On this page of StockholderLetter.com we present the 4/27/2023 shareholder letter from WM TECHNOLOGY, INC. — ticker symbol MAPS. Reading current and past MAPS letters to shareholders can bring important insights into the investment thesis.

,2C9:>8D?>           
1111111111111111111111111111111111111111111111111111111111111111111111111111111

1111111111111111111111111111111111111111111111111111111111111111111111111111111

 ##* ! ' %$') %*'(* #) )$ (  ) $#   $'    5  $  )   (  *' )  (  -   #     ) $      
 ?B D96 7:C42< I62B 6>565  646=36B 




 $'    5  $  )   (  *' )  (  -   #     ) $      
 ?B D96 DB2>C:D:?> @6B:?5 7B?= 1111 D? 1111
 ?==:CC:?> 7:<6 >E=36B     
1111111111111111111111111111111111111111111111111111111111111111111111111111111

  H24D >2=6 ?7 B68:CDB2>D 2C C@64:7:65 :> :DC 492BD6B 
1111111111111111111111111111111111111111111111111111111111111111111111111111111
 6<2G2B6
 -K8K< FI FK?<I ALI@J;@:K@FE F= @E:FIGFI8K@FE FI FI>8E@Q8K@FE

 # , -   DGCFP<I #;<EK@=@:8K@FE (F
    :C4?F6BI
 BF:>6   2<:7?B>:2
  ;;I<JJ F= *I@E:@G8C  O<:LK@M< )==@:<J

 4@G  F;<

 ,<>@JKI8EKXJ K<C<G?FE< ELD9<I  @E:CL;@E> 8I<8 :F;<
(64EB:D:6C B68:CD6B65 @EBCE2>D D? (64D:?>   3  ?7 D96  4D 
):D<6 ?7 6249 4<2CC
 C8JJ    FDDFE -KF:B          G8I M8CL< G<I J?8I<
)B25:>8 CI=3?< C 

#2=6 ?7 6249 6H492>86 ?> G9:49 B68:CD6B65
.?< (8J;8H !CF98C -<C<:K '8IB<K
18II8EKJ  <8:? N?FC< N8II8EK <O<I:@J89C< =FI FE< J?8I< F=  C8JJ   
 FDDFE -KF:B 8K 8E <O<I:@J< GI@:< F=        G<I J?8I<
' *-1
.?< (8J;8H !CF98C -<C<:K '8IB<K
(64EB:D:6C B68:CD6B65 @EBCE2>D D? (64D:?>   8  ?7 D96  4D  #?>6
#E;@:8K< 9P :?<:B D8IB @= K?< I<>@JKI8EK @J 8 N<CC BEFNE J<8JFE<; @JJL<I  8J ;<=@E<; @E ,LC<     F= K?< -<:LI@K@<J  :K  3<J   (F  
#E;@:8K< 9P :?<:B D8IB @= K?< I<>@JKI8EK @J EFK I<HL@I<; KF =@C< I<GFIKJ GLIJL8EK KF -<:K@FE    FI -<:K@FE    ;  F= K?<  :K  3<J   (F  
#E;@:8K< 9P :?<:B D8IB N?<K?<I K?< I<>@JKI8EK      ?8J =@C<; 8CC I<GFIKJ I<HL@I<; KF 9< =@C<; 9P -<:K@FE    FI    ;  F= K?< -<:LI@K@<J  O:?8E><  :K F=      ;LI@E> 
K?< GI<:<;@E>    DFEK?J  FI =FI JL:? J?FIK<I G<I@F; K?8K K?< I<>@JKI8EK N8J I<HL@I<; KF =@C< JL:? I<GFIKJ   8E;     ?8J 9<<E JL9A<:K KF JL:? =@C@E> I<HL@I<D<EKJ =FI 
K?< G8JK    ;8PJ     3<J       (F   
#E;@:8K<  9P  :?<:B  D8IB  N?<K?<I  K?<  I<>@JKI8EK  ?8J  JL9D@KK<;  <C<:KIFE@:8CCP  <M<IP  #EK<I8:K@M<   8K8  @C<  I<HL@I<;  KF  9<  JL9D@KK<;  GLIJL8EK  KF  ,LC<       F= 
,<>LC8K@FE - .  R        F= K?@J :?8GK<I  ;LI@E> K?< GI<:<;@E>    DFEK?J  FI =FI JL:? J?FIK<I G<I@F; K?8K K?< I<>@JKI8EK N8J I<HL@I<; KF JL9D@K 8E; GFJK JL:? 
=@C<J      3<J       (F   
#E;@:8K<  9P  :?<:B  D8IB  N?<K?<I  K?<  I<>@JKI8EK  @J  8  C8I><  8::<C<I8K<;  =@C<I   8E  8::<C<I8K<;  =@C<I   8  EFE 8::<C<I8K<;  =@C<I   8  JD8CC<I  I<GFIK@E>  :FDG8EP   FI  8E 
<D<I>@E> >IFNK? :FDG8EP  -<< K?< ;<=@E@K@FEJ F= VC8I>< 8::<C<I8K<; =@C<I W V8::<C<I8K<; =@C<I W  VJD8CC<I I<GFIK@E> :FDG8EPW 8E; V<D<I>@E> >IFNK? :FDG8EPW 
@E ,LC<   9   F= K?<  O:?8E><  :K 
&8I>< 8::<C<I8K<; =@C<I

 ::<C<I8K<; =@C<I

(FE 8::<C<I8K<; =@C<I

-D8CC<I I<GFIK@E> :FDG8EP

 D<I>@E> >IFNK? :FDG8EP

#= 8E <D<I>@E> >IFNK? :FDG8EP  @E;@:8K< 9P :?<:B D8IB @= K?< I<>@JKI8EK ?8J <C<:K<; EFK KF LJ< K?< <OK<E;<; KI8EJ@K@FE G<I@F; =FI :FDGCP@E> N@K? 8EP E<N FI 
I<M@J<; =@E8E:@8C 8::FLEK@E> JK8E;8I;J GIFM@;<; GLIJL8EK KF -<:K@FE    8  F= K?<  O:?8E><  :K
 • shareholder letter icon 4/27/2023 Letter Continued (Full PDF)
 • stockholder letter icon 6/10/2024 MAPS Stockholder Letter
 • Benford's Law Stocks icon MAPS Benford's Law Stock Score = 35


MAPS 4/27/2023 Shareholder/Stockholder Letter Transcript:


,2C9:>8D?>           
1111111111111111111111111111111111111111111111111111111111111111111111111111111

1111111111111111111111111111111111111111111111111111111111111111111111111111111

 ##* ! ' %$') %*'(* #) )$ (  ) $#   $'    5  $  )   (  *' )  (  -   #     ) $      
 ?B D96 7:C42< I62B 6>565  646=36B 




 $'    5  $  )   (  *' )  (  -   #     ) $      
 ?B D96 DB2>C:D:?> @6B:?5 7B?= 1111 D? 1111
 ?==:CC:?> 7:<6 >E=36B     
1111111111111111111111111111111111111111111111111111111111111111111111111111111

  H24D >2=6 ?7 B68:CDB2>D 2C C@64:7:65 :> :DC 492BD6B 
1111111111111111111111111111111111111111111111111111111111111111111111111111111
 6<2G2B6
 -K8K< FI FK?8E@Q8K@FE

 # , -   DGCFP6   2<:7?B>:2
  ;;I@JKI8EKXJ K 8I<8 :F;<
(64EB:D:6C B68:CD6B65 @EBCE2>D D? (64D:?>   3  ?7 D96  4D 
):D<6 ?7 6249 4<2CC
 C8JJ    FDDFE -KF:B          G8I M8CL< G8 CI=3?< C 

#2=6 ?7 6249 6H492>86 ?> G9:49 B68:CD6B65
.?< (8J;8H !CF98C -D D? (64D:?>   8  ?7 D96  4D  #?>6
#E;@:8K< 9P :?<:B D8IB @= K?< I<>@JKI8EK @J 8 N@JKI8EK @J EFK I@JKI8EK      ?8J =@C<; 8CC I<  :K F=      ;LI@E> 
K?< GI<:<;@E>    DFEK?J  FI =FI JL:? J?FIK@JKI8EK N8J I I@JKI8EK  ?8J  JL9D@KK<;  LC8K@FE - .  R        F= K?@J :?8GK K?< GI<:<;@E>    DFEK?J  FI =FI JL:? J?FIK@JKI8EK N8J I@JKI8EK  @J  8  C8I><  8::  :FDG8EP   FI  8E 
@E> >IFNK? :FDG8EP  -<< K?< ;<=@E@K@FEJ F= VC8I>< 8:: :FDG8EPW 8E; V@E> >IFNK? :FDG8EPW 
@E ,LC<   9   F= K?<  O:?8E><  :K 
&8I>< 8:: :FDG8EP

 D@E> >IFNK? :FDG8EP

#= 8E @E> >IFNK? :FDG8EP  @E;@:8K< 9P :?<:B D8IB @= K?< I<>@JKI8EK ?8J  N@K? 8EP E JK8E;8I;J GIFM@;<; GLIJL8EK KF -<:K@FE    8  F= K?<  O:?8E><  :K    



shareholder letter icon 4/27/2023 Letter Continued (Full PDF)
 

MAPS Stockholder/Shareholder Letter (WM TECHNOLOGY, INC.) 4/27/2023 | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.