GRINDR INC., 10-K filed on 3/2/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 26, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39714    
Entity Registrant Name Grindr Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 92-1079067    
Entity Address, Address Line One PO Box 69176    
Entity Address, Address Line Two 750 N. San Vicente Blvd.    
Entity Address, Address Line Three Suite RE 1400    
Entity Address, City or Town West Hollywood    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90069    
City Area Code 310    
Local Phone Number 776-6680    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Trading Symbol GRND    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 1,380
Entity Common Stock, Shares Outstanding   185,147,713  
Documents Incorporated by Reference Portions of the Registrant’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025    
Entity Central Index Key 0001820144    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Los Angeles, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 87,045 $ 59,152
Accounts receivable, net of allowances of $15 and $39 at December 31, 2025 and December 31, 2024, respectively 67,946 49,599
Prepaid expenses 5,104 2,747
Deferred charges 4,669 3,807
Other current assets 1,274 1,679
Total current assets 166,038 116,984
Restricted cash 605 605
Property and equipment, net 1,152 1,667
Capitalized software development costs, net 12,993 8,750
Intangible assets, net 65,844 69,872
Goodwill 275,703 275,703
Deferred tax asset 0 1,242
Right-of-use assets 4,723 3,053
Other assets 3,973 1,214
Total assets 531,031 479,090
Current liabilities    
Accounts payable 1,672 3,261
Accrued expenses and other current liabilities 38,966 29,578
Current maturities of long-term debt, net 20,000 15,000
Deferred revenue 24,285 19,970
Total current liabilities 84,923 67,809
Long-term debt, net 375,859 275,580
Warrant liability 0 252,178
Lease liability 2,574 963
Deferred tax liability 1,391 0
Other non-current liabilities 19,278 14,130
Total liabilities 484,025 610,660
Commitments and Contingencies (Note 18)
Stockholders’ Equity (Deficit)    
Preferred stock, par value $0.0001; 100,000,000 shares authorized; none issued and outstanding at December 31, 2025 and December 31, 2024, respectively 0 0
Common stock, par value $0.0001; 1,000,000,000 shares authorized; 185,034,502 and 177,193,667 shares outstanding; 185,034,502 and 178,567,403 shares issued at December 31, 2025 and December 31, 2024, respectively 18 18
Treasury stock 0 (14,295)
Additional paid-in capital 144,049 74,519
Accumulated deficit (97,061) (191,812)
Total stockholders’ equity (deficit) 47,006 (131,570)
Total liabilities and stockholders’ equity (deficit) $ 531,031 $ 479,090
v3.25.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit loss $ 15 $ 39
Preferred stock, par value (in USD per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 100,000,000 100,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares outstanding (in shares) 185,034,502 177,193,667
Common stock, shares issued (in shares) 185,034,502 178,567,403
v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 439,898 $ 344,636 $ 259,691
Operating costs and expenses      
Cost of revenue (exclusive of depreciation and amortization shown separately below) 112,559 87,579 67,458
Selling, general and administrative expense 143,263 114,742 80,417
Product development expense 48,928 32,807 29,327
Depreciation and amortization 8,860 16,910 27,041
Total operating expenses 313,610 252,038 204,243
Income from operations 126,288 92,598 55,448
Other income (expense)      
Interest expense, net (17,643) (25,616) (46,007)
Other income (expense), net 63 (715) 85
Loss on extinguishment of debt 0 0 (11,582)
Gain (loss) in fair value of warrant liability 9,905 (184,557) (49,689)
Total other expense, net (7,675) (210,888) (107,193)
Net income (loss) before income tax 118,613 (118,290) (51,745)
Income tax provision 23,862 12,711 4,023
Net income (loss) $ 94,751 $ (131,001) $ (55,768)
Net income (loss) per share      
Basic (in USD per share) $ 0.45 $ (0.74) $ (0.32)
Diluted (in USD per share) $ 0.43 $ (0.74) $ (0.32)
Weighted-average shares outstanding:      
Basic (in shares) 190,056,612 175,880,320 174,170,517
Diluted (in shares) 195,178,837 175,880,320 174,170,517
v3.25.4
Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional paid in capital
Accumulated deficit
Beginning balance at Dec. 31, 2022 $ 4,052 $ 17 $ 0 $ 9,078 $ (5,043)
Common stock, beginning balance (in shares) at Dec. 31, 2022   173,524,360      
Treasury stock beginning balance (in shares) at Dec. 31, 2022     0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (55,768)       (55,768)
Interest on the promissory note to a member (282)     (282)  
Repayment of promissory note to a member 18,833     18,833  
Payment of interest on promissory note to member 520     520  
Pre-Closing entity income tax adjustment (148)     (148)  
Stock-based compensation expense 13,936     13,936  
Vested restricted stock units, net of withholding tax (in shares)   1,096,319 357,240    
Vested restricted stock units, net of withholding tax $ (2,154) $ 1 $ (2,154) (1)  
Exercise of stock options (in shares) 757,032 757,032      
Exercise of stock options $ 2,719     2,719  
Ending balance at Dec. 31, 2023 (18,292) $ 18 $ (2,154) 44,655 (60,811)
Common stock, ending balance (in shares) at Dec. 31, 2023   175,377,711      
Treasury stock ending balance (in shares) at Dec. 31, 2023     357,240    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) (131,001)       (131,001)
Stock-based compensation expense 19,287     19,287  
Vested restricted stock units, net of withholding tax (in shares)   2,271,619 1,016,496    
Vested restricted stock units, net of withholding tax $ (5,588)   $ (12,141) 6,553  
Exercise of stock options (in shares) 917,910 917,910      
Exercise of stock options $ 4,022     4,022  
Exercise of warrants (in shares)   163      
Exercise of warrants $ 2     2  
Preferred stock, ending balance (in shares) at Dec. 31, 2024 0        
Ending balance at Dec. 31, 2024 $ (131,570) $ 18 $ (14,295) 74,519 (191,812)
Common stock, ending balance (in shares) at Dec. 31, 2024 177,193,667 178,567,403      
Treasury stock ending balance (in shares) at Dec. 31, 2024     1,373,736    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income (loss) $ 94,751       94,751
Stock-based compensation expense 37,310     37,310  
Vested restricted stock units, net of withholding tax (in shares)   2,684,990 802,038    
Vested restricted stock units, net of withholding tax $ (11,041)   $ (15,473) 4,432  
Exercise of stock options (in shares) 353,549 353,549      
Exercise of stock options $ 1,722     1,722  
Exercise of warrants (in shares)   30,733,623      
Exercise of warrants $ 556,340 $ 3   556,337  
Repurchase and retirement of common stock (in shares) (25,129,289) (25,129,289)      
Repurchase and retirement of common stock $ (450,506) $ (3)   (450,503)  
Purchase of equity instruments (50,000)     (50,000)  
Adjustment of treasury stock to additional paid-in capital (in shares)   (2,175,774) (2,175,774)    
Adjustment of treasury stock to additional paid-in capital $ 0   $ 29,768 (29,768)  
Preferred stock, ending balance (in shares) at Dec. 31, 2025 0        
Ending balance at Dec. 31, 2025 $ 47,006 $ 18 $ 0 $ 144,049 $ (97,061)
Common stock, ending balance (in shares) at Dec. 31, 2025 185,034,502 185,034,502      
Treasury stock ending balance (in shares) at Dec. 31, 2025     0    
v3.25.4
Consolidated Statements of Stockholders’ Equity (Deficit) (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Preferred stock, par value (in USD per share) $ 0.0001 $ 0.0001
Common stock, par value (in USD per share) $ 0.0001 $ 0.0001
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income (loss) $ 94,751 $ (131,001) $ (55,768)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation 54,520 37,272 15,824
(Gain) loss in fair value of warrant liability (9,905) 184,557 49,689
Loss on extinguishment of debt related to 2020 Credit Agreement 0 0 11,582
Amortization of debt discount and issuance costs 914 909 1,819
Interest income on promissory note from member 0 0 (282)
Depreciation and amortization 8,860 16,910 27,041
Provision for expected credit losses (24) (718) 421
Deferred income taxes 2,633 (5,907) (7,982)
Non-cash lease expense 2,988 1,780 1,144
Changes in operating assets and liabilities:      
Accounts receivable (18,323) (14,975) (11,892)
Prepaid expenses and deferred charges (3,219) 1,271 3,449
Other current assets 405 734 (1,663)
Other assets (241) (296) (350)
Accounts payable (1,877) (461) (713)
Accrued expenses and other current liabilities 9,150 6,831 4,661
Deferred revenue 4,315 789 595
Lease liability (3,262) (2,749) (1,417)
Other liabilities (167) 11 (11)
Net cash provided by operating activities 141,518 94,957 36,147
Investing activities      
Purchases of property and equipment (746) (945) (509)
Additions to capitalized software development costs (7,870) (4,400) (3,721)
Net cash used in investing activities (8,616) (5,345) (4,230)
Financing activities      
Proceeds from the exercise of stock options 1,722 4,022 2,719
Proceeds from the exercise of warrants 314,124 1 0
Payment for redemption of warrants (58) 0 0
Proceeds from issuance of debt 415,000 0 344,400
Principal payments on debt (308,600) (50,800) (367,480)
Payment of debt issuance costs (2,877) 0 (4,510)
Payment for the purchase of equity instruments (50,000) 0 0
Withholding taxes paid on stock-based compensation (23,814) (12,076) 0
Repurchases of common stock under the stock repurchase program (450,506) 0 0
Transaction costs paid in connection with the Business Combination 0 0 (1,196)
Proceeds from the repayment of promissory note to a member including interest 0 0 19,353
Payment of early termination fee related to the extinguishment of debt 0 0 (6,322)
Net cash used in financing activities (105,009) (58,853) (13,036)
Net increase in cash, cash equivalents and restricted cash 27,893 30,759 18,881
Cash, cash equivalents and restricted cash, beginning of the period 59,757 28,998 10,117
Cash, cash equivalents and restricted cash, end of the period 87,650 59,757 28,998
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 87,045 59,152 27,606
Restricted cash 605 605 1,392
Cash, cash equivalents and restricted cash 87,650 59,757 28,998
Supplemental disclosure of cash flow information:      
Cash interest paid 20,107 25,992 47,859
Income taxes paid 21,105 17,433 17,709
Supplemental disclosure of non-cash investing activities:      
Capitalized software development costs accrued but not paid 576 232 0
Supplemental disclosure of non-cash financing activities:      
Withholding taxes on stock-based compensation accrued but not paid 0 64 2,154
Issuance of common stock for the settlement of certain market condition liability-classified equity awards 9,163 4,203 0
Issuance of common stock for the settlement of KPI Awards 3,609 2,350 0
Issuance of common stock for the cashless exercise of warrants 63,029 0 0
Issuance of common stock for the exercise of warrants $ 179,186 $ 0 $ 0
v3.25.4
Nature of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of Business
Grindr Inc.’s (“Grindr” or the “Company”) mission is to build the Global Gayborhood in Your Pocket™ and, through its success, to make a world where the lives of its global LGBTQ community are free, equal, and just. The Company operates the Grindr platform, a global social networking platform primarily serving and addressing the needs of gay, bisexual, and sexually explorative adults around the world. The Grindr platform is available as a mobile application through Apple’s App Store and Google Play. The Company offers both a free, ad-supported service and a premium subscription version. The Company is headquartered in West Hollywood, California, and has additional offices in the San Francisco Bay Area, Chicago, and New York City.
Grindr was originally incorporated in the Cayman Islands on July 27, 2020, under the name Tiga Acquisition Corp. (“Tiga”), a special-purpose acquisition company for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or engaging in any other similar business combinations with one or more businesses or entities. On May 9, 2022, Grindr Group LLC and its subsidiaries (“Legacy Grindr”) entered into an Agreement and Plan of Merger (as amended on October 5, 2022, the “Merger Agreement”) with Tiga, in which Legacy Grindr would become a wholly owned subsidiary of Tiga (the “Business Combination”). On November 17, 2022, Tiga was redomiciled to the United States. Upon the consummation of the Business Combination on November 18, 2022 (the “Closing”), Tiga was renamed to “Grindr Inc.”
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the operating results of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Comprehensive income (loss) equaled net income (loss) for the years ended December 31, 2025, 2024, and 2023.
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with U.S. GAAP. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenues, and expenses, and the related disclosure of contingent liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the definite-lived intangible assets; the recoverability of goodwill and indefinite-lived intangible assets; valuation allowance for deferred tax assets; legal contingencies; the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation.
Cash and Cash Equivalents
Cash and cash equivalents consist entirely of cash, money market accounts and United States of America (“U.S.”) treasury bills. The Company considers all highly liquid short-term investments purchased with an original maturity of ninety days or less at the time of purchase to be cash equivalents. Since these highly liquid investments are readily convertible to cash, the carrying value and amortized cost of the investments approximate their fair value.
Restricted Cash
Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as a non-current asset on the consolidated balance sheets. The restricted cash balance as of December 31, 2025, and December 31, 2024, was related to a letter of credit held with a financial institution for leased office space secured by the Company as described in Note 9.
Foreign Currency Transactions
Transaction gains and losses denominated in a currency other than the functional currency are included in “Other income (expense), net” on the consolidated statements of operations.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable:
Level 1 -    Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
Level 2 -    Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.
Level 3 -    Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
Recurring Fair Value Measurements
The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate fair value:
•Money market funds and U.S. treasury bills — The carrying amount of money market funds and U.S. treasury bills approximates fair value and is classified within Level 1 because the fair value is determined through quoted market prices.
•Warrant liability — Public Warrants (as defined in Note 10) are classified within Level 1 as these securities are traded on an active public market. Private Warrants (as defined in Note 10) are classified within Level 2. For the periods presented, the Company utilized the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. The Company completed the redemption of all outstanding Public Warrants and Private Warrants in February 2025, see Note 10 for additional information.
The Company’s remaining financial instruments that are measured at fair value on a recurring basis consist primarily of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due to their short-term maturities. The fair values of the Company’s credit agreement balances as disclosed in Note 8 are measured based on prices quoted from a third-party financial institution.
Nonrecurring Fair Value Measurements
Assets acquired and liabilities assumed in business combinations are initially measured at fair value on the acquisition date on a nonrecurring basis using Level 3 inputs. The Company is required to measure certain assets at fair value on a nonrecurring basis after initial recognition. These include goodwill, intangible assets, and long-lived assets, which could be measured at fair value on a nonrecurring basis as a result of impairment reviews. Impairment is assessed annually in the fourth quarter or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or assets below the carrying value. The fair value of the reporting unit or asset group is determined primarily using income and market approaches (Level 3).
Property and Equipment, Net
Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation. For property and equipment acquired through a business combination, it is carried at the fair value as of the acquisition date less subsequent accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, and in the case of leasehold improvements, the lease term, if shorter, as follows:
Estimated Useful Lives
Computer equipment
3 years
Furniture and fixtures
5 years
Leasehold improvements
5 to 10 years
Maintenance and repairs are charged to expense as incurred and additions and improvements are capitalized. Upon the sale or retirement of property and equipment, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in “Selling, general and administrative expense” on the consolidated statements of operations.
Goodwill and Indefinite-Lived Intangible Assets
The Company assesses goodwill on its one reporting unit and indefinite-lived intangible assets for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value.
When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded.
The Company foregoes a qualitative assessment and tests goodwill for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of goodwill involves a comparison of the estimated fair value of the Company’s reporting unit to its carrying value, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
In the fourth quarter of the years ended December 31, 2025, 2024, and 2023, the Company performed its qualitative assessment and determined that it was not more likely than not that the recorded goodwill was impaired.
The Company uses a qualitative approach to test indefinite-lived intangible assets (which currently consists of tradenames) for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company evaluated the qualitative factors of the indefinite-lived intangible assets in connection with the annual impairment testing for the periods presented. The results of the qualitative analysis of the Company’s indefinite-lived intangible assets indicated that the fair value of the indefinite-lived intangible assets exceeded their carrying value.
The Company foregoes a qualitative assessment and tests indefinite-lived intangible assets for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of indefinite-lived intangible assets involves a comparison of the estimated fair value of the indefinite-lived assets to their carrying value. If the estimated fair value of the indefinite-lived assets exceeds their carrying value, the indefinite-lived intangible assets are not impaired. If the carrying value of the indefinite-lived assets exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
Long-Lived Assets and Intangible Assets with Definite Lives
Long-lived assets, which consist of property and equipment, right-of-use (“ROU”) assets, capitalized software development costs, and intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. Amortization of long-lived intangible assets is computed either on a straight-line basis or based on the pattern in which the economic benefits of the asset will be realized.
Capitalized Software Development Costs and Cloud Computing Arrangements
The Company capitalizes the costs associated with software developed or obtained for internal use, including costs incurred in connection with the development of its app and functionalities within the app. The Company capitalizes certain costs when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and performed as intended. These capitalized costs include personnel and related expenses for employees and costs of third-party contractors and vendors who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades and enhancements to the software solutions are also capitalized. Costs incurred for training, maintenance, and minor modifications or enhancements are expensed as incurred. Capitalized software development costs are amortized using the straight-line method over an estimated useful life of three years.
The Company capitalizes certain implementation costs incurred related to cloud computing arrangements that are service contracts. Such costs are amortized on a straight-line basis over the term of the associated hosting arrangement plus any reasonably certain renewal period. Any capitalized amounts related to such arrangements are recorded within “Other assets” on the consolidated balance sheets.
Revenue Recognition
Revenue is recognized when or as a customer obtains control of promised services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to in exchange for these services. A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Sales tax, including value added tax, is excluded from reported revenue.
The Company derives its revenue from direct revenue and indirect revenue, each, as described below. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue for the amount at which the Company has the right to invoice for services performed.
Direct Revenue
Direct revenue consists of subscription revenue. Subscription revenue is generated through the sale of subscriptions that are currently offered or renewed in one-week, one-month, three-month, six-month, and twelve-month lengths. Subscription revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Direct revenue also consists of premium add-on revenue generated through the sale of an add-on feature on a pay-per-use, or a-la-carte, basis. Premium features are activated upon purchase and are available to use for the customer for a short duration, generally, within one day. Revenue from premium add-ons is recognized upon usage of the premium add-on. Direct revenue is recorded net of taxes, credits, and chargebacks. Customers pay in advance, primarily through mobile app stores. Subject to certain conditions identified in the Company’s terms and conditions, generally all purchases are final and nonrefundable.
Indirect Revenue
Indirect revenue consists of advertising revenue and other non-direct revenue. The Company has contractual relationships with third-party advertising service providers and also directly with advertisers to display advertisements on the Grindr platform. For all advertising arrangements, the Company’s performance obligation is to provide the inventory for advertisements to be displayed on the Grindr platform. For contracts made directly with advertisers, the Company is also obligated to serve the advertisements on the Grindr platform. Providing the advertising inventory and serving the advertisement is considered a single performance obligation, as the advertiser cannot benefit from the advertising space without its advertisements being displayed.
The pricing and terms for all advertising arrangements are governed by either a master contract or insertion order. The transaction price in advertising arrangements is generally the product of the number of advertising units delivered (e.g., impressions, offers completed, videos viewed, etc.) and the contractually agreed upon price per advertising unit. Further, for transactions with advertising service providers, the Company’s consideration is generally based on the Company’s revenue share as stated in the contract or as outlined in the service provider’s standard platform terms. The Company recognizes revenue when the advertisement is displayed to users. The number of advertising units delivered is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period. Revenue from advertising transactions with advertising service providers is recognized net of the amounts retained by the advertising service provider as the Company does not know and expects not to know the gross amount paid by advertisers.
Transaction Price
The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services, including amounts that are variable. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. There are no instances where variable consideration is considered material in any of the Company’s arrangements.
The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.
For contracts that have an original duration of one year or less, the Company does not consider the time value of money.
Accounts Receivable, net of allowance for credit losses
Grindr users generally access the Grindr platform and pay for subscriptions and premium add-on features through Apple’s App Store or Google Play. As of December 31, 2025, and December 31, 2024, each of the mobile app stores accounted for approximately 57.1% and 12.3%, and 56.7% and 12.5%, respectively, of the Company’s accounts receivable. The Company evaluates the credit worthiness of these two mobile app stores on an ongoing basis and does not require collateral from these entities. The Company generally collects these balances between 30 and 45 days following the purchase by the customer.
Accounts receivable also includes amounts billed and currently due from advertising customers. The Company maintains an allowance for credit losses to provide for the estimated amount of accounts receivable that will not be collected. The allowance for credit losses is based upon historical collection trends adjusted for economic conditions using reasonable and supportable forecasts. The time between the Company issuance of an invoice and payment due date is not significant, payments that are not collected in advance of the transfer of promised services are generally due between 30 and 60 days from the invoice date. As of December 31, 2025, and December 31, 2024, the accounts receivable balances, net of allowances, were $67,946 and $49,599, respectively. The opening balance of accounts receivable, net of allowances, was $33,906 as of January 1, 2024.
Deferred Charges
The Company defers certain costs as an asset, primarily mobile app store distribution fees paid to the mobile app stores related to subscription revenue and premium add-on revenue, and recognizes such costs in cost of revenue as the services are provided. The fee differs based on the agreed upon percentage depending on the type of revenue and for subscription revenue, the length of consecutively paid subscriptions, generally approximating between 15.0% to 30.0% of revenues. For the years ended December 31, 2025, 2024, and 2023, the Company recognized cost of revenue of $83,927, $66,654, and $51,752, respectively, related to these distribution fees.
Deferred Revenue
Deferred revenue consists of advance payments that are received in advance of the Company’s performance. The Company classifies subscription deferred revenue as current and recognizes revenue straight-line over the term of the applicable subscription period or expected completion of the performance obligation which range from one week to twelve
months. As of December 31, 2025, and December 31, 2024, the deferred revenue balances were $24,285 and $19,970, respectively. The balance of deferred revenue was $19,181 as of January 1, 2024.
For the year ended December 31, 2025, the Company recognized $19,970 of revenue that was included in the deferred revenue balance as of December 31, 2024. For the year ended December 31, 2024, the Company recognized $19,181 of revenue that was included in the deferred revenue balance as of December 31, 2023.
Disaggregation of Revenue
The following tables summarize revenue from contracts with customers:
Year Ended December 31,
202520242023
Direct revenue$366,297 $290,890 $225,285 
Indirect revenue73,601 53,746 34,406 
$439,898 $344,636 $259,691 
Year Ended December 31,
202520242023
Domestic (1)
$254,300 $199,263 $151,535 
International185,598 145,373 108,156 
$439,898 $344,636 $259,691 
(1)Domestic include revenue generated from the U.S., the Company’s country of domicile.
Cost of Revenue
Cost of revenue consists primarily of mobile app store distribution fees. Cost of revenue also includes third-party vendor costs related to customer care functions such as customer service, data center and hosting fees, moderators, and other auxiliary costs associated with providing services to customers.
Selling, General and Administrative Expense
Selling, general and administrative expense consists primarily of compensation expense (including stock-based compensation) and other employee related costs for executive management, personnel engaged in selling and marketing, sales support functions, finance, legal, tax, and human resources. General and administrative expense also include expenses associated with facilities, information technology, external professional services, legal costs, and other administrative expenses.
Product Development Expense
Product development expense consists primarily of compensation (including stock-based compensation expense) and other employee-related costs for personnel engaged in the design, development, testing, enhancement of product offerings and related technology, and related costs.
Depreciation and Amortization Expenses
Depreciation and amortization expenses are primarily related to computer equipment, leasehold improvements, furniture and fixtures, customer relationships, technology, and capitalized software development costs.
Advertising Costs
Advertising costs are expensed as incurred. For the years ended December 31, 2025, 2024, and 2023, advertising costs totaled $11,494, $8,215, and $2,378, respectively. Advertising costs are included in “Selling, general and administrative expense” in the consolidated statements of operations.
Leases
Company as a lessee
An arrangement is assessed to determine if it is or contains a lease at contract inception. ROU assets and lease liabilities, which are disclosed in the accompanying consolidated balance sheets, are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term using the Company’s incremental borrowing rate on the lease commencement date. If the lease contains an option to extend the lease term, the renewal option is considered in the lease term if it is reasonably certain that the Company will exercise the option.
For all office space leases, lease components and non-lease components are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the term of the lease. Short-term leases, defined as leases with an initial term of twelve months or less, are not recorded on the consolidated balance sheets.
Company as a lessor
Sublease income from operating leases is recognized on a straight-line basis over the term of the lease.
Income Taxes
The Company uses the asset and liability method when accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Valuation allowances are provided against tax assets when it is determined that it is more-likely-than-not that the assets will not be realized.
The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition (step one) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustainable upon examination. Measurement (step two) determines the amount of the benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Remeasurement of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. The provision for income taxes included the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related interest and penalties.
Stock-based Compensation
The Company issues stock-based awards to employees, officers, directors, and non-employees in the form of stock options and restricted stock units (“RSUs”). Compensation expense related to employee and non-employee stock-based awards is measured and recognized in the consolidated financial statements based on the fair value of the awards granted.
The Company’s stock-based compensation includes compensation expense related to the grant of service-based RSUs (“Time-Based Awards”), performance stock unit awards containing pre-established market or performance conditions (“PSUs”), and RSUs containing a performance condition (“KPI Awards”) granted under the 2022 Plan (defined in Note 13), and service-based stock options granted under the 2020 Plan (defined in Note 13). The Company recognizes forfeitures as they occur.
The Company measures the fair value of the Time-Based Awards based on the quoted market price on the grant date of the Company’s common stock. Compensation expense for Time-Based Awards is recognized on a straight-line basis over the requisite service period.
For PSUs, the Company estimates the fair value of the market conditions at the date of the grant using a Monte Carlo simulation model. The Monte Carlo methodology that the Company uses to estimate the fair value of the market condition at the date of grants incorporates into the valuation the possibility that the market condition may not be satisfied, provided that the requisite service is rendered. For performance conditions in the PSUs, the Company makes assumptions regarding the likelihood of achieving the performance condition. Prior to vesting, compensation expense is recognized using the accelerated attribution approach over the requisite service period. At the end of each financial reporting period prior to the vesting date, the Company updates its assessment of the probability that the specified performance condition will be achieved and adjusts the estimate of the fair value of the PSUs. For liability-classified PSUs that the Company is recognizing the fair value of market conditions, the fair value of the market conditions is remeasured using a Monte Carlo simulation model at the end of each financial reporting period.
The KPI Awards are liability-classified, and require management to make assumptions regarding the likelihood of achieving certain key performance indicator (“KPI”) goals. The Company recognizes compensation expense when the likelihood that the achievement of the KPI goals is probable and is recognized using the accelerated attribution approach over the requisite service period. KPI Awards are remeasured at the end of each financial reporting period.
If stock-based awards are granted in contemplation of or shortly before a planned release of material nonpublic information, and such information is expected to result in a material increase in the Company’s stock price, the Company considers whether an adjustment to the observable market price is required when estimating fair values.
Legacy Grindr granted unit options to employees under the 2020 Plan that vest based solely on service conditions. Prior to the Business Combination, the fair value of each option award containing service conditions was estimated on the grant date using the Black-Scholes option-pricing model. The use of the Black-Scholes model required a number of estimates, including the expected option term, the expected volatility in the price of the Legacy Grindr’s common stock, the risk-free rate of interest and the dividend yield on the Legacy Grindr’s common stock. Legacy Grindr recognized stock-based compensation expense on a straight-line basis over the requisite service periods of the awards, which is generally four years. Upon the consummation of the Business Combination, all outstanding and unvested unit option awards granted under the 2020 Plan were converted using an exchange ratio into stock options exercisable for shares of the Company’s common stock with the same terms and vesting conditions. The Company continues to recognize stock-based compensation expense on a straight-line basis over the remaining requisite service periods of the awards.
Modification of equity-classified awards
On the modification date, the Company determines the type of modification of the equity award by assessing whether the equity awards are probable or improbable to vest before and after the modification. The Company estimates the fair value of the awards immediately before and immediately after modification for those equity awards that are probable of vesting before and after the modification. Any incremental increase in fair value is recognized as an expense immediately to the extent the underlying equity awards are vested and on a straight-line basis over the requisite service period using the related expense attribution method to the extent that they are unvested. For equity awards that are improbable of vesting before the modification and probable of vesting after the modification, the Company recognizes expense measured as the fair value of the modified award on a straight-line basis over the requisite service period using the related expense attribution method based on the fair value of the awards at the modification date.
Warrant Liability
The Company accounts for warrants as shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the consolidated balance sheets. Liability-classified warrants are subject to remeasurement to fair value as of any respective exercise date and at the end of each financial reporting period with changes in fair value recorded in the Company’s consolidated statements of operations. See Note 10 for additional information on the Company’s warrants.
Concentration of Risks
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. The Company maintains the majority of its cash balances with two major commercial banks. Cash balances are generally in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250. The Company has not experienced any losses in such accounts.
For the year ended December 31, 2025, no customers accounted for 10% or more of the Company’s revenue, and three vendors accounted for 59.3%, 15.3%, and 15.0% of the Company’s cost of revenue.
As of December 31, 2025, one customer accounted for 10.6% of the Company’s accounts receivable balance, and three vendors accounted for 31.4%, 30.7%, and 14.4% of the Company’s accounts payable balance.
For the year ended December 31, 2024, no customers accounted for 10% or more of the Company’s revenue, and three vendors accounted for 60.7%, 15.4%, and 13.3% of the Company’s cost of revenue.
As of December 31, 2024, no customer accounted for 10% or more of the Company’s accounts receivable balance, and two vendors accounted for 26.7%, and 15.0% of the Company’s accounts payable balance.
For the year ended December 31, 2023, no customers accounted for 10% or more of the Company’s revenue, and three vendors accounted for 60.9%, 15.8%, and 12.1% of the Company’s cost of revenue.
As of December 31, 2023, no customer accounted for 10% or more of the Company’s accounts receivable balance, and three vendors accounted for 28.4%, 19.7%, and 10.3% of the Company’s accounts payable balance.
Net Income (Loss) Per Share of Common Stock
Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share is based upon the diluted weighted-average number of shares outstanding during the year. Diluted net income (loss) per share gives effect to all potentially dilutive common share equivalents, including stock options, restricted stock units, and warrants, to the extent they are dilutive. See Note 15 for additional information.
Segment Information
The chief executive officer (“CEO”) is the Company’s chief operating decision maker (“CODM”). The CODM allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. The Company manages its activities related to developing and maintaining its product on a consolidated basis. There are no segment managers; instead, there are divisional leaders who report to the Company’s CODM, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. While the Company derives revenues from international markets, expenses are not allocated to these international markets nor does the CODM review any other financial data for these markets. Accordingly, the Company determined that the Company operates as a single operating and reportable segment.
The CODM assesses performance for the Company’s single operating segment based on net income (loss) that is also reported on the consolidated statement of operations as “Net income (loss).” Significant segment expenses that are regularly reviewed by the CODM include: cost of revenue; stock-based compensation; employee compensation (e.g. payroll, benefits and commissions) and contractor expense, excluding stock-based compensation; sales and marketing expense, excluding commissions; professional services expense; and general and administrative expense (all other non-compensation corporate overhead). The measure of segment assets is reported on the consolidated balance sheets as “Total assets.” Substantially all of the Company’s long-lived assets are attributed to operations in the U.S.
Information about the Company’s single reportable segment revenue, segment net income (loss), and significant segment expenses are as follows:
Year Ended December 31,
202520242023
Revenue$439,898$344,636$259,691
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization)112,55987,57967,458
Employee compensation and contractor expense, excluding stock-based compensation expense80,41964,49255,229
Stock-based compensation expense54,52037,27215,824
Sales and marketing expense11,6428,6811,542
Professional services expense26,03819,51322,544
Other general and administrative expense19,57217,59114,605
Depreciation and amortization8,86016,91027,041
Total operating expenses313,610252,038204,243
Income from operations126,28892,59855,448
Interest expense, net17,64325,61646,007
Other income (expense), net(1)
(9,968)185,27261,186
Income tax provision23,86212,7114,023
Net income (loss)$94,751$(131,001)$(55,768)
(1)Other expense, net includes loss in fair value of warrant liability, loss on extinguishment of debt and other expenses.
Accounting Pronouncements
From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through the issuance of an Accounting Standard Update (“ASU”).
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The Company adopted the standard during the year ended December 31, 2025. The disclosure requirements were applied on a prospective basis to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 14 to the consolidated financial statements for further details.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The guidance requires all public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this new standard.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to Accounting for Internal Use Software (Subtopic 350-40). This guidance is intended to improve the operability and application of guidance related to capitalized software development costs and removes all references to prescriptive and sequential software development stages. The guidance requires entities to begin capitalizing software costs when management authorizes and commits to funding the software projects, and it is probable that the project will be completed and the software will be used for its intended purpose. The standard is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this new standard.
v3.25.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consist of the following:
December 31,
20252024
Computer equipment$1,053 $1,606 
Furniture and fixtures938 565 
Leasehold improvements2,781 2,693 
4,772 4,864 
Less: Accumulated depreciation(3,620)(3,197)
$1,152 $1,667 
Depreciation expense for property and equipment for the years ended December 31, 2025, 2024, and 2023 amounted to $974, $854, and $746, respectively. Depreciation expense is included within “Depreciation and amortization” on the consolidated statements of operations.
v3.25.4
Goodwill and Intangibles, Net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangibles, Net Goodwill and Intangibles, Net
Goodwill and intangible assets, net, consist of the following:
December 31,
20252024
Goodwill $275,703 $275,703 
Intangible assets with definite lives, net — 4,028 
Intangible assets with indefinite lives 65,844 65,844 
$341,547 $345,575 
The indefinite-lived intangible asset of $65,844 as of December 31, 2025, and 2024, represents the Grindr tradename.
As of December 31, 2025 and 2024, intangible assets with definite lives consist of the following:
December 31, 2025
Gross Carrying ValueAccumulated AmortizationNetWeighted Average Useful Life
Customer relationships$94,874 $(94,874)$— 5 years
Technology37,041 (37,041)— 3 years
$131,915 $(131,915)$— 
December 31, 2024
Gross Carrying ValueAccumulated AmortizationNetWeighted Average Useful Life
Customer relationships$94,874 $(90,846)$4,028 5 years
Technology37,041 (37,041)— 3 years
$131,915 $(127,887)$4,028 
The weighted average estimated remaining life for customer relationships was 0.5 years as of December 31, 2024.
Intangible assets amortization expense was $4,028, $12,460, and $22,212 for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Capitalized Software Development Costs, Net
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Capitalized Software Development Costs, Net Capitalized Software Development Costs, Net
Capitalized software development costs consist of the following:
December 31,
20252024
Capitalized software development costs $23,783 $15,668 
Less: Accumulated amortization (10,790)(6,918)
$12,993 $8,750 
Amortization expense for capitalized software development for the years ended December 31, 2025, 2024, and 2023 amounted to $3,871, $3,591, and $2,547, respectively. Amortization expense is included within “Depreciation and amortization” on the consolidated statements of operations.
The Company did not write-off any capitalized software development costs for the years ended December 31, 2025, and 2024. The Company wrote-off capitalized software development costs of $1,310 for the year ended December 31, 2023. The write-off charge is included within “Depreciation and amortization” on the consolidated statements of operations.
v3.25.4
Promissory Note from a Member
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
Promissory Note from a Member Promissory Note from a Member
On April 27, 2021, Catapult GP II LLC (“Catapult GP II”), a related party wherein certain members of Catapult GP II are executives of Legacy Grindr, purchased 5,387,194 common units of Legacy Grindr, which is converted using the exchange ratio to 7,385,233 common shares of the Company upon the consummation of the Business Combination. In conjunction with the common units of Legacy Grindr purchased, Legacy Grindr entered into a full recourse promissory note with Catapult GP II with a face value of $30,000 (the “Note”). The Note bore interest at 10% per annum on a straight-line basis. The Note, including interest, was fully paid in the first quarter of 2023. The Note and the related accrued interest were reflected as a reduction to equity in the consolidated statements of stockholders’ equity (deficit).
v3.25.4
Accrued Expenses and Other Current Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
December 31,
20252024
Employee compensation and benefits $16,370 $13,435 
Litigation-related settlement payable (see Note 18)
6,471 5,929 
Income and other taxes payable3,266 1,963 
Accrued professional service and contractor fees 2,923 1,626 
Lease liability, short-term 2,155 2,370 
Accrued infrastructure expense2,093 1,557 
Accrued legal expense 1,679 469 
Accrued interest payable 1,204 96 
Other accrued expenses 2,805 2,133 
$38,966 $29,578 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Total debt for the Company is comprised of the following:
December 31,
20252024
Senior Term Loan Facility$400,000 $282,000 
Senior Revolving Facility — 11,600 
400,000 293,600 
Less: unamortized debt issuance and discount costs(4,141)(3,020)
Total debt395,859 290,580 
Less: current maturities of long-term debt(20,000)(15,000)
Long-term debt$375,859 $275,580 
2023 Credit Agreement
On November 28, 2023, a wholly owned subsidiary of the Company, Grindr Capital LLC (the “Borrower” or “Grindr Capital”), as borrower, entered into a credit agreement with the Company and certain other wholly owned subsidiaries of the Company, as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto (the “2023 Credit Agreement”). The 2023 Credit Agreement provided for (i) a $300,000 senior secured term loan facility (“Senior Term Loan Facility”) and (ii) $50,000 senior secured revolving credit facility (“Senior Revolving Facility”, and together with the Senior Term Loan Facility, the “2023 Credit Facilities”) (with a $15,000 letter of credit sublimit and a $10,000 swingline loan sublimit). Grindr Capital has the option to request that lenders increase the amount available under the Senior Revolving Facility by, or obtain incremental term loans of, up to $100,000, subject to the terms of the 2023 Credit Agreement and only if existing or new lenders choose to provide additional term or revolving commitments.
On November 28, 2023, the Borrower borrowed the full amount of the Senior Term Loan Facility and $44,400 under the Senior Revolving Facility. Proceeds from the initial drawings under the 2023 Credit Facilities and cash on hand were used to repay in full outstanding obligations under the Company’s previous credit agreement and to pay fees, premiums, costs, and expenses, including fees payable in connection with the 2023 Credit Agreement. In October 2025, the Borrower borrowed an additional $15,000 under the Senior Revolving Facility.
On December 16, 2025, the Borrower and the Company entered into a first amendment to the 2023 Credit Agreement (the “Amendment”, and the 2023 Credit Agreement as amended by the Amendment, the “Amended 2023 Credit Agreement”). Pursuant to the Amendment, among other things, (i) the senior secured loan facility has been increased by $100,000 to $400,000 (the “Amended Term Loan Facility”); (ii) the senior secured revolving credit facility has been increased by $150,000 to $200,000 (the “Amended Revolving Facility”) and the letter of credit sublimit thereunder has been increased by $30,000 to $45,000; and (iii) the maturity date of the Amended Term Loan Facility and the Amended Revolving Facility has been extended from November 28, 2028 to January 1, 2031. The borrowing under the Amendment otherwise has the same terms as the 2023 Credit Agreement.
On December 16, 2025, the Borrower borrowed the full amount of the Amended Term Loan Facility and used a portion of the proceeds to repay the existing full outstanding obligations under the 2023 Credit Agreement and to pay related fees and expenses. The Borrower did not borrow any amount under the Amended Revolving Facility.
The Company incurred $1,900 in debt issuance costs in conjunction with the Amendment to the Senior Term Loan Facility and such debt issuance cost was recorded as a reduction to the related debt included in “Long-term debt, net” on the consolidated balance sheets. The Company incurred debt issuance costs of $977 related to the Amendment to the Senior Revolving Facility which was recorded in “Other assets” on the consolidated balance sheets. The amortization of such debt issuance costs is included in “Interest expense, net” on the consolidated statements of operations.
Unused commitments under the 2023 Credit Agreement as of December 31, 2025, and December 31, 2024, amounted to $200,000 and $38,400, respectively. For the years ended December 31, 2025, 2024, and 2023, there were no swingline loans or letters of credit outstanding under the 2023 Credit Agreement.
Borrowings under the 2023 Credit Agreement (other than swingline loans) bear interest at a rate equal to either, at Grindr Capital’s option, (i) the highest of the Prime Rate (as defined in the 2023 Credit Agreement), the Federal Funds Rate (as defined in the 2023 Credit Agreement) plus 0.50%, or one-month Term SOFR (as defined in the 2023 Credit Agreement) plus 1.00% (the “Alternate Base Rate”); or (ii) Term SOFR; in each case plus an applicable margin ranging from 2.75% to 3.25% with respect to Term SOFR borrowings and 1.75% to 2.25% with respect to Alternate Base Rate borrowings. The interest rate in effect for the 2023 Credit Agreement, other than swingline loans, as of December 31, 2025, and December 31, 2024, is 6.6% and 7.2%, respectively.
Swingline loans under the 2023 Credit Agreement bear interest at the Alternate Base Rate plus the applicable margin. The applicable margin will be based upon the total net leverage ratio (as defined in the 2023 Credit Agreement) of the Company.
Grindr Capital will also be required to pay a commitment fee for the unused portion of the Senior Revolving Facility, which will range from 0.375% to 0.50% per annum, depending on the total net leverage ratio of the Company. For the years ended December 31, 2025, 2024, and 2023, the Company incurred an immaterial commitment fee.
The Senior Term Loan Facility will amortize on a quarterly basis at 1.25% of the aggregate principal amount outstanding as of the closing date of the Amendment, until the final maturity date on January 1, 2031. Any borrowing under the Senior Revolving Facility may be repaid, in whole or in part, at any time and from time to time, subject to prior notice and accompanied by accrued interest and break funding payments, and any amounts repaid may be reborrowed, in each case, until the maturity date on January 1, 2031.
Mandatory prepayments are required under the Senior Revolving Facility when borrowings and letter of credit usage exceed the aggregate revolving commitments of all lenders. Mandatory prepayments are also required in connection with (i) certain asset dispositions and casualty events, in each case, to the extent the proceeds of such dispositions or casualty events exceed certain individual and aggregate thresholds and are not reinvested and (ii) unpermitted debt transactions. For the years ended December 31, 2025, 2024, and 2023, the Company was not required to make any mandatory prepayments.
The 2023 Credit Agreement contains certain customary events of default and if an event of default has occurred and continues beyond any applicable cure period, all outstanding obligations under the 2023 Credit Agreement may be accelerated or the commitments may be terminated, amongst other remedies. Additionally, the lenders are not obligated to fund any new borrowing under the 2023 Credit Agreement while an event of default is continuing.
Covenants
The 2023 Credit Agreement includes financial covenants, including the requirement for (i) the Company to maintain a total net leverage ratio no greater than a specified level, currently 4.00:1.00 prior to and through December 31, 2024, no greater than 3.50:1.00 prior to and through December 31, 2025, and no greater than 3.00:1.00 thereafter and (ii) the Company to maintain a fixed charge coverage ratio no less than 1.15:1.00 from March 31, 2024, and thereafter.
The 2023 Credit Agreement also contains certain customary restrictive covenants regarding indebtedness, liens, fundamental changes, investments, restricted payments, disposition of assets, transactions with affiliates, hedging transactions, certain prepayments of indebtedness, amendments to organizational documents and sale and leaseback transactions.
As of December 31, 2025, and 2024, the Company was in compliance with the financial covenants under the 2023 Credit Agreement.
Fair value
The fair values of the Company’s 2023 Credit Agreement balances were measured based on prices quoted from a third-party financial institution, which the Company classifies as a Level 2 input within the fair value hierarchy. The estimated fair value of the 2023 Credit Agreement balances as of December 31, 2025, and 2024 is $398,000 and $292,132, respectively.
Other information
Future maturities of the 2023 Credit Agreement were as follows:
December 31,
2025
2026$20,000 
202720,000 
202820,000 
202920,000 
203020,000 
Thereafter300,000 
$400,000 
2020 Credit Agreement
On November 28, 2023, the Company terminated its prior credit agreement including the release of all guarantees and liens related thereto in connection with entering into such credit agreement and repaying in full all outstanding obligations of the prior credit agreement. This transaction was accounted for as an extinguishment of debt. As a result, the Company recorded a loss on extinguishment of debt of $11,582, which includes unamortized debt issuance cost of $5,111 and an early termination fee of $6,471.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Operating Leases
Company as a lessee
The Company enters into operating leases in the normal course of business, primarily for office space. As of December 31, 2025, the Company has five operating leases with remaining lease terms of less than one year to four years.
In conjunction with one of the operating leases, the Company secured a letter of credit which has a balance of $605 as of December 31, 2025, and 2024, respectively, recorded as “Restricted cash” on the consolidated balance sheets.
Components of lease cost included in “Selling, general and administrative expenses” on the consolidated statements of operations are as follows:
Year Ended December 31,
202520242023
Operating lease cost$3,274 $2,134 $1,652 
Short-term lease cost349 1,167 460 
Sublease income(675)(830)(690)
Total lease cost$2,948 $2,471 $1,422 
Supplemental cash flow information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities$3,476 $2,163 $1,696 
Right-of-use assets obtained in exchange for lease liabilities:
New leases entered into during the year $1,708 $1,471 $— 
Operating lease modifications$2,955 $— $— 
Supplemental balance sheet information related to leases is as follows:
December 31,
20252024
Assets:
Right-of-use assets$4,723$3,053
Liabilities:
Accrued expenses and other current liabilities2,1552,370
Lease liability, long-term portion2,574963
Total operating lease liabilities$4,729$3,333
Weighted average remaining operating lease term (years)2.51.6
Weighted average operating lease discount rate7.1%9.1%
The Company’s leases do not provide readily determinable implicit discount rates. The Company estimates its incremental borrowing rates as the discount rate based on the information available at lease commencement. Future maturities on lease liabilities are as follows:
December 31,
2025
2026$2,199 
20271,386 
20281,001 
2029585 
Thereafter— 
Total lease payments$5,171 
Less: imputed interest(442)
Total lease liabilities$4,729 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of December 31, 2025.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company’s sublease tenant are as follows:

December 31,
2025
2026$225 
Thereafter— 
$225 
Leases Leases
Operating Leases
Company as a lessee
The Company enters into operating leases in the normal course of business, primarily for office space. As of December 31, 2025, the Company has five operating leases with remaining lease terms of less than one year to four years.
In conjunction with one of the operating leases, the Company secured a letter of credit which has a balance of $605 as of December 31, 2025, and 2024, respectively, recorded as “Restricted cash” on the consolidated balance sheets.
Components of lease cost included in “Selling, general and administrative expenses” on the consolidated statements of operations are as follows:
Year Ended December 31,
202520242023
Operating lease cost$3,274 $2,134 $1,652 
Short-term lease cost349 1,167 460 
Sublease income(675)(830)(690)
Total lease cost$2,948 $2,471 $1,422 
Supplemental cash flow information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities$3,476 $2,163 $1,696 
Right-of-use assets obtained in exchange for lease liabilities:
New leases entered into during the year $1,708 $1,471 $— 
Operating lease modifications$2,955 $— $— 
Supplemental balance sheet information related to leases is as follows:
December 31,
20252024
Assets:
Right-of-use assets$4,723$3,053
Liabilities:
Accrued expenses and other current liabilities2,1552,370
Lease liability, long-term portion2,574963
Total operating lease liabilities$4,729$3,333
Weighted average remaining operating lease term (years)2.51.6
Weighted average operating lease discount rate7.1%9.1%
The Company’s leases do not provide readily determinable implicit discount rates. The Company estimates its incremental borrowing rates as the discount rate based on the information available at lease commencement. Future maturities on lease liabilities are as follows:
December 31,
2025
2026$2,199 
20271,386 
20281,001 
2029585 
Thereafter— 
Total lease payments$5,171 
Less: imputed interest(442)
Total lease liabilities$4,729 
There were no leases with residual value guarantees or executed leases that had not yet commenced as of December 31, 2025.
Company as a lessor
The Company is a sublessor on one operating lease that expires in April 2026.
Future non-cancelable rent payments from the Company’s sublease tenant are as follows:

December 31,
2025
2026$225 
Thereafter— 
$225 
v3.25.4
Warrant Liabilities
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Warrant Liabilities Warrant Liabilities
In connection with Tiga’s initial public offering, Tiga issued (i) 18,560,000 private placement warrants (“Private Warrants”) to its sponsor, Tiga Sponsor LLC (the “Sponsor”) and (ii) sold 13,800,000 public warrants. On November 18, 2022, in connection with the reverse recapitalization treatment of the Business Combination, the Company effectively issued 37,360,000 warrants to purchase shares of Grindr’s common stock, which included 13,800,000 public warrants, 18,560,000 Private Warrants, 2,500,000 Forward Purchase Warrants, and 2,500,000 Backstop Warrants. The Forward
Purchase Warrants and the Backstop Warrants had the same terms and are in the same form as the public warrants (as such, will collectively be known as the “Public Warrants” and, together with the Private Warrants, the “Warrants”). The Warrants were governed by that certain Warrant Agreement, dated November 23, 2020, as amended by that certain First Amendment to Warrant Agreement, dated November 17, 2022 (the “Warrant Agreement”).
The Public Warrants, which entitled the registered holder to purchase one share of the Company’s common stock, had an exercise price of $11.50, became exercisable 30 days after the completion of the Business Combination and were set to expire five years from the completion of the Business Combination, or earlier upon redemption.
If the Company were to have called the Public Warrants and Private Warrants for redemption, the Public Warrants and Private Warrants may be exercised for cash or, as described above, the Warrant holder could elect to exercise on a cashless basis if the price per share equaled or exceeded $10.00, as described in the Warrant Agreement. In addition, at any time after notice of redemption was given by the Company, holders of Private Warrants could exercise such Private Warrants on a cashless basis so long as such Private Warrants were held by the Sponsor or a permitted transferee. The exercise price and number of shares of the Company’s common stock issuable upon exercise of the Public Warrants was to be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation.
Each Private Warrant entitled the registered holder to purchase one share of the Company’s common stock. The Private Warrants also had an exercise price of $11.50 and became exercisable 30 days after the completion of the Business Combination. The Private Warrants were set to expire five years from the completion of the Business Combination, or earlier upon redemption.
The Private Warrants were identical to the Public Warrants underlying the shares sold in Tiga’s initial public offering, except that they were subject to certain transfer and sale restrictions and were not optionally redeemable when the Company’s common stock price was above $18.00 so long as they were held by the Sponsor or a permitted transferee. Additionally, the Private Warrants were exercisable on a cashless basis. If the Private Warrants were held by someone other than the Sponsor or a permitted transferee, the Private Warrants were redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
On January 23, 2025, the Company provided notice that the Company would redeem all of its outstanding Warrants on February 24, 2025. After the Company announced the redemption of the Warrants and before the conclusion of the redemption notice period on February 24, 2025, an aggregate of 27,315,105 Warrants were exercised for an aggregate of 27,315,105 shares of the Company’s common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to us of $314,124. In addition, 9,469,634 Warrants were exercised on a cashless basis in exchange for the issuance of 3,418,518 shares of the Company’s common stock. At the conclusion of the redemption notice period on February 24, 2025, the Company redeemed the remaining 575,086 Warrants issued and outstanding at a price of $0.10 per Warrant for aggregate cash payment of $58. The Public Warrant were delisted from the New York Stock Exchange on February 24, 2025.
The Warrants were remeasured to their fair value on each exercise date or on Redemption Date if the Warrants remained unexercised. The change in fair value for the years ended December 31, 2025, and 2024 was gain of $9,905 and loss of $184,557, respectively, recognized in the consolidated statements of operations. There have been no outstanding Warrants since the Redemption Date.
v3.25.4
Stockholders’ Equity (Deficit)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders’ Equity (Deficit) Stockholders’ Equity (Deficit)
Preferred stock and common stock
The Company’s certificate of incorporation sets forth the rights, privileges, and preference of the Company’s preferred stock and common stock. The Company’s Board of Directors (the “Board”) is authorized to provide for the issuance of all or any number of the shares of preferred stock, and to fix the number of shares and to determine or alter for each such
series, such voting powers, full or limited, or no voting powers, and such designation, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions.
The holders of the Company’s common stock are entitled to one vote on each matter submitted to the stockholders of the Company for their vote.
Stock Repurchase Program
In March 2025, the Board authorized a stock repurchase program to allow for the repurchase of up to $500,000 of shares of the Company’s common stock for the period from March 7, 2025, to March 6, 2027 (the “Stock Repurchase Program”). During the year ended December 31, 2025, the Company repurchased and retired 25,129,289 shares of the Company’s common stock for an aggregate purchase price of $450,506, including commissions, which equates to an average price of $17.93 per share. As of December 31, 2025, the Company had an aggregate of $50,000 authorized and remaining under the Stock Repurchase Program. In February 2026, our Board authorized a $400,000 increase in the Company’s stock repurchase program and extended the repurchase period to March 2029, see Note 19 for additional information.
The Company may repurchase shares of the Company’s common stock in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases will depend on a number of factors including the price and availability of the Company’s common stock, trading volume, and general market conditions.
Purchase of equity instruments
In connection with the Stock Repurchase Program, during the fourth quarter of 2025, the Company entered into prepaid written put option transactions with a major financial institution that utilizes structured stock repurchase agreements to buy back shares of the Company’s common stock. The Company paid a fixed sum of cash upon execution of each agreement in exchange for the right to receive either a pre-determined amount of cash or common stock depending on the closing market price of the Company’s common stock on the expiration date of the agreement. Upon expiration of each agreement, if the closing market price of the Company’s common stock is above the pre-determined price, the Company will receive the cash investment returned with a premium. If the closing market price is at or below the pre-determined price, the Company will receive the number of shares specified in the agreement.
As of December 31, 2025, the weighted average term of the prepaid written put options was 0.32 years based on an underlying 4,153,261 shares of the Company’s common stock. The Company paid $50,000 upon execution of the agreements which was recorded as a reduction of “Additional Paid-in Capital” in the consolidated statements of stockholders’ equity (deficit), and shall not be considered utilized under the Stock Repurchase Program until the transactions have settled.
Treasury stock
During the third quarter of 2025, the Board determined that all previously recognized net settlements of equity awards should be recognized to additional paid-in capital. The Company adjusted treasury stock to “Additional paid-in capital” in the consolidated statements of stockholders’ equity (deficit) and the consolidated balance sheets to give effect to the change.
v3.25.4
Employee Benefit Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plan Employee Benefit Plan The Company maintains a qualified 401(k) retirement plan (the “401k Plan”). All employees are eligible to participate in the 401k Plan beginning on the first day of the month following their date of hire. The 401k Plan permits eligible employees to make contributions. The Company made $1,709, $1,484, and $1,469 of 401(k) matching contributions for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
2022 Plan
On November 15, 2022, the stockholders of the Company approved the adoption of the 2022 Equity Incentive Plan, which permits the grant of incentive awards, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards, and other awards. There were 13,764,400 shares of common stock authorized under the 2022 Equity Incentive Plan. On July 19, 2024, the Company stockholders approved the amendment and restatement of the 2022 Equity Incentive Plan to increase the number of shares reserved for issuance thereunder by 2,860,300 shares from 13,764,400 shares to 16,624,700 shares. The Amended and Restated 2022 Equity Incentive Plan became effective immediately upon stockholder approval at the Company’s 2024 annual meeting of stockholders held on July 19, 2024 (as amended, the “2022 Plan”). As of December 31, 2025, there were 1,525,632 shares of common stock available for grant under the 2022 Plan.
Executive and Key Employees Awards
From time to time, the Company awards incentive awards to executives and key employees in the form of restricted stock units (“RSUs”).
Time-Based Awards
Generally, RSUs will vest 20% on each anniversary of the vesting commencement date, subject to continued service with the Company, or pursuant to another vesting schedule as approved by the Compensation Committee of the Board (“Compensation Committee”), and set forth in the award agreement.
Performance Stock Units Awards (“PSUs”)
Liability-classified PSUs
During the fourth quarter of 2025, the Company approved new liability-classified awards and modified all existing liability-classified awards (collectively, the “liability-classified PSUs”). The liability-classified PSUs will vest upon the achievement (at varying levels) of certain market conditions or the performance condition. As modified or granted, the liability-classified PSUs will vest at the first occasion (if any), within the timeframe as set forth in the award agreement, upon the achievement (at varying levels) of (i) certain market capitalization thresholds, (ii) certain average per-share volume-weighted average price of the Company’s stock, or (iii) the Company’s trailing twelve months of Adjusted EBITDA. Upon vesting, the Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding each achievement date. These PSUs are liability-classified and require fair value remeasurement at the end of each reporting period.
As of December 31, 2025, and 2024, the aggregate fair value of the liability-classified PSUs is $29,923 and $27,210, respectively, of which $15,136 and $10,878, respectively, is recorded in “Other non-current liabilities” in the consolidated balance sheets.
During the fourth quarter of 2024, first quarter of 2025, and second quarter of 2025, certain market capitalization thresholds were achieved. Awards of fully-vested RSUs representing a total of 314,101, 228,785, and 208,009 shares, respectively, were issued in the same quarter with a total fair value of $4,203, $4,173, and $4,990, respectively, with the amount reclassified to “Additional paid-in capital” in the consolidated balance sheets.
The Company used the Monte Carlo simulation model to value the market conditions within the liability-classified PSUs. The key inputs into the Monte Carlo simulation as of December 31, 2025, and 2024, were as follows:
December 31,
20252024
Expected term (in years)
2.0 - 5.0
10.0
Expected stock price volatility (1)
45.0% - 55.0%
60.0 %
Risk-free interest rate (2)
3.4% - 3.7%
4.6 %
Expected dividend yield (3)
— %— %
(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards.
(2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards.
(3)The Company has not historically paid any cash dividends on its common stock.
Equity-classified PSUs
During the fourth quarter of 2025, the Company approved new equity-classified awards and modified an existing equity-classified award (collectively, the “executive equity-classified PSUs”) that previously solely vested in its entirety upon the achievement of a certain market capitalization threshold. The executive equity-classified PSUs will vest upon the achievement (at varying levels) of certain market conditions or the performance condition. As modified or granted, the executive equity-classified PSUs will vest at the first occasion (if any), within the timeframe as set forth in the award agreement, upon the achievement (at varying levels) of (i) certain market capitalization thresholds, (ii) certain average per-share volume-weighted average price of the Company’s stock, or (iii) the Company’s trailing twelve months of Adjusted EBITDA. Upon vesting, the Company has an obligation to issue a fixed number of shares. Upon modification of an existing equity-classified award, the Company did not incur additional incremental compensation costs.
KPI Awards
KPI Awards will be issued upon the satisfaction of certain KPIs determined by the Board and provision of service to the issue date. The Company has an obligation to issue a variable number of shares based on a fixed dollar value divided by the volume weighted-average price per share of the Company’s common stock for a 90-day period preceding the issue date. The issue date shall occur no later than March 15 after the end of the applicable year. These awards are liability-classified and require fair value remeasurement at the end of each reporting period. The measurement of the KPI awards’ fair value is based on the fixed dollar amount that is probable of being paid.
During the fourth quarter of 2023, the Compensation Committee approved KPI awards and measurement frameworks related to the year ending December 31, 2023. In March 2024, the Compensation Committee determined that as of December 31, 2023, such KPIs were achieved. A total of 247,898 shares were issued in the first quarter of 2024 with a total fair value of $2,350. During the years ended December 31, 2024, and 2023, stock-based compensation expense of $2,062 and $288 related to the service provided through issuance date and December 31, 2023, respectively, was recorded in “Selling, general and administrative expense” on the consolidated statements of operations.
During the first quarter of 2024, the Compensation Committee approved KPI awards and measurement frameworks related to the year ending December 31, 2024. In March 2025, the Compensation Committee determined that as of December 31, 2024, such KPIs were achieved. A total of 238,400 shares were issued in the first quarter of 2025 with a total fair value of $3,609. For the years ended December 31, 2025, and 2024, stock-based compensation expense of $526 and $3,084 related to the service provided through issuance date and December 31, 2024, respectively, was recorded in “Selling, general and administrative expense” on the consolidated statements of operations.
During the second quarter of 2025, the Compensation Committee approved KPI awards and measurement frameworks related to the year ending December 31, 2025. As of December 31, 2025, the liability was measured based on a probability weighted approach and $4,142 was accrued and recorded in “Other non-current liabilities” in the consolidated balance sheets. For the year ended December 31, 2025, stock-based compensation expense of $4,142 related to the service provided through December 31, 2025 was recorded in “Selling, general and administrative expense” on the consolidated statements of operations.
Non-Employee Director and Employee Awards
Time-Based Awards
The Company granted timed-based RSUs to certain non-employee directors and employees (such RSUs to employees, “Employee RSUs”). The Employee RSUs generally vest 25% on the first anniversary of the vesting commencement date and in twelve quarterly installments thereafter, 50% on the first anniversary of the vesting commencement date and in four quarterly installments thereafter, or pursuant to another vesting schedule as approved by the Compensation Committee, or its designee, and set forth in the Employee RSUs agreement. Non-employee directors receive annual grants that vest generally 25% quarterly after the vesting commencement date.
PSUs
During the fourth quarter of 2025, the Compensation Committee approved new equity-classified awards to employees (the “Employee PSUs”). The Employee PSUs will vest upon the later of (i) achievement upon of a certain average per-share volume-weighted average price of the Company’s stock, and (ii) nine months after grant date. Upon vesting, the Company has an obligation to issue a fixed number of shares. The Company recognizes the stock-based compensation of the Employee PSUs over the higher of the derived service period or the explicit service period.
Other information
A summary of the unvested equity-classified RSU activity during the years ended December 31, 2025, 2024, and 2023 are as follows:
Number of Shares
Weighted Average
Grant Date Fair Value
Time-based
PSUs
Time-based
PSUs
Outstanding at December 31, 20224,555,256 — $10.10 $— 
Granted2,901,233 — $6.40 $— 
Vested(1,096,319)— $9.50 $— 
Forfeited(412,683)— $7.35 $— 
Outstanding at December 31, 20235,947,487 — $8.61 $— 
Granted2,384,125 200,000 $10.99 $12.77 
Vested(1,709,620)— $8.36 $— 
Forfeited(511,506)— $7.90 $— 
Outstanding at December 31, 20246,110,486 200,000 $9.66 $12.77 
Granted7,483,717 719,750 $15.95 $11.87 
Vested(2,602,065)$10.36 $— 
Forfeited(690,545)— $12.73 $— 
Outstanding at December 31, 2025
10,301,593 919,750 $13.85 $12.07 
The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023, was $43,554, $20,344, and $6,687, respectively.
A summary of unrecognized stock-based compensation expenses in the 2022 Plan as of December 31, 2025 is as follows:
Unrecognized stock-based compensation expensesWeighted-average period expected to be recognized
Time-Based Awards$121,620 3.3 years
PSUs - liability-classified awards
$14,787 2.1 years
PSUs - equity-classified awards
$9,674 1.4 years
2025 KPI Awards$1,003 0.2 years
2020 Plan
In August 13, 2020, the Board of Managers of Legacy Grindr, approved the adoption of the 2020 Equity Incentive Plan (the “2020 Plan”), which permits the grant of incentive and unit options, restricted units, stock appreciation rights and phantom units of Legacy Grindr.
There were 6,522,685 shares of common stock authorized in the 2020 Plan. There were no changes to the authorized number of shares for the years ended December 31, 2025, 2024, and 2023. There were no shares of common stock available for grant under the 2020 Plan upon the consummation of the Business Combination.
Stock options
Employees, consultants, and nonemployee directors who provide substantial services to Legacy Grindr were eligible to be granted unit option awards under the 2020 Plan.
In connection with the Business Combination, each Legacy Grindr unit option that was outstanding immediate prior to the consummation of the Business Combination, whether vested or unvested, was converted into a stock option to acquire a number of shares of the Company’s common stock equal to the product of (i) the number of unit of Legacy Grindr common unit subject to such Legacy Grindr unit option immediately prior to the consummation of the Business Combination and (ii) the exchange ratio, at an exercise price per share equal to (A) the exercise price per share of such Legacy Grindr unit option immediately prior to the consummation of the Business Combination, divided by (B) the exchange ratio (the “Exchanged Option”). Following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding Legacy Grindr unit option immediately prior to the consummation of the Business Combination. Unvested Legacy Grindr unit options did not accelerate nor vest on the consummation of the Business Combination.
Generally, stock options vest 25% on the first anniversary of the vesting commencement date and then quarterly thereafter for 12 quarters, or pursuant to another vesting schedule as approved by the Board of Managers of Legacy Grindr and set forth in the option agreement. Stock options have a maximum term of seven years from the date of grant.
The following table summarizes the stock option activity for the years ended December 31, 2025, 2024, and 2023:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 4,705,765 $5.15 5.7$2,967 
Exercised(757,032)$3.60 
Forfeited or expired(2,180,106)$6.05 
Outstanding at December 31, 2023 1,768,627 $4.71 4.6$7,196 
Exercised(917,910)$4.38 
Forfeited or expired(145,601)$5.41 
Outstanding at December 31, 2024705,116 $5.00 3.6$9,055 
Exercised(353,549)$4.87 
Forfeited or expired(26,023)$7.19 
Outstanding at December 31, 2025325,544 $4.96 2.6$2,794 
Exercisable at December 31, 2023964,031 $4.25 4.3$4,365 
Exercisable at December 31, 2024408,832 $4.40 3.3$5,495 
Exercisable at December 31, 2025282,165 $4.47 2.5$2,559 
The intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023, was $5,173, $8,351, and $2,081, respectively. This intrinsic value represents the difference between the fair value of the Company’s common stock on the date of exercise and the exercise price of each option. Unrecognized compensation expense relating to options in the 2020 Plan was $136 as of December 31, 2025, which is expected to be recognized over a weighted-average period of 0.7 years.
Stock-based compensation information
The following table summarizes stock-based compensation expense for the years ended December 31, 2025, and 2024, respectively:
Year Ended December 31,
202520242023
Selling, general and administrative expense$43,235 $33,626 $14,763 
Product development expense11,285 3,646 1,061 
$54,520 $37,272 $15,824 
Stock-based compensation expense that was capitalized as an asset was $879, $281, and $202 for the years ended December 31, 2025, 2024, and 2023, respectively. The amounts were capitalized in “Capitalized software development costs, net” in the consolidated balance sheets.
v3.25.4
Income Tax
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Tax Income Tax
On July 4, 2025, President Trump signed into law the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes various provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The OBBBA has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. While the OBBBA did not have a significant impact on the Company’s total tax provision as of December 31, 2025, the Company is still evaluating the Company’s position on the elective provisions of the law and the potential impacts of those elections on the consolidated financial statements.
Net income (loss) before income tax includes the following components:
Year Ended December 31,
202520242023
United States$118,586 $(118,307)$(51,646)
International27 17 (99)
$118,613 $(118,290)$(51,745)
Income tax provision consisted of the following:
Year Ended December 31,
202520242023
Current income tax provision
Federal$18,372 $15,379 $10,034 
State and local2,797 3,178 1,949 
International60 61 22 
Total current tax provision21,229 18,618 12,005 
Deferred income tax provision (benefit)
Federal2,424 (4,211)(7,610)
State and local209 (1,696)(372)
Total deferred tax provision (benefit)2,633 (5,907)(7,982)
Total income tax provision$23,862 $12,711 $4,023 
The tax effects of temporary differences that give rise to portions of deferred tax assets and deferred tax liabilities are as follows:
December 31,
20252024
Deferred tax assets
Capitalized research expenditures$9,469 $6,413 
Equity awards3,930 1,844 
Accrued compensation3,017 2,392 
Right-of-use asset1,104 790 
General business credit451 388 
Accrued expenses372 59 
Capitalized interest carryforward— 6,357 
Other520 234 
Gross deferred tax assets18,863 18,477 
Less: Valuation allowance— — 
Total deferred tax assets18,863 18,477 
Deferred tax liabilities
Intangible assets(19,087)(16,490)
Lease liability(1,103)(724)
Other(64)(21)
Total gross deferred tax liabilities(20,254)(17,235)
Net deferred tax assets (liabilities)
$(1,391)$1,242 
As of each reporting date, the Company evaluates both positive and negative evidence that may affect its assessment of the future realization of deferred tax assets. As of December 31, 2025, and 2024, the Company determined that sufficient
positive evidence exists to determine that it is more likely than not that all deferred taxes assets are fully realizable. Accordingly, the valuation allowance was zero as of December 31, 2025, and 2024.
Tax credit carryforwards are as follows:
December 31, 2025
AmountExpiration Years
Tax credits, state672 Do Not Expire
December 31, 2024
AmountExpiration Years
Tax credits, state577 Do Not Expire
The reconciliation of the provision for income taxes to the amount computed by applying a 21% statutory U.S. federal income tax rate to income before taxes, and the Company’s effective tax rate to the statutory tax rate after to the adoption of ASU 2023-09 is as follows:
Year Ended
December 31, 2025
Amount
Percent
Income tax provision at the federal statutory rate of 21.0%$24,90921.0%
State and local income taxes(1)
2,3862.0%
Effect of cross-border tax laws
Foreign derived intangible income deduction(4,204)(3.5)%
Tax credits
Research tax credit(1,575)(1.3)%
Nondeductible items
Officer compensation8,3637.1%
Equity compensation(4,327)(3.6)%
Warrant liability revaluation(2,079)(1.8)%
Other1700.1%
Worldwide changes in unrecognized tax benefits3120.3%
Other(93)(0.1)%
$23,86220.1%
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York state and city, Illinois, New Jersey, Pennsylvania, and California.
The reconciliation of the Company’s effective tax rate to the statutory tax rate prior to the adoption of ASU 2023-09 is as follows:
Year Ended December 31,
20242023
Income tax provision at the federal statutory rate of 21.0%21.0%21.0%
State taxes(2.1)%(0.6)%
Stock-based compensation2.2%(1.5)%
Foreign derived intangible income deduction2.9%4.3%
Change in valuation allowance3.9%(8.3)%
Change in fair value of warrant liability(32.9)%(20.1)%
Research tax credit0.9%2.7%
Uncertain tax positions(0.2)%(0.6)%
Officer compensation(6.6)%(4.1)%
Other items0.2%(0.6)%
(10.7)%(7.8)%
The following table summarizes the activity related to the gross unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Balance at the beginning of the year$946 $797 $586 
Adjustments related to prior year tax positions8 10 — 
Increases related to current year tax positions398 270 211 
Decreases due to statute of limitation expiration(190)(131)— 
Balance at end of the year$1,162 $946 $797 
All of the Company’s unrecognized tax benefits, if recognized, would change the effective rate. The Company does not expect any material changes to the unrecognized tax benefits over the next twelve months. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits, and uncertain income tax positions must meet a more likely than not recognition threshold to be recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in “Income tax provision” in the consolidated statements of operations. Interest and penalties are not material for each of the periods presented.
The Company believes it is more likely than not that all significant tax positions taken to date would be sustained by the relevant taxing authorities. As of December 31, 2025, and 2024, there were no active taxing authority examinations in any of the Company’s major tax jurisdictions. The Company remains subject to examination for federal and state income tax purposes for the tax years ended 2021 through 2024.
The amounts of cash income taxes paid (net of refunds) by the Company were as follows:
Year Ended
December 31, 2025
Federal$18,473
State and local2,573
International59
$21,105
The amount of cash income taxes paid (net of refunds) by the Company during the years ended December 31, 2024, and 2023 was $17,433 and $17,709, respectively.
v3.25.4
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted income (loss) per share:
Year Ended December 31,
202520242023
Numerator:
Net income (loss)$94,751 $(131,001)$(55,768)
Gain on fair value of warrant liabilities
(9,905)— — 
Net income (loss) adjusted for gain on fair value of warrant liabilities$84,846 $(131,001)$(55,768)
Denominator:
Basic weighted average shares of common shares outstanding
190,056,612 175,880,320 174,170,517 
Diluted effect of stock-based awards
3,125,662 — — 
Diluted effect of warrants
1,842,942 — — 
Diluted effect of market condition equity awards46,379 — — 
Diluted effect of KPI awards107,242 — — 
Diluted weighted average shares of common shares outstanding
195,178,837 175,880,320 174,170,517 
Net income (loss) per share
Basic
$0.45 $(0.74)$(0.32)
Diluted
$0.43 $(0.74)$(0.32)
The following table presents the potential shares that are excluded from the computation of diluted net income (loss) and comprehensive loss for the periods presented because including them would have had an anti-dilutive effect:
Year Ended December 31,
202520242023
Stock options issued under 2020 Plan— 705,1161,768,627
Time-based RSUs2,743,929 6,110,486 5,947,487 
KPI awards— 270,579 295,964 
Warrants— 37,359,825 37,360,000 
Shares issuable for the PSUs (see Note 13) are not included in the table above, as the vesting criteria have not yet been achieved. Such shares are therefore not included in the Company’s calculation of basic or diluted net income (loss) per share.
For the year ended December 31, 2024, shares issuable for the 2024 KPI Awards are included in the table above, as the performance condition criterion was achieved as of December 31, 2024. For the year ended December 31, 2023, shares issuable for the 2023 KPI Awards are included in the table above, as the performance condition criterion was achieved as of December 31, 2023. The KPI Awards are not considered issued until Compensation Committee approval is received after the end of the applicable year. The number of shares above for the KPI Awards are based on the 90-day volume weighted-average price as of the end of the applicable year.
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Money market funds$39,252 $39,252 $— $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Money market funds$22,787 $22,787 $— $— 
U.S. treasury bills20,221 20,221 — — 
$43,008 $43,008 $— $— 
Liabilities:
Common stock warrant liabilities$252,178 $126,898 $125,280 $— 
Money market funds and U.S. treasury bills
The money market funds and U.S. treasury bills are classified within Level 1 as these securities are traded on an active public market.
Common stock warrant liabilities
The Warrants were accounted for as a liability in accordance with ASC Topic 815, Derivatives and Hedging (see Note 10). The warrant liability was measured at fair value upon assumption and on a recurring basis, with changes in fair value presented in the consolidated statements of operations.
The Company used Level 1 inputs for valuing the Public Warrants and Level 2 inputs for valuing the Private Warrants. The Private Warrants are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. See Note 10 for additional information on the Company’s Warrants.
The following table presents the changes in the fair value of warrant liability:
Total Warrant Liability
Fair value as of December 31, 202367,622 
Change in fair value of warrant liability184,557 
Exercise of Warrants(1)
Fair value as of December 31, 2024252,178 
Change in fair value of warrant liability(9,905)
Exercise and redemption of Warrants(242,273)
Fair value as of December 31, 2025$— 
v3.25.4
Related Parties
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Parties Related Parties
Warrants redemption
In connection with the Company’s redemption of Warrants as discussed in Note 10, one member of the Board and one former member of the Board exercised an aggregate of 15,984,566 Warrants, of which, (i) 1,336,124 Warrants were exercised on a cashless basis in exchange for the issuance of 482,340 shares of common stock; and (ii) 14,648,442 Warrants were exercised for cash in exchange for the issuance for an aggregate of 14,648,442 shares of common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to the Company of $168,467.
Governance
As of September 19, 2025, G. Raymond Zage, III, a member of the Board and the Company’s largest stockholder, beneficially owned more than 50% of the Company’s total outstanding shares of common stock. As a result, the Company is a “controlled company” within the meaning of the corporate governance standards of the NYSE. However, the Company does not currently intend to rely on any of the related corporate governance exemptions.
Other related party transactions
Prior to the consummation of the Business Combination, the Company paid advisor fees and out-of-pocket expenses to two individuals who held ownership interest in Legacy Grindr and are stockholders of the Company. The two individuals were appointed to the Board upon the consummation of the Business Combination, and the advisory agreement was terminated upon their appointment to the Board concurrent with the consummation of the Business Combination. For the year ended December 31, 2023, the Company paid outstanding advisor fees amounting to $350, and $97 was forgiven.
See Note 6 for information regarding related party transactions with Catapult GP II.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
On January 12, 2023, the Company entered into a purchase commitment for the use of cloud services, with a commitment to spend $8,500 annually between January 2023 and January 2026. Total purchases under the purchase commitment were $16,865, $11,624, and $9,979 for the years ended December 31, 2025, 2024, and 2023, respectively.
Litigation
From time to time, the Company is subject to various legal proceedings and claims, either asserted or unasserted, that arise in the ordinary course of business. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict, and the Company’s view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Other than disclosed below, the Company did not accrue for additional contingent losses.
Norway Matter
In January 2021, the Norwegian Data Protection Authority (“NDPA”) sent Grindr LLC, a wholly owned subsidiary of the Company, an “Advance notification of an administrative fine” of 100,000 NOK (the equivalent of approximately $9,946 using the exchange rate as of December 31, 2025) for an alleged infringement of the General Data Protection Regulation (“GDPR”). The NDPA alleged that (i) Grindr LLC disclosed personal data to third party advertisers without a legal basis in violation of Article 6(1) GDPR and (ii) Grindr LLC disclosed special category personal data to third party advertisers without a valid exemption from the prohibition in Article 9(1) GDPR. Grindr LLC contested the draft findings and fine.
In December 2021, the NDPA issued a reduced administrative fine against Grindr LLC in the amount of 65,000 NOK (the equivalent of approximately $6,465 using the exchange rate as of December 31, 2025). Grindr LLC filed an appeal with the NDPA. On November 24, 2022, Grindr Group and Kunlun Grindr Holdings Limited (“Kunlun”) entered into an
escrow agreement providing for Grindr Group’s access to $6,500 of funds for the total amount payable, if any, by Grindr LLC following Grindr LLC’s appeal of the NDPA’s decision to the NDPA and, as applicable to the Norwegian Privacy Appeals Board (the “NPAB”).
On September 29, 2023, the NPAB issued its decision to uphold the NDPA's decision and fine of 65,000 NOK. On October 10, 2023, Grindr Group received $5,929 from the escrow account with Kunlun, (the equivalent of approximately 65,000 NOK using the exchange rate as of October 3, 2023). On July 1, 2024, the Oslo District Court upheld the prior decision and ordered Grindr LLC to pay the government attorneys fees of approximately $50. On October 21, 2025, the Norwegian Appeals Court issued its decision, rejecting Grindr LLC’s appeal of the Oslo District Court’s prior ruling and upholding the administrative fine of 65,000 NOK (the equivalent of approximately $6,465 using the exchange rate as of December 31, 2025). The Company accrued $6,465 recorded within “Accrued expense and other current liabilities” on the consolidated balance sheets. Grindr LLC received an invoice for the fine from the Norwegian state collection agency in January 2026 and on February 11, 2026, Grindr paid the principal amount of the fine. The invoice also purports to impose NOK 16.8 million (the equivalent of approximately $1,671 using the exchange rate as of December 31, 2025) in interest fees to Grindr LLC in addition to the principal of the fine. Based on the information currently available, Grindr LLC disputes the asserted interest on the Norwegian administrative fine.
Israeli Class Action
In December 2020, Grindr LLC was named in a statement of claim and petition for certification of a class action in Israel (Israeli Central District Court). The statement of claims generally alleges that Grindr LLC violated users’ privacy by sharing information with third parties without their explicit consent and seeks various forms of monetary, declaratory, and injunctive relief, in addition to certification as a class action. After various filings, the parties reached a settlement in February 2025, which was approved by the court in July 2025. In February 2026, the Israeli Attorney General submitted objections to the Court regarding the proposed settlement, and Grindr LLC has until March 5, 2026, to reply.
UK Group Action
On April 15, 2025, the Company (Grindr Inc.) and Grindr LLC, its indirect and wholly-owned operating subsidiary, were served with proceedings in the High English Court, which proceedings were originally issued in April 2024, brought by a UK law firm on behalf of 10,080 alleged Grindr users from a period between 2009 and 2020 alleging unlawful processing of their personal data in breach of UK data protection laws and misuse of their private information. This number has since decreased to 10,041 on account of discontinued and duplicate claims. On April 24, 2025, the UK law firm notified the Company (Grindr Inc.) and Grindr LLC that a second claim had been issued against Grindr LLC making identical claims on behalf of 1,964 alleged Grindr users. By agreement, the first claim against Grindr Inc. was dismissed but the proceedings with respect to the first claim continue against Grindr LLC. The second claim was served on Grindr LLC on October 17, 2025. At this time, it is too early to determine the likely outcome of these claims.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Stock Repurchase Program
In February 2026, our Board authorized a $400,000 increase in the Company’s stock repurchase program and extended the repurchase period to March 2029 (as amended, the “Amended Stock Repurchase Program”). The Amended Stock Repurchase Program does not obligate the Company to repurchase a minimum amount of shares. Under the Amended Stock Repurchase Program, shares of the Company’s common stock may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases will depend on a number of factors, including the price and availability of the Company’s common stock, trading volume, and general market conditions.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We rely on information technology and data to operate our business and develop, market and deliver our services to our customers. Our information technology includes various cloud computing resources, computer networks, third party hosted services, communications systems, software, and our data (which includes confidential, personal, proprietary and sensitive data) (collectively “Information Assets”). We maintain certain risk assessment processes intended to identify cybersecurity threats, determine their likelihood of occurring, and assess potential material impact to our business.
We rely on a multidisciplinary team (including information security stakeholders and management, as described further below in “Cybersecurity—Governance”) to help assess how cybersecurity threats to our Information Assets could impact our business. We seek to assess the likelihood that such threats could result in a material impact to our Information Assets, operations, ability to provide our services, our core business functions, personnel, reputation, and identified critical business objectives. We identify, assess, and manage our cybersecurity threats and risks by, among other things, ongoing threat modeling discussions of certain of our applications and infrastructure, reviewing certain weekly security bulletins, monitoring the threat environment using manual and automated tools in certain environments and systems, subscribing to reports and services that identify certain cybersecurity threats, analyzing reports of certain threats and actors, scans of certain threat environment, evaluating our industry’s risk profile, evaluating threats reported to us from our public-facing bug bounty program, conducting threat assessments for certain internal and external threats, and conducting vulnerability assessments in some environments and systems aimed at identifying vulnerabilities.
Based on our assessment process, we implement and maintain various technical, physical and organizational measures, processes, standards, and policies designed to manage and mitigate such risks and potential material impacts to our Information Assets. The various risk management and reduction measures we implement for certain areas of our environment and systems include: maintaining policies and procedures designed to address cybersecurity threats, including an incident response plan, vulnerability management policy, and disaster recovery/business continuity plans; conducting internal and external audits designed to assess our exposure to certain cybersecurity threats, compliance with internal risk mitigation procedures, and effectiveness of relevant controls; conducting background checks on certain of our and our third parties’ personnel; adopting network security controls in certain environments and systems; segregating certain data; adopting physical and electronic access controls and; asset management procedures monitoring certain systems; implementing a vendor risk management program; training staff on security; conducting red/blue team exercises;
maintaining cyber insurance; maintaining a dedicated information security staff; and using a third-party managed security operations center. We seek to prioritize our efforts based on the threats that are more likely to lead to a material impact to our business, such as exposure of customer data, interruption of services, ransomware, intrusion of networks, and data exfiltration or exposure.
Risk from cybersecurity threats are among those that we address in the Company’s general risk management program. For example, cybersecurity risk is addressed as a component of the Company’s enterprise risk management program, and the security department works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business.
To operate our business, we rely on third party service providers to perform a variety of functions, such as SaaS platforms, managed services, property management, cloud-based infrastructure, content delivery to customers, encryption and authentication technology, and corporate productivity services. We have a vendor management program designed to help manage cybersecurity risks associated with our use of these providers. The program includes risk assessments for certain vendors; security questionnaires for certain vendors; review of certain vendor’s written security program and security assessments; and imposition of information security contractual obligations on the vendor.
Depending on the nature of the services provided, the sensitivity and quantity of information processed, and the identity of the service provider, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and contractually impose obligations onto them related to the services they provide and/or the information they process.
For service providers that provide particularly critical services to us or process particularly sensitive information for us, we follow our third party vendor review processes involving stakeholders throughout the company. This includes multiple levels of due diligence prior to an engagement to assess what, if any, user data or confidential information the vendor may receive access to, what controls should be implemented around such access, and validating that the contractual rights and obligations conform to our policies and practices.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We rely on information technology and data to operate our business and develop, market and deliver our services to our customers. Our information technology includes various cloud computing resources, computer networks, third party hosted services, communications systems, software, and our data (which includes confidential, personal, proprietary and sensitive data) (collectively “Information Assets”). We maintain certain risk assessment processes intended to identify cybersecurity threats, determine their likelihood of occurring, and assess potential material impact to our business.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] Our Board of Directors oversees the Company’s risk management strategy with respect to cybersecurity threats as part of its general oversight function. The Audit Committee of the Board of Directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Board of Directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The CISO attends quarterly meetings with our Audit Committee and meets with Grindr’s Board of Directors at least annually to brief them on security matters including ongoing cyber threats and risks.
Cybersecurity Risk Role of Management [Text Block]
Our cybersecurity risk management strategy relies on input from certain members of management, including our Senior Vice President of Engineering and Chief Information Security Officer (“CISO”) (reporting to our Chief Product Officer) in consultation with our Chief Legal Officer and Head of Global Affairs (reporting to our Chief Executive Officer), our VP of Legal (reporting to our Chief Legal Officer) and input from various leaders who participate in our Privacy and Security Council. This team helps us understand cybersecurity threats and risks, establish priorities, and determine the scope, elements, and implementation of a cybersecurity program. The team is also responsible for integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees.
Our CISO leads our global information security organization responsible for overseeing the Grindr cybersecurity program which is designed to maintain the confidentiality, integrity and availability of Grindr’s data assets. Our CISO has over 25 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public and private companies. Team members who support our cybersecurity program have deep educational and industry experience. The CISO attends quarterly meetings with our Audit Committee and meets with Grindr’s Board of Directors at least annually to brief them on security matters including ongoing cyber threats and risks.
The Privacy and Security Council meets regularly to discuss certain cybersecurity risks and upcoming changes to our legal obligations that may affect our cybersecurity program, and to review our cybersecurity program. Our cybersecurity
team is responsible for preparing for any cybersecurity incidents, responding to any cybersecurity incidents, approving cybersecurity policies and procedures, and reviewing cybersecurity-related audit reports.
Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our CISO and SVP Engineering, Chief Legal Officer and Head of Global Affairs, and VP of Legal, as appropriate. In addition, our incident response plan includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents.
The Board of Directors, through its Audit Committee, holds at least quarterly meetings to discuss the matters within the Audit Committee’s scope, including to review and discuss our cybersecurity threat management. The Audit Committee oversees matters related to cybersecurity threats and hears reports from our SVP Engineering and CISO about our guidelines, policies, and practices regarding cybersecurity risks as well as any updates of certain cybersecurity threats faced by us and steps we are taking to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our cybersecurity risk management strategy relies on input from certain members of management, including our Senior Vice President of Engineering and Chief Information Security Officer (“CISO”) (reporting to our Chief Product Officer) in consultation with our Chief Legal Officer and Head of Global Affairs (reporting to our Chief Executive Officer), our VP of Legal (reporting to our Chief Legal Officer) and input from various leaders who participate in our Privacy and Security Council. This team helps us understand cybersecurity threats and risks, establish priorities, and determine the scope, elements, and implementation of a cybersecurity program. The team is also responsible for integrating cybersecurity considerations into our overall risk management strategy, and for communicating key priorities to employees.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our CISO leads our global information security organization responsible for overseeing the Grindr cybersecurity program which is designed to maintain the confidentiality, integrity and availability of Grindr’s data assets. Our CISO has over 25 years of industry experience, including serving in similar roles leading and overseeing cybersecurity programs at other public and private companies. Team members who support our cybersecurity program have deep educational and industry experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our CISO and SVP Engineering, Chief Legal Officer and Head of Global Affairs, and VP of Legal, as appropriate. In addition, our incident response plan includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the operating results of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. Comprehensive income (loss) equaled net income (loss) for the years ended December 31, 2025, 2024, and 2023.
Accounting Estimates
Accounting Estimates
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in accordance with U.S. GAAP. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenues, and expenses, and the related disclosure of contingent liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the definite-lived intangible assets; the recoverability of goodwill and indefinite-lived intangible assets; valuation allowance for deferred tax assets; legal contingencies; the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist entirely of cash, money market accounts and United States of America (“U.S.”) treasury bills. The Company considers all highly liquid short-term investments purchased with an original maturity of ninety days or less at the time of purchase to be cash equivalents. Since these highly liquid investments are readily convertible to cash, the carrying value and amortized cost of the investments approximate their fair value.
Restricted Cash
Restricted Cash
Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded as a non-current asset on the consolidated balance sheets.
Foreign Currency Transactions
Foreign Currency Transactions
Transaction gains and losses denominated in a currency other than the functional currency are included in “Other income (expense), net” on the consolidated statements of operations.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs.
The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable:
Level 1 -    Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
Level 2 -    Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.
Level 3 -    Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
Recurring Fair Value Measurements
The following methods and assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate fair value:
•Money market funds and U.S. treasury bills — The carrying amount of money market funds and U.S. treasury bills approximates fair value and is classified within Level 1 because the fair value is determined through quoted market prices.
•Warrant liability — Public Warrants (as defined in Note 10) are classified within Level 1 as these securities are traded on an active public market. Private Warrants (as defined in Note 10) are classified within Level 2. For the periods presented, the Company utilized the value of the Public Warrants as an approximation of the value of the Private Warrants as they are substantially similar to the Public Warrants, but not directly traded or quoted on an active market. The Company completed the redemption of all outstanding Public Warrants and Private Warrants in February 2025, see Note 10 for additional information.
The Company’s remaining financial instruments that are measured at fair value on a recurring basis consist primarily of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due to their short-term maturities. The fair values of the Company’s credit agreement balances as disclosed in Note 8 are measured based on prices quoted from a third-party financial institution.
Nonrecurring Fair Value Measurements
Assets acquired and liabilities assumed in business combinations are initially measured at fair value on the acquisition date on a nonrecurring basis using Level 3 inputs. The Company is required to measure certain assets at fair value on a nonrecurring basis after initial recognition. These include goodwill, intangible assets, and long-lived assets, which could be measured at fair value on a nonrecurring basis as a result of impairment reviews. Impairment is assessed annually in the fourth quarter or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or assets below the carrying value. The fair value of the reporting unit or asset group is determined primarily using income and market approaches (Level 3).
Property and Equipment, Net and Long-Lived Assets
Property and Equipment, Net
Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation. For property and equipment acquired through a business combination, it is carried at the fair value as of the acquisition date less subsequent accumulated depreciation. Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, and in the case of leasehold improvements, the lease term, if shorter, as follows:
Estimated Useful Lives
Computer equipment
3 years
Furniture and fixtures
5 years
Leasehold improvements
5 to 10 years
Maintenance and repairs are charged to expense as incurred and additions and improvements are capitalized. Upon the sale or retirement of property and equipment, the accounts are relieved of the cost and the related accumulated depreciation, with any resulting gain or loss included in “Selling, general and administrative expense” on the consolidated statements of operations.
Long-Lived Assets and Intangible Assets with Definite Lives
Long-lived assets, which consist of property and equipment, right-of-use (“ROU”) assets, capitalized software development costs, and intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. Amortization of long-lived intangible assets is computed either on a straight-line basis or based on the pattern in which the economic benefits of the asset will be realized.
Goodwill
Goodwill and Indefinite-Lived Intangible Assets
The Company assesses goodwill on its one reporting unit and indefinite-lived intangible assets for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value.
When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded.
The Company foregoes a qualitative assessment and tests goodwill for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of goodwill involves a comparison of the estimated fair value of the Company’s reporting unit to its carrying value, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
In the fourth quarter of the years ended December 31, 2025, 2024, and 2023, the Company performed its qualitative assessment and determined that it was not more likely than not that the recorded goodwill was impaired.
The Company uses a qualitative approach to test indefinite-lived intangible assets (which currently consists of tradenames) for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company evaluated the qualitative factors of the indefinite-lived intangible assets in connection with the annual impairment testing for the periods presented. The results of the qualitative analysis of the Company’s indefinite-lived intangible assets indicated that the fair value of the indefinite-lived intangible assets exceeded their carrying value.
The Company foregoes a qualitative assessment and tests indefinite-lived intangible assets for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of indefinite-lived intangible assets involves a comparison of the estimated fair value of the indefinite-lived assets to their carrying value. If the estimated fair value of the indefinite-lived assets exceeds their carrying value, the indefinite-lived intangible assets are not impaired. If the carrying value of the indefinite-lived assets exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
Indefinite-Lived Intangible Assets
Goodwill and Indefinite-Lived Intangible Assets
The Company assesses goodwill on its one reporting unit and indefinite-lived intangible assets for impairment annually in the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or the fair value of an indefinite-lived intangible asset below its carrying value.
When the Company elects to perform a qualitative assessment and concludes it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of the reporting unit is determined. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded.
The Company foregoes a qualitative assessment and tests goodwill for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of goodwill involves a comparison of the estimated fair value of the Company’s reporting unit to its carrying value, including goodwill. If the estimated fair value of the reporting unit exceeds its carrying value, goodwill of the reporting unit is not impaired. If the carrying value of the reporting unit exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
In the fourth quarter of the years ended December 31, 2025, 2024, and 2023, the Company performed its qualitative assessment and determined that it was not more likely than not that the recorded goodwill was impaired.
The Company uses a qualitative approach to test indefinite-lived intangible assets (which currently consists of tradenames) for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company evaluated the qualitative factors of the indefinite-lived intangible assets in connection with the annual impairment testing for the periods presented. The results of the qualitative analysis of the Company’s indefinite-lived intangible assets indicated that the fair value of the indefinite-lived intangible assets exceeded their carrying value.
The Company foregoes a qualitative assessment and tests indefinite-lived intangible assets for impairment when it concludes that it is more likely than not there may be an impairment. If needed, the annual or interim quantitative test of the recovery of indefinite-lived intangible assets involves a comparison of the estimated fair value of the indefinite-lived assets to their carrying value. If the estimated fair value of the indefinite-lived assets exceeds their carrying value, the indefinite-lived intangible assets are not impaired. If the carrying value of the indefinite-lived assets exceeds the estimated fair value, an impairment loss equal to the excess is recorded.
Intangible Assets with Definite Lives
Long-Lived Assets and Intangible Assets with Definite Lives
Long-lived assets, which consist of property and equipment, right-of-use (“ROU”) assets, capitalized software development costs, and intangible assets with definite lives, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. Amortization of long-lived intangible assets is computed either on a straight-line basis or based on the pattern in which the economic benefits of the asset will be realized.
Capitalized Software Development Costs and Cloud Computing Arrangements
Capitalized Software Development Costs and Cloud Computing Arrangements
The Company capitalizes the costs associated with software developed or obtained for internal use, including costs incurred in connection with the development of its app and functionalities within the app. The Company capitalizes certain costs when (i) the preliminary project stage is completed, (ii) management has authorized further funding for the completion of the project and (iii) it is probable that the project will be completed and performed as intended. These capitalized costs include personnel and related expenses for employees and costs of third-party contractors and vendors who are directly associated with and who devote time to internal-use software projects. Capitalization of these costs ceases once the project is substantially complete and the software is ready for its intended purpose. Costs incurred for significant upgrades and enhancements to the software solutions are also capitalized. Costs incurred for training, maintenance, and minor modifications or enhancements are expensed as incurred. Capitalized software development costs are amortized using the straight-line method over an estimated useful life of three years.
The Company capitalizes certain implementation costs incurred related to cloud computing arrangements that are service contracts. Such costs are amortized on a straight-line basis over the term of the associated hosting arrangement plus any reasonably certain renewal period. Any capitalized amounts related to such arrangements are recorded within “Other assets” on the consolidated balance sheets.
Revenue Recognition, Deferred Revenue and Cost of Revenue
Revenue Recognition
Revenue is recognized when or as a customer obtains control of promised services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to in exchange for these services. A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the services to be transferred and identifies the payment terms related to these services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. Sales tax, including value added tax, is excluded from reported revenue.
The Company derives its revenue from direct revenue and indirect revenue, each, as described below. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which the Company recognizes revenue for the amount at which the Company has the right to invoice for services performed.
Direct Revenue
Direct revenue consists of subscription revenue. Subscription revenue is generated through the sale of subscriptions that are currently offered or renewed in one-week, one-month, three-month, six-month, and twelve-month lengths. Subscription revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Direct revenue also consists of premium add-on revenue generated through the sale of an add-on feature on a pay-per-use, or a-la-carte, basis. Premium features are activated upon purchase and are available to use for the customer for a short duration, generally, within one day. Revenue from premium add-ons is recognized upon usage of the premium add-on. Direct revenue is recorded net of taxes, credits, and chargebacks. Customers pay in advance, primarily through mobile app stores. Subject to certain conditions identified in the Company’s terms and conditions, generally all purchases are final and nonrefundable.
Indirect Revenue
Indirect revenue consists of advertising revenue and other non-direct revenue. The Company has contractual relationships with third-party advertising service providers and also directly with advertisers to display advertisements on the Grindr platform. For all advertising arrangements, the Company’s performance obligation is to provide the inventory for advertisements to be displayed on the Grindr platform. For contracts made directly with advertisers, the Company is also obligated to serve the advertisements on the Grindr platform. Providing the advertising inventory and serving the advertisement is considered a single performance obligation, as the advertiser cannot benefit from the advertising space without its advertisements being displayed.
The pricing and terms for all advertising arrangements are governed by either a master contract or insertion order. The transaction price in advertising arrangements is generally the product of the number of advertising units delivered (e.g., impressions, offers completed, videos viewed, etc.) and the contractually agreed upon price per advertising unit. Further, for transactions with advertising service providers, the Company’s consideration is generally based on the Company’s revenue share as stated in the contract or as outlined in the service provider’s standard platform terms. The Company recognizes revenue when the advertisement is displayed to users. The number of advertising units delivered is determined at the end of each month, which resolves any uncertainty in the transaction price during the reporting period. Revenue from advertising transactions with advertising service providers is recognized net of the amounts retained by the advertising service provider as the Company does not know and expects not to know the gross amount paid by advertisers.
Transaction Price
The objective of determining the transaction price is to estimate the amount of consideration the Company is due in exchange for its services, including amounts that are variable. The Company determines the total transaction price, including an estimate of any variable consideration, at contract inception and reassesses this estimate each reporting period. There are no instances where variable consideration is considered material in any of the Company’s arrangements.
The Company excludes from the measurement of transaction price all taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers. Accordingly, such tax amounts are not included as a component of revenue or cost of revenue.
For contracts that have an original duration of one year or less, the Company does not consider the time value of money.
Deferred Revenue
Deferred revenue consists of advance payments that are received in advance of the Company’s performance. The Company classifies subscription deferred revenue as current and recognizes revenue straight-line over the term of the applicable subscription period or expected completion of the performance obligation which range from one week to twelve
months.
Cost of Revenue
Cost of revenue consists primarily of mobile app store distribution fees. Cost of revenue also includes third-party vendor costs related to customer care functions such as customer service, data center and hosting fees, moderators, and other auxiliary costs associated with providing services to customers.
Accounts Receivables, net of allowance for doubtful accounts
Accounts Receivable, net of allowance for credit losses
Grindr users generally access the Grindr platform and pay for subscriptions and premium add-on features through Apple’s App Store or Google Play. As of December 31, 2025, and December 31, 2024, each of the mobile app stores accounted for approximately 57.1% and 12.3%, and 56.7% and 12.5%, respectively, of the Company’s accounts receivable. The Company evaluates the credit worthiness of these two mobile app stores on an ongoing basis and does not require collateral from these entities. The Company generally collects these balances between 30 and 45 days following the purchase by the customer.
Accounts receivable also includes amounts billed and currently due from advertising customers. The Company maintains an allowance for credit losses to provide for the estimated amount of accounts receivable that will not be collected. The allowance for credit losses is based upon historical collection trends adjusted for economic conditions using reasonable and supportable forecasts. The time between the Company issuance of an invoice and payment due date is not significant, payments that are not collected in advance of the transfer of promised services are generally due between 30 and 60 days from the invoice date.
Deferred Charges
Deferred Charges
The Company defers certain costs as an asset, primarily mobile app store distribution fees paid to the mobile app stores related to subscription revenue and premium add-on revenue, and recognizes such costs in cost of revenue as the services are provided. The fee differs based on the agreed upon percentage depending on the type of revenue and for subscription revenue, the length of consecutively paid subscriptions, generally approximating between 15.0% to 30.0% of revenues
Selling, General and Administrative Expense
Selling, General and Administrative Expense
Selling, general and administrative expense consists primarily of compensation expense (including stock-based compensation) and other employee related costs for executive management, personnel engaged in selling and marketing, sales support functions, finance, legal, tax, and human resources. General and administrative expense also include expenses associated with facilities, information technology, external professional services, legal costs, and other administrative expenses.
Product Development Expense
Product Development Expense
Product development expense consists primarily of compensation (including stock-based compensation expense) and other employee-related costs for personnel engaged in the design, development, testing, enhancement of product offerings and related technology, and related costs.
Depreciation and Amortization Expenses
Depreciation and Amortization Expenses
Depreciation and amortization expenses are primarily related to computer equipment, leasehold improvements, furniture and fixtures, customer relationships, technology, and capitalized software development costs.
Advertising Cost
Advertising Costs
Advertising costs are expensed as incurred.
Leases
Leases
Company as a lessee
An arrangement is assessed to determine if it is or contains a lease at contract inception. ROU assets and lease liabilities, which are disclosed in the accompanying consolidated balance sheets, are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term using the Company’s incremental borrowing rate on the lease commencement date. If the lease contains an option to extend the lease term, the renewal option is considered in the lease term if it is reasonably certain that the Company will exercise the option.
For all office space leases, lease components and non-lease components are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the term of the lease. Short-term leases, defined as leases with an initial term of twelve months or less, are not recorded on the consolidated balance sheets.
Company as a lessor
Sublease income from operating leases is recognized on a straight-line basis over the term of the lease.
Leases
Leases
Company as a lessee
An arrangement is assessed to determine if it is or contains a lease at contract inception. ROU assets and lease liabilities, which are disclosed in the accompanying consolidated balance sheets, are recognized at the commencement date of the lease based on the present value of the lease payments over the lease term using the Company’s incremental borrowing rate on the lease commencement date. If the lease contains an option to extend the lease term, the renewal option is considered in the lease term if it is reasonably certain that the Company will exercise the option.
For all office space leases, lease components and non-lease components are accounted for as a single lease component. Operating lease expense is recognized on a straight-line basis over the term of the lease. Short-term leases, defined as leases with an initial term of twelve months or less, are not recorded on the consolidated balance sheets.
Company as a lessor
Sublease income from operating leases is recognized on a straight-line basis over the term of the lease.
Income Taxes
Income Taxes
The Company uses the asset and liability method when accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Valuation allowances are provided against tax assets when it is determined that it is more-likely-than-not that the assets will not be realized.
The Company evaluates and accounts for uncertain tax positions using a two-step approach. Recognition (step one) occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustainable upon examination. Measurement (step two) determines the amount of the benefit that is greater than 50% likely to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. Remeasurement of a tax position that was previously recognized would occur when the Company subsequently determines that a tax position no longer meets the more likely than not threshold of being sustained. The provision for income taxes included the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate, as well as the related interest and penalties.
Stock-based Compensation
Stock-based Compensation
The Company issues stock-based awards to employees, officers, directors, and non-employees in the form of stock options and restricted stock units (“RSUs”). Compensation expense related to employee and non-employee stock-based awards is measured and recognized in the consolidated financial statements based on the fair value of the awards granted.
The Company’s stock-based compensation includes compensation expense related to the grant of service-based RSUs (“Time-Based Awards”), performance stock unit awards containing pre-established market or performance conditions (“PSUs”), and RSUs containing a performance condition (“KPI Awards”) granted under the 2022 Plan (defined in Note 13), and service-based stock options granted under the 2020 Plan (defined in Note 13). The Company recognizes forfeitures as they occur.
The Company measures the fair value of the Time-Based Awards based on the quoted market price on the grant date of the Company’s common stock. Compensation expense for Time-Based Awards is recognized on a straight-line basis over the requisite service period.
For PSUs, the Company estimates the fair value of the market conditions at the date of the grant using a Monte Carlo simulation model. The Monte Carlo methodology that the Company uses to estimate the fair value of the market condition at the date of grants incorporates into the valuation the possibility that the market condition may not be satisfied, provided that the requisite service is rendered. For performance conditions in the PSUs, the Company makes assumptions regarding the likelihood of achieving the performance condition. Prior to vesting, compensation expense is recognized using the accelerated attribution approach over the requisite service period. At the end of each financial reporting period prior to the vesting date, the Company updates its assessment of the probability that the specified performance condition will be achieved and adjusts the estimate of the fair value of the PSUs. For liability-classified PSUs that the Company is recognizing the fair value of market conditions, the fair value of the market conditions is remeasured using a Monte Carlo simulation model at the end of each financial reporting period.
The KPI Awards are liability-classified, and require management to make assumptions regarding the likelihood of achieving certain key performance indicator (“KPI”) goals. The Company recognizes compensation expense when the likelihood that the achievement of the KPI goals is probable and is recognized using the accelerated attribution approach over the requisite service period. KPI Awards are remeasured at the end of each financial reporting period.
If stock-based awards are granted in contemplation of or shortly before a planned release of material nonpublic information, and such information is expected to result in a material increase in the Company’s stock price, the Company considers whether an adjustment to the observable market price is required when estimating fair values.
Legacy Grindr granted unit options to employees under the 2020 Plan that vest based solely on service conditions. Prior to the Business Combination, the fair value of each option award containing service conditions was estimated on the grant date using the Black-Scholes option-pricing model. The use of the Black-Scholes model required a number of estimates, including the expected option term, the expected volatility in the price of the Legacy Grindr’s common stock, the risk-free rate of interest and the dividend yield on the Legacy Grindr’s common stock. Legacy Grindr recognized stock-based compensation expense on a straight-line basis over the requisite service periods of the awards, which is generally four years. Upon the consummation of the Business Combination, all outstanding and unvested unit option awards granted under the 2020 Plan were converted using an exchange ratio into stock options exercisable for shares of the Company’s common stock with the same terms and vesting conditions. The Company continues to recognize stock-based compensation expense on a straight-line basis over the remaining requisite service periods of the awards.
Modification of equity-classified awards
On the modification date, the Company determines the type of modification of the equity award by assessing whether the equity awards are probable or improbable to vest before and after the modification. The Company estimates the fair value of the awards immediately before and immediately after modification for those equity awards that are probable of vesting before and after the modification. Any incremental increase in fair value is recognized as an expense immediately to the extent the underlying equity awards are vested and on a straight-line basis over the requisite service period using the related expense attribution method to the extent that they are unvested. For equity awards that are improbable of vesting before the modification and probable of vesting after the modification, the Company recognizes expense measured as the fair value of the modified award on a straight-line basis over the requisite service period using the related expense attribution method based on the fair value of the awards at the modification date.
Warrant Liability
Warrant Liability
The Company accounts for warrants as shares of the Company’s common stock that are not indexed to its own stock as liabilities at fair value on the consolidated balance sheets. Liability-classified warrants are subject to remeasurement to fair value as of any respective exercise date and at the end of each financial reporting period with changes in fair value recorded in the Company’s consolidated statements of operations.
Concentration of Risks
Concentration of Risks
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivable. The Company maintains the majority of its cash balances with two major commercial banks. Cash balances are generally in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250. The Company has not experienced any losses in such accounts.
Net Income (Loss) Per Share of Common Stock
Net Income (Loss) Per Share of Common Stock
Basic net income (loss) per share is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the year. Diluted net income (loss) per share is based upon the diluted weighted-average number of shares outstanding during the year. Diluted net income (loss) per share gives effect to all potentially dilutive common share equivalents, including stock options, restricted stock units, and warrants, to the extent they are dilutive.
Segment Information
Segment Information
The chief executive officer (“CEO”) is the Company’s chief operating decision maker (“CODM”). The CODM allocates resources and assesses financial performance based upon discrete financial information at the consolidated level. The Company manages its activities related to developing and maintaining its product on a consolidated basis. There are no segment managers; instead, there are divisional leaders who report to the Company’s CODM, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. While the Company derives revenues from international markets, expenses are not allocated to these international markets nor does the CODM review any other financial data for these markets. Accordingly, the Company determined that the Company operates as a single operating and reportable segment.
The CODM assesses performance for the Company’s single operating segment based on net income (loss) that is also reported on the consolidated statement of operations as “Net income (loss).” Significant segment expenses that are regularly reviewed by the CODM include: cost of revenue; stock-based compensation; employee compensation (e.g. payroll, benefits and commissions) and contractor expense, excluding stock-based compensation; sales and marketing expense, excluding commissions; professional services expense; and general and administrative expense (all other non-compensation corporate overhead). The measure of segment assets is reported on the consolidated balance sheets as “Total assets.” Substantially all of the Company’s long-lived assets are attributed to operations in the U.S.
Accounting Pronouncements
Accounting Pronouncements
From time to time, the Financial Accounting Standards Board (“FASB”) or other standards setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification (“ASC”) are communicated through the issuance of an Accounting Standard Update (“ASU”).
Recently Adopted Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The Company adopted the standard during the year ended December 31, 2025. The disclosure requirements were applied on a prospective basis to the current annual period. Prior period disclosures have not been adjusted to reflect the new disclosure requirements. See Note 14 to the consolidated financial statements for further details.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The guidance requires all public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this new standard.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to Accounting for Internal Use Software (Subtopic 350-40). This guidance is intended to improve the operability and application of guidance related to capitalized software development costs and removes all references to prescriptive and sequential software development stages. The guidance requires entities to begin capitalizing software costs when management authorizes and commits to funding the software projects, and it is probable that the project will be completed and the software will be used for its intended purpose. The standard is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting this new standard.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, and in the case of leasehold improvements, the lease term, if shorter, as follows:
Estimated Useful Lives
Computer equipment
3 years
Furniture and fixtures
5 years
Leasehold improvements
5 to 10 years
Property and equipment, net, consist of the following:
December 31,
20252024
Computer equipment$1,053 $1,606 
Furniture and fixtures938 565 
Leasehold improvements2,781 2,693 
4,772 4,864 
Less: Accumulated depreciation(3,620)(3,197)
$1,152 $1,667 
Schedule of Disaggregation of Revenue
The following tables summarize revenue from contracts with customers:
Year Ended December 31,
202520242023
Direct revenue$366,297 $290,890 $225,285 
Indirect revenue73,601 53,746 34,406 
$439,898 $344,636 $259,691 
Year Ended December 31,
202520242023
Domestic (1)
$254,300 $199,263 $151,535 
International185,598 145,373 108,156 
$439,898 $344,636 $259,691 
(1)Domestic include revenue generated from the U.S., the Company’s country of domicile.
Schedule of Segment Information
Information about the Company’s single reportable segment revenue, segment net income (loss), and significant segment expenses are as follows:
Year Ended December 31,
202520242023
Revenue$439,898$344,636$259,691
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization)112,55987,57967,458
Employee compensation and contractor expense, excluding stock-based compensation expense80,41964,49255,229
Stock-based compensation expense54,52037,27215,824
Sales and marketing expense11,6428,6811,542
Professional services expense26,03819,51322,544
Other general and administrative expense19,57217,59114,605
Depreciation and amortization8,86016,91027,041
Total operating expenses313,610252,038204,243
Income from operations126,28892,59855,448
Interest expense, net17,64325,61646,007
Other income (expense), net(1)
(9,968)185,27261,186
Income tax provision23,86212,7114,023
Net income (loss)$94,751$(131,001)$(55,768)
(1)Other expense, net includes loss in fair value of warrant liability, loss on extinguishment of debt and other expenses.
v3.25.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, net Depreciation expense is calculated using the straight-line method over the estimated useful lives of the assets, and in the case of leasehold improvements, the lease term, if shorter, as follows:
Estimated Useful Lives
Computer equipment
3 years
Furniture and fixtures
5 years
Leasehold improvements
5 to 10 years
Property and equipment, net, consist of the following:
December 31,
20252024
Computer equipment$1,053 $1,606 
Furniture and fixtures938 565 
Leasehold improvements2,781 2,693 
4,772 4,864 
Less: Accumulated depreciation(3,620)(3,197)
$1,152 $1,667 
v3.25.4
Goodwill and Intangibles, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets
Goodwill and intangible assets, net, consist of the following:
December 31,
20252024
Goodwill $275,703 $275,703 
Intangible assets with definite lives, net — 4,028 
Intangible assets with indefinite lives 65,844 65,844 
$341,547 $345,575 
Schedule of Finite-Lived Intangible Assets
As of December 31, 2025 and 2024, intangible assets with definite lives consist of the following:
December 31, 2025
Gross Carrying ValueAccumulated AmortizationNetWeighted Average Useful Life
Customer relationships$94,874 $(94,874)$— 5 years
Technology37,041 (37,041)— 3 years
$131,915 $(131,915)$— 
December 31, 2024
Gross Carrying ValueAccumulated AmortizationNetWeighted Average Useful Life
Customer relationships$94,874 $(90,846)$4,028 5 years
Technology37,041 (37,041)— 3 years
$131,915 $(127,887)$4,028 
v3.25.4
Capitalized Software Development Costs, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Research and Development [Abstract]  
Schedule of Capitalized Software Development Costs
Capitalized software development costs consist of the following:
December 31,
20252024
Capitalized software development costs $23,783 $15,668 
Less: Accumulated amortization (10,790)(6,918)
$12,993 $8,750 
v3.25.4
Accrued Expenses and Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
December 31,
20252024
Employee compensation and benefits $16,370 $13,435 
Litigation-related settlement payable (see Note 18)
6,471 5,929 
Income and other taxes payable3,266 1,963 
Accrued professional service and contractor fees 2,923 1,626 
Lease liability, short-term 2,155 2,370 
Accrued infrastructure expense2,093 1,557 
Accrued legal expense 1,679 469 
Accrued interest payable 1,204 96 
Other accrued expenses 2,805 2,133 
$38,966 $29,578 
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Total debt for the Company is comprised of the following:
December 31,
20252024
Senior Term Loan Facility$400,000 $282,000 
Senior Revolving Facility — 11,600 
400,000 293,600 
Less: unamortized debt issuance and discount costs(4,141)(3,020)
Total debt395,859 290,580 
Less: current maturities of long-term debt(20,000)(15,000)
Long-term debt$375,859 $275,580 
Schedule of Maturities of Long-Term Debt
Future maturities of the 2023 Credit Agreement were as follows:
December 31,
2025
2026$20,000 
202720,000 
202820,000 
202920,000 
203020,000 
Thereafter300,000 
$400,000 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease, Cost
Components of lease cost included in “Selling, general and administrative expenses” on the consolidated statements of operations are as follows:
Year Ended December 31,
202520242023
Operating lease cost$3,274 $2,134 $1,652 
Short-term lease cost349 1,167 460 
Sublease income(675)(830)(690)
Total lease cost$2,948 $2,471 $1,422 
Supplemental cash flow information related to leases is as follows:
Year Ended December 31,
202520242023
Cash paid for amounts included in the measurement of lease liabilities$3,476 $2,163 $1,696 
Right-of-use assets obtained in exchange for lease liabilities:
New leases entered into during the year $1,708 $1,471 $— 
Operating lease modifications$2,955 $— $— 
Schedule of Assets And Liabilities, Lessee
Supplemental balance sheet information related to leases is as follows:
December 31,
20252024
Assets:
Right-of-use assets$4,723$3,053
Liabilities:
Accrued expenses and other current liabilities2,1552,370
Lease liability, long-term portion2,574963
Total operating lease liabilities$4,729$3,333
Weighted average remaining operating lease term (years)2.51.6
Weighted average operating lease discount rate7.1%9.1%
Schedule of Future Minimum Lease Commitments
The Company’s leases do not provide readily determinable implicit discount rates. The Company estimates its incremental borrowing rates as the discount rate based on the information available at lease commencement. Future maturities on lease liabilities are as follows:
December 31,
2025
2026$2,199 
20271,386 
20281,001 
2029585 
Thereafter— 
Total lease payments$5,171 
Less: imputed interest(442)
Total lease liabilities$4,729 
Schedule of Future Non-Cancelable Rent Payments
Future non-cancelable rent payments from the Company’s sublease tenant are as follows:

December 31,
2025
2026$225 
Thereafter— 
$225 
v3.25.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Valuation Assumptions The key inputs into the Monte Carlo simulation as of December 31, 2025, and 2024, were as follows:
December 31,
20252024
Expected term (in years)
2.0 - 5.0
10.0
Expected stock price volatility (1)
45.0% - 55.0%
60.0 %
Risk-free interest rate (2)
3.4% - 3.7%
4.6 %
Expected dividend yield (3)
— %— %
(1)Expected volatility is based on a blend of historical volatility observed for a publicly traded peer group and the Company’s specific volatility over a period equivalent to the expected term of the awards.
(2)The risk-free interest rate is based on the U.S. Treasury yield of treasury bonds with a maturity that approximates the expected term of the awards.
(3)The Company has not historically paid any cash dividends on its common stock.
Schedule of Restricted Stock Unit Activity
A summary of the unvested equity-classified RSU activity during the years ended December 31, 2025, 2024, and 2023 are as follows:
Number of Shares
Weighted Average
Grant Date Fair Value
Time-based
PSUs
Time-based
PSUs
Outstanding at December 31, 20224,555,256 — $10.10 $— 
Granted2,901,233 — $6.40 $— 
Vested(1,096,319)— $9.50 $— 
Forfeited(412,683)— $7.35 $— 
Outstanding at December 31, 20235,947,487 — $8.61 $— 
Granted2,384,125 200,000 $10.99 $12.77 
Vested(1,709,620)— $8.36 $— 
Forfeited(511,506)— $7.90 $— 
Outstanding at December 31, 20246,110,486 200,000 $9.66 $12.77 
Granted7,483,717 719,750 $15.95 $11.87 
Vested(2,602,065)$10.36 $— 
Forfeited(690,545)— $12.73 $— 
Outstanding at December 31, 2025
10,301,593 919,750 $13.85 $12.07 
Schedule of Unrecognized Stock-based Compensation Expenses
A summary of unrecognized stock-based compensation expenses in the 2022 Plan as of December 31, 2025 is as follows:
Unrecognized stock-based compensation expensesWeighted-average period expected to be recognized
Time-Based Awards$121,620 3.3 years
PSUs - liability-classified awards
$14,787 2.1 years
PSUs - equity-classified awards
$9,674 1.4 years
2025 KPI Awards$1,003 0.2 years
Schedule of Stock Option Activity
The following table summarizes the stock option activity for the years ended December 31, 2025, 2024, and 2023:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022 4,705,765 $5.15 5.7$2,967 
Exercised(757,032)$3.60 
Forfeited or expired(2,180,106)$6.05 
Outstanding at December 31, 2023 1,768,627 $4.71 4.6$7,196 
Exercised(917,910)$4.38 
Forfeited or expired(145,601)$5.41 
Outstanding at December 31, 2024705,116 $5.00 3.6$9,055 
Exercised(353,549)$4.87 
Forfeited or expired(26,023)$7.19 
Outstanding at December 31, 2025325,544 $4.96 2.6$2,794 
Exercisable at December 31, 2023964,031 $4.25 4.3$4,365 
Exercisable at December 31, 2024408,832 $4.40 3.3$5,495 
Exercisable at December 31, 2025282,165 $4.47 2.5$2,559 
Schedule of the Components of Total Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense for the years ended December 31, 2025, and 2024, respectively:
Year Ended December 31,
202520242023
Selling, general and administrative expense$43,235 $33,626 $14,763 
Product development expense11,285 3,646 1,061 
$54,520 $37,272 $15,824 
v3.25.4
Income Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Net Loss Before Income Tax
Net income (loss) before income tax includes the following components:
Year Ended December 31,
202520242023
United States$118,586 $(118,307)$(51,646)
International27 17 (99)
$118,613 $(118,290)$(51,745)
Schedule of Provision for Income Taxes
Income tax provision consisted of the following:
Year Ended December 31,
202520242023
Current income tax provision
Federal$18,372 $15,379 $10,034 
State and local2,797 3,178 1,949 
International60 61 22 
Total current tax provision21,229 18,618 12,005 
Deferred income tax provision (benefit)
Federal2,424 (4,211)(7,610)
State and local209 (1,696)(372)
Total deferred tax provision (benefit)2,633 (5,907)(7,982)
Total income tax provision$23,862 $12,711 $4,023 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to portions of deferred tax assets and deferred tax liabilities are as follows:
December 31,
20252024
Deferred tax assets
Capitalized research expenditures$9,469 $6,413 
Equity awards3,930 1,844 
Accrued compensation3,017 2,392 
Right-of-use asset1,104 790 
General business credit451 388 
Accrued expenses372 59 
Capitalized interest carryforward— 6,357 
Other520 234 
Gross deferred tax assets18,863 18,477 
Less: Valuation allowance— — 
Total deferred tax assets18,863 18,477 
Deferred tax liabilities
Intangible assets(19,087)(16,490)
Lease liability(1,103)(724)
Other(64)(21)
Total gross deferred tax liabilities(20,254)(17,235)
Net deferred tax assets (liabilities)
$(1,391)$1,242 
Schedule of Tax Credit Carryforwards
Tax credit carryforwards are as follows:
December 31, 2025
AmountExpiration Years
Tax credits, state672 Do Not Expire
December 31, 2024
AmountExpiration Years
Tax credits, state577 Do Not Expire
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the provision for income taxes to the amount computed by applying a 21% statutory U.S. federal income tax rate to income before taxes, and the Company’s effective tax rate to the statutory tax rate after to the adoption of ASU 2023-09 is as follows:
Year Ended
December 31, 2025
Amount
Percent
Income tax provision at the federal statutory rate of 21.0%$24,90921.0%
State and local income taxes(1)
2,3862.0%
Effect of cross-border tax laws
Foreign derived intangible income deduction(4,204)(3.5)%
Tax credits
Research tax credit(1,575)(1.3)%
Nondeductible items
Officer compensation8,3637.1%
Equity compensation(4,327)(3.6)%
Warrant liability revaluation(2,079)(1.8)%
Other1700.1%
Worldwide changes in unrecognized tax benefits3120.3%
Other(93)(0.1)%
$23,86220.1%
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include New York state and city, Illinois, New Jersey, Pennsylvania, and California.
The reconciliation of the Company’s effective tax rate to the statutory tax rate prior to the adoption of ASU 2023-09 is as follows:
Year Ended December 31,
20242023
Income tax provision at the federal statutory rate of 21.0%21.0%21.0%
State taxes(2.1)%(0.6)%
Stock-based compensation2.2%(1.5)%
Foreign derived intangible income deduction2.9%4.3%
Change in valuation allowance3.9%(8.3)%
Change in fair value of warrant liability(32.9)%(20.1)%
Research tax credit0.9%2.7%
Uncertain tax positions(0.2)%(0.6)%
Officer compensation(6.6)%(4.1)%
Other items0.2%(0.6)%
(10.7)%(7.8)%
Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits
The following table summarizes the activity related to the gross unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
Balance at the beginning of the year$946 $797 $586 
Adjustments related to prior year tax positions8 10 — 
Increases related to current year tax positions398 270 211 
Decreases due to statute of limitation expiration(190)(131)— 
Balance at end of the year$1,162 $946 $797 
Schedule of Cash Income Taxes Paid (Net of Refunds)
The amounts of cash income taxes paid (net of refunds) by the Company were as follows:
Year Ended
December 31, 2025
Federal$18,473
State and local2,573
International59
$21,105
v3.25.4
Net Income (Loss) Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computations of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted income (loss) per share:
Year Ended December 31,
202520242023
Numerator:
Net income (loss)$94,751 $(131,001)$(55,768)
Gain on fair value of warrant liabilities
(9,905)— — 
Net income (loss) adjusted for gain on fair value of warrant liabilities$84,846 $(131,001)$(55,768)
Denominator:
Basic weighted average shares of common shares outstanding
190,056,612 175,880,320 174,170,517 
Diluted effect of stock-based awards
3,125,662 — — 
Diluted effect of warrants
1,842,942 — — 
Diluted effect of market condition equity awards46,379 — — 
Diluted effect of KPI awards107,242 — — 
Diluted weighted average shares of common shares outstanding
195,178,837 175,880,320 174,170,517 
Net income (loss) per share
Basic
$0.45 $(0.74)$(0.32)
Diluted
$0.43 $(0.74)$(0.32)
Schedule of Shares Excluded from Computation of Diluted Net (Loss) and Comprehensive Income (Loss) per Common Share
The following table presents the potential shares that are excluded from the computation of diluted net income (loss) and comprehensive loss for the periods presented because including them would have had an anti-dilutive effect:
Year Ended December 31,
202520242023
Stock options issued under 2020 Plan— 705,1161,768,627
Time-based RSUs2,743,929 6,110,486 5,947,487 
KPI awards— 270,579 295,964 
Warrants— 37,359,825 37,360,000 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Money market funds$39,252 $39,252 $— $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Money market funds$22,787 $22,787 $— $— 
U.S. treasury bills20,221 20,221 — — 
$43,008 $43,008 $— $— 
Liabilities:
Common stock warrant liabilities$252,178 $126,898 $125,280 $— 
Schedule Of Warrant Liabilities At Fair Value
The following table presents the changes in the fair value of warrant liability:
Total Warrant Liability
Fair value as of December 31, 202367,622 
Change in fair value of warrant liability184,557 
Exercise of Warrants(1)
Fair value as of December 31, 2024252,178 
Change in fair value of warrant liability(9,905)
Exercise and redemption of Warrants(242,273)
Fair value as of December 31, 2025$— 
v3.25.4
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
reporting_unit
vendor
Dec. 31, 2024
USD ($)
vendor
Dec. 31, 2023
USD ($)
vendor
Finite-Lived Intangible Assets [Line Items]      
Number of reporting units | reporting_unit 1    
Useful lives 3 years    
Accounts receivable, net of allowances $ 67,946 $ 49,599 $ 33,906
Deferred charges 83,927 66,654 51,752
Deferred revenue 24,285 19,970 19,181
Deferred revenue recognized 19,970 19,181  
Advertising expense $ 11,494 $ 8,215 $ 2,378
Number of operating segments | segment 1    
Number of reportable segments | segment 1    
Stock Options      
Finite-Lived Intangible Assets [Line Items]      
Service period 4 years    
Minimum      
Finite-Lived Intangible Assets [Line Items]      
Accounts receivable, collection period 30 days    
Accounts receivable, collection period, after invoice 30 days    
Initial subscriptions, percent of revenue   15.00%  
Performance obligation, subscription period 7 days    
Maximum      
Finite-Lived Intangible Assets [Line Items]      
Accounts receivable, collection period 45 days    
Accounts receivable, collection period, after invoice 60 days    
Initial subscriptions, percent of revenue 30.00%    
Performance obligation, subscription period 12 months    
Accounts Receivable | Customer Concentration Risk      
Finite-Lived Intangible Assets [Line Items]      
Number of customer | segment 1    
Accounts Receivable | Customer Concentration Risk | Mobile App Store 1      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 57.10% 56.70%  
Accounts Receivable | Customer Concentration Risk | Mobile App Store 2      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 12.30% 12.50%  
Accounts Receivable | Customer Concentration Risk | Major Customer      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 10.60%    
Cost of Revenue Benchmark | Vendor Concentration Risk      
Finite-Lived Intangible Assets [Line Items]      
Number of major vendors | vendor 3 3 3
Cost of Revenue Benchmark | Vendor Concentration Risk | Major Vendor 1      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 59.30% 60.70% 60.90%
Cost of Revenue Benchmark | Vendor Concentration Risk | Major Vendor 2      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 15.30% 15.40% 15.80%
Cost of Revenue Benchmark | Vendor Concentration Risk | Major Vendor 3      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 15.00% 13.30% 12.10%
Accounts Payable | Vendor Concentration Risk      
Finite-Lived Intangible Assets [Line Items]      
Number of major vendors | vendor 3 2 3
Accounts Payable | Vendor Concentration Risk | Major Vendor 1      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 31.40% 26.70% 28.40%
Accounts Payable | Vendor Concentration Risk | Major Vendor 2      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 30.70% 15.00% 19.70%
Accounts Payable | Vendor Concentration Risk | Major Vendor 3      
Finite-Lived Intangible Assets [Line Items]      
Concentration risk 14.40%   10.30%
v3.25.4
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)
Dec. 31, 2025
Computer equipment  
Property, Plant and Equipment [Line Items]  
Estimated Useful Lives 3 years
Furniture and fixtures  
Property, Plant and Equipment [Line Items]  
Estimated Useful Lives 5 years
Leasehold improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Lives 5 years
Leasehold improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated Useful Lives 10 years
v3.25.4
Summary of Significant Accounting Policies - Schedule of Disaggregation of Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenue $ 439,898 $ 344,636 $ 259,691
Domestic      
Disaggregation of Revenue [Line Items]      
Revenue 254,300 199,263 151,535
International      
Disaggregation of Revenue [Line Items]      
Revenue 185,598 145,373 108,156
Direct revenue      
Disaggregation of Revenue [Line Items]      
Revenue 366,297 290,890 225,285
Indirect revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 73,601 $ 53,746 $ 34,406
v3.25.4
Summary of Significant Accounting Policies - Schedule of Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 439,898 $ 344,636 $ 259,691
Operating costs and expenses      
Cost of revenue (exclusive of depreciation and amortization) 112,559 87,579 67,458
Stock-based compensation expense 54,520 37,272 15,824
Depreciation and amortization 8,860 16,910 27,041
Total operating expenses 313,610 252,038 204,243
Income from operations 126,288 92,598 55,448
Interest expense, net 17,643 25,616 46,007
Income tax provision 23,862 12,711 4,023
Net income (loss) 94,751 (131,001) (55,768)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue 439,898 344,636 259,691
Operating costs and expenses      
Cost of revenue (exclusive of depreciation and amortization) 112,559 87,579 67,458
Employee compensation and contractor expense, excluding stock-based compensation expense 80,419 64,492 55,229
Stock-based compensation expense 54,520 37,272 15,824
Sales and marketing expense 11,642 8,681 1,542
Professional services expense 26,038 19,513 22,544
Other general and administrative expense 19,572 17,591 14,605
Depreciation and amortization 8,860 16,910 27,041
Total operating expenses 313,610 252,038 204,243
Income from operations 126,288 92,598 55,448
Interest expense, net 17,643 25,616 46,007
Other income (expense), net (9,968) 185,272 61,186
Income tax provision 23,862 12,711 4,023
Net income (loss) $ 94,751 $ (131,001) $ (55,768)
v3.25.4
Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 4,772 $ 4,864
Less: Accumulated depreciation (3,620) (3,197)
Property and equipment, net 1,152 1,667
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 1,053 1,606
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 938 565
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,781 $ 2,693
v3.25.4
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 974 $ 854 $ 746
v3.25.4
Goodwill and Intangibles, Net - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 275,703 $ 275,703
Intangible assets with definite lives, net 0 4,028
Intangible assets with indefinite lives 65,844 65,844
Goodwill and intangible assets $ 341,547 $ 345,575
v3.25.4
Goodwill and Intangibles, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Indefinite-lived intangible assets $ 65,844 $ 65,844  
Amortization of intangible assets $ 4,028 $ 12,460 $ 22,212
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Weighted average estimated remaining lives of intangible assets   6 months  
v3.25.4
Goodwill and Intangibles, Net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Value $ 131,915 $ 131,915
Accumulated Amortization (131,915) (127,887)
Net 0 4,028
Customer relationships    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Value 94,874 94,874
Accumulated Amortization (94,874) (90,846)
Net $ 0 $ 4,028
Weighted Average Useful Life 5 years 5 years
Technology    
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Value $ 37,041 $ 37,041
Accumulated Amortization (37,041) (37,041)
Net $ 0 $ 0
Weighted Average Useful Life 3 years 3 years
v3.25.4
Capitalized Software Development Costs, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Research and Development [Abstract]    
Capitalized software development costs $ 23,783 $ 15,668
Less: Accumulated amortization (10,790) (6,918)
Capitalized software development costs, net $ 12,993 $ 8,750
v3.25.4
Capitalized Software Development Costs, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Research and Development [Abstract]      
Amortization expense for capitalized software development $ 3,871 $ 3,591 $ 2,547
Write-off of capitalized software development costs $ 0 $ 0 $ 1,310
v3.25.4
Promissory Note from a Member (Details)
$ in Thousands
Apr. 27, 2021
USD ($)
shares
Note  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Face value of promissory note | $ $ 30
Interest rate on promissory note 10.00%
Catapult GP II  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Issuance of units (in shares) 7,385,233
Catapult GP II | Legacy Grindr  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Issuance of units (in shares) 5,387,194
v3.25.4
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Employee compensation and benefits $ 16,370 $ 13,435
Litigation-related settlement payable 6,471 5,929
Income and other taxes payable 3,266 1,963
Accrued professional service and contractor fees 2,923 1,626
Lease liability, short-term 2,155 2,370
Accrued infrastructure expense 2,093 1,557
Accrued legal expense 1,679 469
Accrued interest payable 1,204 96
Other accrued expenses 2,805 2,133
Total accrued expenses and other current liabilities $ 38,966 $ 29,578
v3.25.4
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 400,000 $ 293,600
Less: unamortized debt issuance and discount costs (4,141) (3,020)
Total debt 395,859 290,580
Less: current maturities of long-term debt (20,000) (15,000)
Long-term debt 375,859 275,580
Line of Credit | Senior Term Loan Facility    
Debt Instrument [Line Items]    
Long-term debt, gross 400,000 282,000
Line of Credit | Senior Revolving Facility    
Debt Instrument [Line Items]    
Long-term debt, gross $ 0 $ 11,600
v3.25.4
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 16, 2025
Oct. 31, 2025
Nov. 28, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]            
Debt outstanding       $ 395,859,000 $ 290,580,000  
Loss on extinguishment of debt       0 0 $ (11,582,000)
Line of Credit | 2023 Credit Agreement            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 100,000,000      
Fair value       398,000,000 292,132,000  
Line of Credit | 2023 Credit Agreement | Prior To And Through December 31, 2024            
Debt Instrument [Line Items]            
Maximum net leverage ratio     4.00      
Line of Credit | 2023 Credit Agreement | Prior To And Through December 31, 2025            
Debt Instrument [Line Items]            
Maximum net leverage ratio     3.50      
Line of Credit | 2023 Credit Agreement | Thereafter December 31, 2025            
Debt Instrument [Line Items]            
Maximum net leverage ratio     3.00      
Line of Credit | 2023 Credit Agreement | March 31, 2024 And Thereafter            
Debt Instrument [Line Items]            
Minimum fixed charge coverage ratio     1.15      
Line of Credit | 2023 Credit Agreement | Fed Funds Rate            
Debt Instrument [Line Items]            
Variable rate     0.50%      
Line of Credit | 2023 Credit Agreement | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Variable rate     1.00%      
Line of Credit | 2023 Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum            
Debt Instrument [Line Items]            
Variable rate     2.75%      
Line of Credit | 2023 Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum            
Debt Instrument [Line Items]            
Variable rate     3.25%      
Line of Credit | 2023 Credit Agreement | Base Rate | Minimum            
Debt Instrument [Line Items]            
Variable rate     1.75%      
Line of Credit | 2023 Credit Agreement | Base Rate | Maximum            
Debt Instrument [Line Items]            
Variable rate     2.25%      
Line of Credit | 2023 Credit Agreement | Senior Term Loan Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity $ 400,000,000   $ 300,000,000      
Increase to maximum borrowing capacity 100,000,000          
Debt issuance costs       1,900,000    
Unused commitments       200,000,000 38,400,000  
Interest rate     1.25%      
Line of Credit | 2023 Credit Agreement | Senior Revolving Facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity 200,000,000   $ 50,000,000      
Borrowed amount 0 $ 15,000 44,400,000      
Increase to maximum borrowing capacity 150,000,000          
Debt issuance costs       $ 977,000    
Line of Credit | 2023 Credit Agreement | Senior Revolving Facility | Minimum            
Debt Instrument [Line Items]            
Commitment fee percentage for unused portion       0.375%    
Line of Credit | 2023 Credit Agreement | Senior Revolving Facility | Maximum            
Debt Instrument [Line Items]            
Commitment fee percentage for unused portion       0.50%    
Line of Credit | 2023 Credit Agreement | Letter of Credit            
Debt Instrument [Line Items]            
Maximum borrowing capacity 45,000,000   15,000,000      
Increase to maximum borrowing capacity $ 30,000,000          
Debt outstanding       $ 0 0 0
Line of Credit | 2023 Credit Agreement | Swingline Loans            
Debt Instrument [Line Items]            
Maximum borrowing capacity     10,000,000      
Debt outstanding       $ 0 $ 0 $ 0
Effective interest rate       6.60% 7.20%  
Line of Credit | 2020 Credit Agreement            
Debt Instrument [Line Items]            
Unamortized debt issuance costs     5,111,000      
Early termination fee     $ 6,471,000      
v3.25.4
Debt - Schedule of Debt Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 20,000  
2027 20,000  
2028 20,000  
2029 20,000  
2030 20,000  
Thereafter 300,000  
Long-term debt, net $ 400,000 $ 293,600
v3.25.4
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
lease
Lessee, Lease, Description [Line Items]  
Number of leases, lessee 5
Number of leases, lessor 1
Minimum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 1 year
Maximum  
Lessee, Lease, Description [Line Items]  
Remaining lease term 4 years
v3.25.4
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 3,274 $ 2,134 $ 1,652
Short-term lease cost 349 1,167 460
Sublease income (675) (830) (690)
Total lease cost $ 2,948 $ 2,471 $ 1,422
v3.25.4
Leases - Schedule of Supplement Cash Flow Information Related to Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Cash paid for amounts included in the measurement of lease liabilities $ 3,476 $ 2,163 $ 1,696
New leases entered into during the year 1,708 1,471 0
Operating lease modifications $ 2,955 $ 0 $ 0
v3.25.4
Leases - Schedule of Supplement Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Right-of-use assets $ 4,723 $ 3,053
Liabilities:    
Accrued expenses and other current liabilities $ 2,155 $ 2,370
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Lease liability, long-term portion $ 2,574 $ 963
Total operating lease liabilities $ 4,729 $ 3,333
Weighted average remaining operating lease term (years) 2 years 6 months 1 year 7 months 6 days
Weighted average operating lease discount rate 7.10% 9.10%
v3.25.4
Leases - Schedule of Future Minimum Lease Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 2,199  
2027 1,386  
2028 1,001  
2029 585  
Thereafter 0  
Total lease payments 5,171  
Less: imputed interest (442)  
Total lease liabilities $ 4,729 $ 3,333
v3.25.4
Leases - Schedule of Future Non-Cancelable Rent Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 225
Thereafter 0
Payments to be received $ 225
v3.25.4
Warrant Liabilities (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 24, 2025
Nov. 18, 2022
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Nov. 24, 2020
Class of Warrant or Right [Line Items]            
Warrants (in shares) 575,086 37,360,000 0      
Stock trigger price (in USD per share)   $ 18.00        
Proceeds from the exercise of warrants     $ 314,124 $ 1 $ 0  
Redemption price per warrant (in USD per share) $ 0.10          
Aggregate cash payment for redemption of warrants $ 58   58 0 0  
Change in fair value of warrant liability     $ (9,905) $ 184,557 $ 49,689  
Equal or Exceeds $10.00 (in USD per share)            
Class of Warrant or Right [Line Items]            
Stock trigger price (in USD per share)   $ 10.00        
Private Warrants            
Class of Warrant or Right [Line Items]            
Warrants (in shares)   18,560,000        
Number of securities called by each warrant (in shares)   1        
Warrant exercise price (in USD per share)   $ 11.50        
Warrant exercisable period   30 days        
Warrant term   5 years        
Public Warrants            
Class of Warrant or Right [Line Items]            
Warrants (in shares)   13,800,000        
Number of securities called by each warrant (in shares)   1        
Warrant exercise price (in USD per share)   $ 11.50        
Warrant exercisable period   30 days        
Warrant term   5 years        
Public Warrants | Tiga            
Class of Warrant or Right [Line Items]            
Warrants (in shares)           13,800,000
Forward Purchase Warrant            
Class of Warrant or Right [Line Items]            
Warrants (in shares)   2,500,000        
Backstop Warrants            
Class of Warrant or Right [Line Items]            
Warrants (in shares)   2,500,000        
Warrants Exercised On Cash Basis            
Class of Warrant or Right [Line Items]            
Warrant exercise price (in USD per share) $ 11.50          
Common stock issued in exchange for warrants exercised (in shares) 27,315,105          
Exercise of warrants (in shares) 27,315,105          
Proceeds from the exercise of warrants $ 314,124          
Warrants Exercised On Cashless Basis            
Class of Warrant or Right [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 9,469,634          
Exercise of warrants (in shares) 3,418,518          
Sponsor | Private Warrants | Tiga            
Class of Warrant or Right [Line Items]            
Warrants (in shares)           18,560,000
v3.25.4
Stockholders’ Equity (Deficit) (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Feb. 28, 2026
USD ($)
Mar. 07, 2025
USD ($)
Class of Stock [Line Items]        
Number of votes per holders of common stock | vote   1    
Authorized value of repurchases under stock repurchase program       $ 500,000
Shares repurchased and retired (in shares) | shares   25,129,289    
Aggregate purchase price of shares repurchased and retired   $ 450,506    
Average price per share of shares repurchased (in USD per share) | $ / shares   $ 17.93    
Remaining authorized amount $ 50,000 $ 50,000    
Weighted average term of put options 3 months 25 days      
Number of put option shares (in shares) | shares 4,153,261      
Payment for execution of put option $ 50,000 $ 50,000    
Subsequent Event        
Class of Stock [Line Items]        
Authorized increase in stock repurchase program     $ 400  
v3.25.4
Employee Benefit Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Defined contribution plan, cost $ 1,709 $ 1,484 $ 1,469
v3.25.4
Stock-based Compensation - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 19, 2024
shares
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Mar. 31, 2024
USD ($)
shares
Dec. 31, 2025
USD ($)
installment
quarter
shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 18, 2024
shares
Nov. 15, 2022
shares
Aug. 13, 2020
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Stock-based compensation expense           $ 54,520 $ 37,272 $ 15,824      
Intrinsic value           5,173 8,351 2,081      
Developed software capitalized compensation expense           $ 879 281 202      
Time-Based Awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting percentage           20.00%          
Weighted-average recognition period for unrecognized compensation cost           3 years 3 months 18 days          
Time-Based Awards | Share-Based Payment Arrangement, Tranche Two                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting percentage           50.00%          
Time-Based Awards | Employee | Share-Based Payment Arrangement, Tranche One                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting percentage           25.00%          
Number of vesting installments | installment           12          
Time-Based Awards | Non-Employee Director                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting percentage           25.00%          
Time-Based Awards | Non-Employee Director | Share-Based Payment Arrangement, Tranche Two                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Number of vesting installments | installment           4          
Liability-Classified PSUs                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Volume weighted-average price per share period           90 days          
Aggregate intrinsic value, outstanding       $ 27,210   $ 29,923 27,210        
Weighted-average recognition period for unrecognized compensation cost           2 years 1 month 6 days          
Liability-Classified PSUs | Other Non-Current Liabilities                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Aggregate intrinsic value, outstanding       $ 10,878   $ 15,136 10,878        
Market Condition Awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares issued (in shares) | shares   208,009 228,785 314,101              
Fair value of shares issued   $ 4,990 $ 4,173 $ 4,203     $ 4,203        
KPI awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Volume weighted-average price per share period           90 days 90 days        
Weighted-average recognition period for unrecognized compensation cost           2 months 12 days          
2023 KPI Awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares issued (in shares) | shares         247,898            
Fair value of shares issued         $ 2,350            
Stock-based compensation expense             $ 2,062 288      
2024 KPI Awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares issued (in shares) | shares     238,400                
Fair value of shares issued     $ 3,609                
Stock-based compensation expense           $ 526 3,084        
2025 KPI Awards                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Stock-based compensation expense           4,142          
Accrued and other non-current liabilities           4,142          
Equity-Classified RSUs                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Fair value of shares vested (in shares)           $ 43,554 $ 20,344 $ 6,687      
Stock Options                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting percentage           25.00%          
Number of vesting installments | quarter           12          
Expiration period           7 years          
2022 Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares authorized (in shares) | shares                   13,764,400  
Number of shares reserved for issuance | shares 2,860,300                    
Capital shares reserved for future issuance | shares 16,624,700               13,764,400    
Number of shares available for grant (in shares) | shares           1,525,632          
2020 Plan                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Shares authorized (in shares) | shares                     6,522,685
Unrecognized compensation expense           $ 136          
Weighted-average recognition period for unrecognized compensation cost           8 months 12 days          
v3.25.4
Stock-based Compensation - Schedule of Valuation Assumptions (Details) - Liability-Classified PSUs
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   10 years
Expected stock price volatility   60.00%
Minimum expected stock price volatility   45.00%
Maximum expected stock price volatility   55.00%
Risk-free interest rate   4.60%
Minimum risk-free interest rate   3.40%
Maximum risk-free interest rate   3.70%
Expected dividend yield 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   2 years
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   5 years
v3.25.4
Stock-based Compensation - Schedule of Restricted Stock Units (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Time-based      
Time-based      
Beginning balance (in shares) 6,110,486 5,947,487 4,555,256
Granted (in shares) 7,483,717 2,384,125 2,901,233
Vested (in shares) (2,602,065) (1,709,620) (1,096,319)
Forfeited (in shares) (690,545) (511,506) (412,683)
Ending balance (in shares) 10,301,593 6,110,486 5,947,487
Time-based      
Beginning balance (in USD per share) $ 9.66 $ 8.61 $ 10.10
Granted (in USD per share) 15.95 10.99 6.40
Vested (in USD per share) 10.36 8.36 9.50
Forfeited (in USD per share) 12.73 7.90 7.35
Ending balance (in USD per share) $ 13.85 $ 9.66 $ 8.61
PSUs      
Time-based      
Beginning balance (in shares) 200,000 0 0
Granted (in shares) 719,750 200,000 0
Vested (in shares) 0 0
Forfeited (in shares) 0 0 0
Ending balance (in shares) 919,750 200,000 0
Time-based      
Beginning balance (in USD per share) $ 12.77 $ 0 $ 0
Granted (in USD per share) 11.87 12.77 0
Vested (in USD per share) 0 0 0
Forfeited (in USD per share) 0 0 0
Ending balance (in USD per share) $ 12.07 $ 12.77 $ 0
v3.25.4
Stock-based Compensation - Schedule of Unrecognized Stock-Based Compensation Expenses (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Time-Based Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expenses $ 121,620
Weighted-average period expected to be recognized 3 years 3 months 18 days
PSUs - liability-classified awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expenses $ 14,787
Weighted-average period expected to be recognized 2 years 1 month 6 days
PSUs - equity-classified awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expenses $ 9,674
Weighted-average period expected to be recognized 1 year 4 months 24 days
KPI awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expenses $ 1,003
Weighted-average period expected to be recognized 2 months 12 days
v3.25.4
Stock-based Compensation - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Options        
Outstanding, beginning balance (in shares) 705,116 1,768,627 4,705,765  
Exercised (in shares) (353,549) (917,910) (757,032)  
Forfeited (in shares) (26,023) (145,601) (2,180,106)  
Outstanding, ending balance (in shares) 325,544 705,116 1,768,627 4,705,765
Exercisable (in shares) 282,165 408,832 964,031  
Weighted Average Exercise Price        
Outstanding, beginning balance (in USD per share) $ 5.00 $ 4.71 $ 5.15  
Exercised (in USD per share) 4.87 4.38 3.60  
Forfeited (in USD per share) 7.19 5.41 6.05  
Outstanding, ending balance (in USD per share) 4.96 5.00 4.71 $ 5.15
Exercisable (in USD per share) $ 4.47 $ 4.40 $ 4.25  
Weighted Average Remaining Contractual Life (Years)        
Outstanding 2 years 7 months 6 days 3 years 7 months 6 days 4 years 7 months 6 days 5 years 8 months 12 days
Exercisable 2 years 6 months 3 years 3 months 18 days 4 years 3 months 18 days  
Aggregate Intrinsic Value (in thousands)        
Outstanding $ 2,794 $ 9,055 $ 7,196 $ 2,967
Exercisable $ 2,559 $ 5,495 $ 4,365  
v3.25.4
Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total unit-based compensation expense $ 54,520 $ 37,272 $ 15,824
Selling, general and administrative expense      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total unit-based compensation expense 43,235 33,626 14,763
Product development expense      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Total unit-based compensation expense $ 11,285 $ 3,646 $ 1,061
v3.25.4
Income Tax - Schedule of Domestic and Foreign Components of Loss before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ 118,586 $ (118,307) $ (51,646)
International 27 17 (99)
Net income (loss) before income tax $ 118,613 $ (118,290) $ (51,745)
v3.25.4
Income Tax - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current income tax provision      
Federal $ 18,372 $ 15,379 $ 10,034
State and local 2,797 3,178 1,949
International 60 61 22
Total current tax provision 21,229 18,618 12,005
Deferred income tax provision (benefit)      
Federal 2,424 (4,211) (7,610)
State and local 209 (1,696) (372)
Total deferred tax provision (benefit) 2,633 (5,907) (7,982)
Total income tax provision $ 23,862 $ 12,711 $ 4,023
v3.25.4
Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Capitalized research expenditures $ 9,469 $ 6,413
Equity awards 3,930 1,844
Accrued compensation 3,017 2,392
Right-of-use asset 1,104 790
General business credit 451 388
Accrued expenses 372 59
Capitalized interest carryforward 0 6,357
Other 520 234
Gross deferred tax assets 18,863 18,477
Less: Valuation allowance 0 0
Total deferred tax assets 18,863 18,477
Deferred tax liabilities    
Intangible assets (19,087) (16,490)
Lease liability (1,103) (724)
Other (64) (21)
Total gross deferred tax liabilities (20,254) (17,235)
Net deferred tax assets (liabilities) $ (1,391)  
Net deferred tax assets (liabilities)   $ 1,242
v3.25.4
Income Tax - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Valuation allowances $ 0 $ 0  
Cash income taxes paid (net of refunds) $ 21,105 $ 17,433 $ 17,709
v3.25.4
Income Tax - Schedule of Tax Credit Carryforwards (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
State and Local Jurisdiction    
Tax Credit Carryforward [Line Items]    
Tax credits $ 672 $ 577
v3.25.4
Income Tax - Schedule of Effective Income Tax Rate Reconciliation Including Percent (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
Income tax provision at the federal statutory rate of 21.0% $ 24,909,000    
State and local income taxes 2,386,000    
Effect of cross-border tax laws      
Foreign derived intangible income deduction (4,204,000)    
Tax credits      
Research tax credit (1,575,000)    
Nondeductible items      
Officer compensation 8,363,000    
Equity compensation (4,327,000)    
Warrant liability revaluation (2,079,000)    
Other 170,000    
Worldwide changes in unrecognized tax benefits 312,000    
Other (93,000)    
Total income tax provision $ 23,862,000 $ 12,711,000 $ 4,023,000
Percent      
Income tax provision at the federal statutory rate of 21.0% 21.00% 21.00% 21.00%
State and local income taxes 2.00% (2.10%) (0.60%)
Effect of cross-border tax laws      
Foreign derived intangible income deduction (3.50%) 2.90% 4.30%
Change in valuation allowance   3.90% (8.30%)
Tax credits      
Research tax credit (1.30%) 0.90% 2.70%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent [Abstract]      
Officer compensation 0.071 (0.066) (0.041)
Equity compensation (3.60%) 2.20% (1.50%)
Warrant liability revaluation (0.018) (0.329) (0.201)
Other 0.10%    
Worldwide changes in unrecognized tax benefits 0.30% (0.20%) (0.60%)
Other (0.10%) 0.20% (0.60%)
Total income tax provision 20.10% (10.70%) (7.80%)
v3.25.4
Income Tax - Schedule of Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Balance at the beginning of the year $ 946 $ 797 $ 586
Adjustments related to prior year tax positions 8 10 0
Increases related to current year tax positions 398 270 211
Decreases due to statute of limitation expiration (190) (131) 0
Balance at end of the year $ 1,162 $ 946 $ 797
v3.25.4
Income Tax - Schedule of Cash Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 18,473    
State and local 2,573    
International 59    
Cash income taxes paid (net of refunds) $ 21,105 $ 17,433 $ 17,709
v3.25.4
Net Income (Loss) Per Share - Computations of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income (loss) $ 94,751 $ (131,001) $ (55,768)
Gain on fair value of warrant liabilities (9,905) 184,557 49,689
Net income (loss) adjusted for gain on fair value of warrant liabilities $ 84,846 $ (131,001) $ (55,768)
Denominator:      
Basic weighted-average common shares outstanding (in shares) 190,056,612 175,880,320 174,170,517
Diluted effect of warrants (in shares) 1,842,942 0 0
Diluted weighted-average common shares outstanding (in shares) 195,178,837 175,880,320 174,170,517
Net income (loss) per share      
Basic (in USD per share) $ 0.45 $ (0.74) $ (0.32)
Diluted (in USD per share) $ 0.43 $ (0.74) $ (0.32)
Stock-Based Awards      
Denominator:      
Diluted effect of stock-based awards (in shares) 3,125,662 0 0
Market Condition Awards      
Denominator:      
Diluted effect of stock-based awards (in shares) 46,379 0 0
KPI awards      
Denominator:      
Diluted effect of stock-based awards (in shares) 107,242 0 0
v3.25.4
Net Income (Loss) Per Share - Shares Excluded from Computation of Diluted Net (Loss) per Common Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stock options issued under 2020 Plan      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 705,116 1,768,627
Time-based RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 2,743,929 6,110,486 5,947,487
KPI awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 270,579 295,964
Warrants      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 37,359,825 37,360,000
v3.25.4
Net Income (Loss) Per Share - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
KPI awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Volume weighted-average price per share period 90 days 90 days
v3.25.4
Fair Value Measurements - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
Assets measured at fair value   $ 43,008  
Liabilities:      
Common stock warrant liabilities $ 0 252,178 $ 67,622
Money market funds      
Assets:      
Cash and cash equivalents 39,252 22,787  
U.S. treasury bills      
Assets:      
Cash and cash equivalents   20,221  
Level 1      
Assets:      
Assets measured at fair value   43,008  
Liabilities:      
Common stock warrant liabilities   126,898  
Level 1 | Money market funds      
Assets:      
Cash and cash equivalents 39,252 22,787  
Level 1 | U.S. treasury bills      
Assets:      
Cash and cash equivalents   20,221  
Level 2      
Assets:      
Assets measured at fair value   0  
Liabilities:      
Common stock warrant liabilities   125,280  
Level 2 | Money market funds      
Assets:      
Cash and cash equivalents 0 0  
Level 2 | U.S. treasury bills      
Assets:      
Cash and cash equivalents   0  
Level 3      
Assets:      
Assets measured at fair value   0  
Liabilities:      
Common stock warrant liabilities   0  
Level 3 | Money market funds      
Assets:      
Cash and cash equivalents $ 0 0  
Level 3 | U.S. treasury bills      
Assets:      
Cash and cash equivalents   $ 0  
v3.25.4
Fair Value Measurements - Schedule of Warrant Liability (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Warrant Liability [Roll Forward]      
Beginning balance $ 252,178 $ 67,622  
Change in fair value of warrant liability (9,905) 184,557 $ 49,689
Exercise and redemption of Warrants (242,273) (1)  
Ending balance $ 0 $ 252,178 $ 67,622
v3.25.4
Related Parties (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Feb. 24, 2025
USD ($)
member
$ / shares
shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 19, 2025
Dec. 31, 2022
individual
Related Party Transaction [Line Items]            
Proceeds from the exercise of warrants | $   $ 314,124 $ 1 $ 0    
Related Party            
Related Party Transaction [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 15,984,566          
Related Party | Reverse Recapitalization Related Fees And Expenses            
Related Party Transaction [Line Items]            
Number of individuals holding ownership interest | individual           2
Advisor fees and out-of-pocket expenses | $       350    
Advisor fees forgiven | $       $ 97    
Director            
Related Party Transaction [Line Items]            
Percentage of outstanding shares of common stock owned by related party         50.00%  
Warrants Exercised On Cashless Basis            
Related Party Transaction [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 9,469,634          
Exercise of warrants (in shares) 3,418,518          
Warrants Exercised On Cashless Basis | Related Party            
Related Party Transaction [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 1,336,124          
Exercise of warrants (in shares) 482,340          
Warrants Exercised On Cash Basis            
Related Party Transaction [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 27,315,105          
Exercise of warrants (in shares) 27,315,105          
Warrant exercise price (in USD per share) | $ / shares $ 11.50          
Proceeds from the exercise of warrants | $ $ 314,124          
Warrants Exercised On Cash Basis | Related Party            
Related Party Transaction [Line Items]            
Common stock issued in exchange for warrants exercised (in shares) 14,648,442          
Exercise of warrants (in shares) 14,648,442          
Warrant exercise price (in USD per share) | $ / shares $ 11.50          
Proceeds from the exercise of warrants | $ $ 168,467          
Board of Directors Member | Related Party            
Related Party Transaction [Line Items]            
Number of individuals exercising warrants | member 1          
Former Board of Directors Member | Related Party            
Related Party Transaction [Line Items]            
Number of individuals exercising warrants | member 1          
v3.25.4
Commitments and Contingencies (Details)
kr in Thousands, $ in Thousands
 1 Months Ended 9 Months Ended 12 Months Ended
Apr. 24, 2025
user
Apr. 15, 2025
user
Jul. 01, 2024
USD ($)
Oct. 10, 2023
USD ($)
Oct. 10, 2023
NOK (kr)
Sep. 29, 2023
NOK (kr)
Jan. 12, 2023
USD ($)
Jan. 31, 2026
USD ($)
Jan. 31, 2026
NOK (kr)
Dec. 31, 2021
USD ($)
Dec. 31, 2021
NOK (kr)
Jan. 31, 2021
USD ($)
Jan. 31, 2021
NOK (kr)
Dec. 31, 2025
USD ($)
user
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Nov. 24, 2022
USD ($)
Other Commitments [Line Items]                                    
Purchase commitment             $ 8,500                      
Purchases made                             $ 16,865 $ 11,624 $ 9,979  
Escrow                                   $ 6,500
Unlawful Processing Of Personal Data And Misuse Of Private Information, Claim One                                    
Other Commitments [Line Items]                                    
Number of users claiming breach of data protection laws | user   10,080                       10,041        
Unlawful Processing Of Personal Data And Misuse Of Private Information, Claim Two                                    
Other Commitments [Line Items]                                    
Number of users claiming breach of data protection laws | user 1,964                                  
Kunlun                                    
Other Commitments [Line Items]                                    
Litigation amount received from escrow       $ 5,929 kr 65,000                          
Governmental attorneys fees     $ 50                              
NDPA                                    
Other Commitments [Line Items]                                    
Amount of administrative fine imposed                       $ 9,946 kr 100,000          
Reduced to administrative fine imposed           kr 65,000       $ 6,465 kr 65,000              
Litigation accrual                           $ 6,465 $ 6,465      
NDPA | Subsequent Event                                    
Other Commitments [Line Items]                                    
Interest fees on fine               $ 1,671 kr 16,800                  
v3.25.4
Subsequent Events (Details)
$ in Thousands
Feb. 28, 2026
USD ($)
Subsequent Event  
Subsequent Event [Line Items]  
Authorized increase in stock repurchase program $ 400