03)
Net income (loss) per share of Class A Common Stock - diluted	$0.01	$(0.03)

¹	Calculated using the treasury stock method.

The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Class V Units	55,486,361	55,486,361
Class P Units	14,679,507	15,024,862
RSUs	6,495,170	5,909,464
PRSUs	—	859,375
Public Warrants	12,499,973	12,499,973
Private Placement Warrants	7,000,000	7,000,000
Acquisition holdback shares	—	677,847

15.	Earnings Per Share

	Years Ended December 31,
	2023	2022	2021
Numerator:
Net income (loss)	$(15,727)	$(82,651)	$152,218
Less: net income attributable to WMH prior to the Business Combination	—	—	15,078
Less: net income (loss) attributable to noncontrolling interests after the Business Combination	(5,829)	33,338	76,757
Net income (loss) attributable to WM Technology, Inc. - basic	(9,898)	(115,989)	60,383
Effect of dilutive securities:
Change in fair value of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—	72,483
Net income (loss) attributable to WM Technology, Inc. - diluted	$(9,898)	$(115,989)	$(12,100)
Denominator:
Weighted average common shares outstanding - basic	93,244,911	85,027,120	65,013,517
Weighted average effect of dilutive securities:
Public warrants¹	—	—	1,153,782
Private warrants¹	—	—	646,118
Weighted average common shares outstanding - diluted	93,244,911	85,027,120	66,813,417
Net income (loss) per share of Class A Common Stock:
Net income (loss) per Class A common share - basic	$(0.11)	$(1.36)	$0.93
Net income (loss) per Class A common share - diluted	$(0.11)	$(1.36)	$(0.18)

¹	Calculated using the treasury stock method.

The Company excluded the following securities from its computation of diluted shares outstanding, as their effect would have been anti-dilutive:

	Years Ended December 31,
	2023	2022	2021
Class V Shares	55,486,361	55,486,361	65,502,347
Class P Units	14,804,507	15,125,429	25,660,529
RSUs outstanding	7,683,598	6,269,868	6,398,707
PRSUs outstanding	234,375	859,375	2,437,500
Public Warrants	12,499,973	12,499,973	—
Private Placement Warrants	7,000,000	7,000,000	—
Acquisition holdback shares	—	677,847	—

Stock-based Compensation - Class P Units Activity (Q1) (Details) - Class P Units - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Units
Outstanding beginning balance (in shares)	14,804,507	15,125,429
Cancellations (in shares)	0	(75,922)
Exchanged for Class A common stock (in shares)	(125,000)	(245,000)
Outstanding ending balance (in shares)	14,679,507	14,804,507
Vested (in shares)	14,619,079	14,723,936

Acquisitions - Eyechronic (FY) (Details)		3 Months Ended			12 Months Ended
Acquisitions - Eyechronic (FY) (Details)	Jan. 14, 2022 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Consideration Transferred:
Holdback liability recognized in connection with acquisition					$ 0	$ 98,000	$ 1,000,000
Assets acquired:
Goodwill		$ 68,368,000		$ 68,368,000	$ 68,368,000	68,368,000
Liabilities assumed:
Number of operating segments \| segment		1			1
Impairment of intangible assets (excluding goodwill)					$ 6,100,000	0	0
Impairment charges		$ 0	$ 0		24,403,000	4,317,000	$ 2,372,000
Eyechronic LLC
Consideration Transferred:
Cash consideration	$ 697,000
Share consideration	28,725,000
Total consideration	29,422,000
Settlement of pre-existing accounts payable	200,000
Holdback liability recognized in connection with acquisition	$ 100,000
Share consideration (in shares) \| shares	5,399,553
Share price (in dollars per share) \| $ / shares	$ 5.32
Share consideration, holdback (in shares) \| shares	677,847
Assets acquired:
Cash	$ 118,000
Accounts receivable	835,000
Other current assets	37,000
Fixed assets	2,826,000
Goodwill	23,073,000
Total assets acquired	31,658,000
Liabilities assumed:
Accounts payable	(460,000)
Other current liabilities	(8,000)
Deferred revenue	(96,000)
Other liabilities	(22,000)
Long-term liabilities	(1,650,000)
Total liabilities assumed	(2,236,000)
Adjustment, long-term liabilities				$ 1,700,000
Transaction expenses						$ 100,000
Impairment of intangible assets (excluding goodwill)					3,800,000
Impairment charges					$ 2,600,000
Eyechronic LLC \| Software technology
Assets acquired:
Intangibles	825,000
Liabilities assumed:
Total net assets acquired	29,422,000
Eyechronic LLC \| Trade name
Assets acquired:
Intangibles	103,000
Eyechronic LLC \| Customer relationships
Assets acquired:
Intangibles	3,631,000
Eyechronic LLC \| Order Backlog
Assets acquired:
Intangibles	$ 210,000

Summary of Significant Accounting Policies (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Error Corrections and Prior Period Adjustments

The Company has restated its unaudited condensed consolidated statements of operations for the period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

The Company has restated its unaudited condensed consolidated statements of operations for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$50,852	$(2,429)	$48,423	$98,859	$(4,020)	$94,839
General and administrative expenses	$19,208	$(2,429)	$16,779	$41,708	$(4,020)	$37,688
Total costs and expenses	$47,069	$(2,429)	$44,640	$99,224	$(4,020)	$95,204

	Three Months Ended September 30, 2023			Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$47,725	$(1,038)	$46,687	$146,584	$(5,058)	$141,526
General and administrative expenses	$19,189	$(1,038)	$18,151	$60,897	$(5,058)	$55,839
Total costs and expenses	$53,273	$(1,038)	$52,235	$152,497	$(5,058)	$147,439

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

	Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$3,605	$(4,020)	$(415)
Changes in operating assets and liabilities:
Accounts receivable	$(1,138)	$4,020	$2,882

	Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$4,862	$(5,058)	$(196)
Changes in operating assets and liabilities:
Accounts receivable	$262	$5,058	$5,320

Schedule of Restatement of Previously Issued Financial Statements

The following table summarizes the changes in the allowance for credit losses:

	Three Months Ended March 31,
	2024	2023 As Restated¹
Allowance, beginning of period	$8,748	$12,232
Provision (benefit) for credit losses	(658)	360
Write-off, net of recoveries	(1,494)	(770)
Allowance, end of period	$6,596	$11,822

The following table summarizes the changes in the allowance for credit losses:

	Years Ended December 31,
	2023	2022	2021
Allowance, beginning of year	$12,232	$5,169	$857
Provision (benefit) for credit losses	1,792	17,216	5,487
Write-off, net of recoveries	(5,276)	(10,153)	(1,175)
Allowance, end of year	$8,748	$12,232	$5,169

Fair Value Measurements - Warrants (Q1) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 16, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

$ 1,435

$ 1,365

$ 27,460

$ 585

$ 2,090

$ 27,460

585

2,090

27,460

850

(725)

^[1],[2]

(166,500)

(1,505)

(25,370)

(166,518)

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

1,435

1,365

27,460

585

2,090

27,460

Warrants

Remaining maturity

5 years

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

875

16,750

375

1,250

16,750

375

1,250

16,750

500

(375)

(875)

(15,500)

875

16,750

375

1,250

16,750

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

560

490

10,710

210

840

10,710

210

840

10,710

350

(350)

(630)

(9,870)

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

560

490

$ 10,710

210

840

$ 10,710

Recurring Basis

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

1,435

585

2,090

585

2,090

Recurring Basis | Level 1 | Public Warrants

1,435

585

2,090

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

875

375

1,250

375

1,250

Recurring Basis | Level 3 | Private warrants1

875

375

1,250

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Changes In Fair Value Of Warrant Liabilities [Roll Forward]

560

210

840

210

$ 840

840

Related Party Transactions

$ 560

$ 210

$ 840

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Related Party Transactions (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

13.	Related Party Transactions

17.	Related Party Transactions

During the second quarter of 2022, the Company entered into a sublease agreement with an affiliate of the Executive Chair. The sublease commenced on June 1, 2022, and the term is for the remainder of the original lease and will expire on February 28, 2025, or sooner in the event that the original lease is cancelled prior to the expiration date. The monthly base rent, after the rent abatement period for the first four months, is $69,000. Rent receivable of $0.7 million is included in prepaid expenses and other current assets on the accompanying consolidated balance sheets as of December 31, 2023, and was subsequently collected in April 2024. As of December 31, 2022, $0.1 million of rent receivable was included in accounts receivable, net on the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2022, income on the sublease from the related party transactions were $0.7 million and $0.4 million, respectively. The income on sublease is netted with rent expense and included in general and administrative expenses on the consolidated statements of operations.

Fair Value Measurements (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Fair Value Liabilities Measured on Recurring Basis

	Level	March 31, 2024	December 31, 2023
Liabilities:
Warrant liability – Public Warrants	1	$875	$375
Warrant liability – Private Placement Warrants	3	560	210
Total warrant liability		$1,435	$585

	Level	December 31, 2023	December 31, 2022
Liabilities:
Warrant liability – Public Warrants	1	$375	$1,250
Warrant liability – Private Placement Warrants	3	210	840
Total warrant liability		$585	$2,090

Schedule of Derivative Liabilities at Fair Value

The following tables summarizes the changes in the fair value of the warrant liabilities (in thousands):

	Three Months Ended March 31, 2024
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$375	$210	$585
Change in valuation inputs or other assumptions	500	350	850
Fair value, end of period	$875	$560	$1,435

	Three Months Ended March 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(375)	(350)	(725)
Fair value, end of period	$875	$490	$1,365

The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):

	Year Ended December 31, 2023
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$1,250	$840	$2,090
Change in valuation inputs or other assumptions	(875)	(630)	(1,505)
Fair value, end of period	$375	$210	$585

	Year Ended December 31, 2022
	Public Warrants	Private Placement Warrants	Warrant Liabilities
Fair value, beginning of period	$16,750	$10,710	$27,460
Change in valuation inputs or other assumptions	(15,500)	(9,870)	(25,370)
Fair value, end of period	$1,250	$840	$2,090

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	March 31, 2024	December 31, 2023
Exercise price	$11.50	$11.50
Stock price	$1.33	$0.72
Volatility	83.0%	87.5%
Term (years)	2.21	2.46
Risk-free interest rate	4.55%	4.13%

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:

	December 31, 2023	December 31, 2022
Exercise price	$11.50	$11.50
Stock price	$0.72	$1.01
Volatility	87.5%	82.3%
Term (years)	2.46	3.46
Risk-free interest rate	4.13%	4.17%

Stock-based Compensation - Stock Units Activity (Q1) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
RSUs
Number of RSUs and PSUs
Beginning balance (in shares)	7,683,598	6,269,868
Granted (in shares)	151,516	6,634,013
Vested (in shares)	(629,884)	(2,245,844)
Forfeited (in shares)	(710,060)	(2,974,439)
Ending balance (in shares)	6,495,170	7,683,598
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 2.96	$ 7.07
Granted (in dollars per share)	0.99	1.03
Vested (in dollars per share)	4.03	6.66
Forfeited (in dollars per share)	2.37	4.53
Ending balance (in dollars per share)	$ 2.87	$ 2.96
PRSUs
Number of RSUs and PSUs
Beginning balance (in shares)	234,375	859,375
Granted (in shares)	0	0
Vested (in shares)	0	0
Forfeited (in shares)	0	(625,000)
Ending balance (in shares)	234,375	234,375
Weighted-average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 6.4	$ 6.4
Granted (in dollars per share)	0	0
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	0	6.4
Ending balance (in dollars per share)	$ 6.4	$ 6.4

Stock-based Compensation (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Stock-based Compensation

11.	Stock-based Compensation

WM Holding Company, LLC Equity Incentive Plan

A summary of the Class P Unit activity for the three months ended March 31, 2024 is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2023			14,804,507
Cancellations			—
Exchanged for Class A Common Stock			(125,000)
Outstanding, Class P Units, March 31, 2024			14,679,507
Vested, March 31, 2024			14,619,079

WM Technology, Inc. Equity Incentive Plan

A summary of the restricted stock unit (“RSU”) activity for the three months ended March 31, 2024 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	7,683,598	$2.96
Granted	151,516	$0.99
Vested	(629,884)	$4.03
Forfeited	(710,060)	$2.37
Non-vested at March 31, 2024	6,495,170	$2.87

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2023	234,375	$6.40
Granted	—	$—
Vested	—	$—
Forfeited	—	$—
Non-vested at March 31, 2024	234,375	$6.40

	Three Months Ended March 31,
	2024	2023
Sales and marketing	$ 380	$897
Product development	855	1,168
General and administrative	1,584	2,318
Total stock-based compensation expense	2,819	4,383
Amount capitalized to software development	356	298
Total stock-based compensation cost	$3,175	$4,681

14.	Stock-based Compensation

WM Holding Company, LLC Equity Incentive Plan

A summary of the Class P Unit activity for the periods presented is as follows:

			Number of Units
Outstanding Class P Units, December 31, 2022			15,125,429
Cancellations			(75,922)
Exchanged for Class A Common Stock			(245,000)
Outstanding Class P Units, December 31, 2023			14,804,507
Vested, December 31, 2023			14,723,936

WM Technology, Inc. Equity Incentive Plan

In connection with the Business Combination, the Company adopted the WM Technology, Inc. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options to employees and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors and consultants. As of December 31, 2023, 33,146,412 shares of Class A Common Stock are authorized for issuance pursuant to awards under the 2021 Plan. The number of shares of Class A Common stock reserved for issuance under the 2021 Plan will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to five percent (5%) of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding year; provided, however that the Board may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock. As of December 31, 2023, 19,530,046 shares of Class A Common Stock are available for future issuance.

A summary of the restricted stock unit (“RSU”) activity for the year ended December 31, 2023 is as follows:

	Number of RSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	6,269,868	$7.07
Granted	6,634,013	1.03
Vested	(2,245,844)	6.66
Cancelled/Forfeited/Expired	(2,974,439)	4.53
Non-vested at December 31, 2023	7,683,598	$2.96

A summary of the PRSU activity for the year ended December 31, 2023 is as follows:

	Number of PRSUs	Weighted-average Grant Date Fair Value
Non-vested at December 31, 2022	859,375	6.40
Granted	—	—
Vested	—	—
Cancelled/Forfeited/Expired	(625,000)	6.40
Non-vested at December 31, 2023	234,375	6.40

The Company recorded stock-based compensation cost related to the Class P Units, RSUs and PRSUs in the following expense categories on the consolidated statements of operations (in thousands):

	Years Ended December 31,
	2023	2022	2021
Sales and marketing	$2,706	$6,358	$6,021
Product development	4,170	5,260	5,103
General and administrative	6,639	11,875	18,200
Total stock-based compensation expense	13,515	23,493	29,324
Amount capitalized to software development	1,386	1,667	1,099
Total stock-based compensation cost	$14,901	$25,160	30,423

Summary of Significant Accounting Policies (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses

The Company has restated its unaudited condensed consolidated statements of operations for the period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for period ended March 31, 2023 as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

Foreign Currency

Use of Estimates

Risks and Uncertainties

Fair Value Measurements

Accounts Receivable, Net

As of March 31, 2024 and December 31, 2023, no customer accounted for more than 10% of the total gross accounts receivable outstanding.

The following table summarizes the changes in the allowance for credit losses:

	Three Months Ended March 31,
	2024	2023 As Restated¹
Allowance, beginning of period	$8,748	$12,232
Provision (benefit) for credit losses	(658)	360
Write-off, net of recoveries	(1,494)	(770)
Allowance, end of period	$6,596	$11,822

Investments in Equity Securities

Property and Equipment

Capitalized Software

Goodwill and Intangible Assets

Leases

Warrant Liability

Tax Receivable Agreement

Revenue Recognition

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

Stock-Based Compensation

Employee Benefit Plan

Other Income (Expense), net

Other income (expense), net consists primarily of change in fair value of warrant liability, TRA liability remeasurement and other tax related expenses.

Income Taxes

Segment Reporting

Earnings (Loss) Per Share

Concentrations of Credit Risk

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

2.	Summary of Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Restatement of Previously Reported 2023 Quarterly Revenue and Credit Losses

In connection with the preparation of the Company's Consolidated Financial Statements as of and for the fiscal year ended December 31, 2023, the Company discovered that in 2023, it had an inadequate policy associated with its revenue recognition related to the cash collection of a certain subset of its customers that had been placed on cash basis in 2023. For these customers, because the determination had been made that there was significant collection risk and the Company had no ability to estimate the collectability of the consideration it was entitled to, revenue recognition was prohibited under Accounting Standards Codification, (“ASC”), Topic 606, “Revenue from Contracts with Customers” until cash was collected for the services that were provided. The Company refers to the customers in this situation as customers that have been placed on cash basis. As further discussed below, the Company misapplied this policy in each of the first three quarters of 2023 by failing to apply (in certain cases) cash receipts to prior accounts receivable (via a credit loss recovery) and instead recognized additional revenue for the cash receipt.

All periods presented below have been retrospectively restated to reflect the effects of the change to revenues and operating expenses. There was no impact to operating income (loss), net income (loss), net income (loss) per share, net cash provided by operating activities and adjusted EBITDA for any periods presented. The consolidated statement of equity is not affected by this restatement.

The Company has restated its unaudited condensed consolidated statements of operations for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Net revenues	$48,007	$(1,591)	$46,416
General and administrative expenses	$22,500	$(1,591)	$20,909
Total costs and expenses	$52,155	$(1,591)	$50,564

	Three Months Ended June 30, 2023			Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$50,852	$(2,429)	$48,423	$98,859	$(4,020)	$94,839
General and administrative expenses	$19,208	$(2,429)	$16,779	$41,708	$(4,020)	$37,688
Total costs and expenses	$47,069	$(2,429)	$44,640	$99,224	$(4,020)	$95,204

	Three Months Ended September 30, 2023			Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated	Previously Reported	Adjustment	As Restated
Net revenues	$47,725	$(1,038)	$46,687	$146,584	$(5,058)	$141,526
General and administrative expenses	$19,189	$(1,038)	$18,151	$60,897	$(5,058)	$55,839
Total costs and expenses	$53,273	$(1,038)	$52,235	$152,497	$(5,058)	$147,439

The Company has restated its unaudited condensed consolidated Statements of Cash Flows for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023, as follows (in thousands):

	Three Months Ended March 31, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$1,951	$(1,591)	$360
Changes in operating assets and liabilities:
Accounts receivable	$86	$1,591	$1,677

	Six Months Ended June 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$3,605	$(4,020)	$(415)
Changes in operating assets and liabilities:
Accounts receivable	$(1,138)	$4,020	$2,882

	Nine Months Ended September 30, 2023
	Previously Reported	Adjustment	As Restated
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Provision for credit losses	$4,862	$(5,058)	$(196)
Changes in operating assets and liabilities:
Accounts receivable	$262	$5,058	$5,320

Foreign Currency

Use of Estimates

Risks and Uncertainties

The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any 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.

Accounts Receivable, Net

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 $8.7 million as of December 31, 2023 and $12.2 million of as of December 31, 2022, respectively.

The following table summarizes the changes in the allowance for credit losses:

	Years Ended December 31,
	2023	2022	2021
Allowance, beginning of year	$12,232	$5,169	$857
Provision (benefit) for credit losses	1,792	17,216	5,487
Write-off, net of recoveries	(5,276)	(10,153)	(1,175)
Allowance, end of year	$8,748	$12,232	$5,169

Investments in 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 December 31, 2022, the carrying value of the Company’s investments in equity securities without a readily determinable fair value was $3.5 million, which is recorded within other assets on the Company’s consolidated balance sheets.

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. For the years ended December 31, 2023 and 2022, the Company recorded $3.5 million, $3.0 million, respectively, in impairment charges related to investments in equity securities. These impairment charges are included in asset impairment charges in the accompanying consolidated statements of operations. The Company did not have any impairment charges related to investments in equity securities. in 2021.

Property and Equipment

Capitalized Software

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.

Leases

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 an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

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. As of December 31, 2023, 12,499,973 Public Warrants and 7,000,000 Private Placement Warrants remained outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, 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 be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of our Class A equity holders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the 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 consolidated statements of operations at each reporting date. See Note 12, “Warrant Liability,” to these consolidated financial statements for additional information.

Tax Receivable Agreement

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 transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For the years ended December 31, 2023, 2022 and 2021, total discounts issued was $4.2 million, $4.5 million and $2.6 million, respectively. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term.

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

Stock-Based Compensation

The Company measures fair value of employee stock-based compensation awards on the date of grant and allocates the related expense over the requisite service period. The fair value of restricted stock units and performance-based restricted stock units is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 14, “Stock-based Compensation,” to these consolidated financial statements for additional information.

Employee Benefit Plan

Other Income (Expense), net

Income Taxes

Segment Reporting

Earnings (Loss) Per Share

Concentrations of Credit Risk

The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions and the Company’s cash balances at these institutions typically exceed the Federal Deposit Insurance Corporation limit. As of December 31, 2023, the Company had cash balances that exceeded the deposit insurance limit with five financial institutions. As of December 31, 2022, the Company had cash balances that exceeded the deposit insurance limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Stock-based Compensation - Stock-Based Compensation Costs (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Amount capitalized to software development

$ 2,819

$ 4,383

$ 29,300

$ 13,515

$ 23,493

$ 29,324

356

298

^[1]

1,386

1,667

1,099

Total stock-based compensation cost

3,175

4,681

14,901

25,160

30,423

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

380

897

2,706

6,358

6,021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

855

1,168

4,170

5,260

5,103

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 1,584

$ 2,318

$ 6,639

$ 11,875

$ 18,200

[1]

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Warrant Liability (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Accounts Receivable, Allowance for Credit Loss [Roll Forward]

9.	Warrant Liability

At March 31, 2024, there were 12,499,973 Public Warrants outstanding and 7,000,000 Private Placement Warrants outstanding.

12.	Warrant Liability

At December 31, 2023, there were 12,499,973 Public Warrants outstanding and 7,000,000 Private Placement Warrants outstanding.

The Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

The Company concluded the Public Warrants and Private Placement Warrants, or the Warrants, meet the definition of a derivative under ASC 815- Derivatives and Hedging (as described in Note 2) and are recorded as liabilities. Upon the Closing, the fair value of the Warrants was recorded on the balance sheet. The fair value of the Warrants is remeasured as of each balance sheet date, which resulted in non-cash gain of $1.5 million, $25.4 million and $166.5 million in the consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, respectively. For additional information, see Note 6, “Fair Value Measurements.”

Summary of Significant Accounting Policies - Accounts Receivable (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Allowance, beginning of period

$ 8,748

$ 12,232

$ 5,169

$ 857

Write-off, net of recoveries

(658)

360

^[1]

$ (415)

$ (196)

1,792

17,216

5,487

(1,494)

(770)

(5,276)

(10,153)

(1,175)

Allowance, end of period

$ 6,596

$ 11,822

$ 8,748

$ 12,232

$ 5,169

[1]

Commitment and Contingencies - Narrative (Q1) (Details) - Software License Agreements - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Indefinite-Lived Intangible Assets [Line Items]
2024	$ 5.3
2025	7.3	$ 7.1
2026	$ 7.5	$ 7.3
Agreement period	3 years	3 years

Accounts Payable and Accrued Expenses (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Accounts Payable and Accrued Expenses

8.	Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Accounts payable and other accrued liabilities	$8,793	$7,323
Accrued employee expenses	7,760	13,859
Total	$16,553	$21,182

11.	Accounts Payable and Accrued Expenses

Accounts payable and accrued liabilities as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Accounts payable and other accrued liabilities	$7,323	$9,561
Accrued employee expenses	13,859	24,074
	$21,182	$33,635

Leases - Cost Components (FY) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost			$ 7,208	$ 7,537	$ 9,229
Variable lease cost			1,549	1,525	2,217
Operating lease cost			8,757	9,062	11,446
Short-term lease cost			89	12	88
Total lease cost, net	$ 2,200	$ 2,200	$ 8,846	$ 9,074	$ 11,534

Revenue from Contracts with Customers - Disaggregation of Revenue (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2023

Sep. 30, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cost of revenues (exclusive of depreciation and amortization shown separately below)

$ 44,389

$ 46,687

$ 48,423

$ 46,416

^[1]

$ 94,839

$ 141,526

$ 187,993

$ 215,531

$ 193,146

2,302

3,494

^[1]

12,527

15,407

7,938

Featured and deal listings

28,166

32,280

126,546

149,621

138,480

Weedmaps for Business

13,282

11,310

46,730

50,662

42,611

Subtotal

41,448

43,590

173,276

200,283

181,091

Other ad solutions

2,941

2,826

14,717

15,248

12,055

Cost of revenues (exclusive of depreciation and amortization shown separately below)

$ 200

$ 1,100

$ 4,200

$ 4,500

$ 2,600

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

The aggregate cost of goods produced and sold and services rendered during the reporting period.

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,128)	$2,128
Software technology	5.0	249	(125)	124
Customer relationships	8.0	170	(53)	117
Total intangible assets	14.5	$7,675	$(5,306)	$2,369

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

Intangible assets consisted of the following for the periods presented below (in thousands):

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

	December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	14.4	$7,635	$(4,699)	$2,936
Software technology	6.9	7,516	(4,413)	3,103
Customer relationships	11.5	5,211	(921)	4,290
Order Backlog	1.0	$210	$(200)	$10
Total intangible assets	10.8	$20,572	$(10,233)	$10,339

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense of intangible assets as of March 31, 2024 is as follows (in thousands):

Remaining period in 2024 (nine months)			$416
Year ended December 31, 2025			555
Year ended December 31, 2026			543
Year ended December 31, 2027			505
Year ended December 31, 2028			222
Thereafter			128
Total			$2,369

The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands):

			Amortization
Years ended December 31,
2024			$555
2025			555
2026			543
2027			505
2028			222
Thereafter			127
			$2,507

Earnings Per Share - Computation (FY) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Less: net income attributable to WMH prior to the Business Combination

$ 1,959

$ (3,969)

^[1],[2]

$ (15,727)

$ (82,651)

$ 152,218

15,078

Less: net income (loss) attributable to noncontrolling interests after the Business Combination

719

(1,494)

(5,829)

33,338

76,757

Net income (loss) attributable to WM Technology, Inc. - basic

(9,898)

(115,989)

60,383

Change in fair value of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests

$ 0

72,483

Net income (loss) attributable to WM Technology, Inc. - diluted

$ (9,898)

$ (115,989)

$ (12,100)

Weighted average common shares outstanding - basic (in shares)

94,704,164

92,323,757

93,244,911

85,027,120

65,013,517

Weighted average common shares outstanding - diluted (in shares)

93,244,911

85,027,120

66,813,417

Net income (loss) attributable to WM Technology, Inc. - basic

$ 1,240

$ (2,475)

Net income (loss) attributable to WM Technology, Inc. - diluted

$ 1,240

$ (2,475)

Weighted average common shares outstanding - basic (in shares)

94,704,164

92,323,757

^[1]

93,244,911

85,027,120

65,013,517

Weighted average common shares outstanding - diluted (in shares)

96,023,352

92,323,757

^[1]

93,244,911

85,027,120

66,813,417

Net income (loss) per share of Class A Common Stock:

Net income (loss) per Class A common share - basic (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ 0.93

Net income (loss) per share of Class A Common Stock:

Net income (loss) per Class A common share - diluted (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ (0.18)

^[2]

^[1]

1,153,782

^[2]

^[1]

646,118

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Stock-based Compensation - Additional Information (Q1) (Details) - USD ($)		3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 16, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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		$ 2,819,000	$ 4,383,000	$ 29,300,000	$ 13,515,000	$ 23,493,000	$ 29,324,000
Class P Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized		$ 200,000			$ 200,000
Nonvested award, period for recognition		8 months 12 days			10 months 24 days
Share-based compensation expense		$ 100,000	300,000		$ 500,000	2,300,000	20,900,000
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized		$ 16,000,000			$ 20,600,000
Nonvested award, period for recognition		1 year 7 months 6 days			1 year 9 months 18 days
Share-based compensation expense		$ 2,700,000	4,000,000		$ 13,100,000	$ 21,200,000	$ 8,000,000
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested award, cost not yet recognized					$ 0
Share-based compensation expense		$ 0	$ 100,000
Estimated attainment					25.00%
PRSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award		0.00%			0.00%
PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target award		200.00%			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)	$ 0.0001	$ 0.0001			$ 0.0001	$ 0.0001
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001			$ 0.0001	$ 0.0001
Class A Common Stock \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)		33,146,412			33,146,412
Period of automatic increase of shares		10 years			10 years
Percent of increase in shares from capital stock outstanding		5.00%			5.00%
Number of shares available for future issuance (in shares)		22,446,927			19,530,046

CONDENSED CONSOLIDATED BALANCE SHEETS (Q1) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 16, 2021	Jun. 15, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000	75,000,000			75,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, shares outstanding (in shares)				129,240,910
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	95,051,735	94,383,053	92,062,468
Common stock, shares outstanding (in shares)	95,051,735	94,383,053	92,062,468
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, shares issued (in shares)	55,486,361	55,486,361	55,486,361
Common stock, shares outstanding (in shares)	55,486,361	55,486,361	55,486,361

Earnings Per Share - Computation (Q1) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Less: net income (loss) attributable to noncontrolling interests

$ 1,959

$ (3,969)

^[1],[2]

$ (15,727)

$ (82,651)

$ 152,218

719

(1,494)

(5,829)

33,338

76,757

Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted

(9,898)

(115,989)

60,383

Less: fair value change of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests

$ 0

72,483

Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted

$ (9,898)

$ (115,989)

$ (12,100)

Weighted average of shares of Class A common stock outstanding - basic (in shares)

94,704,164

92,323,757

93,244,911

85,027,120

65,013,517

Restricted stock units (in shares)

1,319,188

Weighted average of shares of Class A common stock outstanding - diluted (in shares)

93,244,911

85,027,120

66,813,417

^[2]

^[1]

1,153,782

^[2]

^[1]

646,118

Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted

$ 1,240

$ (2,475)

Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted

$ 1,240

$ (2,475)

Weighted average of shares of Class A common stock outstanding - basic (in shares)

94,704,164

92,323,757

^[1]

93,244,911

85,027,120

65,013,517

Weighted average of shares of Class A common stock outstanding - diluted (in shares)

96,023,352

92,323,757

^[1]

93,244,911

85,027,120

66,813,417

Net income (loss) per share of Class A common stock - basic (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ 0.93

Net income (loss) per share of Class A common stock - diluted (in dollars per share)

$ 0.01

$ (0.03)

^[1]

$ (0.11)

$ (1.36)

$ (0.18)

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Q1) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

$ 1,959,000

$ (3,969,000)

^[1],[2]

$ (15,727,000)

$ (82,651,000)

$ 152,218,000

2,937,000

3,167,000

^[2]

12,133,000

11,498,000

4,425,000

850,000

(725,000)

^[1],[2]

(1,505,000)

(25,370,000)

(166,518,000)

Amortization of right-of-use lease assets

543,000

100,000

^[1],[2]

1,256,000

(142,352,000)

1,188,000

1,202,000

^[2]

4,930,000

4,655,000

4,402,000

24,403,000

4,317,000

2,372,000

Discharge of holdback obligation related to prior acquisition

2,819,000

4,383,000

^[2]

13,515,000

23,493,000

29,324,000

Deferred tax asset

179,077,000

(842,000)

(3,705,000)

Provision (benefit) for credit losses

(658,000)

360,000

^[2]

1,792,000

17,216,000

5,487,000

Operating lease right-of-use assets

3,923,000

1,677,000

^[2]

4,488,000

(16,270,000)

(13,609,000)

(43,323,000)

Prepaid expenses and other current assets

(673,000)

2,447,000

^[2]

3,335,000

7,461,000

8,235,000

Other assets

36,000

25,000

^[2]

(40,000)

(229,000)

(313,000)

Accounts payable and accrued expenses

(3,661,000)

(5,130,000)

^[2]

(15,275,000)

14,892,000

699,000

Deferred revenue

(132,000)

109,000

^[2]

(338,000)

(1,895,000)

2,793,000

Operating lease liabilities

(1,729,000)

(1,489,000)

^[2]

(6,334,000)

(5,463,000)

44,840,000

Net cash provided by operating activities

7,402,000

2,157,000

^[2]

22,928,000

(11,621,000)

30,190,000

Cash flows from investing activities

Capitalized software and expenditures

(4,540,000)

(3,226,000)

^[2]

(11,871,000)

(16,055,000)

(7,935,000)

Cash paid for acquisitions, net of cash acquired

(713,000)

(16,000,000)

Cash paid for acquisition holdback release

(1,000,000)

Cash paid for other investments

(6,500,000)

Net cash used in investing activities

(4,540,000)

(3,226,000)

^[2]

(11,871,000)

(17,768,000)

(30,435,000)

Cash flows from financing activities

Repayments of insurance premium financing

(1,450,000)

^[2]

(1,450,000)

(7,344,000)

(7,098,000)

Proceeds from repayment of related party note

(1,589,000)

(250,000)

^[2]

(4,218,000)

(2,448,000)

(18,998,000)

96,000

88,000

^[2]

384,000

(2,000)

^[2]

(6,000)

(13,000)

Proceeds from business combination

79,969,000

Payment of note payable

(205,000)

Repurchase of Class B Units

(5,565,000)

Net cash used in financing activities

(1,495,000)

(1,612,000)

^[2]

(5,290,000)

(9,805,000)

48,103,000

Net increase (decrease) in cash

1,367,000

(2,681,000)

^[2]

5,767,000

(39,194,000)

47,858,000

Cash - beginning of period

34,350,000

28,583,000

^[2]

28,583,000

^[2]

67,777,000

19,919,000

Cash - end of period

35,717,000

25,902,000

^[2]

34,350,000

28,583,000

^[2]

67,777,000

Supplemental disclosures of noncash investing and financing activities

Stock-based compensation capitalized for software development

$ 356,000

$ 298,000

^[2]

$ 1,386,000

$ 1,667,000

$ 1,099,000

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Earnings Per Share - Dilutive Securities (FY) (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class V Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			55,486,361	55,486,361	65,502,347
Class P Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,679,507	15,024,862	14,804,507	15,125,429	25,660,529
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,495,170	5,909,464	7,683,598	6,269,868	6,398,707
PRSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	859,375	234,375	859,375	2,437,500
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,499,973	12,499,973	12,499,973	12,499,973	0
Private Placement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			7,000,000	7,000,000	0
Acquisition holdback shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	677,847	0	677,847	0

Accounts Payable and Accrued Expenses (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable and other accrued liabilities	$ 7,323		$ 9,561
Accrued employee expenses	13,859	$ 7,760	24,074
Accounts payable and accrued expenses	21,182	$ 16,553	33,635
Accrued bonuses	2,600		$ 9,900
Decrease in bonuses accruals	5,900
Severance costs	3,600
Decrease in other employee bonuses	$ 600

CONSOLIDATED STATEMENTS OF CASH FLOWS (FY) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Cash flows from operating activities

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

$ (15,727,000)

$ (82,651,000)

$ 152,218,000

12,133,000

11,498,000

4,425,000

(1,505,000)

(25,370,000)

(166,518,000)

Amortization of right-of -use lease assets

1,256,000

(142,352,000)

4,930,000

4,655,000

4,402,000

24,403,000

4,317,000

2,372,000

Discharge of holdback obligation related to prior acquisition

13,515,000

23,493,000

29,324,000

Deferred tax asset

179,077,000

(842,000)

(3,705,000)

1,792,000

17,216,000

5,487,000

Operating lease right-of-use assets

4,488,000

(16,270,000)

(13,609,000)

(43,323,000)

Prepaid expenses and other current assets

3,335,000

7,461,000

8,235,000

Other assets

(40,000)

(229,000)

(313,000)

Accounts payable and accrued expenses

(15,275,000)

14,892,000

699,000

Deferred revenue

(338,000)

(1,895,000)

2,793,000

Operating lease liabilities

(6,334,000)

(5,463,000)

44,840,000

Net cash provided by operating activities

22,928,000

(11,621,000)

30,190,000

Cash flows from investing activities

Capitalized software and expenditures

(11,871,000)

(16,055,000)

(7,935,000)

Cash paid for acquisitions, net of cash acquired

(713,000)

(16,000,000)

Cash paid for acquisition holdback release

(1,000,000)

Cash paid for other investments

(6,500,000)

Net cash used in investing activities

(11,871,000)

(17,768,000)

(30,435,000)

Cash flows from financing activities

Repayment of insurance premium financing

(4,218,000)

(2,448,000)

(18,998,000)

(1,450,000)

(7,344,000)

(7,098,000)

(6,000)

(13,000)

Proceeds from collection of related party note receivable

384,000

Proceeds from business combination

79,969,000

Payment of note payable

(205,000)

Repurchase of Class B Units

(5,565,000)

Net cash used in financing activities

(5,290,000)

(9,805,000)

48,103,000

Net increase (decrease) in cash

5,767,000

(39,194,000)

47,858,000

Cash - beginning of period

28,583,000

^[1]

67,777,000

19,919,000

Cash - end of period

34,350,000

28,583,000

^[1]

67,777,000

Supplemental disclosure of cash flow information

Cash (refunded from) paid for income taxes

38,000

(94,000)

242,000

Supplemental disclosures of noncash investing and financing activities

Issuance of equity for acquisitions

28,725,000

29,312,000

Insurance premium financing

4,598,000

11,205,000

Accrued liabilities assumed in connection with acquisition

2,236,000

100,000

Stock-based compensation capitalized for software development

1,386,000

1,667,000

1,099,000

Capitalized assets included in accounts payable and accrued expenses

1,041,000

654,000

781,000

Holdback liability recognized in connection with acquisition

98,000

1,000,000

Warranty liability assumed from the Business Combination

193,978,000

Tax receivable agreement liability recognized in connection with the Business Combination

128,567,000

Deferred tax assets recognized in connection with the Business Combination

151,255,000

Other assets assumed from the Business Combination

$ 0

$ 1,053,000

[1]

Business and Organization (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

1.	Business and Organization

1.	Business and Organization

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 (the “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.

Goodwill and Intangible Assets (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6.	Intangible Assets

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,128)	$2,128
Software technology	5.0	249	(125)	124
Customer relationships	8.0	170	(53)	117
Total intangible assets	14.5	$7,675	$(5,306)	$2,369

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

Amortization expense for intangible assets was $0.1 million and $0.6 million, respectively, for the three months ended March 31, 2024 and 2023. The estimated future amortization expense of intangible assets as of March 31, 2024 is as follows (in thousands):

Remaining period in 2024 (nine months)			$416
Year ended December 31, 2025			555
Year ended December 31, 2026			543
Year ended December 31, 2027			505
Year ended December 31, 2028			222
Thereafter			128
Total			$2,369

9.	Goodwill and Intangible Assets

Goodwill

Goodwill totaled $68.4 million as of December 31, 2023 and 2022. No goodwill impairment charges were recorded for the years ended December 31, 2023, 2022 and 2021.

Intangible Assets

Intangible assets consisted of the following for the periods presented below (in thousands):

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

	December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	14.4	$7,635	$(4,699)	$2,936
Software technology	6.9	7,516	(4,413)	3,103
Customer relationships	11.5	5,211	(921)	4,290
Order Backlog	1.0	$210	$(200)	$10
Total intangible assets	10.8	$20,572	$(10,233)	$10,339

Amortization expense for intangible assets was $7.8 million, $2.7 million and $1.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recorded an impairment charge of $6.1 million for the year ended December 31, 2023 related to intangible assets associated with certain product offerings that were sunset in December 2023, which is included in asset impairment charges in the consolidated statements of operations. No intangible asset impairment charges have been recorded for the years ended December 31, 2022 and 2021.

The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands):

			Amortization
Years ended December 31,
2024			$555
2025			555
2026			543
2027			505
2028			222
Thereafter			127
			$2,507

Summary of Significant Accounting Policies (Q1) (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Principles of Consolidation

Basis of Presentation

Foreign Currency

Use of Estimates

Risks and Uncertainties

The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any 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.

Investments in Equity Securities

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

Accounts Receivable, Net

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 $8.7 million as of December 31, 2023 and $12.2 million of as of December 31, 2022, respectively.

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 December 31, 2022, the carrying value of the Company’s investments in equity securities without a readily determinable fair value was $3.5 million, which is recorded within other assets on the Company’s consolidated balance sheets.

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. For the years ended December 31, 2023 and 2022, the Company recorded $3.5 million, $3.0 million, respectively, in impairment charges related to investments in equity securities. These impairment charges are included in asset impairment charges in the accompanying consolidated statements of operations. The Company did not have any impairment charges related to investments in equity securities. in 2021.

Property and Equipment

Capitalized Software

Property and Equipment

Capitalized Software

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.

Leases

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 an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

Cost of Revenues (Exclusive of Depreciation and Amortization)

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. As of December 31, 2023, 12,499,973 Public Warrants and 7,000,000 Private Placement Warrants remained outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, 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 be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of our Class A equity holders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the 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 consolidated statements of operations at each reporting date. See Note 12, “Warrant Liability,” to these consolidated financial statements for additional information.

Tax Receivable Agreement

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 transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For the years ended December 31, 2023, 2022 and 2021, total discounts issued was $4.2 million, $4.5 million and $2.6 million, respectively. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term.

The Company’s cost of revenue primarily consists of web hosting, internet service costs, credit card processing costs and other third party services.

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.

Stock-Based Compensation

The Company measures fair value of employee stock-based compensation awards on the date of grant and allocates the related expense over the requisite service period. The fair value of restricted stock units and performance-based restricted stock units is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 14, “Stock-based Compensation,” to these consolidated financial statements for additional information.

Employee Benefit Plan

Other Income (Expense), net

Other income (expense), net consists primarily of change in fair value of warrant liability, TRA liability remeasurement and other tax related expenses.

Other Income (Expense), net

Income Taxes

Segment Reporting

Earnings (Loss) Per Share

Concentrations of Credit Risk

The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions and the Company’s cash balances at these institutions typically exceed the Federal Deposit Insurance Corporation limit. As of December 31, 2023, the Company had cash balances that exceeded the deposit insurance limit with five financial institutions. As of December 31, 2022, the Company had cash balances that exceeded the deposit insurance limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted And Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Commitments and Contingencies (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

4.	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.

Purchase Obligations

The Company has minimum outstanding purchase obligations of $5.3 million for the remaining nine months in 2024, $7.3 million in 2025 and $7.5 million in 2026, due under software license agreements, of which the majority relates to the Company’s three-year AWS Enterprise agreement.

5.	Commitments and Contingencies

Litigation

Purchase Obligations

The Company has minimum outstanding purchase obligations of $7.1 million in 2024, $7.3 million in 2025 and $7.5 million in 2026, due under software license agreements, of which the majority relates to the Company’s three-year AWS Enterprise agreement.

Employee Termination Costs

During the year ended December 31, 2022, Company approved plans to reduce the workforce based on cost-reduction initiatives intended to reduce operating expenses and sharpen the Company’s focus on key growth priorities. The Company also incurred termination costs related to the departures of the Company’s former executives.

The following table provides a roll forward of employee termination costs:

			Employee Termination Costs
Unpaid employee termination costs, January 1, 2022			$—
Employee termination costs - severance and other cash costs			8,076
Total paid			(4,430)
Unpaid employee termination costs, December 31, 2022			$3,646
Employee termination costs - severance and other cash costs			194
Total paid			(3,840)
Unpaid employee termination costs, December 31, 2023			$—

Employee termination costs are included in general and administrative expenses on the consolidated statements of operations.

Stock-based Compensation - Stock-Based Compensation Costs (Q1) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Amount capitalized to software development

$ 2,819

$ 4,383

$ 29,300

$ 13,515

$ 23,493

$ 29,324

356

298

^[1]

1,386

1,667

1,099

Total stock-based compensation cost

3,175

4,681

14,901

25,160

30,423

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

380

897

2,706

6,358

6,021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

855

1,168

4,170

5,260

5,103

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

$ 1,584

$ 2,318

$ 6,639

$ 11,875

$ 18,200

[1]

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Reverse Recapitalization

Business Combination (FY) (Tables)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statements of equity for the year ended December 31, 2021 (in thousands):

			Business Combination
Cash - Silver Spike trust and cash, net of redemptions			$254,203
Cash - PIPE Financing			325,000
Less: cash consideration paid to Legacy WMH equity holders			(455,182)
Less: transaction costs and advisory fees			(44,052)
Net proceeds from the Business Combination			79,969
Less: initial fair value of warrant liability recognized in the Business Combination			(193,978)
Add: transaction costs allocated to Warrants			5,547
Add: non-cash assets assumed from Silver Spike			1,053
Add: deferred tax asset			151,255
Less: tax receivable agreement liability			(128,567)
Net adjustment to total equity from the Business Combination			$(84,721)

The number of shares of common stock issued immediately following the Closing:

			Number of Shares
Common stock, outstanding prior to the Business Combination			24,998,575
Less: redemption of shares of Silver Spike’s Class A common stock			10,012
Shares of Silver Spike’s Class A common stock			24,988,563
Shares of Class A Common Stock held by Silver Spike’s Sponsor			6,250,000
Shares of Class A Common Stock issued in the PIPE Financing			32,500,000
Shares of Class A Common Stock issued in the Business Combination			63,738,563
Shares of Class V Common Stock issued to Legacy WMH equity holders			65,502,347
Total shares of common stock issued in the Business Combination			129,240,910

Equity (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Equity [Abstract]

Equity

10.

Equity

Class A Common Stock

Voting Rights

Dividend Rights

Rights upon Liquidation, Dissolution and Winding-Up

Preemptive or Other Rights

Class V Common Stock

Voting Rights

Dividend Rights

The holders of the Class V Common Stock will not participate in any dividends declared by the Company’s board of directors.

Rights upon Liquidation, Dissolution and Winding-Up

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class V Common Stock are not entitled to receive any of the Company’s assets.

Preemptive or Other Rights

Issuance and Retirement of Class V Common Stock

Preferred Stock

Noncontrolling Interests

13.

Equity

Class A Common Stock

Voting Rights

Dividend Rights

Rights upon Liquidation, Dissolution and Winding-Up

Preemptive or Other Rights

Class V Common Stock

Voting Rights

Dividend Rights

The holders of the Class V Common Stock will not participate in any dividends declared by the Company’s board of directors.

Rights upon Liquidation, Dissolution and Winding-Up

In the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of Class V Common Stock are not entitled to receive any of the Company’s assets.

Preemptive or Other Rights

Issuance and Retirement of Class V Common Stock

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 December 31, 2023, there were no shares of preferred stock issued or outstanding.

Noncontrolling Interests

The entire disclosure for equity.

Earnings Per Share (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended March 31,
	2024	2023
Numerator:
Net income (loss)	$1,959	$(3,969)
Less: net income (loss) attributable to noncontrolling interests	719	(1,494)
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted	$1,240	$(2,475)
Effect of dilutive securities:
Less: fair value change of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted	$1,240	$(2,475)

	Three Months Ended March 31,
	2024	2023
Denominator:
Weighted average of shares of Class A Common Stock outstanding - basic	94,704,164	92,323,757
Weighted average effect of dilutive securities:
Public warrants¹	—	—
Private warrants¹	—	—
Restricted stock units¹	1,319,188	—
Weighted average of shares of Class A Common Stock outstanding - diluted	96,023,352	92,323,757
Net income (loss) per share of Class A Common Stock - basic	$0.01	$(0.03)
Net income (loss) per share of Class A Common Stock - diluted	$0.01	$(0.03)

¹	Calculated using the treasury stock method.

	Years Ended December 31,
	2023	2022	2021
Numerator:
Net income (loss)	$(15,727)	$(82,651)	$152,218
Less: net income attributable to WMH prior to the Business Combination	—	—	15,078
Less: net income (loss) attributable to noncontrolling interests after the Business Combination	(5,829)	33,338	76,757
Net income (loss) attributable to WM Technology, Inc. - basic	(9,898)	(115,989)	60,383
Effect of dilutive securities:
Change in fair value of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—	72,483
Net income (loss) attributable to WM Technology, Inc. - diluted	$(9,898)	$(115,989)	$(12,100)
Denominator:
Weighted average common shares outstanding - basic	93,244,911	85,027,120	65,013,517
Weighted average effect of dilutive securities:
Public warrants¹	—	—	1,153,782
Private warrants¹	—	—	646,118
Weighted average common shares outstanding - diluted	93,244,911	85,027,120	66,813,417
Net income (loss) per share of Class A Common Stock:
Net income (loss) per Class A common share - basic	$(0.11)	$(1.36)	$0.93
Net income (loss) per Class A common share - diluted	$(0.11)	$(1.36)	$(0.18)

¹	Calculated using the treasury stock method.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Class V Units	55,486,361	55,486,361
Class P Units	14,679,507	15,024,862
RSUs	6,495,170	5,909,464
PRSUs	—	859,375
Public Warrants	12,499,973	12,499,973
Private Placement Warrants	7,000,000	7,000,000
Acquisition holdback shares	—	677,847

The Company excluded the following securities from its computation of diluted shares outstanding, as their effect would have been anti-dilutive:

	Years Ended December 31,
	2023	2022	2021
Class V Shares	55,486,361	55,486,361	65,502,347
Class P Units	14,804,507	15,125,429	25,660,529
RSUs outstanding	7,683,598	6,269,868	6,398,707
PRSUs outstanding	234,375	859,375	2,437,500
Public Warrants	12,499,973	12,499,973	—
Private Placement Warrants	7,000,000	7,000,000	—
Acquisition holdback shares	—	677,847	—

Intangible Assets - Additional Information (Q1) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	$ 0.1	$ 0.6	$ 7.8	$ 2.7	$ 1.3

Business Combination (FY)

12 Months Ended

Dec. 31, 2023

Reverse Recapitalization [Abstract]

Business Combination

7.	Business Combination

Pursuant to the Merger Agreement, the Business Combination was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, Silver Spike was treated as the acquired company and Legacy WMH was treated as the acquirer for financial statement reporting purposes.

Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy WMH issuing stock for the net assets of Silver Spike, accompanied by a recapitalization.

Legacy WMH was determined to be the accounting acquirer based on evaluation of the following facts and circumstances:

•	Legacy WMH Class A Unit holders, through their ownership of the Class V Common Stock, had the greatest voting interest in the Company with over 50% of the voting interest;

•	Legacy WMH selected the majority of the new board of directors of the Company;

•	Legacy WMH senior management was the senior management of the Company; and

•	Legacy WMH was the larger entity based on historical operating activity and had the larger employee base.

Thus, the financial statements included in this annual report reflect (i) the historical operating results of Legacy WMH prior to the Business Combination; (ii) the combined results of the WMH LLC and Silver Spike following the Business Combination; and (iii) the acquired assets and liabilities of Silver Spike stated at historical cost, with no goodwill or other intangible assets recorded.

In connection with the Closing, the following occurred:

•	Silver Spike was domesticated and continues as a Delaware corporation, changing its name to “WM Technology, Inc.”

•

The Company was reorganized into an Up-C structure, in which substantially all of the assets and business of the Company 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.

•	The Company consummated the sale of 32,500,000 shares of Class A Common Stock for a purchase price of $10.00 per share (together, the “PIPE Financing”) pursuant to certain subscription agreements dated as of December 10, 2020, for an aggregate price of $325.0 million.

•

The Company contributed approximately $80.3 million of cash to WMH LLC, representing (a) the net amount held in the Company’s trust account following the redemption of 10,012 shares of Class A Common Stock originally sold in the Silver Spike’s initial public offering, less (b) cash consideration of $455.2 million paid to Legacy WMH Class A equity holders, plus (c) $325.0 million in aggregate proceeds from the PIPE Financing, less (d) the aggregate amount of transaction expenses incurred by the parties to the Business Combination Agreement.

•	The Company transferred $455.2 million to the Legacy WMH equity holders as cash consideration.

•	The Legacy WMH equity holders retained an aggregate of 65,502,347 Class A Units and 25,896,042 Class P Units.

•	The Company issued 65,502,347 shares of Class V Common Stock to Class A Unit holders, representing the same number of Class A Units retained by the Legacy WMH equity holders.

•

The Company, the Holder Representative and the Class A Unit holders entered into the TRA, pursuant to which WM Technology, Inc. will pay to WMH LLC Class A equity holders 85% of the net income tax savings that WM Technology, Inc. actually realizes as a result of increases in the tax basis of WMH LLC’s

assets as a result of the exchange of Units for cash in the Business Combination and future exchanges of the Class A Units for shares of Class A Common Stock or cash pursuant to the Exchange Agreement, and certain other tax attributes of WMH LLC and tax benefits related to the TRA, including tax benefits attributable to payments under the TRA.

Concurrently with the closing of the Business Combination, the Unit holders entered into the Exchange Agreement. The terms of the Exchange Agreement, among other things, provide the Unit holders (or certain permitted transferees thereof) with the right from time to time at and after 180 days following the Business Combination to exchange their vested Paired Interests (as defined in Note 14, “Stock-based Compensation” to our consolidated financial statements included herein),for shares of Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or Class P Units for shares of Class A Common Stock with a value equal to the value of such Class P Units less their participation threshold, or in each case, at the Company’s election, the cash equivalent of such shares of Class A Common Stock.

			Business Combination
Cash - Silver Spike trust and cash, net of redemptions			$254,203
Cash - PIPE Financing			325,000
Less: cash consideration paid to Legacy WMH equity holders			(455,182)
Less: transaction costs and advisory fees			(44,052)
Net proceeds from the Business Combination			79,969
Less: initial fair value of warrant liability recognized in the Business Combination			(193,978)
Add: transaction costs allocated to Warrants			5,547
Add: non-cash assets assumed from Silver Spike			1,053
Add: deferred tax asset			151,255
Less: tax receivable agreement liability			(128,567)
Net adjustment to total equity from the Business Combination			$(84,721)

The number of shares of common stock issued immediately following the Closing:

			Number of Shares
Common stock, outstanding prior to the Business Combination			24,998,575
Less: redemption of shares of Silver Spike’s Class A common stock			10,012
Shares of Silver Spike’s Class A common stock			24,988,563
Shares of Class A Common Stock held by Silver Spike’s Sponsor			6,250,000
Shares of Class A Common Stock issued in the PIPE Financing			32,500,000
Shares of Class A Common Stock issued in the Business Combination			63,738,563
Shares of Class V Common Stock issued to Legacy WMH equity holders			65,502,347
Total shares of common stock issued in the Business Combination			129,240,910

Net income for the period from June 16, 2021 (Closing Date) to December 31, 2021 was $137.1 million, which includes change in fair value of warrant liability of $166.5 million, stock-based compensation expense of $29.3 million and transaction costs related to the warrant liability of $5.5 million. The transaction costs related to the warrant liability is included in other expense, net on the consolidated statements of operations.

Summary of Significant Accounting Policies (FY) (Policies)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Principles of Consolidation

Basis of Presentation

Foreign Currency

Use of Estimates

Risks and Uncertainties

The Company operates in a relatively new industry where laws and regulations vary significantly by jurisdiction. Currently, thirty-nine states, the District of Columbia, Puerto Rico, the Virgin Islands, and Guam have legalized some form of cannabis use for certain medical purposes. Twenty-four of those states, the District of Columbia, Guam, and Northern Mariana have legalized cannabis for adults for non-medical purposes as well (sometimes referred to as adult or recreational use). Eight additional states have legalized forms of low-potency cannabis, for select medical conditions. Only three states continue to prohibit cannabis entirely. Additionally, while a number of U.S. legislators have introduced various bills to legalize cannabis at the federal level, none of these bills has become law. Currently, under federal law, cannabis, other than hemp (defined by the U.S. government as Cannabis sativa L. with a THC concentration of not more than 0.3% on a dry weight basis), is still a Schedule I controlled substance under the Controlled Substances Act (“CSA”). Even in states or territories that have legalized cannabis to some extent, the cultivation, possession, and sale of cannabis all violate the CSA and are punishable by imprisonment, substantial fines, and forfeiture. Moreover, individuals and entities may violate federal law if they aid and abet another in violating the CSA, or conspire with another to violate the law, and violating the CSA can be a predicate for certain other crimes, including money laundering laws and the Racketeer Influenced and Corrupt Organizations Act. If any 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.

Accounts Receivable, Net

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 $8.7 million as of December 31, 2023 and $12.2 million of as of December 31, 2022, respectively.

Investments in 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 December 31, 2022, the carrying value of the Company’s investments in equity securities without a readily determinable fair value was $3.5 million, which is recorded within other assets on the Company’s consolidated balance sheets.

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. For the years ended December 31, 2023 and 2022, the Company recorded $3.5 million, $3.0 million, respectively, in impairment charges related to investments in equity securities. These impairment charges are included in asset impairment charges in the accompanying consolidated statements of operations. The Company did not have any impairment charges related to investments in equity securities. in 2021.

Property and Equipment

Capitalized Software

Property and Equipment

Capitalized Software

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.

Leases

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 an accounting policy election, and instead recognizes rent expense on a straight-line basis over the lease term.

Cost of Revenues (Exclusive of Depreciation and Amortization)

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. As of December 31, 2023, 12,499,973 Public Warrants and 7,000,000 Private Placement Warrants remained outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, 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 be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder’s option, and are non-redeemable so long as they are held by the initial purchasers or their

The Company evaluated the Warrants under ASC 815-40 - Derivatives and Hedging - Contracts in Entity’s Own Equity, and concluded they do not meet the criteria to be classified in stockholders’ equity. Specifically, the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50% or more of our Class A equity holders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Warrants do not meet the conditions to be classified in equity. Since the Warrants meet the definition of a derivative under ASC 815, the Company recorded these warrants as liabilities on the 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 consolidated statements of operations at each reporting date. See Note 12, “Warrant Liability,” to these consolidated financial statements for additional information.

Tax Receivable Agreement

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 transaction price reflects the amount the Company expects to receive for such goods, net of discounts. Discounts issued are primarily related to the Company’s WM Teal program, which stands for “Together for Equity Access and Legislation”, through which the Company provides discounts including free software, advertising, educational materials and training programs to applicants or licenses under social equity licensing programs. The Company provides a discount to license holders who were awarded special status by the state based on owner qualifications. These are typically given in new markets to add more diversity and inclusion in the cannabis space. A license’s social equity status is validated by the Company on the applicable state’s website. For the years ended December 31, 2023, 2022 and 2021, total discounts issued was $4.2 million, $4.5 million and $2.6 million, respectively. For clients that pay in advance for listing and other services, the Company records deferred revenue and recognizes revenue over the applicable subscription term.

The Company’s cost of revenue primarily consists of web hosting, internet service costs, credit card processing costs and other third party services.

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.

Stock-Based Compensation

The Company measures fair value of employee stock-based compensation awards on the date of grant and allocates the related expense over the requisite service period. The fair value of restricted stock units and performance-based restricted stock units is equal to the market price of the Company’s common stock on the date of grant. The fair value of the Class P Units is measured using the Black-Scholes-Merton valuation model. The expected volatility is based on the historical volatility and implied volatilities for comparable companies, the expected life of the award is based on the simplified method. When awards include a performance condition that impacts the vesting of the award, the Company records compensation cost when it becomes probable that the performance condition will be met and the expense will be attributed over the performance period. See Note 14, “Stock-based Compensation,” to these consolidated financial statements for additional information.

Employee Benefit Plan

Other Income (Expense), net

Other income (expense), net consists primarily of change in fair value of warrant liability, TRA liability remeasurement and other tax related expenses.

Other Income (Expense), net

Income Taxes

Segment Reporting

Earnings (Loss) Per Share

Concentrations of Credit Risk

The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions and the Company’s cash balances at these institutions typically exceed the Federal Deposit Insurance Corporation limit. As of December 31, 2023, the Company had cash balances that exceeded the deposit insurance limit with five financial institutions. As of December 31, 2022, the Company had cash balances that exceeded the deposit insurance limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Commitments and Contingencies Disclosure [Abstract]

The Company follows the guidance in ASC 820 - Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period.

•	Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•	Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

•	Level 3: Unobservable inputs based on the Company assessment of the assumptions that market participants would use in pricing the asset or liability.

Fair Value Measurements - Quantitative Information (FY) (Details) - Level 3 - Private Placement Warrants	Mar. 31, 2024 $ / shares	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	11.5	11.5	11.5
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	1.33	0.72	1.01
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.83	0.875	0.823
Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, term	2 years 2 months 15 days	2 years 5 months 15 days	3 years 5 months 15 days
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0455	0.0413	0.0417

Commitments and Contingencies - Employee Termination Cost (FY) (Details) - Employee Severance - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Termination Costs [Roll Forward]
Unpaid employee termination costs	$ 3,646	$ 0
Employee termination costs - severance and other cash costs	194	8,076
Total paid	(3,840)	(4,430)
Unpaid employee termination costs	$ 0	$ 3,646

Income Taxes - Summary of Unrecognized Income Tax Benefits (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes to company's unrecognized tax benefits
Gross amount of unrecognized tax benefits as of the beginning of the period	$ 920	$ 188
Decreases related to prior year tax provisions	0	0
Increases related to current year tax provisions	104	732
Gross amount of unrecognized tax benefits as of the end of the period	$ 1,024	$ 920

Commitments and Contingencies (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Commitments and Contingencies

4.	Commitments and Contingencies

Litigation

Purchase Obligations

5.	Commitments and Contingencies

Litigation

Purchase Obligations

Employee Termination Costs

The following table provides a roll forward of employee termination costs:

			Employee Termination Costs
Unpaid employee termination costs, January 1, 2022			$—
Employee termination costs - severance and other cash costs			8,076
Total paid			(4,430)
Unpaid employee termination costs, December 31, 2022			$3,646
Employee termination costs - severance and other cash costs			194
Total paid			(3,840)
Unpaid employee termination costs, December 31, 2023			$—

Employee termination costs are included in general and administrative expenses on the consolidated statements of operations.

CONSOLIDATED BALANCE SHEETS (FY) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 16, 2021	Jun. 15, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	75,000,000	75,000,000	75,000,000			75,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, shares outstanding (in shares)				129,240,910
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	95,051,735	94,383,053	92,062,468
Common stock, shares outstanding (in shares)	95,051,735	94,383,053	92,062,468
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001		$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, shares issued (in shares)	55,486,361	55,486,361	55,486,361
Common stock, shares outstanding (in shares)	55,486,361	55,486,361	55,486,361

Prepaid Expenses and Other Current Assets (FY)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

7.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Prepaid insurance	$696	$1,530
Prepaid marketing	320	387
Prepaid software	2,402	2,406
Other prepaid expenses and other current assets	3,233	1,655
Total	$6,651	$5,978

10.	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Prepaid insurance	$1,530	$2,869
Prepaid marketing	387	2,321
Prepaid software	2,406	2,762
Other prepaid expenses and other current assets	1,655	1,010
	$5,978	$8,962

Warrant Liability (Q1) (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jul. 16, 2021

Mar. 31, 2024

Mar. 31, 2023

Dec. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 16, 2021

Unit price (in dollars per share)

$ 11.5

30 days

Threshold trading days

20 days

Trading period

30 days

$ 850

$ (725)

^[1],[2]

$ (166,500)

$ (1,505)

$ (25,370)

$ (166,518)

Common Stock

Stock price trigger (in dollars per share)

$ 18

Warrant redemption price (in dollars per share)

12,499,973

$ 0.01

$ 500

(375)

$ (875)

(15,500)

Number of ordinary shares called by each warrant (in shares)

7,000,000

30 days

$ 350

$ (350)

$ (630)

$ (9,870)

Number of ordinary shares called by each warrant (in shares)

Exercise price of warrant (in dollars per share)

$ 11.5

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Intangible Assets (Q1)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6.	Intangible Assets

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,128)	$2,128
Software technology	5.0	249	(125)	124
Customer relationships	8.0	170	(53)	117
Total intangible assets	14.5	$7,675	$(5,306)	$2,369

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

Remaining period in 2024 (nine months)			$416
Year ended December 31, 2025			555
Year ended December 31, 2026			543
Year ended December 31, 2027			505
Year ended December 31, 2028			222
Thereafter			128
Total			$2,369

9.	Goodwill and Intangible Assets

Goodwill

Goodwill totaled $68.4 million as of December 31, 2023 and 2022. No goodwill impairment charges were recorded for the years ended December 31, 2023, 2022 and 2021.

Intangible Assets

Intangible assets consisted of the following for the periods presented below (in thousands):

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

	December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	14.4	$7,635	$(4,699)	$2,936
Software technology	6.9	7,516	(4,413)	3,103
Customer relationships	11.5	5,211	(921)	4,290
Order Backlog	1.0	$210	$(200)	$10
Total intangible assets	10.8	$20,572	$(10,233)	$10,339

The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands):

			Amortization
Years ended December 31,
2024			$555
2025			555
2026			543
2027			505
2028			222
Thereafter			127
			$2,507

Income Taxes (FY) (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income (loss) before taxes are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Domestic	$(15,582)	$97,639	$151,987
Foreign	(52)	(1,213)	(370)
Income before income taxes	(15,634)	96,426	151,617

Schedule of Taxes on Income

The components of the provision for (benefit from) income taxes are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Current
Federal	$—	$—	$—
State	93	—	—
Foreign	—	(341)	241
	93	(341)	241
Deferred
Federal	—	131,766	(508)
State	—	47,652	(334)
Foreign	—	—	—
	—	179,418	(842)
Provision for (benefit from) income taxes	$93	$179,077	$(601)

Schedule of Reconciliation Between the U.S. Statutory Federal Income Tax Rate and the Company's Effective Income Tax Rate

The actual income tax expense differs from the expected amount computed by applying the federal statutory corporate tax rate of 21 percent as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Federal statutory rate	$(3,283)	$20,249	$31,844
State blended statutory rate	(828)	5,168	8,497
Income taxed to owners of noncontrolling interests	1,558	(11,285)	(21,762)
Foreign tax impact	1	(80)	227
Change in fair value of warrant liability	(246)	(3,718)	(19,669)
Stock based compensation	2,154	2,868	—
Other permanent items	433	548	901
Research and development credits	(502)	(2,514)	(751)
Return to Provision	1,128	—	—
Acquisition Holdback Share Release	(605)	—	—
Change in valuation allowance	(413)	186,954	112
Tax receivable agreement revaluation	205	(20,462)	—
Change in State Tax Rate	491	1,349	—
Provision for (benefit from) income taxes	$93	$179,077	$(601)
Effective tax rate	(0.6)%	185.7%	(0.4)%

Schedule of Composition of Deferred Tax Balances

The significant components of the net deferred tax assets are as follows:

	December 31, 2023	December 31, 2022
Deferred tax assets
Investment in partnership	$129,297	$133,569
Tax receivable agreement	37,021	37,254
Net operating loss carryovers	15,689	12,453
Tax credit carryovers	4,140	3,679
Other	535	111
Total deferred tax asset	186,682	187,066
Less: valuation allowance	(186,682)	(187,066)
Net deferred tax asset	$—	$—

Schedule of Unrecognized Tax Benefits

The following table reflects changes in the unrecognized tax benefits (in thousands):

	December 31, 2023	December 31, 2022
Gross amount of unrecognized tax benefits as of the beginning of the period	$920	$188
Decreases related to prior year tax provisions	—	—
Increases related to current year tax provisions	104	732
Gross amount of unrecognized tax benefits as of the end of the period	$1,024	$920

Earnings Per Share - Dilutive Securities (Q1) (Details) - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class V Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	55,486,361	55,486,361
Class P Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	14,679,507	15,024,862	14,804,507	15,125,429	25,660,529
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,495,170	5,909,464	7,683,598	6,269,868	6,398,707
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	859,375	234,375	859,375	2,437,500
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	12,499,973	12,499,973	12,499,973	12,499,973	0
Private Placement Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,000,000	7,000,000
Acquisition holdback shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	677,847	0	677,847	0

Goodwill and Intangible Assets (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,128)	$2,128
Software technology	5.0	249	(125)	124
Customer relationships	8.0	170	(53)	117
Total intangible assets	14.5	$7,675	$(5,306)	$2,369

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

Intangible assets consisted of the following for the periods presented below (in thousands):

	December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	15.0	$7,256	$(5,008)	$2,248
Software technology	5.0	249	(112)	137
Customer relationships	8.0	170	(48)	122
Total intangible assets	14.5	$7,675	$(5,168)	$2,507

	December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Intangible Assets	Accumulated Amortization	Net Intangible Assets
Trade and domain names	14.4	$7,635	$(4,699)	$2,936
Software technology	6.9	7,516	(4,413)	3,103
Customer relationships	11.5	5,211	(921)	4,290
Order Backlog	1.0	$210	$(200)	$10
Total intangible assets	10.8	$20,572	$(10,233)	$10,339

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated future amortization expense of intangible assets as of March 31, 2024 is as follows (in thousands):

Remaining period in 2024 (nine months)			$416
Year ended December 31, 2025			555
Year ended December 31, 2026			543
Year ended December 31, 2027			505
Year ended December 31, 2028			222
Thereafter			128
Total			$2,369

The estimated future amortization expense of intangible assets as of December 31, 2023 is as follows (in thousands):

			Amortization
Years ended December 31,
2024			$555
2025			555
2026			543
2027			505
2028			222
Thereafter			127
			$2,507

Prepaid Expenses and Other Current Assets (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

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 March 31, 2024 and December 31, 2023 consisted of the following (in thousands):

	March 31, 2024	December 31, 2023
Prepaid insurance	$696	$1,530
Prepaid marketing	320	387
Prepaid software	2,402	2,406
Other prepaid expenses and other current assets	3,233	1,655
Total	$6,651	$5,978

Prepaid expenses and other current assets as of December 31, 2023 and 2022 consisted of the following (in thousands):

	December 31, 2023	December 31, 2022
Prepaid insurance	$1,530	$2,869
Prepaid marketing	387	2,321
Prepaid software	2,406	2,762
Other prepaid expenses and other current assets	1,655	1,010
	$5,978	$8,962

Income Taxes (FY)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

16.	Income Taxes

Following the Business Combination, 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, with the remainder reflected in the line item Income Taxed to Owners of Non-controlling Interests. 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 following the Business Combination. The owners of the non-controlling interests are taxed as a partnership, and therefore, no tax provision is allocated to non-controlling interests on the consolidated statements of operations. The Company is also subject to taxes in foreign jurisdictions.

The components of income (loss) before taxes are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Domestic	$(15,582)	$97,639	$151,987
Foreign	(52)	(1,213)	(370)
Income before income taxes	(15,634)	96,426	151,617

The components of the provision for (benefit from) income taxes are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Current
Federal	$—	$—	$—
State	93	—	—
Foreign	—	(341)	241
	93	(341)	241
Deferred
Federal	—	131,766	(508)
State	—	47,652	(334)
Foreign	—	—	—
	—	179,418	(842)
Provision for (benefit from) income taxes	$93	$179,077	$(601)

The change in the Company’s income tax provision/(benefit) from 2022 to 2023 is due to the continuation of recording a full valuation allowance on our deferred tax assets as of December 31, 2023, and continued remeasurement of the related TRA liability.

The change in the Company’s income tax provision/(benefit) from 2021 to 2022 is due to the recording of a full valuation allowance on our deferred tax assets as of December 31, 2022 and remeasurement of the related TRA liability. In previous periods, the provision/(benefit) was also impacted by the Business Combination and settlement of a foreign income tax examination.

The actual income tax expense differs from the expected amount computed by applying the federal statutory corporate tax rate of 21 percent as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Federal statutory rate	$(3,283)	$20,249	$31,844
State blended statutory rate	(828)	5,168	8,497
Income taxed to owners of noncontrolling interests	1,558	(11,285)	(21,762)
Foreign tax impact	1	(80)	227
Change in fair value of warrant liability	(246)	(3,718)	(19,669)
Stock based compensation	2,154	2,868	—
Other permanent items	433	548	901
Research and development credits	(502)	(2,514)	(751)
Return to Provision	1,128	—	—
Acquisition Holdback Share Release	(605)	—	—
Change in valuation allowance	(413)	186,954	112
Tax receivable agreement revaluation	205	(20,462)	—
Change in State Tax Rate	491	1,349	—
Provision for (benefit from) income taxes	$93	$179,077	$(601)
Effective tax rate	(0.6)%	185.7%	(0.4)%

The significant components of the net deferred tax assets are as follows:

	December 31, 2023	December 31, 2022
Deferred tax assets
Investment in partnership	$129,297	$133,569
Tax receivable agreement	37,021	37,254
Net operating loss carryovers	15,689	12,453
Tax credit carryovers	4,140	3,679
Other	535	111
Total deferred tax asset	186,682	187,066
Less: valuation allowance	(186,682)	(187,066)
Net deferred tax asset	$—	$—

The valuation allowance decreased $0.4 million for the year ended December 31, 2023 and increased $187.0 million for the year ended December 31, 2022. Realization of deferred tax assets is dependent on future earning, if any, the timing of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance.

As of December 31, 2023, the Company had federal and state net operating loss carry forwards of approximately $57.8 million and $51.1 million, respectively, available to reduce future taxable income, if any. The federal net operating loss carries forward indefinitely and most of the state net operating losses will expire beginning in 2041. The Company also has foreign net operating loss carry forwards of approximately $0.1 million.

As of December 31, 2023, the Company had federal and California research credit carryforwards of $3.9 million and $1.5 million, respectively, available to reduce future tax. Federal tax credits begin to expire in 2041 and California credits carry forward indefinitely.

Utilization of the net operating loss and tax credit carryforwards may be subject to an annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended and similar state provisions. An “ownership change” would occur for these purposes if one or more stockholders or groups of stockholders, who own at least 5% of the Company’s stock, increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Utilization of federal net operating loss carryforwards is also limited to 80% of the Company’s taxable income in the year of deduction.

The Company’s deferred tax asset is primarily attributable to future tax amortization deductions of tax basis created from the Business Combination, subsequent redemptions and exchanges of WMH Units, and future TRA payments. These deferred tax assets generally amortize over 15 years beginning on the date the WMH Units are deemed to have been exchanged or redeemed, or TRA payments are made, as applicable. Tax amortization deductions in excess of taxable income from operations result in a net operating loss, which can be carried forward indefinitely for federal tax purposes.

The Company assesses whether it is “more-likely-than-not” that it will realize its deferred tax assets (“DTAs”). 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 carryforwards 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 judgement. 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 DTAs. Management assessed the available positive and negative evidence to estimate whether sufficient future taxable income will 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, 2022 and lowered forecasts at that time. For the period ending December 31, 2023, management conducted a similar analysis, and determined that a full valuation allowance was still required. Payment under the TRA liability was not probable, resulting from the full valuation allowance and accordingly, substantially all of the TRA liability was reversed. As of December 31, 2023 and 2022, the TRA liability was $1.8 million and $0.5 million, respectively.

The Company follows the provisions of FASB ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be taken on a tax return.

The following table reflects changes in the unrecognized tax benefits (in thousands):

	December 31, 2023	December 31, 2022
Gross amount of unrecognized tax benefits as of the beginning of the period	$920	$188
Decreases related to prior year tax provisions	—	—
Increases related to current year tax provisions	104	732
Gross amount of unrecognized tax benefits as of the end of the period	$1,024	$920

As of December 31, 2023, the Company has unrecognized tax benefits of approximately $1.0 million, which would affect its effective tax rate if recognized, and without consideration of valuation allowance. It is unlikely that the amount of liability for unrecognized tax benefits will significantly change over the next 12 months. It is the Company’s policy to include penalties and interest expense related to income taxes as a component of other expense and interest expense, respectively, as necessary.

The Company and its subsidiaries file income tax returns with the U.S. federal government, various U.S. states and several foreign jurisdictions. The Company’s U.S. federal and state tax returns remain open to examination for 2019 through 2023. In addition, tax returns remain open to examination in non-U.S. subsidiaries, including Canada.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Current income tax expense (benefit)

Business Combination - Number of Shares (FY) (Details) - shares		6 Months Ended
	Jun. 16, 2021	Dec. 31, 2021	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding prior to Business Combination (in shares)		129,240,910
Total shares of common stock issued in the Business Combination (in shares)		129,240,910
Class A Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding prior to Business Combination (in shares)			95,051,735	94,383,053	92,062,468
Shares of Class A Common Stock issued in the PIPE Financing (in shares)		32,500,000
Proceeds and shares issued in business combination (in shares)		63,738,563
Total shares of common stock issued in the Business Combination (in shares)			95,051,735	94,383,053	92,062,468
Class V Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding prior to Business Combination (in shares)			55,486,361	55,486,361	55,486,361
Proceeds and shares issued in business combination (in shares)	65,502,347
Shares of Class V Common Stock issued to Legacy WMH equity holders (in shares)		65,502,347
Total shares of common stock issued in the Business Combination (in shares)			55,486,361	55,486,361	55,486,361
Common Shareholders
Schedule Of Reverse Recapitalization [Line Items]
Shares of common stock (in shares)		24,988,563
Sponsor \| Class A Common Stock
Schedule Of Reverse Recapitalization [Line Items]
Shares of common stock (in shares)		6,250,000
Silver Spike
Schedule Of Reverse Recapitalization [Line Items]
Common stock, outstanding prior to Business Combination (in shares)	24,998,575
Less: redemption of shares of Silver Spike's Class A common stock (in shares)		10,012
Total shares of common stock issued in the Business Combination (in shares)	24,998,575

Acquisitions - Transport Logistics Holding (FY) (Details) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Sep. 29, 2021 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets Acquired:
Goodwill		$ 68,368		$ 68,368	$ 68,368
Holdback liability recognized in connection with acquisition				$ 0	$ 98	$ 1,000
Number of operating segments \| segment		1		1
TLH
Consideration Transferred:
Cash consideration	$ 5,000
Share consideration	10,126
Total consideration	15,126
Assets Acquired:
Goodwill	14,648
Total assets acquired	$ 15,126
Holdback liability recognized in connection with acquisition			$ 1,000
Share consideration (in shares) \| shares	694,540
Share price (in dollars per share) \| $ / shares	$ 14.58
TLH \| Software technology
Assets Acquired:
Intangibles	$ 249
TLH \| Trade name
Assets Acquired:
Intangibles	59
TLH \| Customer relationships
Assets Acquired:
Intangibles	$ 170

Income Taxes - Summary of Components of Income Tax Expense (Benefit) (FY) (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2024

Mar. 31, 2023

^[1]

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Current

Federal

$ 0

State

Foreign

(341)

241

(341)

241

Deferred

Federal

131,766

(508)

State

47,652

(334)

Foreign

Deferred income tax expense (benefit)

179,418

(842)

Provision for (benefit from) income taxes

$ 9

$ 0

$ 93

$ 179,077

$ (601)

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Prepaid Expenses and Other Current Assets (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 696	$ 1,530	$ 2,869
Prepaid marketing	320	387	2,321
Prepaid software	2,402	2,406	2,762
Other prepaid expenses and other current assets	3,233	1,655	1,010
Total	$ 6,651	$ 5,978	$ 8,962

Leases (FY)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Effective January 1, 2021, the Company adopted ASC 842 - Leases using the modified retrospective transition approach for recording ROU assets and operating lease liabilities for its operating 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 components of lease related costs, net for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Years Ended December 31,
	2023	2022	2021
Operating lease cost	$7,208	$7,537	$9,229
Variable lease cost	1,549	1,525	2,217
Operating lease cost	8,757	9,062	11,446
Short-term lease cost	89	12	88
Total lease cost, net	$8,846	$9,074	$11,534

Net rent expense is included in general and administrative expense in the accompanying consolidated statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company made cash payments of $9.9 million, $9.6 million and $8.2 million respectively, on its operating leases, all of which were included in cash flows from operating activities within the consolidated statements of cash flows.

Sublease rental income is recognized as a reduction to the related lease expense on a straight-line basis over the sublease term. For the years ended December 31, 2023, 2022 and 2021, the Company recorded rent income related

to a sublease of $2.2 million, $1.9 million and $0.2 million, respectively. In 2022, the Company entered into a sublease agreement with an affiliate of the Executive Chair. The sublease commenced on June 1, 2022, and the term is for the remainder of the original lease and will expire on February 28, 2025, or sooner in the event that the original lease is cancelled prior to the expiration date. See Note 17, “Related Party Transactions,” to these consolidated financial statements for additional information.

As of December 31, 2023, future minimum payments for the next five years and thereafter are as follows (in thousands):

			Operating Leases
Years Ending December 31,
2024			$9,405
2025			5,830
2026			5,408
2027			5,570
2028			5,737
Thereafter			13,016
Total			$44,966
Less present value discount			(11,923)
Operating lease liabilities			$33,043

As of December 31, 2023 and 2022, the Company’s operating leases had a weighted average remaining lease term of 6.3 years and 6.8 years and a weighted-average discount rate of 9.8%. The Company’s lease agreements do not provide an implicit rate and as a result, the Company used an estimated incremental borrowing rate, which was derived from third-party information available at the time the Company adopted ASC 842 in determining the present value of future lease payments. The rate used is for a secured borrowing of a similar term as the right of use asset. The fair value was estimated using an income approach based on management’s forecast of future cash flows expected to be derived based on current sublease market rent.

In 2023, the Company recognized a ROU asset impairment charge of $10.9 million and impairment of related leasehold improvements of $1.3 million, driven by updated sublease assumptions for our second headquarter space in Los Angeles, California, pursuant to an operating lease that expires in 2031. In addition, the Company recognized ROU asset impairment charges of $0.6 million and $2.4 million during the years ended December 31, 2022 and 2021, respectively, related to certain ROU assets reducing the carrying values of the lease assets to their estimated fair values based on the discounted cash flows of estimated net rental income for the office spaces subleased. The ROU impairment charges are included in asset impairment charges in the consolidated statements of operations.

Accounts Payable and Accrued Expenses (Q1) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable and other accrued liabilities	$ 8,793	$ 7,323
Accrued employee expenses	7,760	13,859	$ 24,074
Accounts payable and accrued expenses	16,553	21,182	$ 33,635
Accrued bonuses	$ 2,700	$ 7,400

Income Taxes - Summary of Deferred Tax Assets and Liabilities (FY) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Investment in partnership	$ 129,297	$ 133,569
Tax receivable agreement	37,021	37,254
Net operating loss carryovers	15,689	12,453
Tax credit carryovers	4,140	3,679
Other	535	111
Total deferred tax asset	186,682	187,066
Less: valuation allowance	(186,682)	(187,066)
Net deferred tax asset	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Q1) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cost of revenues (exclusive of depreciation and amortization shown separately below)

$ 44,389,000

$ 46,416,000

^[1]

Costs and expenses

2,302,000

3,494,000

^[1]

9,634,000

12,060,000

^[1]

9,229,000

10,934,000

^[1]

16,526,000

20,909,000

^[1]

2,937,000

3,167,000

^[1]

2,937,000

3,167,000

^[2]

40,628,000

50,564,000

^[1]

Operating income (loss)

3,761,000

(4,148,000)

^[1]

Other income (expenses), net

(850,000)

725,000

^[1],[2]

Income (loss) before income taxes

(543,000)

(100,000)

^[1],[2]

Other income (expense)

(400,000)

(446,000)

^[1]

1,968,000

(3,969,000)

^[1]

Provision for income taxes

9,000

^[1]

Net income (loss) attributable to noncontrolling interests

1,959,000

(3,969,000)

^[1],[2]

719,000

(1,494,000)

^[1]

Net income (loss) attributable to WM Technology, Inc.

$ 1,240,000

$ (2,475,000)

^[1]

Weighted average basic shares outstanding - Class A (in shares)

94,704,164

92,323,757

Basic income (loss) per share - Class A (in dollars per share)

$ 0.01

$ (0.03)

^[1]

Diluted income (loss) per share - Class A (in dollars per share)

$ 0.01

$ (0.03)

^[1]

Weighted average basic shares outstanding - Class A (in shares)

94,704,164

92,323,757

^[1]

Weighted average diluted shares outstanding - Class A (in shares)

96,023,352

92,323,757

^[1]

[1]	For the three months ended March 31, 2023, net revenues and general and administrative expenses have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.
[2]	For the three months ended March 31, 2023, provision (benefit) for credit losses and change in accounts receivable have been retrospectively adjusted to reflect the restatement of previously reported revenue and credit losses. See Note 2, “Summary of Significant Accounting Policies,” for further information.

Revenue from Contracts with Customers (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Disaggregated Net Revenues

The following table summarizes the Company’s disaggregated net revenues information (in thousands):

	Three Months Ended March 31,
	2024	2023 As Restated²
Net revenues:
Weedmaps for Business and other SaaS solutions	$13,282	$11,310
Featured and deal listings	28,166	32,280
Subtotal	41,448	43,590
Other ad solutions	2,941	2,826
Total net revenues¹	$44,389	$46,416

1	Net revenues are net of discounts of $0.2 million and $1.1 million, respectively, for three months ended March 31, 2024 and 2023.

2	For the three months ended March 31, 2023, net revenue has been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information.

The following table summarizes the Company’s disaggregated net revenue information (in thousands):

	Years Ended December 31,
	2023	2022	2021
Net revenues:
Featured and deal listings	$126,546	$149,621	$138,480
Weedmaps for Business	46,730	50,662	42,611
Subtotal	173,276	200,283	181,091
Other ad solutions	14,717	15,248	12,055
Total net revenues¹	$187,993	$215,531	$193,146

1	Net revenues are net of discounts of $4.2 million in 2023, $4.5 million in 2022 and $2.6 million in 2021, primary related to the Company’s Teal program. See “Revenue Recognition” of Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements for further discussion.

Income Taxes - Additional Information (FY) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance, deferred tax asset, increase	$ (400)	$ 187,000
Amortization period	15 years
Tax receivable agreement liability	$ 1,800	500
Unrecognized tax benefits	1,024	920	$ 188
Federal
Operating Loss Carryforwards [Line Items]
Loss carry forward		57,800
Federal \| Research
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		3,900
State
Operating Loss Carryforwards [Line Items]
Loss carry forward		51,100
State \| Research \| California
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		$ 1,500
International
Operating Loss Carryforwards [Line Items]
Loss carry forward	$ 100

Earnings Per Share (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended March 31,
	2024	2023
Numerator:
Net income (loss)	$1,959	$(3,969)
Less: net income (loss) attributable to noncontrolling interests	719	(1,494)
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - basic and diluted	$1,240	$(2,475)
Effect of dilutive securities:
Less: fair value change of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—
Net income (loss) attributable to WM Technology, Inc. Class A Common Stock - diluted	$1,240	$(2,475)

	Three Months Ended March 31,
	2024	2023
Denominator:
Weighted average of shares of Class A Common Stock outstanding - basic	94,704,164	92,323,757
Weighted average effect of dilutive securities:
Public warrants¹	—	—
Private warrants¹	—	—
Restricted stock units¹	1,319,188	—
Weighted average of shares of Class A Common Stock outstanding - diluted	96,023,352	92,323,757
Net income (loss) per share of Class A Common Stock - basic	$0.01	$(0.03)
Net income (loss) per share of Class A Common Stock - diluted	$0.01	$(0.03)

¹	Calculated using the treasury stock method.

	Years Ended December 31,
	2023	2022	2021
Numerator:
Net income (loss)	$(15,727)	$(82,651)	$152,218
Less: net income attributable to WMH prior to the Business Combination	—	—	15,078
Less: net income (loss) attributable to noncontrolling interests after the Business Combination	(5,829)	33,338	76,757
Net income (loss) attributable to WM Technology, Inc. - basic	(9,898)	(115,989)	60,383
Effect of dilutive securities:
Change in fair value of Public and Private Placement Warrants, net of amounts attributable to noncontrolling interests	—	—	72,483
Net income (loss) attributable to WM Technology, Inc. - diluted	$(9,898)	$(115,989)	$(12,100)
Denominator:
Weighted average common shares outstanding - basic	93,244,911	85,027,120	65,013,517
Weighted average effect of dilutive securities:
Public warrants¹	—	—	1,153,782
Private warrants¹	—	—	646,118
Weighted average common shares outstanding - diluted	93,244,911	85,027,120	66,813,417
Net income (loss) per share of Class A Common Stock:
Net income (loss) per Class A common share - basic	$(0.11)	$(1.36)	$0.93
Net income (loss) per Class A common share - diluted	$(0.11)	$(1.36)	$(0.18)

¹	Calculated using the treasury stock method.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following securities from its computation of diluted shares outstanding for the periods presented, as their effect would have been anti-dilutive:

	Three Months Ended March 31,
	2024	2023
Class V Units	55,486,361	55,486,361
Class P Units	14,679,507	15,024,862
RSUs	6,495,170	5,909,464
PRSUs	—	859,375
Public Warrants	12,499,973	12,499,973
Private Placement Warrants	7,000,000	7,000,000
Acquisition holdback shares	—	677,847

The Company excluded the following securities from its computation of diluted shares outstanding, as their effect would have been anti-dilutive:

	Years Ended December 31,
	2023	2022	2021
Class V Shares	55,486,361	55,486,361	65,502,347
Class P Units	14,804,507	15,125,429	25,660,529
RSUs outstanding	7,683,598	6,269,868	6,398,707
PRSUs outstanding	234,375	859,375	2,437,500
Public Warrants	12,499,973	12,499,973	—
Private Placement Warrants	7,000,000	7,000,000	—
Acquisition holdback shares	—	677,847	—

Revenue from Contracts with Customers (FY) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Schedule of Disaggregated Net Revenues

The following table summarizes the Company’s disaggregated net revenues information (in thousands):

	Three Months Ended March 31,
	2024	2023 As Restated²
Net revenues:
Weedmaps for Business and other SaaS solutions	$13,282	$11,310
Featured and deal listings	28,166	32,280
Subtotal	41,448	43,590
Other ad solutions	2,941	2,826
Total net revenues¹	$44,389	$46,416

1	Net revenues are net of discounts of $0.2 million and $1.1 million, respectively, for three months ended March 31, 2024 and 2023.

2	For the three months ended March 31, 2023, net revenue has been retrospectively adjusted to reflect the restatement of previously reported 2023 revenue. See Note 2, “Summary of Significant Accounting Policies,” for further information.

The following table summarizes the Company’s disaggregated net revenue information (in thousands):

	Years Ended December 31,
	2023	2022	2021
Net revenues:
Featured and deal listings	$126,546	$149,621	$138,480
Weedmaps for Business	46,730	50,662	42,611
Subtotal	173,276	200,283	181,091
Other ad solutions	14,717	15,248	12,055
Total net revenues¹	$187,993	$215,531	$193,146

1	Net revenues are net of discounts of $4.2 million in 2023, $4.5 million in 2022 and $2.6 million in 2021, primary related to the Company’s Teal program. See “Revenue Recognition” of Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements for further discussion.

Stock-based Compensation (Q1) (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2024

Dec. 31, 2023