Grindr Inc. has recently released its 10-Q report for the period ending March 31, 2024, providing insights into its financial performance and operations. Grindr, headquartered in West Hollywood, California, operates a social network and dating application catering to the LGBTQ community worldwide. The platform, which includes a mobile application and web-browser-based application, offers both ad-supported services and a premium subscription version.
The company reported 13.7 million Average Monthly Active Users (MAUs) and 1,011 thousand Average Paying Users for the three months ended March 31, 2024, indicating growth from the previous year. Grindr's revenue for the same period was $75.3 million, representing a 34.9% increase over the same period in 2023. The platform also witnessed an increase in user engagement, with an average of over 367.2 million daily messages sent in the first quarter of 2024.
Grindr's revenue streams consist of Direct Revenue, primarily from user subscriptions and premium add-ons, which accounted for 85.4% of total revenue, and Indirect Revenue, generated from advertising, which accounted for 14.6% of total revenue in the first quarter of 2024. The company's core markets are currently North America and Europe, from which it derived 84.4% and 85.0% of its total revenues for the same period.
In terms of financial performance, Grindr reported a net loss of $9.4 million for the first quarter of 2024, marking a significant improvement from the net loss of $32.9 million in the same period in 2023. The company's Adjusted EBITDA, a non-GAAP measure used to assess core operating performance, was $31.6 million for the first quarter of 2024, representing an increase of 43.6% compared to the same period in 2023.
Grindr also provided insights into its business combination with Tiga Acquisition Corp., which was completed on November 18, 2022, and the subsequent impact on its financial reporting. The company highlighted its efforts to comply with public company regulatory requirements and its classification as an Emerging Growth Company, as defined under the Jumpstart Our Business Act.
The report also detailed Grindr's revenue generation, operating metrics, and non-GAAP profitability measures, including Average Paying Users, Average Revenue per Paying User (ARPPU), Average Monthly Active Users, and Average Revenue per User (ARPU).
As a result of these announcements, the company's shares have moved -4.2% on the market, and are now trading at a price of $10.14. For the full picture, make sure to review Grindr's 10-Q report.
