Grindr Inc. has recently released its 10-K report, offering a detailed look into its operations and financial performance. The company operates a social network and dating application for the LGBTQ communities worldwide, with a mission to build the Global Gayborhood in Your Pocket™. In 2024, Grindr had 14.2 million Average Monthly Active Users (MAUs) and 1.1 million Average Paying Users, marking an increase from 13.3 million MAUs and 937 thousand Average Paying Users in 2023. The company's revenue for 2024 totaled $344.6 million, representing a significant year-over-year growth of 32.7% compared to 2023.
Grindr generates revenue primarily from direct sources, which accounted for 84.4% of total revenue in 2024. Direct revenue is derived from subscription fees, providing users access to various features. The company's current subscription offerings are Grindr XTRA and Grindr Unlimited. In addition to direct revenue, Grindr also generates indirect revenue, which includes first-party and third-party advertising, representing 15.6% of total revenue in 2024.
The company's core markets are currently North America and Europe, from which together it derived 84.7% of its total revenues in 2024. Grindr aims to expand its user base and revenues by introducing new and innovative products and services globally.
Grindr's operating and financial metrics for the years ended December 31, 2024, and 2023, include key figures such as Average Paying Users, Average MAUs, Average Paying User Penetration, Average Direct Revenue per Average Paying User (ARPPU), and Average Total Revenue per User (ARPU). The company's net loss in 2024 was $131.0 million, compared to $55.8 million in 2023, with an Adjusted EBITDA of $147.3 million and $110.2 million, respectively.
In response to labor matters, the Communications Workers of America AFL-CIO filed an election petition seeking to hold a representation election for certain classifications of Grindr's employees. The company also underwent a reorganization of its Engineering, Product, and Design teams in September 2024.
In January 2025, Grindr provided notice to the registered holders of its outstanding warrants for redemption at a price of $0.10 per warrant, resulting in the exercise of warrants and the delisting of the warrants by the NYSE. Additionally, the company's Board of Directors authorized a stock repurchase program to allow for the repurchase of up to $500 million of shares of its common stock for the period from March 7, 2025, to March 6, 2027.
The market has reacted to these announcements by moving the company's shares -3.6% to a price of $15.14. For the full picture, make sure to review Grindr's 10-K report.
