Grindr Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Grindr Inc. Reports Second Quarter 2024 Financial Results
Grindr Inc. (NYSE: GRND) has announced its financial results for the second quarter of 2024, which ended on June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 Actual | Q2 2023 Actual | YoY Change | Q1 2024 Actual | QoQ Change | Consensus Estimates | Deviation from Consensus |
|---|---|---|---|---|---|---|---|
| Total Revenue | $82.3 million | $61.5 million | +33.8% | $75.4 million | +9.2% | $78 million | +$4.3 million, +5.51% |
| **Earnings Per Share (EPS) | ($0.13) | $0.16 | -181.25% | $0.00 | - | $0.05 | -$0.18, -360% |
| Net Loss | ($22.4 million) | $22.3 million | -200.45% | ($9.4 million) | -138.3% | Not provided | Not provided |
| Adjusted EBITDA | $36.9 million | $26.9 million | +37.2% | $31.7 million | +16.4% | Not provided | Not provided |
| Adjusted EBITDA Margin | 44.9% | 43.7% | +1.2% | 42.0% | +2.9% | Not provided | Not provided |
Interpretation : Grindr Inc. showed significant revenue growth year-over-year (+33.8%) and quarter-over-quarter (+9.2%), outperforming Wall Street consensus estimates by $4.3 million. However, the company reported a net loss of $22.4 million, resulting in an EPS of -$0.13, missing the consensus estimate of $0.05. This was largely attributable to a $35.1 million loss in fair value of warrant liability. Adjusted EBITDA and its margin improved, indicating robust operational efficiency.
Revenue Performance by Segment
| Segment | Q2 2024 Actual | Q2 2023 Actual | YoY Change | Q1 2024 Actual | QoQ Change |
|---|---|---|---|---|---|
| North America | $50.1 million | $37.9 million | +32.2% | $45.5 million | +10.1% |
| Europe | $19.7 million | $14.5 million | +35.6% | $18.1 million | +8.8% |
| Other Regions | $12.5 million | $9.1 million | +37.7% | $11.8 million | +5.9% |
Interpretation : Grindr's growth was well-distributed geographically, with substantial gains in all major regions. North America and Europe, their principal markets, saw 32.2% and 35.6% increases respectively, demonstrating consistent market penetration and user base expansion. Other regions also showed strong growth of 37.7%.
Stock Price Movement After Earnings Release
| Date | Price Movement |
|---|---|
| After Event | -1.20% |
Summary : Following the earnings release, Grindr Inc.'s stock price saw a decrease of 1.20%.
The financial results highlight considerable revenue growth and improved operational efficiency. While the company faced a net loss largely due to non-operating expenses, the overall business performance remains strong.