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Grindr makes most of its money from members who pay. In 2025 its direct revenue, from subscriptions and add-ons, was $366.3 million out of total revenue of $439.9 million, or 83%, with the rest coming from advertising [1]. Paying members averaged 1.3 million in 2025, up from 1.1 million in 2024 [2], and reached 1.4 million in the three months to June 2026, when each paid an average of $26.51 a month [3].
It is one of the few dating apps where both payers and revenue per payer are rising at the same time. This profile sets out who owns it, how it got here and what other operators can take from it, using Grindr's own SEC filings wherever possible.
Owner and launch history
Grindr is run by Grindr Inc, listed on the New York Stock Exchange under GRND [2]. Ray Zage and James Lu, together with affiliated entities, own more than 60% of its shares [6]. George Arison is chairman and chief executive [3].
| Date | Event |
|---|---|
| 2009 | Founded by Joel Simkhai; first incorporated in California in February 2009 [2][12] |
| 2016 | Beijing Kunlun Tech buys a majority stake for $93 million [11] |
| 2018 | Kunlun buys the rest of the company [11] |
| March 2020 | Under US national security review, Kunlun agrees to sell to San Vicente Acquisition for about $608.5 million [11] |
| November 2022 | Merger with the listed shell company Tiga closes, and Grindr Inc starts trading on the NYSE [2] |
| May 2025 | Launches Woodwork, a telehealth subscription service [2] |
| October 2025 | Ray Zage and James Lu propose taking Grindr private at $18.00 a share [6] |
| November 2025 | Special committee ends talks; the proposal is withdrawn [7][8] |
| February 2026 | Ray Zage signs an 18-month standstill on going-private deals [9] |
Source: Grindr filings and announcements [2][6][7][8][9], with press reports for the Kunlun years [11][12].
Business model
Grindr reports two revenue lines. Direct revenue is "generated by our users who pay for subscriptions or add-ons to access premium features", and indirect revenue is "generated by third parties who pay to advertise to our users" [2]. Its quarterly filings now label these app-based and advertising revenue [4].
The free app is usable but limited, and paid tiers lift those limits [2]. In 2025 Grindr started testing Edge, which it describes as an AI-native premium tier, and its Q1 2026 letter said Edge "should be our largest driver of revenue growth in 2027" [2][5]. Higher subscription prices began rolling out in the third quarter of 2025 [5].
Advertising was 17% of revenue in 2025 (our calculation from $73.6 million of $439.9 million) [1]. Grindr expects advertising to run in the mid to high teens as a share of 2026 revenue and about 15% over the medium term, and it has cut back ad formats members dislike in some markets [5].
The business is also lean. Grindr had 165 employees at the end of 2025, plus 29 contract engineers in Colombia [2]. Its adjusted EBITDA margin was 44.5% in 2025 [10].
Revenue and payers, 2024 to Q2 2026
| Period | Total revenue | Direct (app) revenue | Advertising | Average paying members | Average monthly active members | Revenue per payer, per month |
|---|---|---|---|---|---|---|
| 2024 | $344.6m | $290.9m | $53.7m | 1.1m | 14.2m | $22.04 (our calc) |
| 2025 | $439.9m | $366.3m | $73.6m | 1.3m | 15.0m | $23.48 (our calc) |
| Q2 2025 | $104.2m | $86.9m | $17.3m | not in our sources | not reported | not in our sources |
| Q1 2026 | $130m | $107m | $23m | 1.4m | 15m (company figure, not quarterly) | $25.63 |
| Q2 2026 | $138.1m | $113.3m | $24.9m | 1.4m | 15m (company figure, not quarterly) | $26.51 |
Source: Grindr 10-K for 2025 [1][2], Q1 2026 letter [5], Q2 2026 letter [3] and Q2 2026 10-Q [4]. Quarterly revenue per payer is as reported. Annual figures are our calculation.
How we calculated annual revenue per payer: direct revenue divided by average paying members, divided by 12. For 2025 that is $366.3 million divided by 1.3 million divided by 12, or $23.48 [1][2]. Grindr rounds paying members to one decimal place, so treat these as approximate.
Three things stand out. Revenue rose 28% in 2025 [10] and 33% in the second quarter of 2026 [3]. Paying members as a share of monthly active members rose from about 7.7% in 2024 to about 8.7% in 2025 (our calculation from the 10-K figures) [2]. And reported revenue per payer rose 12% in the second quarter of 2026 [3], helped by the price rises [5]. See payer conversion and revenue per payer for how these measures work.
Profit swung too. Grindr made a net loss of $131.0 million in 2024 and net income of $94.8 million in 2025 [10]. It raised its 2026 guidance to about $540 million of revenue and about $232 million of adjusted EBITDA [3].
Safety and verification
Grindr's 10-K describes moderation on three pillars: automated review, manual review and community reports [2]. In the UK, members cannot use the app until they complete a one-time age check, either a video selfie or a selfie with photo ID, supplied through FaceTec, and Grindr says it does not keep the documents or videos [13]. It added similar checks in Australia in December 2025 and Brazil in March 2026 [14].
Those checks have a measurable cost. Grindr said age assurance rules in the UK, Australia and Brazil cut its monthly active member growth by about 100,000 in the first quarter of 2026, and that it prefers age checks at app store or device level [5]. Malaysia also forced Apple to remove Grindr from its App Store, which Grindr said has had no material financial impact so far [5]. For the wider rules, see age verification for dating apps and age assurance.
Recent changes
- Take-private bid and standstill. The $18.00 proposal came from shareholders who already held more than 60% of the stock [6]. The special committee said it could not get "satisfactory information about definitive financing" and stopped talks on 24 November 2025 [7]. Two days later the shareholders withdrew it and said Ray Zage would keep buying shares in the market [8]. In February 2026 he agreed not to seek a going-private deal for 18 months unless invited by the board, and any invited proposal would need approval from a majority of disinterested shareholders [9].
- Buybacks instead. Grindr carried out $450 million of share repurchases in 2025 [5], and in February 2026 the board added up to $400 million to the programme and extended it to March 2029 [9].
- AI and new products. Edge is being rolled out globally in 2026, and a discreet Right Now profile lets members appear without linking to their main profile [5].
- Health. Woodwork, launched in May 2025, uses OpenLoop Health for clinical support [2].
Questions
How does Grindr make money?
Mostly from members paying for subscriptions and add-ons, which Grindr calls direct revenue. In 2025 that was $366.3 million of its $439.9 million total, with the rest from advertising.
How many people pay for Grindr?
Grindr averaged 1.4 million paying members in the three months to June 2026, up 16% on a year earlier. It averaged 1.3 million in 2025 and 1.1 million in 2024.
Who owns Grindr?
Grindr Inc is listed on the New York Stock Exchange. Ray Zage and James Lu, with affiliated entities, own more than 60% of its shares.
Is Grindr being taken private?
Not now. Its two largest shareholders proposed $18.00 a share in October 2025, but the board's special committee ended talks over financing and the offer was withdrawn. In February 2026 Ray Zage agreed not to pursue a going-private deal for 18 months unless the board invites one.
