Earnings Per Share

6 Months Ended

Jun. 30, 2025

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 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 and six months ending June 30, 2025 and 2024 (amounts in thousands, except for share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net income	$	2,159	$	1,194	$	4,653	$	3,153

Less: net income attributable to noncontrolling interests	732		478		1,579		1,197



Net income attributable to WM Technology, Inc. Class A Common Stock – basic and diluted	$	1,427	$	716	$	3,074	$	1,956
Denominator:
Weighted average of shares of Class A Common Stock outstanding – basic	105,744,266		95,342,596		104,897,467		95,023,380
Weighted average effect of dilutive securities:



Restricted stock units1	2,178,088		1,916,690		2,449,646		1,614,946
Performance-based restricted stock units	—		16,414		—		8,847
Weighted average of shares of Class A Common Stock outstanding – diluted	107,922,354		97,275,700		107,347,113		96,647,173

Net income per share of Class A Common Stock:
Net income per share of Class A Common Stock – basic	$	0.01	$	0.01	$	0.03	$	0.02
Net income per share of Class A Common Stock – diluted	$	0.01	$	0.01	$	0.03	$	0.02

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 June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Class V Shares	49,319,542	55,486,361	49,319,542	55,486,361
Class P Units	13,803,732	14,679,507	13,803,732	14,679,507
RSUs outstanding	4,719,666	4,505,650	4,625,717	4,505,650
PRSUs outstanding	4,342,391	—	4,342,391	—
Public Warrants	12,499,973	12,499,973	12,499,973	12,499,973
Private Placement Warrants	7,000,000	7,000,000	7,000,000	7,000,000