Grindr Inc. Delivers 33% Full Year 2024 Revenue Growth

Guidance of 24% or Greater Revenue Growth and 41%+ Adjusted EBITDA Margin in 2025

Announces $500 Million Common Stock Repurchase Program

LOS ANGELES--(BUSINESS WIRE)--March 05, 2025-- 

Grindr Inc. $(GRND)$ ("Grindr" or the "Company"), the Global Gayborhood in Your Pocket$(TM)$ , today posted its financial results for the fourth quarter and fiscal year ended December 31, 2024 in a Letter to Shareholders. The Letter to Shareholders can be accessed on Grindr's Investor Relations website: https://investors.grindr.com/.

The Company also announced that its board of directors has authorized a two-year share repurchase program of up to $500 million of Grindr's common stock. Under the program, the Company may make repurchases, from time to time, through open market purchases, block trades, in privately negotiated transactions, accelerated stock repurchase transactions, or by other means until March 2027.

"2024 was a landmark year for Grindr. In addition to delivering financial performance significantly above our initial expectations, we set our vision for building the Global Gayborhood, began to execute on an ambitious long-term product roadmap, strengthened our team, and significantly enhanced the functionality and performance of our app for our community," said George Arison, CEO of Grindr. "With our 2025 guidance, we will continue to deliver another strong growth year. The foundation we've built in a short amount of time leaves me truly inspired about what Grindr can accomplish and tremendously enthusiastic about our long-term potential. This is underscored by the $500 million share repurchase program we are announcing today."

On January 23, 2025, the Company announced that it would redeem all of its public and private warrants that remain unexercised as of 5:00 p.m., New York City time on February 24, 2025 (the "Redemption Date"), at a redemption price of $0.10 per warrant. Of the 37,359,825 warrants that were outstanding as of January 23, 2025, (i) an aggregate of 9,469,634 warrants were exercised on a cashless basis in exchange for the issuance of 3,418,518 shares of common stock; and (ii) 27,315,105 warrants were exercised for an aggregate of 27,315,105 shares of common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to the Company of $314.1 million. A total of 575,086 warrants remained unexercised as of the Redemption Date, and the Company redeemed those warrants for an aggregate redemption price of $0.1 million. Following the Redemption Date, the Company had no warrants outstanding. In connection with the redemption, the public warrants listed on the New York Stock Exchange ("NYSE") under the ticker symbol "GRND.WS" ceased trading on the NYSE as of the close of trading on February 21, 2025, which was the last trading day prior to the Redemption Date, and were subsequently delisted. Shares of the Company's common stock continue to trade on NYSE under the symbol "GRND".

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Grindr, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

Earnings Webcast Information

Grindr will host a live webcast today at 2:00 p.m. Pacific Time to discuss the Company's fourth quarter and fiscal year 2024 financial results. The webcast of the conference call can be accessed as follows:

Event: Grindr Fourth Quarter and Fiscal Year 2024 Earnings Conference Call

Date: Wednesday, March 5, 2025

Time: 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)

Live Webcast Site: https://investors.grindr.com/

An archived webcast of the conference call will also be accessible on Grindr's Investor Relations page, https://investors.grindr.com/.

Forward Looking Statements

Some of the statements contained in this press release constitute forward-looking statements within the meaning of the federal securities laws, including our guidance for 2025. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These forward-looking statements include statements regarding our intentions, beliefs, current expectations or projections concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which we operate. In some cases, you can identify these forward-looking statements by the use of terminology such as "anticipates," "approximately," "believes," "continues," "could," "estimates," "expects," "goal," "intends," "may," "outlook," "plans," "potential," "predicts," "projects," "seeks," "should," "upcoming," "will" or the negative version of these words or other comparable words or phrases.

The forward-looking statements contained in this press release reflect our current views about our business and future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ materially from those expressed in any forward-looking statement. There are no guarantees that any transactions or events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth in or contemplated by the forward-looking statements:

   -- our ability to retain existing users and add new users; 
   -- the impact of the regulatory environment and complexities with compliance 
      related to such environment, including maintaining compliance with 
      privacy, data protection, and online safety laws and regulations and laws 
      that will apply to any new products or services we introduce in the 
      health and wellness sector; 
   -- our ability to address privacy concerns and protect systems and 
      infrastructure from cyber-attacks and prevent unauthorized data access; 
   -- our ability to identify and consummate strategic transactions including 
      strategic partnerships, acquisitions, or investments in complementary 
      products, services, or technologies, including outside of our core 
      product; and our ability to realize the intended benefit of such 
      transactions; 
   -- our success in retaining or recruiting directors, officers, key employees, 
      or other key personnel, and our success in managing any changes in such 
      roles, and the strength of the Company's team; 
   -- our ability to respond to general economic conditions; 
   -- competition in the dating and social networking products and services 
      industry, and the performance and functionality of our app; 
   -- our ability to adapt to changes in technology and user preferences in a 
      timely and cost-effective manner; 
   -- our ability to successfully adopt generative artificial intelligence 
      ("AI") and machine learning ("ML") processes and algorithms into our 
      daily operations, including by deploying generative AI and ML into our 
      products and services; 
   -- our dependence on the integrity of third-party systems and 
      infrastructure; 
   -- our ability to protect our intellectual property rights from unauthorized 
      use by third parties; 
   -- whether the concentration of our stock ownership and voting power limits 
      our stockholders' ability to influence corporate matters; 
   -- the timing, price and quality of repurchases of shares of our common 
      stock under our stock repurchase program, and our ability to fund any 
      such repurchases; 
   -- our expectations for strong growth in the upcoming year and long-term 
      prospects and potential; and 
   -- the effects of macroeconomic and geopolitical events on our business, 
      such as health epidemics, pandemics, natural disasters, and wars or other 
      regional conflicts. 

In addition, statements that "Grindr believes" or "we believe" and similar statements reflect our beliefs and opinions on the relevant subjects as of the date of any such statement. These statements are based upon information available to us as of the date they are made, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Except to the extent required by applicable law, we are under no obligation (and expressly disclaim any such obligation) to update or revise our forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of these and other factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled "Risk Factors" included under Part I, Item 1A in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in annual reports on Form 10-K we file thereafter, and quarterly reports on Form 10-Q that we file with the Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and you should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements).

Non-GAAP Financial Measures

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