WM Technology Inc-A 2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedMarch31, 2025 ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ____to ____Commission file number001-39021 Delaware(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrantwas required to submit and post such files).Yes☒No☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging Exchange Act:Large accelerated filer☐Accelerated filer☒ Non-accelerated filer☐Smaller reporting company☒Emerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).As of May1, 2025, there were105,053,766shares of the registrant’s Class A common stock outstanding and49,319,542shares of Class V common stock outstanding. TABLE OF CONTENTS Condensed ConsolidatedFinancial Statements(Unaudited) Condensed Consolidated Balance Sheets as of March31, 2025 and December31, 2024Condensed Consolidated Statements of Operations for the Three Months Ended March31, 2025 and 2024 Notes to Condensed Consolidated Financial StatementsManagement's Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market RiskControls and Procedures Part II - Other InformationLegal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresOther InformationExhibitsSignatures This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of1933, as amended, (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical factscontained in this report, including statements regarding our future results of operations and financial condition, business strategy and “plan,” “potentially,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. Theseforward-looking statements include, but are not limited to, statements concerning the following: •our financial and business performance, including key business metrics and any underlying assumptions thereunder;•our market opportunity and our ability to acquire new clients and retain existing clients;•our expectations and timing related to commercial product launches;•the success of our go-to-market strategy;•our ability to scale our business and expand our offerings;•our competitive advantages and growth strategies;•our future capital requirements and sources and uses of cash;•our ability to obtain funding for our future operations; timing we anticipate, or at all;•our ability to maintain our listing on the Nasdaq Stock Market LLC (“Nasdaq”); proceedings and regulatory inquiries;•the outcome of any known and unknown litigation and regulatory proceedings; •changes in domestic and foreign business, market, financial, political and legal conditions; the effect of macroeconomic conditions, including, but not limited to inflation, tariffs, public health crises, uncertain creditand global financial markets, past and potential future disruptions in access to bank deposits or lending commitments due tobank failures; current and potential future geopolitical events, including the military conflicts between Russia and Ukraine •future global, regional or local economic and market conditions affecting the cannabis industry;•the development, effects and enforcement of and changes to laws and regulations, including with respect to the cannabis andhemp industries; •our ability to successfully capitalize on new and existing cannabis markets, including our ability to successfully monetize oursolutions in those markets; •our ability to manage future growth;•our ability to effectively anticipate and address changes in the end-user market in the cannabis industry; •our ability to develop new products and solutions, bring them to market in a timely manner and make enhancements to ourplatform and our ability to maintain and grow our two-sided marketplace, including our ability to acquire and retain payingclients; •the effects of competition on our future business;•our success in retaining or recru