Slide 1: Q1 2025 Shareholder Letter
Q1 2025 Shareholder Letter MAY 8, 2025
Slide 2: Dear Grindr Shareholders
Dear Grindr Shareholders, 2025 is off to a fantastic start. Early results from several initiatives in testing are already delivering outsized performance, allowing us to raise full-year guidance to 26% or greater revenue growth and at least 43% Adjusted EBITDA margin. First quarter highlights Revenu
Slide 3: Product-led Growth toward Our Vision
Product-led Growth toward Our Vision We’re executing against a multi-year strategy to build one of the most beloved community apps – and one of the most advanced consumer technology platforms in the world, with AI natively integrated throughout the product. Our aim is to deliver product experiences
Slide 4: Innovating Today & for Our AI-led Future
Innovating Today & for Our AI-led Future Connecting gay and bi men remains core to Grindr’s value proposition – and we must always excel at enabling immediate connections, which are essential to gay culture. Right Now expands our product surface to do exactly that. In March, we launched Right Now in
Slide 5: Driving User Trust and Privacy
already taken place. Instead of manually curating a favorites list, A-List uses GenAI to surface the connections that matter most, based on the content and quality of conversations. I would strongly recommend taking a look at a demo of A-List in action at grindrproduct.com/alist. Driving User Trust
Slide 6: Welcome to the Gayborhood
Welcome to the Gayborhood We’ve soft beta-launched our first gayborhood expansion - WoodworkTM, a men’s health subscription service built by gay people, for gay people - well ahead of schedule. We’re starting with a compounded ED medication and, over-time, plan to expand into broader health and well
Slide 7: 2025 marks a pivotal year for Grindr
2025 marks a pivotal year for Grindr – from laying the foundation to executing on our long-term product vision. Today, thanks to our team’s intense focus and discipline, the pace of product development at Grindr is relentless. This is leading to strong early progress in the year, reinforcing our con
Slide 8: Q1 2025 Financial & Operating Performance
Q1 2025 Financial & Operating Performance Our first quarter financial results were strong. Total revenue for the first quarter increased by 25% year-over-year to $94 million, operating income was $25 million, net income was $27 million, representing a net income margin of 29%, and Adjusted EBITDA wa
Slide 9: Share Repurchase Program
Operating Income Operating income for the first quarter of 2025 was $25 million, or 27% of revenue, compared to $19 million, or 26% of revenue in Q1 2024. Operating expenses, excluding cost of revenue, were $44 million in Q1 2025, up from $36 million in Q1 2024. The $8 million or 21% year-over-year
Slide 10: Guidance
Guidance Based on Grindr’s strong financial performance, we have increased confidence in our outlook for 2025. We now expect revenue growth in 2025 to be 26% or greater and expect our Adjusted EBITDA margin to be at least 43%. Q1 2025 Performance Metrics Average Paying Users 1.2M Average Paying User
Slide 11: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin (in thousands) Q1 2025 Shareholder Letter 10
Slide 12: Free Cash Flow and Free Cash Flow Conversion
Free Cash Flow and Free Cash Flow Conversion (in thousands) Q1 2025 Shareholder Letter 11
Slide 13: Unaudited Condensed Consolidated Balance Sheets
Unaudited Condensed Consolidated Balance Sheets (in thousands) Q1 2025 Shareholder Letter 12
Slide 14: Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)
Unaudited Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) (in thousands) Q1 2025 Shareholder Letter 13
Slide 15: Unaudited Condensed Consolidated Statement of Cash Flows
Unaudited Condensed Consolidated Statement of Cash Flows (in thousands) Q1 2025 Shareholder Letter 14
Slide 16: Unaudited Condensed Consolidated Statement of Cash Flows (continued)
Unaudited Condensed Consolidated Statement of Cash Flows (continued) (in thousands) Q1 2025 Shareholder Letter 15
Slide 17: Forward Looking Statements
Forward Looking Statements This letter contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 regarding Grindr’s current views with respect to our industry, operations, and future business plans,
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Grindr uses Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, and free cash flow conversion which are non-GAAP measures, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures us
Slide 19: Key Operating Measures, Trademarks, About Grindr
Key Operating Measures Our key operating measures include Average Paying Users, Average Monthly Active Users (Average MAUs), Average Paying User Penetration, Average Direct Revenue per Average Paying User (ARPPU) , and Average Total Revenue Per User (ARPU). We define our key operating measures and h