olivLaw · US equity research
Grindr Inc. GRND
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Grindr runs the social mobile platform built for the gay, bisexual and sexually explorative community, with users in more than 190 countries and territories. The company combines a freemium model with subscriptions and advertising, and grew quickly in fiscal 2025 and the first half of 2026, with its 2026 guidance raised. Current interest comes from its shift toward AI-driven products and its push into a wider set of services for the LGBTQ community.
At the close of 04 Nov 2026, Grindr Inc. (GRND) stock was 14.01 USD (+7.19% on the day), with market capitalisation 2.4 bn USD, P/E 27.6 on diluted EPS of 0.51 USD over the last 12 months, beta 0.67, 52-week range 9.85–17.94 USD. Latest reported quarter (Q2 2026): revenue of 138.1 m USD (+32.5% YoY), net income of 17.7 m USD (+6.6% YoY), diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 12.15 – 15.74
- in the upper half of the band · %B 0.52 · band width 25.8%
- SMA 50 / 200
- 14.75 / 13.64
- mixed trend
- MACD (12, 26, 9)
- -0.50 / -0.51
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.5% | −1.1% | +4.6 pp | — |
| 3 months | −21.2% | −0.5% | −20.8 pp | — |
| 6 months | +3.9% | +4.4% | −0.5 pp | — |
| Year to date | +3.5% | +12.3% | −8.8 pp | — |
| 1 year | +6.1% | +13.5% | −7.4 pp | −15.2% |
| 3 years | +138.7% | +76.4% | +62.3 pp | +0.8% |
| 5 years | +37.9% | +63.7% | −25.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89.3 m | 97.6 m | 93.9 m | 104.2 m | 115.8 m | 126.0 m | 129.9 m | 138.1 m |
| Cost of revenue | 22.9 m | 24.0 m | 24.5 m | 27.4 m | 28.9 m | 31.7 m | 32.6 m | 34.6 m |
| Research & development | 8.8 m | 10.5 m | 10.3 m | 12.9 m | 11.1 m | 14.6 m | 15.9 m | 20.3 m |
| SG&A | 25.0 m | 38.4 m | 30.2 m | 36.5 m | 29.3 m | 47.3 m | 37.7 m | 49.9 m |
| Operating income | 28.4 m | 20.4 m | 25.4 m | 24.3 m | 45.2 m | 31.3 m | 42.7 m | 32.5 m |
| Depreciation & amortisation | 4.2 m | 4.3 m | 3.5 m | 3.1 m | 1.3 m | 1.1 m | 983.0 k | 895.0 k |
| Pre-tax income | 30.3 m | -124.4 m | 31.6 m | 21.3 m | 39.9 m | 25.8 m | 35.9 m | 22.9 m |
| Income tax | 5.6 m | -527.0 k | 4.6 m | 4.7 m | 9.1 m | 5.6 m | 9.2 m | 5.1 m |
| Net income | 24.7 m | -123.9 m | 27.0 m | 16.6 m | 30.8 m | 20.3 m | 26.8 m | 17.7 m |
| Diluted EPS | 0.09 | -0.70 ≈ | 0.09 | 0.08 | 0.16 | 0.11 ≈ | 0.14 | 0.10 |
| Operating cash flow | 29.1 m ≈ | 29.5 m | 23.8 m | 37.5 m ≈ | 55.4 m ≈ | 24.8 m | 33.5 m | 40.8 m ≈ |
| Capex | 324.0 k ≈ | 246.0 k | 124.0 k | 192.0 k ≈ | 208.0 k ≈ | 222.0 k | 32.0 k | 0 ≈ |
| Share repurchases | 0 ≈ | 0 | 132.0 m | 158.7 m ≈ | 159.8 m ≈ | 0 | 0 | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 25 percentile of its own 4-quarter history (min 24.8, median 29.6, max 3,473.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 145.8 m | 195.0 m | 259.7 m | 344.6 m | 439.9 m |
| Revenue YoY | unavailable | +33.7% | +33.2% | +32.7% | +27.6% |
| Net income | 5.1 m | 852.0 k | -55.8 m | -131.0 m | 94.8 m |
| Net income YoY | unavailable | −83.2% | −6,645.5% | unavailable | unavailable |
| Diluted EPS | 0.03 | 0.01 | -0.32 | -0.74 | 0.43 |
| Diluted EPS YoY | unavailable | −66.7% | −3,300.0% | unavailable | unavailable |
| net % | 3.5% | 0.4% | -21.5% | -38.0% | 21.5% |
| Free cash flow | 34.2 m | 50.2 m | 35.6 m | 94.0 m | 140.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 87.0 m USD
- Financial debt
- 395.9 m USD
- Net debt
- 308.8 m USD
- Equity
- 47.0 m USD
- Total assets
- 531.0 m USD
- Debt / equity
- 8.42x
- Current ratio
- 1.96x
- ROE
- unavailable
- ROA
- 18.8%
- FCF margin
- 32.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 145.8 m | 195.0 m | 259.7 m | 344.6 m | 439.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 37.4 m | 51.3 m | 67.5 m | 87.6 m | 112.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 108.5 m ≈ | 143.7 m ≈ | 192.2 m ≈ | 257.1 m ≈ | 327.3 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Research & development | 10.9 m | 17.9 m | 29.3 m | 32.8 m | 48.9 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 30.6 m | 75.3 m | 80.4 m | 114.7 m | 143.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 23.7 m | 13.0 m | 55.4 m | 92.6 m | 126.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 43.2 m | 37.5 m | 27.0 m | 16.9 m | 8.9 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 66.9 m ≈ | 50.5 m ≈ | 82.5 m ≈ | 109.5 m ≈ | 135.1 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | 6.3 m | -7.0 k | -51.7 m | -118.3 m | 118.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 1.2 m | -859.0 k | 4.0 m | 12.7 m | 23.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 5.1 m | 852.0 k | -55.8 m | -131.0 m | 94.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.03 | 0.01 | -0.32 | -0.74 | 0.43 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 152.9 m | 159.2 m | 174.2 m | 175.9 m | 195.2 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | 15.8 m | 8.7 m | 27.6 m | 59.2 m | 87.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 17.9 m | 22.4 m | 33.9 m | 49.6 m | 67.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 43.9 m | 43.2 m | 71.8 m | 117.0 m | 166.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 2.4 m | 2.0 m | 1.6 m | 1.7 m | 1.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 258.6 m | 275.7 m | 275.7 m | 275.7 m | 275.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 139.7 m | 104.5 m | 82.3 m | 69.9 m | 65.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 449.7 m | 438.8 m | 444.6 m | 479.1 m | 531.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 2.4 m | 5.4 m | 3.5 m | 3.3 m | 1.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 3.8 m | 22.2 m | 15.0 m | 15.0 m | 20.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 133.3 m | 338.5 m | 325.6 m | 275.6 m | 375.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 29.9 m | 61.9 m | 60.6 m | 67.8 m | 84.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 186.5 m | 434.8 m | 462.9 m | 610.7 m | 484.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 263.2 m | 4.1 m | -18.3 m | -131.6 m | 47.0 m | SEC (XBRL)· 02 Mar 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | 34.4 m | 50.6 m | 36.1 m | 95.0 m | 141.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 269.0 k | 430.0 k | 509.0 k | 945.0 k | 746.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 34.2 m ≈ | 50.2 m ≈ | 35.6 m ≈ | 94.0 m ≈ | 140.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -3.8 m | -5.6 m | -4.2 m | -5.3 m | -8.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -56.2 m | -52.1 m | -13.0 m | -58.9 m | -105.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | — | — | 0 | 0 | 450.5 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation65
- Balance sheet18
- Quality91
- Growth95
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.56 – 21.18 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales0.56 – 21.18 (Mid 6.19)16 companies used · median multiple 2.9x · quartiles 0.9x – 8.0xAPP, BMBL, DOCN, FDS, GOOGL, LGCL, MGNI, MTCH, RXT, RZLV, SANG, SIFY, SST, TRIP, WB, ZIP
- Peers: EV/EBITDA4.10 – 15.02 (Mid 11.24)8 companies used · median multiple 15.0x · quartiles 7.0x – 19.2xAPP, DOCN, FDS, LGCL, MGNI, TRIP, WB, ZIP
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 74.9% | 87 (on a fixed band) | 11% |
| EBIT margin · Quality | 29.8% | 86 (vs peers) | 9% |
| FCF margin · Quality | 30.2% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 31.1% | 100 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 27.6% | 85 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 2.4x | 18 (vs peers) | 6% |
| Current ratio · Balance sheet | 1.1x | 18 (on a fixed band) | 6% |
| EV/Sales · Valuation | 5.5x | 39 (vs peers) | 17% |
| FCF yield · Valuation | 6.3% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet18/100 · 2/2 factors with a value
- Growth95/100 · 2/2 factors with a value
- Quality91/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation65/100 · 2/2 factors with a value
Memo
Grindr Inc. (GRND). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 439.9 m USD in 2025; YoY growth 27.6%; net margin 18.7%; ROE 108.7%; net debt/EBITDA 2.4x.
The estimated value range is 2.33–18.10 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 8.72 USD, the price of 14.01 USD leaves a potential of -37.8% (value / price − 1) and a margin of safety of -60.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 74.9%
- EBIT margin: 29.8%
- FCF margin: 30.2%
- Revenue CAGR 3Y: 31.1%
- Revenue growth (YoY): 27.6%
- FCF yield: 6.3%
- Shareholder yield (distributions): 6.6%
What contradicts it
- Net debt / EBITDA: 2.4x
- Current ratio: 1.1x
- The valuation methods diverge
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +49% / unavailable |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 19.9 | 20.4% | 23.6% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +6% / +139% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −43% |
| SMWBSimilarweb Ltd. | 766.1 m | — | -129.6% | -11.7% | +13.1% | +13% / +75% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| SSTSystem1, Inc. | 161.0 m | — | -581.6% | -50.7% | −22.6% | −53% / −88% |
1- and 3-year price returns: for GRND from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 9.91 Total return -29% · Per year -29% | 17.44 Total return 24% · Per year 24% | 26.15 Total return 87% · Per year 87% |
| 3 years | 11.75 Total return -16% · Per year -6% | 23.06 Total return 65% · Per year 18% | 37.66 Total return 169% · Per year 39% |
| 5 years | 13.94 Total return -0% · Per year -0% | 30.50 Total return 118% · Per year 17% | 54.23 Total return 287% · Per year 31% |
- Exit P/E± 5.76
- Net margin± 4.04
- Annual revenue growth± 3.01
- Annual dilution± 0.34
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Grindr runs the social mobile platform built for the gay, bisexual and sexually explorative community, with users in more than 190 countries and territories. The company combines a freemium model with subscriptions and advertising, and grew quickly in fiscal 2025 and the first half of 2026, with its 2026 guidance raised. Current interest comes from its shift toward AI-driven products and its push into a wider set of services for the LGBTQ community.
SWOT
Strengths
- Grindr has a large, engaged user base, a brand well known in the LGBTQ community and a first-mover advantage in its niche. High margins and positive cash flow are supported by a subscription-based revenue model and low user acquisition costs.
- Organic growth through word-of-mouth referrals reduces reliance on paid advertising. The company also has a global presence across many countries, which lets it test new products on a broad base.
- Grindr has its own data infrastructure and a clear artificial intelligence strategy, which could allow it to deliver differentiated features compared with competitors.
Weaknesses
- A significant part of revenue depends on subscriptions paid by a relatively small share of users, which makes the company sensitive to changes in paying-user behavior.
- The company relies on the Apple App Store and Google Play Store for distribution and payments, which could limit its flexibility and margins.
- The company's reputation has been affected by privacy inquiries and litigation, and handling illegal or inappropriate content remains an operational challenge.
Opportunities
- Expansion into neighboring sectors such as health, travel or events could diversify revenue and deepen relationships with existing users.
- Artificial intelligence could create new premium products that raise average revenue per paying user, if the market adopts them.
- Fast-growing economies and untapped GBTQ communities in new regions offer potential for a larger user base, especially where local rules allow access.
Threats
- Government restrictions and actions against the LGBTQ community in some countries could block or limit access to the app, reducing the user base.
- Data protection rules, consumer protection laws and health requirements could raise costs and limit products.
- Competition in social networks and dating apps is intense, and if a rival offers more attractive features, the company could lose users.
Risks
- Dependence on app storeshigh
Distribution and payments run largely through the Apple App Store and Google Play Store. If these platforms change their terms or restrict the app, revenue could be directly affected.
- Privacy regulationhigh
Data protection authorities in several countries have examined the company, and the legal framework is changing rapidly. Real or perceived breaches could lead to fines, product changes and loss of users.
- Health products and compliancemedium
The Woodwork service involves compounded medications and treatments that are strictly regulated. If compliance gaps arise, the company could face penalties or be forced to change its offering.
- Execution risk of new productsmedium
Investments in artificial intelligence and new products do not guarantee commercial success. If new features fail to attract users or paying customers, spending could outweigh the additional revenue.
- Concentrated ownership and voting powerlow
A concentrated shareholder base can limit other shareholders' influence over company decisions, and sales of shares by major shareholders could affect the share price.
Investment thesis
What would need to be true (bull case)
- If revenue and paying-user growth continue and the raised 2026 guidance is met, the company could keep combining growth with high margins.
- If its AI-driven features and the Edge product are adopted, average revenue per paying user could rise and monetization could diversify.
- If advertising keeps growing as a share of revenue, the company could reduce its dependence on subscriptions and attract brands interested in the GBTQ community.
What would break the thesis
- If legal restrictions or anti-LGBTQ policies spread in more countries, access to the app could decline and the user base could stagnate.
- If data and health regulation becomes stricter, compliance costs could rise and new products could be limited.
- If competitors launch similar or more attractive features, Grindr could lose user engagement and conversion to paying users.
What to watch
- Growth pace of paying users and average revenue per paying userQ3 2026
- Delivery of the raised 2026 revenue and Adjusted EBITDA guidance2026
- User adoption of the Edge product and Grindr AI features2026
- Outcome of the NLRB labor proceedings and the evolution of privacy inquiriesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Grindr operates the Grindr platform, a location-based social network where users create a profile, find people nearby or anywhere in the world, and chat. The app is free, while premium features are sold through the Grindr XTRA and Grindr Unlimited subscriptions and through pay-per-use add-ons. The company describes its digital 'gayborhood' as central to its users' social lives, and growth has been largely organic, driven by word-of-mouth referrals. In May 2025 Grindr launched Woodwork, a telehealth subscription service for health and wellness, as its first gayborhood expansion.
Revenue comes from two streams: direct revenue, paid by users for subscriptions and premium features, and indirect revenue, earned from advertising, both third-party and first-party. Direct revenue made up 83.3% of total revenue in fiscal 2025, against 16.7% from indirect revenue, with advertising's share growing over prior years. The company also reports average direct revenue per paying user of 24.25 dollars in fiscal 2025, showing that monetization relies mainly on paying users.
On the social side, Grindr runs the Grindr for Equality program, which funds campaigns for marriage equality, distributes HIV self-test kits and supports public health work. The company presents these activities as part of its mission and as a way to strengthen its brand within the community.
Segments
Direct revenue (subscriptions and add-ons)
Direct revenue was 83.3% of total revenue in fiscal 2025, slightly down from 84.4% in 2024. In the first half of 2026 the company reported app-based revenue at 82.0% of the total, indicating that advertising's share has been rising.
Indirect revenue (advertising)
Advertising revenue was 16.7% of the total in fiscal 2025 and includes both first-party and third-party advertising. The company sells in-app banners and full-screen interstitials, typically on a CPM basis, and advertising reached 18.0% of revenue in the first half of 2026.
Market context
Grindr targets the entire global GBTQ population, not only users of dating apps, and the company points to this community's substantial purchasing power as an attraction for brands and advertisers. A growing number of people identifying as GBTQ and broader social acceptance could, in the company's view, expand the market. The market remains limited, however, by legal restrictions in many countries that could reduce access to the app.
Of the more than 190 countries and territories where users are found, only a small number allow same-sex couples to marry, which underlines how varied the regulatory environment is. The company aims to grow its user base in regions with many potential users and fast-growing economies, but the pace of that expansion depends on local conditions.
Trends
- Artificial intelligence in the productmixed
The company is building a technical foundation called Grindr AI, with products such as A-List and Edge, aimed at improving the experience and monetization. If users accept these features, they could support growth in subscription revenue, but the investments may not deliver the expected results.
- Growth in paying userstailwind
Average paying users grew 16.9% in fiscal 2025, and in the second quarter of 2026 the company reported growth of 16.1% over the comparable period. If the conversion rate from free to paying users holds, subscription revenue could keep growing.
- Data protection and health regulationheadwind
Grindr has received inquiries from data protection authorities in several European countries and the United Kingdom, and expansion into health services adds further obligations. These requirements could raise compliance costs and could limit certain products.
Competitive position
Grindr describes itself as the most widely used social platform dedicated to the GBTQ community, and its advantage comes from being an early mover with a well-known brand. However, the landscape of social networks and dating apps is highly competitive, and rivals can quickly launch similar products or target the same audience.
The company notes that several early social networks and dating apps have since seen slower growth or declining user bases, which could affect Grindr if engagement falls. Competition plays out across products, partnerships and the recruitment of talent.
- General-purpose social networks
Global social networks compete for users' time and attention without focusing on the GBTQ community, as the company's annual report describes.
- Dating and meeting apps
Dating apps compete directly for users seeking relationships or casual connections, and many of them are named in the report as industry competitors.
- Online telehealth and health services
As Grindr expands Woodwork into health, it faces online medical providers offering similar treatments and prescription medications.
- Digital advertising platforms
Indirect revenue depends on other advertising platforms competing for brand budgets aimed at LGBTQ audiences.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Xandr Fined a Record €8.6 Million for Relaying Grindr Data Revealing Sexual OrientationThe Hacker News · 13 Oct 2026 · EN
- Norway fines Microsoft ad firm $9.6 million over Grindr data sharingBleepingComputer · 12 Oct 2026 · EN
- Norway fines Microsoft's Xandr $9.6 million over Grindr data sharingCNA (Channel NewsAsia) · 12 Oct 2026 · EN
- CEO-ul Grindr avea 500 de dolari când a terminat facultatea. Acum este milionar și vrea să le dea o lecție copiilor lui, la 10 aniAntena 3 CNN · 06 Oct 2026 · RO
- Grindr expands beyond dating with $250 million telehealth acquisition of PurposeMedCNBC — Top News · 30 Sept 2026 · EN
- Grindr settles privacy lawsuit tied to disclosure of users’ HIV statuses for $35 millionThe Record (Recorded Future) · 09 Sept 2026 · EN
- Grindr pays £26M to settle UK privacy class actionThe Register · 08 Sept 2026 · EN
- Grindr to Pay £26 Million to Settle U.K. Claims Over HIV Status Data SharingThe Hacker News · 08 Sept 2026 · EN
- Grindr to pay £26m to settle claims it allegedly shared users' HIV statusBBC News — Technology · 07 Sept 2026 · EN
- Grindr pays £26m to settle UK lawsuit over allegedly sharing users’ HIV statusThe Guardian World · 07 Sept 2026 · EN
- Dating App Grindr Unveils New AI Features, Premium TierBloomberg Markets · 10 Aug 2026 · EN
- Grindr CEO Says AI Is Doing the Work of 200 EngineersHacker News · 08 Aug 2026 · EN
The latest news item in our archive is from 13 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report30 Sept 2026Acquisition or disposition of assets · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report04 Sept 2026Other events
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Departure or appointment of officers
- Current report05 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report04 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Grindr Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Grindr Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Grindr Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.