Grindr (US:GRND)2025-08-08 20:27Special Note Regarding Forward-Looking Statements Forward-looking statements are subject to numerous risks and uncertainties that may cause actual results to differ materially - Forward-looking statements in this report 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. There are no guarantees that described transactions or events will occur as anticipated1012 - Key factors that could cause actual results to differ include the ability to retain and add users, regulatory compliance, cybersecurity, strategic transactions, talent retention, economic conditions, competition, technology adaptation, adoption of AI/ML, dependence on third-party systems, intellectual property protection, stock ownership concentration, share repurchases, and macroeconomic/geopolitical events13 PART I. FINANCIAL INFORMATION This part presents the company's unaudited condensed consolidated financial statements and related disclosures Item 1. Financial Statements (Unaudited) This section presents Grindr Inc.'s unaudited condensed consolidated financial statements and detailed notes Condensed Consolidated Balance Sheets This section details the company's financial position, presenting assets, liabilities, and equity at specific dates Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $120,825 | $59,152 | | Accounts receivable, net | $57,085 | $49,599 | | Total current assets | $189,345 | $116,984 | | Total assets | $547,620 | $479,090 | | Accounts payable | $1,769 | $3,261 | | Accrued expenses and other current liabilities | $37,886 | $29,578 | | Deferred revenue | $21,769 | $19,970 | | Total current liabilities | $76,424 | $67,809 | | Long-term debt, net | $268,463 | $275,580 | | Warrant liability | $— | $252,178 | | Total liabilities | $359,930 | $610,660 | | Total stockholders' equity (deficit)| $187,690 | $(131,570) | Condensed Consolidated Statements of Operations This section details the company's financial performance, including revenues, expenses, and net income or loss Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $104,220 | $82,345 | $198,158 | $157,690 | | Cost of revenue | $27,408 | $20,999 | $51,950 | $40,619 | | Selling, general and administrative expense | $36,457 | $24,802 | $66,697 | $51,411 | | Product development expense | $12,941 | $7,754 | $23,228 | $13,495 | | Depreciation and amortization | $3,068 | $4,235 | $6,545 | $8,354 | | Total operating expenses | $79,874 | $57,790 | $148,420 | $113,879 | | Income from operations | $24,346 | $24,555 | $49,738 | $43,811 | | Interest expense, net | $(3,564) | $(6,669) | $(7,439) | $(13,854) | | Other income (expense), net | $510 | $(227) | $658 | $(344) | | Gain (loss) in fair value of warrant liability | $— | $(35,118) | $9,905 | $(53,798) | | Net income (loss) before income tax | $21,292 | $(17,459) | $52,862 | $(24,185) | | Income tax provision | $4,654 | $4,965 | $9,205 | $7,645 | | Net income (loss) | $16,638 | $(22,424) | $43,657 | $(31,830) | | Basic EPS | $0.08 | $(0.13) | $0.23 | $(0.18) | | Diluted EPS | $0.08 | $(0.13) | $0.17 | $(0.18) | Condensed Consolidated Statements of Stockholders' Equity (Deficit) This section tracks changes in the company's equity, reflecting net income, stock compensation, and share transactions Condensed Consolidated Statements of Stockholders' Equity (Deficit) (in thousands, except share data) | Metric | Balance at December 31, 2024 | Net Income | Stock-based Compensation | Exercise of Warrants | Repurchase and Retirement of Common Stock | Balance at June 30, 2025 | | :-------------------------------- | :--------------------------- | :--------- | :----------------------- | :------------------- | :---------------------------------------- | :----------------------- | | Common Stock (shares) | 178,567,403 | — | 770,713 (vested RSUs) | 30,733,623 | (15,995,957) | 195,498,498 | | Common Stock (amount) | $18 | — | — | $3 | $(2) | $19 | | Treasury Stock (amount) | $(14,295) | — | — | — | $(15,473) | $(29,768) | | Additional paid-in capital | $74,519 | — | $14,689 | $556,337 | $(294,125) | $365,594 | | Accumulated deficit | $(191,812) | $43,657 | — | — | — | $(148,155) | | Total stockholders' equity (deficit)| $(131,570) | $43,657 | $14,689 | $556,340 | $(309,598) | $187,690 | Condensed Consolidated Statements of Cash Flows This section details cash flows from operating, investing, and financing activities over specific periods Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $43,657 | $(31,830) | | Stock-based compensation | $27,476 | $15,590 | | (Gain) loss in fair value of warrant liability | $(9,905) | $53,798 | | Depreciation and amortization | $6,545 | $8,354 | | Net cash provided by operating activities | $61,311 | $36,299 | | Net cash used in investing activities | $(1,508) | $(2,844) | | Proceeds from the exercise of warrants | $314,124 | $— | | Repurchases of common stock under the stock repurchase program | $(290,667) | $— | | Principal payments on debt | $(7,500) | $(43,300) | | Net cash provided by (used in) financing activities | $1,870 | $(45,503) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $61,673 | $(12,048) | | Cash, cash equivalents and restricted cash, end of the period | $121,430 | $16,950 | Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations of accounting policies and specific line items in the financial statements [Note 1. Nature of Business](index=13&type=section&id