Grindr Inc. reported significant financial growth in its latest 10-K filing, with total revenue reaching $344.6 million for the year ended December 31, 2024, a 32.7% increase from $259.7 million in 2023. The company attributed this growth to a rise in both direct and indirect revenue streams, with direct revenue from subscriptions and premium features accounting for $290.9 million, up from $225.3 million the previous year. The number of Average Paying Users also increased by 14.8%, reaching 1.1 million, while Average Monthly Active Users rose to 14.2 million, reflecting a 7.4% growth.
Despite the revenue increase, Grindr reported a net loss of $131 million for 2024, compared to a loss of $55.8 million in 2023. This increase in net loss was primarily driven by a significant rise in the loss in fair value of warrant liability, which amounted to $184.6 million, alongside higher operating expenses. The Adjusted EBITDA for the year was $147.3 million, representing a 33.7% increase from $110.2 million in the prior year, with an Adjusted EBITDA margin of 42.7%.
Operationally, Grindr has made strides in expanding its user base and enhancing its platform. The company operates in over 190 countries and territories, with North America and Europe contributing 84.7% of total revenue. Grindr's engagement metrics showed that users sent an average of 401.1 million messages daily in 2024, up from 332.2 million in 2023. The company has also focused on product innovation, launching features such as "Right Now" for immediate connections and "Roam," which allows users to connect ahead of travel.
Looking ahead, Grindr plans to continue its growth strategy by enhancing its product offerings and expanding into new markets. The company has authorized a stock repurchase program of up to $500 million, which it believes will enhance shareholder value. Additionally, Grindr is exploring new lines of business, including health and wellness services, which may expose it to regulatory scrutiny but also present new revenue opportunities. The company remains committed to leveraging its unique brand to deepen market penetration and address the evolving needs of the LGBTQ community.
About Grindr Inc.
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