The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. In addition to the unaudited condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, beliefs and expectations that involve risks and uncertainties. Our actual results and the timing of events could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those discussed below, elsewhere in this Quarterly Report on Form 10-Q, particularly in “Special Note Regarding Forward-Looking Statements,” and under “Risk Factors,” set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, and any updates thereto set forth in Quarterly Reports on Form 10-Q filed thereafter. Overview Grindr Inc.’s (“Grindr”, “we”, “us”, “our” or the “Company”) mission is to build the Global Gayborhood in Your Pocket™, and, through our success, to make a world where the lives of our global LGBTQ community are free, equal, and just. We manage and operate the Grindr platform, a global social networking platform primarily serving and addressing the needs of gay, bisexual, and sexually explorative adults around the world. We had 1.4 million Average Paying Users for the three and six months ended June 30, 2026, as compared to 1.2 million Average Paying Users for the three and six months ended June 30, 2025. Through gayborhood expansion initiatives, we are developing new products for users to engage with through the Grindr platform, which include new partnership-based digital versions of services typically found in physical gayborhoods. Our social impact division, Grindr for Equality, advances human rights, health, and safety for millions of lesbian, gay, bisexual, transgender, and queer (“LGBTQ”) people in partnership with organizations in every region of the world. The Grindr mobile application is free to download and provides certain services and features to Grindr’s users at no cost. We also offer a variety of additional controls and features for users who enroll in our paid subscriptions and add-on products. A substantial portion of our revenue is from app-based revenue representing 82.0% and 83.4% of total revenue for the three months ended June 30, 2026, and 2025, respectively, and 82.0% and 84.3% of total revenue for the six months ended June 30, 2026, and 2025, respectively. App-based revenue is derived from users in the form of subscription fees, providing our users access to a variety of features for the period of their subscription. Our current subscription offerings are Grindr XTRA and Grindr Unlimited. We utilize a freemium model to drive increased user acquisition, subscriber conversions, and monetization on the Grindr platform. We also offer consumables on a pay-per-use, or a-la-carte, basis. Leveraging strong brand awareness and our significant user network stemming from our first mover advantage in the gay, bisexual, transgender, and queer (“GBTQ”) social networking industry, our historical growth in number of users has been driven primarily by word-of-mouth referrals and other organic means. In addition to our revenue generated from subscription fees and consumable purchases, we also generate advertising revenue representing 18.0% and 16.6% of total revenue for the three months ended June 30, 2026, and 2025, respectively, and 18.0% and 15.7% of total revenue for the six months ended June 30, 2026, and 2025, respectively. Advertising revenue includes both first-party and third-party advertising. We provide advertisers with the opportunity to directly reach the GBTQ community, a group with significant global purchasing power and economic potential. We have attracted advertisers from a diverse array of industries, including healthcare, entertainment, gaming, travel, and consumer goods. We offer our partners a diverse range of advertising opportunities to advertisers, including in-app banners, full-screen interstitials, and other customized units, typically sold on a cost per mille (“CPM”) basis. Additionally, we contract with a variety of third-party advertising platforms to market and sell digital advertising inventory available on the Grindr platform. We will continue to evaluate opportunities to increase advertising inventory by both enhancing and differentiating our advertising offerings in addition to scaling our advertising volume. We generated $138.1 million and $104.2 million of revenue for the three months ended June 30, 2026, and 2025, respectively, and we generated $268.1 million and $198.2 million of revenue for the six months ended June 30, 2026, and 2025, respectively, representing a period-over-period growth of 32.5% and 35.3% as compared to the three-month and six-month periods in 2025, respectively. We had 1.4 million and 1.2 million Average Paying Users, for the three and six months ended June 30, 2026, and 2025, respectively, representing a period-over-period growth of 16.1% and 17.2% as compared to the three-month and six-month periods in 2025, respectively. While we have users in over 190 countries and territories, we intend to grow our user base and revenues by continuing to introduce new and innovative products and services to all of our users across the globe. 28 Table of Contents Redemption of Warrants and Related Warrant Exercises On January 23, 2025, we provided notice that we would redeem all of our outstanding warrants, which consisted of (i) 18,560,000 private placement warrants; (ii) 13,799,825 public warrants; (iii) 2,500,000 forward purchase warrants; and (iv) 2,500,000 backstop warrants, on February 24, 2025. After we 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 our common stock at an exercise price of $11.50 per share, for aggregate cash proceeds to us of $314.1 million. In addition, 9,469,634 warrants were exercised on a cashless basis in exchange for the issuance of 3,418,518 shares of our common stock. At the conclusion of the redemption notice period on February 24, 2025, we redeemed the remaining 575,086 warrants issued and outstanding at a price of $0.10 per warrant for aggregate cash payment of $0.1 million. The public warrants were delisted from the New York Stock Exchange on February 24, 2025. Certain Labor Matters In July 2023, the Communications Workers of America AFL-CIO (“CWA”) filed an election petition with the National Labor Relations Board (“NLRB”) seeking to hold a representation election for certain classifications of our employees. CWA subsequently filed several unfair labor practice charges against us with the NLRB, including a request for injunctive relief under Sec. 10(j) of the National Labor Relations Act. Regarding the election petition, the NLRB conducted a secret mail-ballot election and held partial vote counts in November and December 2023. As of the date of filing of this Quarterly Report, the NLRB has not completed tallying all the votes from the election as there are numerous outstanding challenged ballots. In addition, on November 1, 2024, the local regional office of NLRB issued a complaint on the unfair labor practice charges. A hearing commenced in May 2025 and concluded in May 2026. The 2024 complaint and hearing that concluded in May 2026 are the first steps in the administrative process and the complaint is not a finding of any wrongdoing, nor is it a decision or ruling of the NLRB. Consolidated Results for the Three Months Ended June 30, 2026 and 2025 For the three months ended June 30, 2026, and 2025, we generated: •Revenue of $138.1 million and $104.2 million, respectively. The increase for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was $33.9 million, or 32.5%. •Net income of $17.7 million and $16.6 million, respectively. The increase for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was $1.1 million, or 6.6%. This resulted in a net income margin of 12.8% and 16.0%, respectively. •Adjusted EBITDA of $57.6 million and $45.2 million, respectively. The increase for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was $12.4 million, or 27.4%. This resulted in an Adjusted EBITDA margin of 41.7% and 43.4%, respectively. See “Non-GAAP Financial Measures—Adjusted EBITDA” below for more details on the calculations and reconciliations. Consolidated Results for Six Months Ended June 30, 2026 and 2025 For the six months ended June 30, 2026 and 2025, we generated: •Revenue of $268.1 million and $198.2 million, respectively. The increase for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was $69.9 million, or 35.3%. •Net income of $44.5 million and $43.7 million, respectively. The increase for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was $0.8 million, or 1.8%. This resulted in a net income margin of 16.6% and 22.0%, respectively. •Adjusted EBITDA of $116.1 million and $85.9 million, respectively. The increase for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was $30.2 million, or 35.2%. This resulted in an Adjusted EBITDA margin of 43.3% and 43.3%, respectively. See “Non-GAAP Financial Measures—Adjusted EBITDA” below for more details on the calculations and reconciliations. 29 Table of Contents Operating and Financial Metrics Three Months Ended June 30, Six Months Ended June 30, (in thousands, except ARPPU) 2026 2025 2026 2025 Key Operating Metrics Average Paying Users 1,422 1,225 1,403 1,197 Average App-Based Revenue per Average Paying User (“ARPPU”) $ 26.51 $ 23.65 $ 26.07 $ 23.26 Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Key Financial and Non-GAAP Metrics(1) Revenue $ 138,138 $ 104,220 $ 268,079 $ 198,158 App-based revenue $ 113,267 $ 86,948 $ 219,923 $ 167,025 Advertising revenue $ 24,871 $ 17,272 $ 48,156 $ 31,133 Net income $ 17,743 $ 16,638 $ 44,493 $ 43,657 Net income margin 12.8 % 16.0 % 16.6 % 22.0 % Adjusted EBITDA $ 57,640 $ 45,207 $ 116,113 $ 85,896 Adjusted EBITDA Margin 41.7 % 43.4 % 43.3 % 43.3 % Net cash provided by operating activities $ 40,807 $ 37,518 $ 74,272 $ 61,311 Operating cash flow conversion 230.0 % 225.5 % 166.9 % 140.4 % Free cash flow $ 37,962 $ 36,638 $ 69,817 $ 59,803 Free cash flow conversion 65.9 % 81.0 % 60.1 % 69.6 % (1)See “Non-GAAP Financial Measures” below for additional information and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures. •Average Paying Users. A Paying User is a user that has purchased or renewed a Grindr subscription and/or purchased a consumable on the Grindr platform. We calculate Average Paying Users by adding up the number of Paying Users in each day and then dividing that number by the number of days in the relevant measurement period. A Paying User who is both a subscriber and an add-on purchaser on the same day will be counted as one Paying User. Duplicate Paying Users may exist if the same individual holds more than one Grindr subscription during the same period. We are focused on building new products and improving on existing ones to drive payer conversion. We believe Average Paying Users is a useful metric for assessing the health of our business. •ARPPU. We calculate Average App-Based Revenue Per Paying User (“ARPPU”) based on App-based Revenue in any measurement period, divided by Average Paying Users in such a period and then divided by the number of months in the period. We believe ARPPU is a useful metric for assessing the growth of our business and future revenue trends. Key Factors Affecting Our Performance Our results of operations and financial condition have been, and will continue to be, affected by a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Growth in User Base and Paying Users We acquire new users through investments in generating brand awareness, as well as through word of mouth from existing users and others. We convert these users to Paying Users by offering premium features that maximize the probability of developing meaningful connections, improve the user experience, and provide more control over the experience. For the three months ended June 30, 2026, and 2025, our Average Paying Users were 1.4 million and 1.2 million, respectively, representing an increase of 16.1% period-over-period. We grow Paying Users by acquiring new users and converting new and existing users to purchasers of one of our subscription plans or our add-on offerings. As we scale and our community grows larger, we seek to facilitate more meaningful interactions as a result of the wider selection of potential connections. This in turn increases our product value and can increase conversion to one of our paid products. Our 30 Table of Contents revenue growth depends on growth in Paying Users. While we believe we are in the early days of our opportunity, at some point we may face challenges increasing our Paying Users, including competition from alternative products and services and lower adoption of certain product features. Growth in ARPPU We continually work to develop new monetization features and improve existing features in order to increase adoption of consumables and our subscription programs. Many variables will impact our ARPPU, including paid product mix, the geographic location of Paying Users, and the revenue generated from subscription versus consumables revenue. Our pricing is in local currency and may vary between markets. As foreign currency exchange rates fluctuate, transactions carried out in foreign currencies other than the U.S. dollar could negatively impact revenue and distort year-over-year comparability of operating results. To the extent our ARPPU growth slows, our revenue growth will become increasingly dependent on our ability to increase our Average Paying Users. Investing in Growth While Driving Long-Term Profitability Key investment areas for us include continuing to expand and enhance our team as well as enhancing our platform and increasing the value we provide our users. Part of our efforts are focused on introducing new products, improving pricing and packaging, and localizing our products in international markets. We are also harnessing artificial intelligence and machine learning, which we refer to as AI/ML, along with prioritizing security and privacy, and improving matching capabilities for successful connections. As part of these ongoing efforts, we are building a full-stack technical foundation that we refer to as Grindr AI (“gAI”), consisting of a data model layer, technical architecture layer, and a consumer application layer, in order to deliver a differentiated, high-impact user experience. Attracting and Retaining Talent Our business relies on our ability to attract and retain talent, including, but not limited to, engineers, data scientists, product designers, and product managers. As of June 30, 2026, we had 178 employees globally, 172 of which were full-time employees. We have continued to expand and enhance our team with new employees and contractors. In doing so, we grew the size of our engineering team, which includes a dedicated team of 33 contractors in Colombia as of June 30, 2026. We will continue to selectively supplement immediate capacity and product development needs with contractors, particularly in supporting our engineering function. By building a performance-driven culture, we want to unleash Grindr’s and each of our employees’ full potential. We intend to continue to focus on adding talent at a measured pace, especially in applied science, data engineering, and artificial intelligence and machine learning. We believe that many people want to work at a company committed to creating a world that is fair, equal, and just for the global LGBTQ community and that aligns with their personal values, and therefore our ability to recruit and retain talent is aided by our mission and brand reputation. We compete for talent within the technology market and believe our operating culture is a key differentiator in attracting, developing, and retaining high-performing employees. Factors Affecting the Comparability of Our Results Temporary variability and general advertising demand Our ability to maintain consistently high advertiser demand for our platform can be affected by temporary trends in advertisers’ appetites to engage with our users or our brand. For example, events that result in temporary positive or negative publicity for our company, even if unfounded, may play a significant role in our advertisers’ desire to continue to advertise on our platform. Further, general economic conditions may lead to changes in advertising spending in general, which could have a significant impact on our results of operations. Such fluctuations in advertising demand are often unpredictable and likely temporary, but nevertheless could have a significant impact on the financial condition of our business. Return-to-Office In 2023, our leadership team announced a transition to a hybrid work model involving a multi-phase return-to-office plan (“RTO Plan”) beginning in the fall of 2023, which was largely completed by January 2024 and was fully concluded by April 30, 2025. Our hybrid work model requires employees to work two days per week in offices where their respective teams are based. The RTO Plan provided employees with a one-time relocation package to support relocation if necessary, or separation packages for employees who chose not to relocate or participate in our RTO Plan. 31 Table of Contents International market pricing and changes in foreign exchange rates The Grindr platform has MAUs in over 190 countries and territories. Our international revenue represents 43.0% and 42.0% of total revenue for the three months ended June 30, 2026, and 2025, respectively. We vary our pricing to align with relative value to local purchasing power and competitors. Our international business typically earns revenue in local currencies. In addition, some of the platforms we work with utilize internally generated foreign exchange rates that may differ from other foreign exchange rates, which could impact our results of operations. Key Components of Our Results of Operations Revenue We currently generate revenue from two revenue streams — app-based revenue and advertising revenue. App-based revenue is revenue generated by our users who pay for subscriptions or consumables to access additional features. Advertising revenue is generated by third parties who pay us to advertise to our users. As we continue to expand our revenue streams, we anticipate increasing monetization from consumables and subscription offerings, contributing to an increase in app-based revenue over time, and increasing our advertising inventory, contributing to an increase in advertising revenue over time. App-Based Revenue. App-based revenue is reported gross of distribution fees for subscriptions and consumables as we are the primary party obligated in our transactions with customers, and we act as the principal. Our 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 periods. Customers pay in advance, primarily through mobile app stores, including Apple and Google Play, and, subject to certain conditions identified in our terms and conditions, generally all purchases are final and nonrefundable. Subscription revenues are recognized ratably over the term of the subscription. Consumables revenue is generated through the sale of an add-on feature on a pay-per-use, or a-la-carte, basis. Consumables are activated upon purchase and are available to use by the customer for a short duration, generally, within one day. Revenue from consumables is recognized upon usage of the consumable. App-based revenue is recorded net of taxes, credits, and chargebacks. Advertising Revenue. Advertising revenue consists of revenue generated by third parties who pay us to advertise to our users. We provide advertisers with the opportunity to target and directly reach the GBTQ community, a group with significant global purchasing power and economic potential. We have attracted advertisers from a diverse array of industries, including healthcare, gaming, travel, entertainment, and consumer goods. We offer a diverse range of advertising opportunities to advertisers, such as in-app banners, full-screen interstitials, and other customized units, typically on a CPM basis. Revenue from advertising transactions with advertising service providers is recognized net of the amounts retained by the advertising service provider as we do not know and expect not to know the gross amount paid by advertisers. Cost of revenue and operating expenses Cost of revenue. Cost of revenue consists primarily of the distribution fees we pay to Apple and Google Play, infrastructure costs associated with supporting the Grindr platform, which stem largely from our use of Amazon Web Services, and costs associated with content moderation, which involve ensuring that users are complying with our community standards. Selling, general and administrative expenses. Selling, general and administrative expenses consists primarily of compensation and other employee-related costs, professional fees, sales and marketing expenditures, and general and administrative expenses, including facilities, insurance, and information technology support. We plan to continue efforts to attract new users, retain existing users and increase monetization of both our new and existing users, which may result in increased sales and marketing expenses in future periods. Product development expense. Product development expense consists primarily of employee-related and contractor costs for personnel engaged in the design, development, testing, maintenance, and enhancement of product offerings, related technology, and related software costs. Depreciation and Amortization. Depreciation is primarily related to computers, equipment, and leasehold improvements. Amortization is primarily related to capitalized software development costs and acquired definite-lived intangible assets (customer relationships, technology, etc.). 32 Table of Contents Other (expense) income Interest expense, net. Interest expense, net consists of interest expense incurred in connection with our long-term debt and revolving credit facility net of interest earned on cash and cash equivalents including money market funds and U.S. treasury bills. Other (expense) income, net. Other (expense) income, net consists of realized and unrealized exchange rate gains or losses. Share of net loss of equity method investee. Share of net loss of equity method investee consists of our proportionate share of losses from our investment in our equity method investee. Gain in fair value of warrant liability. Gain in fair value of warrant liability represents the change in fair value of our public and private warrants. As the private warrants are substantially similar to the public warrants, all of the warrants are remeasured from the publicly traded quotes from the active market. In February 2025, we completed the redemption of all outstanding public and private warrants. Income tax provision Income tax provision represents the income tax expense associated with our operations based on the tax laws of the jurisdictions in which we operate. Our effective tax rates will vary depending on changes in the valuation of our deferred tax assets and liabilities, fluctuations in permanent differences, and changes in tax laws. Results of Operations Three and Six Months Ended June 30, 2026, Compared to Three and Six Months Ended June 30, 2025 Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 % of Total Revenue 2025 % of Total Revenue 2026 % of Total Revenue 2025 % of Total Revenue Revenue $ 138,138 100.0 % $ 104,220 100.0 % $ 268,079 100.0 % $ 198,158 100.0 % Operating costs and expenses Cost of revenue (exclusive of depreciation and amortization shown separately below) 34,567 25.0 % 27,408 26.3 % 67,162 25.1 % 51,950 26.2 % Selling, general and administrative expense 49,869 36.1 % 36,457 35.0 % 87,572 32.7 % 66,697 33.7 % Product development expense 20,305 14.7 % 12,941 12.4 % 36,238 13.5 % 23,228 11.7 % Depreciation and amortization 895 0.6 % 3,068 2.9 % 1,878 0.7 % 6,545 3.3 % Total operating expenses 105,636 76.5 % 79,874 76.6 % 192,850 71.9 % 148,420 74.9 % Income from operations 32,502 23.5 % 24,346 23.4 % 75,229 28.1 % 49,738 25.1 % Other (expense) income Interest expense, net (6,529) (4.7) % (3,564) (3.4) % (13,134) (4.9) % (7,439) (3.8) % Other (expense) income, net (1,972) (1.4) % 510 0.5 % (2,174) (0.8) % 658 0.3 % Share of net loss of equity method investee (1,109) (0.8) % — — % (1,109) (0.4) % — — % Gain in fair value of warrant liability — — % — — % — — % 9,905 5.0 % Total (expense) income, net (9,610) (7.0) % (3,054) (2.9) % (16,417) (6.1) % 3,124 1.6 % Net income before income tax 22,892 16.6 % 21,292 20.4 % 58,812 21.9 % 52,862 26.7 % Income tax provision 5,149 3.7 % 4,654 4.5 % 14,319 5.3 % 9,205 4.6 % Net income $ 17,743 12.8 % $ 16,638 16.0 % $ 44,493 16.6 % $ 43,657 22.0 % Net income per share Basic $ 0.10 $ 0.08 $ 0.25 $ 0.23 Diluted $ 0.10 $ 0.08 $ 0.24 $ 0.17 33 Table of Contents Revenue Revenue for the three months ended June 30, 2026, and 2025, was $138.1 million and $104.2 million, respectively. The increase in revenue period-over-period was $33.9 million, or 32.5%. For the three months ended June 30, 2026, and 2025, app-based revenue was $113.3 million and $86.9 million, respectively. The increase in app-based revenue of $26.4 million, or 30.4%, was driven by the period-over-period increases in both ARPPU of $2.86 and Average Paying Users of 197 thousand. Period-over-period growth for revenue was driven by enhanced paywall optimizations and merchandising strategies, which strengthened subscription adoption across our XTRA and Unlimited tiers. There was continued period-over-period growth in our weekly XTRA and Unlimited subscriptions. ARPPU increased by 12.1%, or $2.86, to $26.51 for the three months ended June 30, 2026, from $23.65 for the three months ended June 30, 2025. Our ARPPU increased as a result of improved product mix, with higher revenue generated by subscription products with higher average monthly-equivalent price, such as weekly Unlimited. We expanded our pricing experiments to a broader share of the subscriber base in key markets, with more purchasers choosing to shift into higher prices. For the three months ended June 30, 2026, Average Paying Users increased by 197 thousand, from 1.2 million for the three months ended June 30, 2025, to 1.4 million for the three months ended June 30, 2026. For the three months ended June 30, 2026, and 2025, advertising revenue was $24.8 million and $17.3 million, respectively. The increase in advertising revenue of $7.5 million, or 43.4%, was primarily driven by strong CPMs across North America, third-party partnerships, as well as onboarding additional campaigns during the year. Revenue for the six months ended June 30, 2026, and 2025, was $268.1 million and $198.2 million, respectively. The increase in revenue period-over-period was $69.9 million, or 35.3%. For the six months ended June 30, 2026, and 2025, app-based revenue was $219.9 million and $167.1 million, respectively. The increase in app-based revenue of $52.8 million, or 31.6%, was driven by the period-over-period increases in both ARPPU of $2.81 and Average Paying Users of 206 thousand. Period-over-period growth for revenue was driven by enhanced paywall optimizations and merchandising strategies, which strengthened subscription adoption across our XTRA and Unlimited tiers. There was continued period-over-period growth in our weekly XTRA and Unlimited subscriptions. ARPPU increased by 12.1%, or $2.81, to $26.07 for the six months ended June 30, 2026, from $23.26 for the six months ended June 30, 2025. Our ARPPU increased as a result of improved product mix, with higher revenue generated by subscription products with higher average monthly-equivalent price, such as weekly Unlimited. We expanded our pricing experiments to a broader share of the subscriber base in key markets, with more purchasers choosing to shift into higher prices. For the six months ended June 30, 2026, Average Paying Users increased by 206 thousand, from 1.2 million for the six months ended June 30, 2025, to 1.4 million for the six months ended June 30, 2026. For the six months ended June 30, 2026, and 2025, advertising revenue was $48.2 million and $31.1 million, respectively. The increase in advertising revenue of $17.1 million, or 55.0%, was primarily driven by strong CPMs across North America, third-party partnerships, as well as onboarding additional campaigns during the year. Cost of revenue Cost of revenue for the three months ended June 30, 2026, and 2025, was $34.6 million and $27.4 million, respectively. The $7.2 million increase, or 26.3%, was primarily due to growth in distribution fees of $6.0 million (consistent with app-based revenue growth), and increased infrastructure costs of $0.9 million. Cost of revenue for the six months ended June 30, 2026, and 2025, was $67.2 million and $52.0 million, respectively. The $15.2 million increase, or 29.2%, was primarily due to growth in distribution fees of $12.0 million (consistent with app-based revenue growth), and increased infrastructure costs of $2.5 million. Selling, general and administrative expense Selling, general and administrative expense for the three months ended June 30, 2026, and 2025, was $49.9 million and $36.5 million, respectively. The $13.4 million increase, or 36.7%, was primarily due to an increase of $6.1 million in salaries and benefits expense and an increase of $5.2 million in marketing expenses. Selling, general and administrative expense for the six months ended June 30, 2026, and 2025, was $87.6 million and $66.7 million, respectively. The $20.9 million increase, or 31.3%, was primarily due to an increase of $7.4 million in marketing expenses; an increase of $7.0 million in salaries and benefits expense; and an increase of $1.8 million in professional, legal, and contractor fees. 34 Table of Contents Product development expense Product development expense for the three months ended June 30, 2026, and 2025, was $20.3 million and $12.9 million, respectively. The $7.4 million increase, or 57.4%, was primarily due to an increase in personnel-related expenses of $7.4 million from the increased headcount, including an increase in stock-based compensation expense of $3.5 million. Product development expense for the six months ended June 30, 2026, and 2025, was $36.2 million and $23.2 million, respectively. The $13.0 million increase, or 56.0%, was primarily due to an increase in personnel-related expenses of $12.8 million from the increased headcount, including an increase in stock-based compensation expense of $6.9 million. Depreciation and amortization Depreciation and amortization for the three months ended June 30, 2026, and 2025, was $0.9 million and $3.1 million, respectively. The $2.2 million decrease, or 71.0%, was primarily due to acquired intangibles amortization from an acquisition in June 2020. All definite-lived intangible assets from the acquisition were fully amortized in June 2025. Depreciation and amortization for the six months ended June 30, 2026, and 2025, was $1.9 million and $6.5 million, respectively. The $4.6 million decrease, or 70.8%, was primarily due to acquired intangibles amortization from an acquisition in June 2020. All definite-lived intangible assets from the acquisition were fully amortized in June 2025. Interest expense, net Interest expense, net for the three months ended June 30, 2026, and 2025, was $6.5 million and $3.6 million, respectively. The $2.9 million increase, or 80.6%, was primarily due to an increase in interest expense of $1.5 million from higher debt balances and a decrease in interest income of $1.4 million from our investment in U.S. treasury bills in the first quarter of 2025. Interest expense, net for the six months ended June 30, 2026, and 2025, was $13.1 million and $7.4 million, respectively. The $5.7 million increase, or 77.0%, was primarily due to an increase in interest expense of $3.1 million from higher debt balances and a decrease in interest income of $2.6 million from our investment in U.S. treasury bills in the first quarter of 2025. Other (expense) income, net Other (expense) income, net for the three months ended June 30, 2026, and 2025, was expense of $2.0 million and income of $0.5 million, respectively. The $2.5 million change was primarily due to $1.0 million in fair value change in derivative instruments, and $0.8 million in credit loss recognized from a loan to our equity method investee. Other (expense) income, net for the six months ended June 30, 2026, and 2025, was expense of $2.2 million and income of $0.7 million, respectively. The $2.9 million change was primarily due to $0.8 million in credit loss recognized from a loan to our equity method investee, and $0.7 million in fair value change in derivative instruments. Share of net loss of equity method investee Share of net loss of equity method investee represents our proportionate share of losses from our investment in our equity method investee, which is recorded on a one-quarter lag. Gain in fair value of warrant liability Gain in fair value of warrant liability represents the change in the fair value of our warrants between each reporting period or upon the exercise and redemption of our warrants. In February 2025, we completed the redemption of all outstanding warrants. 35 Table of Contents Income tax provision Income tax provision for the three months ended June 30, 2026, and 2025, was $5.1 million and $4.7 million, respectively, resulting in an effective tax rate of 22.5% and 21.9%, respectively. The increase in effective tax rate was primarily due to Section 162(m) officer compensation. Income tax provision for the six months ended June 30, 2026, and 2025, was $14.3 million and $9.2 million, respectively, resulting in an effective tax rate of 24.3% and 17.4%, respectively. The increase in effective tax rate was primarily due to the mark-to-market warrant liability adjustment, and Section 162(m) officer compensation. Our effective tax rates in fiscal 2026 and future periods may fluctuate, as a result of changes in actual results versus our estimates; or changes in tax laws, regulations, accounting principles, or interpretations thereof. Net income Net income for the three months ended June 30, 2026, and 2025, was $17.7 million and $16.6 million, respectively. Net income increased by $1.1 million. Net income for the six months ended June 30, 2026, and 2025, was $44.5 million and $43.7 million, respectively. Net income increased by $0.8 million. Non-GAAP Financial Measures To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”), we use Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, and free cash flow conversion as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA adjusts for the impact of items that we do not consider indicative of the operational performance of our business. We define Adjusted EBITDA as net income excluding income tax provision; interest expense, net; depreciation and amortization; stock-based compensation expense; equity method investee losses and related credit loss; change in fair value of warrant liability; and employee transition costs, litigation-related costs, transaction-related costs, and other items, in each case, that are unrelated to our core ongoing business operations. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. Our management uses these measures internally to evaluate the performance of our business and these measures are among the primary metrics by which management and other employees are compensated. We exclude the above items as some are non-cash in nature and others may not be representative of normal operating results. While we believe that Adjusted EBITDA and Adjusted EBITDA Margin are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared and presented in accordance with U.S. GAAP. 36 Table of Contents The following table presents the reconciliation of net income to Adjusted EBITDA for the three and six months ended June 30, 2026, and 2025: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Reconciliation of net income to Adjusted EBITDA Net income $ 17,743 $ 16,638 $ 44,493 $ 43,657 Interest expense, net 6,529 3,564 13,134 7,439 Income tax provision 5,149 4,654 14,319 9,205 Depreciation and amortization 895 3,068 1,878 6,545 Litigation-related costs (1) 2,916 754 3,483 980 Transaction-related costs (2) 123 — 146 — Stock-based compensation expense 20,625 16,529 35,633 27,476 Employee transition costs (3) 740 — 437 499 Equity method investee losses and related credit loss (4) 1,909 — 1,909 — Change in fair value of warrant liability (5) — — — (9,905) Other expense (6) 1,011 — 681 — Adjusted EBITDA $ 57,640 $ 45,207 $ 116,113 $ 85,896 Revenue $ 138,138 $ 104,220 $ 268,079 $ 198,158 Net income margin 12.8 % 16.0 % 16.6 % 22.0 % Adjusted EBITDA Margin 41.7 % 43.4 % 43.3 % 43.3 % _________________ (1)Litigation-related costs that are unrelated to our core ongoing business operations primarily represent settlement expenses accrued and external legal fees associated with outstanding litigation or regulatory matters outside of the ordinary course. (2)Transaction-related costs consist of legal, consulting, and other professional fees related to potential transactions. (3)Employee transition costs relate to costs associated with the transition of our former Chief Financial Officer, and severance incurred for employees who elected not to relocate or participate in our RTO Plan and certain other severance arrangements. (4)Equity method investee losses and related credit loss are related to our share of losses from our investment in our equity method investee and credit loss in relation to the loan receivable to our equity method investee. (5)Change in fair value of warrant liability relates to the warrants that were remeasured upon exercise or redemption. In February 2025, we completed the redemption of all outstanding warrants. (6)Other expense is related to change in fair value of the bifurcated derivative in our forward repurchase transactions entered into in the first quarter of 2026 that was remeasured as of June 30, 2026. Free Cash Flow and Free Cash Flow Conversion Free cash flow is an indicator of liquidity that provides information to our management and investors about the amount of cash generated from operations, after capitalized software development costs and purchases of property and equipment, that can be used to repay debt obligations and/or for strategic initiatives. We define free cash flow as net cash provided by operating activities less capitalized software development costs and purchases of property and equipment. Free cash flow conversion is calculated by dividing free cash flow for a period by Adjusted EBITDA for the same period. Free cash flow and free cash flow conversion do not represent our residual cash flow available for discretionary purposes and do not reflect our future contractual commitments. 37 Table of Contents The following table presents the reconciliation of net cash provided by operating activities to free cash flow for the three and six months ended June 30, 2026, and 2025: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Reconciliation of net cash provided by operating activities to free cash flow Net cash provided by operating activities $ 40,807 $ 37,518 $ 74,272 $ 61,311 Less: Capitalized development software costs and purchases of property and equipment (2,845) (880) (4,455) (1,508) Free cash flow $ 37,962 $ 36,638 $ 69,817 $ 59,803 Operating cash flow conversion (1) 230.0 % 225.5 % 166.9 % 140.4 % Free cash flow conversion (2) 65.9 % 81.0 % 60.1 % 69.6 % _________________ (1)Operating cash flow conversion represents net cash provided by operating activities as a percentage of net income. (2)Free cash flow conversion represents free cash flow as a percentage of Adjusted EBITDA. Liquidity and Capital Resources Cash Flows for the Six Months Ended June 30, 2026 The following table summarizes our total cash and cash equivalents, and cash flows: Six Months Ended June 30, ($ in thousands) 2026 2025 Cash, and cash equivalents, including restricted cash (as of the end of period) $ 7,109 $ 121,430 Net cash provided by (used in): Operating activities $ 74,272 $ 61,311 Investing activities (8,455) (1,508) Financing activities (146,358) 1,870 Net change in cash and cash equivalents $ (80,541) $ 61,673 Cash flows provided by operating activities Net cash provided by operating activities is primarily dependent on our revenues affected by timing of receipts from subscription and advertising sales. It is also dependent on managing our operating expenses, such as salaries and employee-related costs, selling and marketing expenses, and other general and administrative expenses. We expect to maintain strong operating cash flows given our historical performance. We will continue to invest in the right resources to support longer term profitable growth. Our operating cash flows should continue to cover our operating and financing costs. During the six months ended June 30, 2026, our operations provided $74.3 million of cash, which was primarily attributable to our net income of $44.5 million, adjusted for non-cash items, including $35.6 million in stock-based compensation and $1.9 million in depreciation and amortization, and the cash flow impact from a change in operating asset and liabilities of $11.7 million, primarily from a $4.3 million decrease in accrued expenses and other current liabilities due to timing of payments and a $1.7 million increase in accounts receivable due to increase in app-based revenue and advertising revenue during the year. During the six months ended June 30, 2025, our operations provided $61.3 million of cash, which was primarily attributable to our net income of $43.7 million, adjusted for non-cash items, including $27.5 million in stock-based compensation, and $6.5 million in depreciation and amortization, partially offset by a $9.9 million gain in fair value of warrant liability, and the cash flow impact from a change in operating asset and liabilities of $8.4 million, primarily from $4.0 million increase in accrued expenses and other current liabilities due to timing of payments and $7.6 million increase in accounts receivable due to increase in app-based revenue and advertising revenue during the year. 38 Table of Contents Cash flows used in investing activities Net cash used in investing activities for the six months ended June 30, 2026, consisted primarily of additions to capitalized software of $4.4 million and a loan to our equity method investee of $4.0 million. Net cash used in investing activities for the six months ended June 30, 2025, consisted primarily of additions to capitalized software of $1.2 million. Cash flows (used in) provided by financing activities Net cash used in financing activities for the six months ended June 30, 2026, which was $146.4 million, was due to payments for purchasing equity instruments of $159.9 million, principal payments of debt of $10.0 million, and payments to tax authorities for employee equity awards of $9.4 million. The payments were offset by proceeds from the settlement of equity instruments of $32.2 million. Net cash provided by financing activities for the six months ended June 30, 2025, which was $1.9 million, was due to proceeds from the exercise of warrants of $314.1 million. We announced the redemption of all our outstanding warrants in January 2025, which resulted in a significant amount of our warrants being exercised prior to their redemption in February 2025. The proceeds from the exercise of warrants were offset by payments for the repurchases of common stock under our stock repurchase program of $290.7 million, principal payments of debt of $7.5 million, and payments to tax authorities for employee equity awards of $15.4 million. Sources of Liquidity Since our inception, we have financed our operations and capital expenditures primarily through cash flows generated by operations and borrowings under our credit facilities. To the extent existing cash, investments, and cash from operations are not sufficient to fund future activities, we may need to raise additional funds. We may seek to raise additional funds through equity, equity-linked or debt financings. If we raise additional funds through the incurrence of additional indebtedness, such indebtedness may have rights that are senior to holders of our equity securities and could contain additional covenants that restrict operations, including our ability to raise additional capital. Any additional equity financing may be dilutive to existing stockholders. We may also enter into investment or acquisition transactions in the future, which could require us to seek additional equity financing, incur indebtedness, or use cash resources. As of June 30, 2026, we had cash and cash equivalents of $6.5 million. We believe that our cash and cash equivalents, cash flows generated by operations, and borrowings under our revolving credit facility will be sufficient to meet our working capital and capital expenditure needs for the next twelve months. Senior Secured Credit Facility See Note 5 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information. We have a credit agreement with JPMorgan Chase Bank, N.A., as the administrative agent, and other lenders party thereto (the “Credit Agreement”) that governs a $400.0 million term loan facility and $200.0 million revolving loan facility. We borrowed the full $400.0 million under the term loan facility on December 16, 2025, and we had no amounts outstanding under the revolving credit facility as of June 30, 2026. We have the option to request that lenders increase the amount available under the revolving credit facility by, or obtain incremental term loans of, up to $100.0 million, subject to the terms of the Credit Agreement and only if existing or new lenders choose to provide additional term or revolving commitments. Our wholly owned subsidiary, Grindr Capital LLC, is the borrower under the Credit Agreement and all obligations of Grindr Capital LLC under the Credit Agreement are guaranteed by Grindr Inc. and, subject to certain limited exceptions, our wholly owned domestic subsidiaries and are secured by substantially all of the assets of Grindr Inc., Grindr Capital LLC, and the guarantor subsidiaries. Borrowings under the Credit Agreement (other than swingline loans) bear interest at a rate equal to either, at our option, (i) the highest of the Prime Rate (as defined in the Credit Agreement), the Federal Funds Rate (as defined in the Credit Agreement) plus 0.50%, or one-month Term SOFR (as defined in the 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 applicable margin will be based upon our total net consolidated leverage ratio. Swingline loans under the Credit Agreement bear interest at the Alternate Base Rate plus the applicable margin. We are also required to pay a commitment fee for the unused portion of the 39 Table of Contents revolving credit facility, which will range from 0.375% to 0.50% per annum, depending on our total consolidated net leverage ratio. The term loan will amortize on a quarterly basis at 1.25% of the aggregate principal amount outstanding as of December 16, 2025, the effective date of Amendment No. 1 to the Credit Agreement, until the final maturity date on January 1, 2031. Any borrowings under the revolving credit facility may be repaid, in whole or in part, at any time and from time to time without any other premium or penalty, and any amounts repaid under the revolving credit facility may be reborrowed, in each case, until the maturity date on January 1, 2031. Mandatory prepayments are required under the revolving credit facility when borrowings and letter of credit usage exceed the aggregate revolving commitments of all lenders. Mandatory prepayments are also required under the term loan 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 three and six months ended June 30, 2026, and 2025, we were not required to make any mandatory repayments. The Credit Agreement requires compliance with certain financial covenants including a maximum total net leverage ratio and minimum fixed charge coverage ratio. The Credit Agreement also contains 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. The Credit Agreement contains certain customary events of default. If an event of default has occurred and continues beyond any applicable cure period, all outstanding obligations under the Credit Agreement may be accelerated or the commitments may be terminated, among other remedies. Additionally, the lenders are not obligated to fund any new borrowing under the Credit Agreement while an event of default is continuing. Uses of Cash Our principal commitments consist of obligations under the Credit Agreement, operating leases for office space, and our payments for the use of cloud services. In addition, we are subject to pending legal proceedings from time to time. See Note 5, Note 6, and Note 14 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information. In March 2025, our Board of Directors authorized a stock repurchase program to allow for the repurchase of up to $500 million of shares of our common stock for the period from March 7, 2025 to March 6, 2027. In February 2026, our Board of Directors authorized an increase in our stock repurchase program by an additional $400 million, and extended the repurchase period to March 6, 2029. Our stock repurchase program does not obligate us to repurchase a minimum amount of shares. Under the program, shares of our 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 (“Exchange Act”). During the six months ended June 30, 2026, we did not repurchase shares from the open market. During that period, we entered into transactions with a major financial institution to repurchase an aggregate of up to $160 million of shares of our common stock. See Note 8 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for information regarding additional equity instruments purchased by the Company. During the six months ended June 30, 2026, we repurchased and retired 12,517,804 shares of our common stock for an aggregate purchase price of $147.2 million. During the six months ended June 30, 2025, we repurchased and retired 15,995,957 shares of our common stock for an aggregate purchase price of $294.1 million, including commissions. As of June 30, 2026, $302.2 million in aggregate value of shares of our common stock remains available under the share repurchase program, excluding commissions. Critical Accounting Policies and Estimates We have based our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Due to the inherent uncertainty involved in making these estimates, actual results reported in future periods could differ from our estimates. There have been no material changes to our discussion of critical accounting estimates from those set forth in our Annual Report on Form 10-K for the year ended December 31, 2025. 40 Table of Contents Recently Issued and Adopted Accounting Pronouncements For a discussion of recent accounting pronouncements, see Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.