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Side-by-side financial comparison of WM TECHNOLOGY, INC. (MAPS) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
WM TECHNOLOGY, INC. is the larger business by last-quarter revenue ($43.1M vs $28.1M, roughly 1.5× ARS Pharmaceuticals, Inc.). WM TECHNOLOGY, INC. runs the higher net margin — -8.3% vs -147.1%, a 138.8% gap on every dollar of revenue. On growth, WM TECHNOLOGY, INC. posted the faster year-over-year revenue change (-9.7% vs -67.6%).
WM Entertainment is a South Korean entertainment company established in 2008 by former singer Lee Won-min. The company is responsible for managing artist Oh My Girl. On April 7, 2021, the company was acquired by RBW.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
MAPS vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.1M | $28.1M |
| Net Profit | $-3.6M | $-41.3M |
| Gross Margin | 94.9% | — |
| Operating Margin | -13.5% | -147.6% |
| Net Margin | -8.3% | -147.1% |
| Revenue YoY | -9.7% | -67.6% |
| Net Profit YoY | -251.9% | -182.8% |
| EPS (diluted) | — | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.1M | $28.1M | ||
| Q3 25 | $42.2M | $32.5M | ||
| Q2 25 | $44.8M | $15.7M | ||
| Q1 25 | $44.6M | $8.0M | ||
| Q4 24 | $47.7M | $86.6M | ||
| Q3 24 | $46.6M | $2.1M | ||
| Q2 24 | $45.9M | $500.0K | ||
| Q1 24 | $44.4M | $0 |
| Q4 25 | $-3.6M | $-41.3M | ||
| Q3 25 | $2.5M | $-51.2M | ||
| Q2 25 | $1.4M | $-44.9M | ||
| Q1 25 | $1.6M | $-33.9M | ||
| Q4 24 | $2.4M | $49.9M | ||
| Q3 24 | $3.3M | $-19.1M | ||
| Q2 24 | $716.0K | $-12.5M | ||
| Q1 24 | $1.2M | $-10.3M |
| Q4 25 | 94.9% | — | ||
| Q3 25 | 95.0% | — | ||
| Q2 25 | 94.9% | — | ||
| Q1 25 | 95.0% | — | ||
| Q4 24 | 95.2% | — | ||
| Q3 24 | 95.3% | — | ||
| Q2 24 | 95.1% | — | ||
| Q1 24 | 94.8% | — |
| Q4 25 | -13.5% | -147.6% | ||
| Q3 25 | 4.6% | -163.7% | ||
| Q2 25 | 4.4% | -302.9% | ||
| Q1 25 | 5.9% | -466.3% | ||
| Q4 24 | 9.6% | 54.5% | ||
| Q3 24 | 11.2% | -1051.6% | ||
| Q2 24 | 2.7% | -3068.0% | ||
| Q1 24 | 8.5% | — |
| Q4 25 | -8.3% | -147.1% | ||
| Q3 25 | 5.8% | -157.4% | ||
| Q2 25 | 3.2% | -285.6% | ||
| Q1 25 | 3.7% | -425.7% | ||
| Q4 24 | 4.9% | 57.7% | ||
| Q3 24 | 7.2% | -925.0% | ||
| Q2 24 | 1.6% | -2503.2% | ||
| Q1 24 | 2.8% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | $0.02 | $-0.35 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $-0.20 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | $0.01 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $62.4M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $57.2M | $114.3M |
| Total Assets | $190.7M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $62.4M | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | — | $275.7M | ||
| Q4 24 | $52.0M | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $57.2M | $114.3M | ||
| Q3 25 | $56.9M | $147.7M | ||
| Q2 25 | $52.7M | $192.3M | ||
| Q1 25 | $48.5M | $229.0M | ||
| Q4 24 | $36.1M | $256.8M | ||
| Q3 24 | $29.5M | $201.0M | ||
| Q2 24 | $24.5M | $215.2M | ||
| Q1 24 | $20.8M | $223.9M |
| Q4 25 | $190.7M | $327.7M | ||
| Q3 25 | $192.9M | $372.8M | ||
| Q2 25 | $188.1M | $313.5M | ||
| Q1 25 | $183.8M | $327.3M | ||
| Q4 24 | $181.9M | $351.2M | ||
| Q3 24 | $173.6M | $217.6M | ||
| Q2 24 | $168.0M | $222.0M | ||
| Q1 24 | $165.8M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0M | $-43.5M |
| Free Cash FlowOCF − Capex | $-280.0K | — |
| FCF MarginFCF / Revenue | -0.7% | — |
| Capex IntensityCapex / Revenue | 7.7% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $13.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0M | $-43.5M | ||
| Q3 25 | $6.4M | $-47.0M | ||
| Q2 25 | $11.1M | $-39.6M | ||
| Q1 25 | $5.7M | $-40.7M | ||
| Q4 24 | $9.4M | $42.0M | ||
| Q3 24 | $7.2M | $-14.5M | ||
| Q2 24 | $12.7M | $-7.3M | ||
| Q1 24 | $7.4M | $-6.7M |
| Q4 25 | $-280.0K | — | ||
| Q3 25 | $3.6M | $-47.2M | ||
| Q2 25 | $8.2M | $-39.6M | ||
| Q1 25 | $2.0M | $-40.8M | ||
| Q4 24 | $7.3M | $41.7M | ||
| Q3 24 | $4.9M | $-14.6M | ||
| Q2 24 | $10.1M | $-7.3M | ||
| Q1 24 | $2.9M | $-6.8M |
| Q4 25 | -0.7% | — | ||
| Q3 25 | 8.4% | -145.4% | ||
| Q2 25 | 18.3% | -252.2% | ||
| Q1 25 | 4.5% | -512.1% | ||
| Q4 24 | 15.2% | 48.2% | ||
| Q3 24 | 10.4% | -706.3% | ||
| Q2 24 | 21.9% | -1463.4% | ||
| Q1 24 | 6.4% | — |
| Q4 25 | 7.7% | 0.0% | ||
| Q3 25 | 6.8% | 0.6% | ||
| Q2 25 | 6.3% | 0.3% | ||
| Q1 25 | 8.2% | 1.1% | ||
| Q4 24 | 4.5% | 0.3% | ||
| Q3 24 | 5.1% | 6.8% | ||
| Q2 24 | 5.7% | 7.6% | ||
| Q1 24 | 10.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.61× | — | ||
| Q2 25 | 7.75× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 4.00× | 0.84× | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 17.67× | — | ||
| Q1 24 | 5.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MAPS
| Services | $39.5M | 92% |
| Other | $3.6M | 8% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
