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Grindr Inc. (GRND-1.01%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a total revenue increase to $344.6 million from $259.7 million in the previous year. This growth was driven by increases in both direct and indirect revenue streams.
Direct revenue, which includes subscription and premium add-on revenue, rose to $290.9 million, reflecting a 29.1% increase. This was attributed to higher Average Paying Users and an increase in Average Revenue Per Paying User.
Indirect revenue, primarily from advertising, increased by 56.1% to $53.7 million. The growth was driven by higher demand for advertising space on the Grindr platform.
Cost of revenue increased to $87.6 million, mainly due to higher distribution fees paid to mobile app stores and increased infrastructure costs.
Selling, general, and administrative expenses rose to $114.7 million, reflecting higher personnel-related expenses and increased marketing costs.
Product development expenses increased by 11.9% to $32.8 million, primarily due to higher contractor fees and stock-based compensation expenses.
Depreciation and amortization expenses decreased by 37.4% to $16.9 million, mainly due to the full amortization of certain technology intangibles.
The company reported a net loss of $131.0 million, compared to a net loss of $55.8 million in the previous year, largely due to a significant increase in the loss in fair value of warrant liability.
Grindr's cash and cash equivalents were $59.2 million as of December 31, 2024. The company believes its cash resources and cash flows from operations will be sufficient to meet its working capital and capital expenditure needs for the next twelve months.
Grindr continues to focus on expanding its user base and enhancing its platform, with a significant emphasis on developing new products and increasing monetization through premium features and advertising.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Grindr Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.