Grindr recently released its latest 10-Q report. The company operates the Grindr platform, a social networking and dating app aimed primarily at gay, bisexual, transgender, and queer adults worldwide. It offers a free, ad-supported service and paid subscription products, and it is headquartered in West Hollywood, California.
In Item 2, management said the company’s business model relies on two revenue streams: app-based revenue from subscriptions and consumables, and advertising revenue from first-party and third-party placements. App-based revenue accounted for 82.1% of total revenue in the three months ended March 31, 2026, down from 85.2% a year earlier, while advertising rose to 17.9% from 14.8%.
Grindr reported revenue of $129.9 million for the quarter ended March 31, 2026, up 38.3% from $93.9 million in the same period of 2025. Net income was $26.8 million, down slightly from $27.0 million, while adjusted EBITDA increased 43.7% to $58.5 million from $40.7 million.
Average Paying Users rose to 1.385 million from 1.168 million, an 18.6% increase. Average app-based revenue per paying user increased to $25.63 from $22.86. Net cash provided by operating activities was $33.5 million, compared with $23.8 million a year earlier, and free cash flow was $31.9 million versus $23.2 million.
Management also highlighted the February 2025 warrant redemption. Grindr said 27,315,105 warrants were exercised for cash at $11.50 per share, generating $314.1 million in proceeds, while 9,469,634 warrants were exercised on a cashless basis for 3,418,518 shares. The company redeemed the remaining 575,086 warrants for $0.10 each, paying out about $0.1 million, and the public warrants were delisted from the New York Stock Exchange on February 24, 2025.
On labor matters, Grindr said the Communications Workers of America filed an election petition in July 2023 and later unfair labor practice charges with the National Labor Relations Board. The NLRB issued a complaint on November 1, 2024, and a hearing began in May 2025 and concluded in May 2026, with the company noting that the complaint is only the first step in the administrative process. Following these announcements, the company's shares moved 9.12%, and are now trading at a price of $15.07. Check out the company's full 10-Q submission here.
