WM Technology appoints Baker Tilly as new auditor

WM Technology, Inc. (MAPS), a company specializing in prepackaged software services with a market capitalization of $186 million and strong financial health according to InvestingPro analysis, announced a change in its independent registered public accounting firm. On Monday, the company was informed of the merger between Moss Adams LLP, its previous accounting firm, and Baker Tilly US, LLP, effective June 3, 2025. Following the merger, Moss Adams resigned as the company’s auditors, and the Audit Committee of WM Technology’s Board of Directors approved the appointment of Baker Tilly as its new independent registered public accounting firm.

The reports from Moss Adams on the company’s consolidated financial statements for the years ending December 31, 2024, and 2023 included an unqualified opinion on the consolidated financial statements, but an adverse opinion on the effectiveness of internal control over financial reporting due to material weaknesses. The company had previously disclosed these material weaknesses in its annual reports. Despite these challenges, InvestingPro data shows the company maintains strong liquidity with a current ratio of 2.24 and has generated positive earnings of $0.08 per share over the last twelve months. For deeper insights into WM Technology’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

There were no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure between WM Technology and Moss Adams that would have required reporting in the auditor’s reports. Additionally, during the periods in question, the company did not consult with Baker Tilly on any matters that would require disclosure under SEC regulations.

Moss Adams did not seek WM Technology’s consent for its resignation, and the company’s Board of Directors or Audit Committee did not recommend or approve this decision. WM Technology has provided Moss Adams with a copy of the current report prior to its filing with the Securities and Exchange Commission (SEC) and requested a letter from Moss Adams stating whether it agrees with the statements made in the report. The letter from Moss Adams, dated June 5, 2025, is included as an exhibit to the Form 8-K filing.

This corporate update is based on the information contained in WM Technology’s recent SEC filing. The company’s stock has shown recent momentum with an 8.82% return over the past week, and according to InvestingPro’s Fair Value analysis, the stock currently appears undervalued. InvestingPro subscribers have access to additional insights, including 7 more ProTips and comprehensive valuation metrics for MAPS.

In other recent news, WM Technology Inc (NASDAQ:MAPS). reported its Q1 2025 earnings, revealing an earnings per share (EPS) of $0.02, which fell short of the anticipated $0.04. The company also reported revenue of $44.61 million, slightly below the expected $44.65 million. Despite these misses, the company experienced a 1% year-over-year revenue increase and improved cash flow, maintaining a lean cost structure and focusing on return-on-investment-driven initiatives. Notably, WM Technology has no outstanding debt, supporting its financial stability. The company’s net income rose to $2.5 million from $2.0 million in the previous year, and its adjusted EBITDA reached $10.1 million. Analysts from several firms continue to monitor the company’s strategic focus on data infrastructure and AI capabilities. Looking ahead, WM Technology projects Q2 2025 revenue of $45 million and a non-GAAP adjusted EBITDA of $8 million. The company remains hopeful for changes in federal cannabis regulations, which could impact its future operations.

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