Grindr第二季收入增32.5%至1.38億美元 續回購股份惟股東權益轉負

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 10-Q
________________________
(Mark One)

x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  _________ to _________
Commission file number 001-39714
________________________
Grindr Inc.
(Exact name of registrant as specified in its charter)
________________________

Delaware92-1079067
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer Identification No.)

PO Box 69176, 
750 N. San Vicente Blvd., Suite RE 1400, West Hollywood, California
90069

(Address of Principal Executive Offices)(Zip Code)

(310) 776-6680
Registrant's telephone number, including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareGRNDNew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filerx
Accelerated filer☐

Non-accelerated filer☐
Smaller reporting company☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
The registrant had 173,820,627 shares of common stock outstanding as of August 3, 2026.

Table of Contents

TABLE OF CONTENTS

Page
Special Note Regarding Forward-Looking Statements2

PART I.
FINANCIAL INFORMATION
4

Item 1.
Financial Statements (Unaudited)
4

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Operations
5

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity
6

Condensed Consolidated Statements of Cash Flows
8

Notes to Unaudited Condensed Consolidated Financial Statements
10

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
41

Item 4.
Controls and Procedures
41

PART II.
OTHER INFORMATION
43

Item 1.
Legal Proceedings
43

Item 1A.
Risk Factors
43

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
48

Item 3.
Defaults Upon Senior Securities
48

Item 4.
Mine Safety Disclosures
48

Item 5.
Other Information
48

Item 6.
Exhibits
50

Signatures
51

Table of Contents

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements include statements regarding our intentions, beliefs, current expectations or projections concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, and the markets in which we operate. In some cases, you can identify these forward-looking statements by the use of terminology such as “anticipates,” “approximately,” “believes,” “continues,” “could,” “estimates,” “expects,” “goal,” “intends,” “may,” “outlook,” “plans,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would”, or the negative version of these words or other comparable words or phrases. 
The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our current views about our business and future events and are subject to numerous known and unknown risks, uncertainties, assumptions, and changes in circumstances that may cause actual results to differ materially from those expressed in any forward-looking statement. There are no guarantees that any transactions or events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth in or contemplated by the forward-looking statements: 
•our ability to retain existing users and add new users;
•market perception of our brand;
•the impact of the legal environment and complexities with litigation and regulatory compliance related to such environment, including maintaining compliance with privacy, data protection, consumer protection, and online safety laws and regulations, as well as laws that may apply to any new products or services we have introduced and may introduce in the future, including in the health and wellness sector; 
•our ability to address privacy concerns and protect systems and infrastructure from cyber-attacks and prevent unauthorized data access;
•our ability to detect and suppress illegal activity;
•our ability to identify and consummate strategic transactions including strategic partnerships, acquisitions, or investments in complementary products, services, or technologies, including outside of our core product; and our ability to realize the intended benefit of such transactions;
•our success in retaining or recruiting directors, officers, key employees, or other key personnel, and our success in managing any changes in such roles; 
•competition in the dating and social networking products and services industry; 
•our ability to adapt to changes in technology and user preferences in a timely and cost-effective manner; 
•our ability to successfully develop and adopt artificial intelligence (“AI”) and machine learning (“ML”) technologies and processes — including generative AI — in our daily operations, including by deploying generative AI and ML in our products and services;
•our dependence on the integrity of third-party systems and infrastructure; 
•our ability to protect our intellectual property rights from unauthorized use by third parties; 
•whether the concentration of our stock ownership and voting power limits our stockholders’ ability to influence corporate matters; 
•the impact of resales of significant volumes of our securities by any of our directors or significant stockholders, including pursuant to one or more margin calls on such stockholders’ loans, on our stock price;
•the timing, price, and quantity of repurchases of shares of our common stock under our repurchase program, and our ability to fund any such repurchases; 
•the effects of macroeconomic and geopolitical events on our business, such as health epidemics, pandemics, natural disasters, the impacts of changing tariff policies and trade tensions, and wars or other regional conflicts; and
•the impact of anti-LGBTQ policies and actions by governments and non-state actors around the world, including to block or otherwise restrict access to our app in their countries.
In addition, statements that “Grindr believes” or “we believe” and similar statements reflect our beliefs and opinions on the relevant subjects as of the date of any such statement. These statements are based upon information available to us as of the date they are made, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and such statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 
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While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Except to the extent required by applicable law, we are under no obligation (and expressly disclaim any such obligation) to update or revise our forward-looking statements whether as a result of new information, future events, or otherwise. For a further discussion of these and other factors that could cause our future results, performance, or transactions to differ significantly from those expressed in any forward-looking statement, please see the section titled “Risk Factors” included under Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by the section titled “Risk Factors” included under Part II, Item 1A, of this Quarterly Report on Form 10-Q. Any forward-looking statement speaks only as of the date on which it is made, and you should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements).

CERTAIN OPERATING AND FINANCIAL METRICS
In this Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, we refer to operating and financial metrics that our management team uses to evaluate our business. Our key operating measures include Average Paying Users and Average App-Based Revenue per Average Paying User (“ARPPU”). We define our key operating measures and how we calculate them in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Operating and Financial Metrics.” We also refer to non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, free cash flow, and free cash flow conversion. We describe how we calculate these non-GAAP financial measures and provide reconciliations to the most comparable GAAP financial measures in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures.” 
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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Grindr Inc. and subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
(in thousands, except share data)
June 30,
2026December 31,
2025
Assets
Current Assets
Cash and cash equivalents$6,504 $87,045 
Accounts receivable, net of allowance of zero and $15, at June 30, 2026, and December 31, 2025, respectively 
69,651 67,946 
Prepaid expenses8,985 5,104 
Deferred charges4,683 4,669 
Other current assets3,175 1,274 
Total current assets92,998 166,038 
Restricted cash605 605 
Property and equipment, net785 1,152 
Capitalized software development costs, net17,242 12,993 
Intangible assets, net65,844 65,844 
Goodwill275,703 275,703 
Equity method investment and loan receivable, net3,829 1,676 

Right-of-use assets3,264 4,723 
Other assets2,568 2,297 
Total assets$462,838 $531,031 
Liabilities and Stockholders’ (Deficit) Equity
Current Liabilities
Accounts payable$3,108 $1,672 
Accrued expenses and other current liabilities36,447 38,966 
Current maturities of long-term debt20,000 20,000 
Deferred revenue24,918 24,285 
Total current liabilities84,473 84,923 
Long-term debt, net366,320 375,859 

Lease liability1,912 2,574 
Deferred tax liability1,391 1,391 
Other non-current liabilities20,480 19,278 
Total liabilities$474,576 $484,025 
Commitments and Contingencies (Note 14)

Stockholders’ (Deficit) Equity
Preferred stock, par value $0.0001; 100,000,000 shares authorized; none issued and outstanding at June 30, 2026, and December 31, 2025, respectively 
$— $— 
Common stock, par value $0.0001; 1,000,000,000 shares authorized; 173,825,392 and 185,034,502 shares outstanding and issued at June 30, 2026, and December 31, 2025, respectively 
17 18 

Additional paid-in capital40,813 144,049 
Accumulated deficit(52,568)(97,061)
Total stockholders’ (deficit) equity$(11,738)$47,006 
Total liabilities and stockholders’ (deficit) equity$462,838 $531,031 

See accompanying notes to unaudited condensed consolidated financial statements.
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Grindr Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except per share and share data)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenue$138,138 $104,220 $268,079 $198,158 
Operating costs and expenses
Cost of revenue (exclusive of depreciation and amortization shown separately below)
34,567 27,408 67,162 51,950 
Selling, general and administrative expense49,869 36,457 87,572 66,697 
Product development expense20,305 12,941 36,238 23,228 
Depreciation and amortization895 3,068 1,878 6,545 
Total operating expenses105,636 79,874 192,850 148,420 
Income from operations32,502 24,346 75,229 49,738 
Other (expense) income
Interest expense, net(6,529)(3,564)(13,134)(7,439)
Other (expense) income, net(1,972)510 (2,174)658 
Share of net loss of equity method investee(1,109)— (1,109)— 
Gain in fair value of warrant liability— — — 9,905 
Total (expense) income, net(9,610)(3,054)(16,417)3,124 
Net income before income tax22,892 21,292 58,812 52,862 
Income tax provision5,149 4,654 14,319 9,205 
Net income$17,743 $16,638 $44,493 $43,657 
Net income per share
Basic$0.10 $0.08 $0.25 $0.23 
Diluted$0.10 $0.08 $0.24 $0.17 
Weighted-average shares outstanding:

Basic176,756,006 195,973,149 179,999,197 192,887,556 
Diluted178,957,573 199,836,986 181,983,753 200,459,680 

See accompanying notes to unaudited condensed consolidated financial statements.
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Grindr Inc. and subsidiaries
Condensed Consolidated Statements of Stockholders’ (Deficit) Equity (unaudited)
(in thousands, except per share amounts and share data)

Common Stock
(Par value $0.0001)
Treasury StockAdditional 
paid-in 
capital
Accumulated 
deficit
Total stockholders’ 
equity (deficit)

SharesAmountSharesAmount
Balance at December 31, 2025185,034,502 $18 — $— $144,049 $(97,061)$47,006 
Net income— — — — — 26,750 26,750 
Stock-based compensation— — — — 13,793 — 13,793 
Vested restricted stock units, net of withholding tax453,978 — — — 3,898 — 3,898 
Exercise of stock options9,908 — — — 65 — 65 

Prepaid written put options
(1,594,650)— — — 10,930 — 10,930 
Accelerated share repurchase
(3,439,381)— — — (50,000)— (50,000)
Forward repurchase transactions(3,265,846)— — — (50,635)— (50,635)
Excise tax on share repurchases— — — — (968)— (968)

Balance at March 31, 2026177,198,511 $18 — $— $71,132 $(70,311)$839 
Net income— — — — — 17,743 17,743 
Stock-based compensation— — — — 16,741 — 16,741 
Vested restricted stock units, net of withholding tax680,186 — — — (8,671)— (8,671)
Exercise of stock options164,622 — — — 661 — 661 
Prepaid written put options— — — — 21,293 — 21,293 
Accelerated share repurchase(4,217,927)(1)— — (59,999)— (60,000)
Excise tax on share repurchases— — — — (344)— (344)
Balance at June 30, 2026173,825,392 $17 — $— $40,813 $(52,568)$(11,738)

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Grindr Inc. and subsidiaries
Condensed Consolidated Statements of Stockholders’ (Deficit) Equity (unaudited) (continued)
(in thousands, except per share amounts and share data)

Common Stock
(Par value $0.0001)
Treasury StockAdditional 
paid-in 
capital
Accumulated 
deficit
Total stockholders’ 
(deficit) equity

SharesAmountSharesAmount
Balance at December 31, 2024178,567,403 $18 1,373,736 $(14,295)$74,519 $(191,812)$(131,570)
Net income— — — — — 27,019 27,019 
Stock-based compensation— — — — 6,282 — 6,282 
Vested restricted stock units, net of withholding tax770,713 — 325,047 (5,515)7,783 — 2,268 
Exercise of stock options133,581 — — — 616 — 616 
Exercise of warrants30,733,623 3 — — 556,337 — 556,340 
Repurchase and retirement of common stock under the stock repurchase program(8,268,937)(1)— — (141,138)— (141,139)

Balance at March 31, 2025201,936,383 $20 1,698,783 $(19,810)$504,399 $(164,793)$319,816 
Net income— — — — — 16,638 16,638 
Stock-based compensation— — — — 8,407 — 8,407 
Vested restricted stock units, net of withholding tax1,123,567 — 476,991 (9,958)4,990 — (4,968)
Exercise of stock options165,568 — — — 785 — 785 
Repurchase and retirement of common stock(7,727,020)(1)— — (152,987)— (152,988)

Balance at June 30, 2025
195,498,498 $19 2,175,774 $(29,768)$365,594 $(148,155)$187,690 

See accompanying notes to unaudited condensed consolidated financial statements.
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Grindr Inc. and subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)
(in thousands)

Six Months Ended
June 30,
20262025
Operating activities
Net income$44,493 $43,657 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation35,633 27,476 
Gain in fair value of warrant liability— (9,905)
Amortization of debt discount and issuance costs595 447 
Depreciation and amortization1,878 6,545 

Share of net loss of equity method investee1,109 — 
Provision for expected credit losses785 69 

Non-cash lease expense1,459 1,396 

Changes in operating assets and liabilities:
Accounts receivable(1,690)(7,555)
Prepaid expenses and deferred charges(3,895)(4,103)
Other current assets(1,963)901 
Other assets(405)(118)
Accounts payable1,436 (1,561)
Accrued expenses and other current liabilities(4,342)3,955 
Deferred revenue633 1,799 
Lease liability(1,454)(1,523)
Other liabilities— (169)
Net cash provided by operating activities74,272 61,311 
Investing activities
Purchases of property and equipment(32)(316)
Loans to equity method investee(4,000)— 
Additions to capitalized software development costs(4,423)(1,192)
Net cash used in investing activities$(8,455)$(1,508)

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Grindr Inc. and subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
(in thousands)

Six Months Ended
June 30,
20262025
Financing activities
Proceeds from the exercise of stock options$726 $1,401 
Principal payments on debt(10,000)(7,500)
Payment for the purchase of Equity Instruments(159,925)— 
Settlement of Equity Instruments32,223 — 
Withholding taxes paid on stock-based compensation(9,382)(15,430)
Repurchases of common stock under the stock repurchase program— (290,667)
Proceeds from the exercise of warrants— 314,124 
Payment for redemption of warrants— (58)
Net cash (used in) provided by financing activities(146,358)1,870 
Net (decrease) increase in cash, cash equivalents and restricted cash(80,541)61,673 
Cash, cash equivalents and restricted cash, beginning of the period
87,650 59,757 
Cash, cash equivalents and restricted cash, end of the period
$7,109 $121,430 

Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents$6,504 $120,825 
Restricted cash605 605 
Cash, cash equivalents and restricted cash$7,109 $121,430 

Supplemental disclosure of cash flow information:
Cash interest paid$13,566 $7,011 
Income taxes paid$3,834 $1,340 
Supplemental disclosure of non-cash investing activities:
Capitalized software development costs accrued but not paid$143 $99 
Supplemental disclosure of non-cash financing activities:
Issuance of common stock for the settlement of KPI Awards$5,059 $3,609 
Withholding taxes on stock-based compensation accrued but not paid$450 $66 
Issuance of common stock for the settlement of certain performance stock unit liability-classified awards$— $9,163 
Issuance of common stock for the cashless exercise of warrants$— $63,029 
Issuance of common stock for the exercise of warrants$— $179,186 
Repurchase of common stock committed but not settled$— $3,460 

See accompanying notes to unaudited condensed consolidated financial statements.
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Grindr Inc. and subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) 
(in thousands, except per share amounts and share data)

1.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.”

2.Summary of Significant Accounting Policies
Basis of Presentation 
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and disclosures normally included in the condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2025. The unaudited condensed consolidated financial statements are unaudited and have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and include, in the opinion of management, all adjustments, consisting of normal and recurring items, necessary for the fair statement of the condensed consolidated financial statements. The condensed consolidated financial statements include the accounts of the Company, and its wholly owned subsidiaries after elimination of intercompany transactions and balances. The operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results expected for the full year ending December 31, 2026. Comprehensive income equaled net income for the three and six months ended June 30, 2026, and 2025.
Accounting Estimates 
Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its condensed 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 assets and liabilities. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: the recoverability of goodwill, indefinite-lived intangible assets, equity method investment, and loan receivable; the fair value of common stock warrant liabilities; valuation allowance for deferred tax assets; legal contingencies; the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation. 
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. 
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Grindr Inc. and subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) 
(in thousands, except per share amounts and share data)

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 United States (“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 7) are classified within Level 1 as these securities are traded on an active public market. Private Warrants (as defined in Note 7) 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 7 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 5 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 are 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. 
Equity Method Investment and Loan Receivable from Equity Method Investee
The Company utilizes the equity method to account for an investment when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. In applying the equity method, the Company records the investment at cost and subsequently increases or decreases the carrying amount of the investment by its proportionate share of the net income or loss. The Company has elected to record its share of equity in income (losses) of its equity method investee on a one-quarter lag based on the most recently available financial statements.
The Company accounts for the loan receivable from its equity method investee at its stated principal amount. Interest income is accrued based on the contractual term. The Company applies Accounting Standards Codification (“ASC”) 326, Measurement of Credit Losses on Financial Instruments to the loan receivable from its equity method investee. The Company utilizes the probability of default method to estimate current expected credit losses. 
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Grindr Inc. and subsidiaries
Notes to Condensed Consolidated Financial Statements (unaudited) 
(in thousands, except per share amounts and share data)

Revenue Recognition
Revenue is recognized when or as a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to in exchange for these goods or services. 
The Company derives its revenue from app-based revenue and advertising 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. 
App-Based Revenue
App-based 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. App-based revenue also consists of consumables revenue 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 for 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. 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. 
Advertising Revenue
Advertising revenue includes revenue from contractual relationships the Company has 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 an 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 advertising transactions with advertising service providers, the contractually agreed upon price per advertising unit is generally based on the Company’s revenue share or fixed revenue rate as stated in the contract. 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.
Accounts Receivable, net of allowance for credit losses
Grindr users generally access the Grindr platform and pay for subscriptions and consumables through Apple’s App Store or Google Play. The Company evaluates the credit worthiness of these two mobile app stores on an ongoing basis and does not require collateral from these