Grindr Inc. (GRND) Business

Item 1. Business

Our Company

Our 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 15.0 million, 14.2 million, and 13.3 million Average MAUs for the years ended December 31, 2025, 2024, and 2023, respectively. Additionally, we had 1.3 million, 1.1 million, and 0.9 million Average Paying Users for the years ended December 31, 2025, 2024, and 2023, respectively. We enable our users to find and engage with one another, share content and interests, discover products and experiences relevant for them, and generally express their unique selves. As a “gayborhood” on our users’ mobile devices, our platform is a meaningful part of our users’ lives and has embedded us at the center of their communities, as they seek relationships of various forms, whether intimate, romantic, or social.

As a company built by gay people for gay people, Grindr fulfills crucial needs for its users. While the broader global landscape of social networks is highly competitive with many different platforms, there are few global platforms that focus solely on the gay, bisexual, transgender, and queer (“GBTQ”) community and address their unique needs. Our platform enables GBTQ adults to connect with one another and the world. Our users have a range of intentions and use cases. Our platform helps our users find what they are looking for: casual dating, long-term relationships, community and friendships, professional networking, travel information, and local discovery. By facilitating the connection of our users around the world, we believe we can help our community find one another; advance lesbian, gay, bisexual, transgender, and queer (“LGBTQ”) rights globally; and make the world a safer place for our community.

The Grindr platform has become an integral part of the daily lives of our millions of users, enabling them to discover and connect with one another effortlessly anytime. The Grindr platform offers a variety of location-based social features and functions, including identity expression (profile, photos, presence, Taken on Grindr); connection (search, filters, the Cascade, Viewed Me, Right Now, recommendations); and interaction (chat, media sharing, Discover, interactive map); with trust and safety tools across the experience, and subscriptions for premium features offering further access and control. Since our inception, we have continued to innovate and enhance the Grindr platform, adding new features and safety elements, which has allowed us to increase engagement of our monthly active users (“MAUs”). The Grindr platform has benefited from first mover advantage globally, resulting in MAUs in over 190 countries and territories.

We have attracted a highly engaged and growing user base, as evidenced by the following:

•15.0 million Average MAUs in 2025. Increased by 5.2% in 2025 as compared to 2024.

•1.3 million Average Paying Users in 2025. Increased by 16.9% in 2025 as compared to 2024.

•MAUs in over 190 countries and territories in the world as of December 31, 2025.

•21 supported languages on our platform as of December 31, 2025.

Our target market is the worldwide LGBTQ community. We believe we have significant opportunities to leverage our unique brand to both broaden and deepen our market penetration and offer products and services that address the growing and specific needs of our community. The Grindr platform offers a combination of social networking functions and digital content, and we have continued to expand our platform and impact in the following ways:

•We help people find meaningful connections, whether it’s casual dating, relationships and love, community and friendships, travel information, or local discovery.

•Our platform builds community and friendships. Our user experience is essentially a world without walls, connecting one user to the next, allowing the community to see one another.

•We strive to make a world where the lives of our global community are free, safe, equal and just.

•Grindr for Equality is a core initiative at Grindr dedicated to accelerating a world where LGBTQ people in every country are equal before the law, are free to marry, and have their unique health needs met. In partnership with public health authorities and LGBTQ non-governmental organizations, Grindr for Equality harnesses the power of the Grindr platform and provides funding to advance key health and human rights priorities for our community.

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•We further support the LGBTQ community through donations to local, national, and international LGBTQ organizations.

•We drive social influence in fun and engaging ways on our social media channels and our blog to help the general population better understand our community, challenges, and interconnectedness.

We currently generate revenue from two revenue streams—direct revenue and indirect revenue, each as described below, and both of which are driven by the Grindr platform. Direct revenue is revenue generated by our users who pay for subscriptions or add-ons to access premium features. While our app is free to use, our premium features enable our users to customize their ability to experience and use our platform. Indirect revenue is generated by third parties who pay to advertise to our users.

Market Overview

The global GBTQ population has seen significant and consistent growth in recent years, reflecting both rising populations and the rising social acceptance of the LGBTQ community in many countries, as well as individuals’ growing confidence in openly expressing their sexual orientation and gender identity. We expect these trends to further increase the number of individuals who identify as GBTQ globally.

We believe our global addressable market encompasses the entire GBTQ population and not just GBTQ singles, as our users use our platform and services for more than just casual dating and relationships. Our user base represents a highly desirable demographic for marketers and advertisers, given its substantial purchasing power and economic potential. The GBTQ community’s significant purchasing power, combined with our platform’s broad appeal to more recent generations, has prompted marketers to focus increasingly on engaging with this community.

Social developments and rapidly changing perspectives brought on by the growth of the internet have caused more recent generations to be exposed to a broader range of ideas, including in the areas of gender awareness and sexual orientation, earlier than previous generations. Contemporary generations of adults are more likely to explore their sexuality in light of greater social acceptability of and ability to express non-heterosexual identities.

Our Products and Services

Core Product

Our flagship product, the Grindr platform, is primarily a mobile application (with some post-account-creation uses available for some users on the web), with location-based connectivity features designed to help our users find one another and have meaningful interactions right here and now, or anywhere globally. Our mobile application is free to use, with premium subscription offerings available for users preferring greater access to other users and more control over their experience.

Key features of our Grindr platform include:

•Identity expression: Users can create, manage, and control their identity, profile, and presence on the platform.

•Connection: Users can find and be found by those they are interested in; those nearby right now, or anywhere globally.

•Interaction: Users can chat and interact with any profile instantly, in an open, fun, and engaging way.

•Ecosystem Health and Safety: Users receive protections, guidance and tools designed to help them be safe across their platform experience.

The free version of our service provides many of the features above on a limited basis for a valuable initial experience. Users can subscribe for premium features and services, giving them greater access to more profiles, as well as additional control over the experience of finding others and forming meaningful connections.

In 2025, we began testing Edge, a premium AI-native product tier, designed to aggregate our AI-native capabilities specifically for users seeking advanced capabilities. We are focused on strategically positioning Edge and other AI products to expand monetization through a cohesive premium stack that aims to deliver differentiated value.

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Gayborhood Expansion

In May 2025, we launched Woodwork by Grindr as part of our first gayborhood expansion initiative focusing on the health and wellness space. Woodwork is a telehealth subscription service that facilitates access for eligible patients to certain treatments and prescription medications, including compounded medications. It is currently powered by OpenLoop Health Inc. and its affiliated practices (“OpenLoop”), a partner for clinical support. Looking ahead, we are continuing to consider a broad set of potential products and services to support gayborhood expansion, including in sectors such as travel, events, lifestyle, and media production.

Advancing LGBTQ Health and Human Rights Globally—Grindr for Equality and Government Affairs

Grindr for Equality

Since 2015, Grindr for Equality has been a core Grindr initiative dedicated to accelerating a world where LGBTQ people in every country are equal before the law, free to marry, and have their unique health needs met. Grindr for Equality works in cross-functional partnership with the Company’s internal team as well as with external public health and LGBTQ organizations. Together, these partnerships leverage the reach of the Grindr platform—alongside in-kind advertising, funding, and visibility—to advance LGBTQ health and human rights globally. Grindr for Equality’s key priorities include advancing HIV prevention, testing, and treatment; supporting progress toward marriage equality in countries where LGBTQ people lack the freedom to marry; and empowering LGBTQ communities through in-app campaigns focused on health, safety, and human rights.

HIV self-testing is a flagship Grindr for Equality program, enabling users to order free HIV self-test kits directly through the app and connect with trusted partner organizations for follow-up and referrals. To date, in close collaboration with our partners, this program has resulted in the distribution of over 500,000 kits globally, including in the United States, Mexico, the United Kingdom, Ireland, Belgium, Switzerland, Spain, Croatia, Georgia, Namibia, Nigeria, Australia, New Zealand, Cambodia, the Philippines, and Vietnam, with many tests reaching Grindr users who reported they had never previously tested for HIV.

In 2025, Grindr for Equality expanded users’ sexual health profile options by introducing fields related to DoxyPEP use and condom preferences, enabling users to share and access prevention-related information more easily. We also updated in-app educational resources on community-preferred topics such as sexual health, and developed new evidence-informed content areas such as mental health, harm reduction, and rights awareness. In parallel, we expanded the Grindr Community Support ecosystem, which provides information on resources in 51 countries worldwide, improving direct linkage for users to reach trusted local LGBTQ support organizations.

Of the more than 190 countries and territories in the world, currently only 39 – mostly in the Americas and Western Europe –allow same-sex couples to marry. In 2025, Grindr for Equality championed the fight for marriage equality by funding marriage equality campaigns, amplifying locally led movements, and convening advocates at pivotal moments for progress, including in Eastern Europe, Japan, and Peru.

In-app campaigns remain one of Grindr for Equality’s most effective tools for supporting grassroots impact. In 2025, we partnered with 185 community organizations to run more than 1,200 campaigns at no cost across 71 countries, delivering 40 million impressions in 40 languages.

Government Affairs

Grindr’s government affairs team advocates on behalf of the millions of gay and bisexual people who use our platform, as well as the broader LGBTQ community, bringing their health and lived experiences directly into state, federal, and international policymaking. This includes championing the continued funding of the President’s Emergency Plan for AIDS Relief (“PEPFAR”), a cornerstone of the global HIV response, and identifying opportunities for Grindr to serve as a direct link between the PEPFAR ecosystem and the at-risk communities who need it most. Importantly, amidst changes in personnel and shifting priorities at the U.S. Center for Disease Control, Grindr has continued to secure ongoing federal funding in Congress and grow support in the Administration to support HIV self-test kit programs that make life-saving testing accessible to the communities we serve.

We also engage state and federal lawmakers on reducing the financial and legal barriers that prevent many LGBTQ people from starting families through IVF, surrogacy, and assisted reproduction, because our users deserve the same pathways to parenthood as anyone else.

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At its core, our government affairs work is about education and representation, ensuring that policymakers understand the real-world health, safety, and civil rights needs of LGBTQ people here in the United States and around the world. As the most widely used social platform dedicated to serving GBTQ users and the LGBTQ community, Grindr is uniquely positioned to serve as a bridge between the communities most affected by these policies and the decision-makers who shape them.

Our Competitive Advantages

We believe certain advantages will continue to provide us with sustainable differentiation and success relative to our competitors:

•The Largest Global GBTQ-Focused Mobile Social Platform. We were established in 2009 as one of the first global social platforms exclusively addressing the needs of our community and are the most widely used social platform dedicated to serving GBTQ users and the LGBTQ community.

•Highly Engaged User Base. Our users are highly engaged, averaging a significant amount of time interacting with other users on our platform.

•Preeminent Brand Within the LGBTQ Community. Our brand is one of the most well-known in the LGBTQ community and has become broadly associated with GBTQ culture.

•Organic MAU Growth. We have benefited from a first-mover advantage and reached a scale that continues to propel the growth of our business, brand awareness, and user acquisition.

•Superior User Experience. Our geolocation technology, grid display interface, complex filter functions, and other innovative features and functionalities enable users to discover and connect to each other effortlessly and seamlessly. We are also building a full-stack technical foundation that we refer to as Grindr AI (“gAI”TM), consisting of a data model layer, technical architecture layer, and a consumer application layer, in order to deliver an enhanced, high-impact user experience.

•Strong Margins and Profitable Business Model. Our business generates strong margins and positive cash flows given our revenue model and negligible paid user acquisition spend.

Our Growth Strategies

We believe there is significant growth opportunity in our core product driven in part by the continued rapid growth and rising acceptance of the global LGBTQ population, especially among recent generations that are more technology savvy. We also believe there are opportunities to expand beyond our core business, and we have introduced, and plan to continue to test, products and services for GBTQ people in other sectors.

Key elements of our growth strategy include:

•Improving and Advancing our Core Product.

◦Enhancing and Expanding the Core Use Case with AI. We are striving to harness artificial intelligence and machine learning technologies, which we refer to as AI/ML, while emphasizing security and privacy, to enhance the overall user experience on our platform. As part of these ongoing efforts, including through gAI, we intend to deliver a distinctive and elevated experience that we believe would not otherwise be achievable without these AI/ML capabilities. We will serve different user intents through new AI-enabled product experiences, such as casual dating, dating, social connections, travel, and local discovery.

◦Expand Monetization Capabilities. We believe we can improve the monetization of our platform by continuing to optimize and develop our subscription offerings to better serve user needs, utilizing gAI to deliver differentiated products and capabilities, introducing more stand-alone premium functions, and further optimizing our indirect revenue offerings, as described in more detail below:

◦Continue to optimize our core product and develop our subscription offerings by evolving with our users to define use cases that are compelling for users to pay for. We also intend to improve the merchandising of our paid features, segment the value propositions inside the paid tiers, harness AI to innovate our product landscape, and continue to adjust our pricing globally.

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◦We intend to grow our indirect business by continuing to improve our advertising technology to create more valuable ad products, increase advertising impressions globally, and expand advertising partnerships. In 2025 we made progress on our strategy to drive growth in our third-party advertising partnerships as well as direct advertising sales, and intend to increase our focus on direct advertising and brand partnerships in the future.

◦Grow Our User Base. We plan to deepen our penetration in our current markets, including in our key established markets such as the United States, Europe, and around the world. We also plan to grow our user base by targeting geographic regions that have a large number of untapped potential users and fast-growing economies.

◦Invest in Understanding our User Journey. We will continue to invest in data in an effort to improve our product-market fit, attract new users, protect our users, understand our users’ needs, and fight misconduct, abuse, and spam on our platform. We believe our efforts in AI, ML, and data science will help our users have more successful connections and improve the overall experience on our platform. Our goal is to design compelling experiences built around user intent and to create value through innovation. We will continue to analyze user input and evaluate how users interact with the app, iterating over time in an effort to deliver optimal experiences to both our paying and free users.

•Continue to Strengthen our Global Brand. We will continue to actively promote a better global understanding of the Grindr brands and to reshape the perception of Grindr as the Global Gayborhood in Your Pocket™, emphasizing our central role in gay culture.

•Focusing on Gayborhood Expansion Opportunities.

◦Grindr Health. In May 2025 we launched Woodwork by Grindr, our first gayborhood expansion initiative in the health and wellness space. Woodwork is a telehealth subscription service that facilitates access for eligible patients to certain treatments and prescription medications and is currently powered by OpenLoop, a partner for clinical support. While the initial focus of Woodwork is our core user base, we also believe the brand has the potential to expand to a broader population over time.

◦Other Gayborhood Expansion Opportunities. We intend to continue to explore new lines of business, including travel, events, lifestyle, media, and others.

•Strategic Investments and Acquisitions. In addition to organic growth, we continue to be open to opportunistic strategic partnerships, collaborations, investments, and acquisitions, including in markets beyond our core product.

Technology

Our technology and product development process is designed for the unique needs of our user base. We aim to build technology that addresses our users’ needs, protects our users, and enables them to make connections safely.

Key components of our technology platform include:

•Location-Based Technologies. We have built a location-based system that enables our users to choose to share their approximate locations with other users to seamlessly engage with their hyper-local community. The system powers the main cascade user interface in our Grindr platform where a user can see others who are also using the Grindr platform and have chosen to share their general location at that moment based on distance and filter criteria.

•gAI. Our goal is to make Grindr an AI-native company and product, including through gAI — a full-stack technical foundation consisting of integrated frontend user-facing components and backend components. Our growth agenda has been and will continue to be supported, in part, by AI/ML and the introduction of AI synthetics to our product development workflow and coding, as well as through a product roadmap featuring AI-centered services, such as Edge, A-List, and Discover.

•Data Management, Protection, and Privacy. We have built our own data warehouse infrastructure on top of third-party platforms to support the volume of interactions that happen on the Grindr platform. We have devised procedures and controls designed to protect the confidentiality, availability, and integrity of our data. The level of controls is based upon a data matrix that takes into account the sensitivity and criticality of the data. As part of our

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controls, we utilize one-way hashing, and both symmetric and asymmetric encryption for data at rest and in transit.

We use an evolving suite of tools and technologies to help our users stay safe, and we publish a holistic security guide and safety tips for users. We utilize a three-pillar approach to content moderation:

•Automated Review. We implement preventative proactive and responsive technologies to help mitigate risks of user misbehavior and enhance user safety. Upon profile creation, we automatically scan profiles and conduct ongoing scans for fraudulent behavior or violations of our Community Guidelines. Our algorithms and automations remove many malicious profiles before they can interact with our community. We utilize third-party tooling to enhance our automated review capabilities. In addition, we provide users with a robust appeals system that leverages a manual human review of automated decisions.

•Manual Review. Our experienced human reviewers play an integral role in our moderation process. We utilize a team of content review personnel dedicated to moderating content on the Grindr platform.

•Community Feedback. Through in-app tools, we encourage users to report inappropriate content and misbehavior.

Branding and Marketing

We continue to expand our user base through user-driven organic growth, supported by the scale of our global network and sustained engagement across the platform. Our marketing efforts are focused on reinforcing relevance, trust, and product engagement and monetization through content, owned channels, cultural partnerships, and experiential activations.

In 2024 we made progress reshaping the perception of Grindr as the Global Gayborhood in Your Pocket™, and in 2025 we advanced our positioning by more deliberately linking brand activity to product strategy and cultural presence. Rather than relying on passive brand recognition, our marketing and communications emphasized participation in cultural moments, in-app storytelling, and earned media that reflected how users actually experience Grindr. Our brand investments in 2025 contributed to this overall goal. In our most recent internal U.S. brand survey in December 2025, Grindr’s overall brand favorability reached approximately 72%, and Grindr ranked high on measures of trust and positive community impact among respondents. We expect to continue to prioritize similar brand investments as the business scales.

Employees and Human Capital Resources

We compete for talent in the technology market and believe our operating culture is a key differentiator in attracting, developing, and retaining high-performing employees. Our culture emphasizes collaboration, accountability, and excellence in execution. Clear decision-making and consistent follow-through are core expectations across the organization. We are focused on operating as an AI-first organization, integrating tools and evolving tech into our products, workflows, and decision-making processes where we believe it can improve quality, speed, and leverage. We seek to foster an inclusive environment where employees can bring their full and best selves to work and grow professionally, while doing meaningful work at scale. We believe this culture is essential to building a resilient organization and sustaining our long-term performance. Our approach to work balances high standards with sustainability and flexibility. 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; our ability to recruit and retain talent is aided by our mission and brand reputation.

In 2023, we adopted a hybrid working model involving a multi-phase return-to-office plan, which was largely completed by January 2024 and was fully concluded by April 30, 2025 (the “RTO Plan”). The RTO Plan provided employees with a one-time relocation package to support relocation to offices where their respective teams are based, or separation packages for employees who chose not to participate in the RTO Plan.

As of December 31, 2025, we had 165 employees globally, 160 of which were full-time employees. In 2025, we continued to expand and enhance our team with new employees and contractors. In doing so, we significantly grew the size of our engineering team, including the expansion of a dedicated contractor team in Colombia consisting of 29 full-time engineers as of December 31, 2025. 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 are headquartered in West Hollywood, California, and have additional offices in the San Francisco Bay Area, Chicago, and New York City.

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Intellectual Property

We have developed our proprietary intellectual property over the past sixteen years. Our patents, trademarks, copyrights, domain names, trade secrets, and other intellectual property rights distinguish our products and services from those of our competitors and contribute to our competitive advantage in the markets in which we operate. To protect our intellectual property, we rely on a combination of patent, trademark, copyright, and trade secret laws; confidentiality agreements; non-compete agreements; assignment-for-inventions agreements with our employees, contractors, and others; and contracts with third parties. We also regularly monitor any infringement or misappropriation of our intellectual property rights.

We rely upon a combination of proprietary trademarks, trademark applications, copyright registrations, patents, and patent applications relating to our brands, content, inventions, and other intellectual property. Our patents have expiration dates in 2031. We apply for additional trademarks and patents to the extent we determine such intellectual property to be core to our service or businesses or otherwise appropriate and cost-effective.

We license technology and other intellectual property from our partners. Third parties may assert claims related to intellectual property rights against our partners and us.

Government Regulation

We are subject to a number of foreign and U.S. federal and state laws and regulations that involve matters that are important to, or may otherwise impact, our business and that may affect companies conducting business on the internet, including, but not limited to, regulations related to internet and eCommerce, labor and employment, anti-discrimination, payments, whistleblowing and worker confidentiality obligations, product liability, intellectual property, consumer protection and warnings, online safety, marketing, human drugs, taxation, privacy, data security, competition, arbitration agreements and class action waiver provisions, terms of service, and mobile application and website accessibility. These regulations are often complex and subject to varying interpretations, in many cases due to their newness and lack of specificity, and as a result, their application in practice may change or develop over time through judicial decisions or as new guidance or interpretations are provided by regulatory and governing bodies in the United States and abroad, such as federal, state, and local administrative agencies. Many of these laws and regulations are subject to change or uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations, declines in user growth or engagement, negative publicity, or other harm to our business. See the section titled “Risk Factors—Risks Related to Regulation and Litigation—Our business is subject to complex and evolving U.S. and international laws and regulations. Many of these laws and regulations are subject to change or uncertain interpretation, and could result in claims, changes to our business practices, monetary penalties, increased cost of operations, declines in user growth or engagement, negative publicity, or other harm to our business.” As a result, we could be subject to actions based on negligence, various torts, and trademark and copyright infringement, among other actions. See the sections titled “Risk Factors—Risks Related to Regulation and Litigation—We may be held liable for information or content displayed on, retrieved from, or transmitted over our platform, as well as interactions that result from the use of our platform.,” “Risk Factors—Risks Related to Regulation and Litigation—We and the third parties with whom we work are subject to varying and rapidly evolving regulatory frameworks on data privacy and data protection, and our (or the third parties with whom we work) actual or perceived failure to comply with such new or evolving regulations has in the past harmed our business and could continue to result in claims, changes to our business practices, damages or monetary penalties, increased cost of operations, or declines in user growth or engagement, any of which could materially harm our business.,” “Risk Factors—Risks Related to Regulation and Litigation —Illegal or inappropriate actions by our users or user-generated content could be attributed to us and damage our brands or reputation; subject us to regulatory inquiries, legal action, or other liabilities; or could result in us making changes to our products to mitigate litigation or regulatory risks, which, in turn, could materially adversely affect our business.,” “Risk Factors—Risks Related to Regulation and Litigation—Globally, online platforms are subject to rapidly expanding laws and regulations relating to privacy and child protection, online safety, and consumer protection which, if violated (or perceived to have been violated), could subject us to litigation or regulatory actions, or could reduce demand for our products and services from current and prospective adult users that value discretion, choose not to share their identity, or are unwilling or unable to validate that they are adults.,” and “Risk Factors—Risks Related to Information Technology Systems, Artificial Intelligence, and Intellectual Property—From time to time, we are party to patent, trademark, and other intellectual property-related litigation and proceedings that if resolved adversely, could materially adversely impact our business, financial condition, and results of operations.”

In the ordinary course of our business, we process a significant volume of personal data, including sensitive information from our users, employees, and others. Accordingly, we are, or may become, subject to numerous privacy and data protection obligations, including federal, state, local, and foreign laws; regulations; guidance; and industry standards related to privacy and data protection. Such obligations may include, without limitation, the Federal Trade Commission

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Act, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act (collectively the “CCPA”), the European Union’s General Data Protection Regulation 2016/679 (“GDPR”), the GDPR as it forms part of United Kingdom (“UK”) law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (“UK GDPR”), and the ePrivacy Directive. In addition, several states within the United States have enacted or proposed data privacy laws. For example, Virginia passed the Consumer Data Protection Act, Colorado passed the Colorado Privacy Act, and Utah passed the Utah Consumer Privacy Act.

The CCPA, other U.S. state privacy laws, GDPR, and UK GDPR are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance. In the past few years, numerous U.S. states—including California, Virginia, Colorado, Connecticut, and Utah—have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct, or delete certain personal data; and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. These state laws also allow for statutory fines for noncompliance. For example, the CCPA applies to personal data of consumers, business representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor requests of California residents to exercise certain privacy rights. The CCPA provides for fines of up to $7,500 per intentional violation and allows private litigants affected by certain data breaches to seek to recover potentially significant statutory damages.

Additionally, the expanding set of foreign data privacy and security laws (including the GDPR and UK GDPR, as well as laws in India, Brazil, and other countries where we have large numbers of users) impose significant and complex compliance obligations on entities that are subject to those laws. As one example, the GDPR limits personal data processing to only what is necessary for specified, explicit, and legitimate purposes; increases transparency obligations to data subjects; limits the collection and retention of personal data; increases rights for data subjects; requires the implementation and maintenance of technical and organizational safeguards for personal data; and mandates notice of certain personal data breaches to the relevant supervisory authorities and affected individuals. There are numerous proposed laws pending around the world concerning privacy and data protection that could affect us if enacted. See the section titled “Risk Factors—Risks Related to Regulation and Litigation—We and the third parties with whom we work are subject to varying and rapidly evolving regulatory frameworks on data privacy and data protection, and our (or the third parties with whom we work) actual or perceived failure to comply with such new or evolving regulations has in the past harmed our business and could continue to result in claims, changes to our business practices, damages or monetary penalties, increased cost of operations, or declines in user growth or engagement, any of which could materially harm our business.”

Any improper disclosure of data, particularly our customers’ sensitive personal data or other sensitive information, could negatively impact our business and/or our reputation. See the sections titled “Risk Factors—Risks Relating to our Business—Security breaches, unauthorized access to or disclosure of our data or user data, other hacking and phishing attacks affecting our information technology systems or those of third parties with whom we work, or other data security incidents could compromise sensitive information related to our business or users processed by us or on our behalf and expose us to liability, which could harm our reputation, disrupt the availability of our systems and services, generate negative publicity, and materially and adversely affect our business.”

In addition, in connection with Woodwork by Grindr, our first gayborhood expansion initiative in the health and wellness space, we and any third-party suppliers, compounders, and manufacturers of health products are subject to extensive regulation by the U.S. Food and Drug Administration (“FDA”) and international, federal, state, and local authorities. These authorities can enforce regulations related to the testing, production, compounding, control, safety, quality assurance, labeling, promotion, and advertising, packaging, sterilization, storage, and distribution of FDA-approved prescription drugs and/or compound medications.

Depending on the types of products and services we and our partners offer in connection with our health and wellness initiatives, such products may be subject to the uses approved by the FDA as well as other limitations found in the product’s approved labeling. Some of these products may be prescribed by affiliated healthcare providers of our health and wellness services for “off-label” uses, which are uses that are not described in the product’s labeling and approved by the FDA.

Additionally, certain products made available through Woodwork are compounded drug products under Section 503A, and in the future may be compounded under Section 503B, of the Federal Food, Drug & Cosmetic Act (“FDCA”). Drugs compounded by compounding pharmacies in compliance with Section 503A or outsourcing facilities in compliance with

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Section 503B are exempt from the new drug approval requirements and certain labeling requirements of the FDCA. As such, the FDA does not review or verify the safety or effectiveness of compounded drug products distributed or dispensed by compounding pharmacies and outstanding facilities Section 503B of the FDCA requires outsourcing facilities to compound drugs in compliance with current Good Manufacturing Practice (cGMP), while Section 503A compounding pharmacies must comply only with state laws related to drug quality. Both 503B outstanding facilities and Section 503A compounding pharmacies are subject to state licensing and other laws related to the practice of pharmacy. These laws and regulations often include specific requirements for compounding operations, including requirements for licensing of pharmacists, pharmacy technicians and pharmacies; supervision and training; inspections; sterility assurance; and recordkeeping, among other requirements. Regulations are updated periodically, generally under the jurisdiction of individual state boards of pharmacy. Failure to comply with the state pharmacy regulations of a particular state could result in a pharmacy being prohibited from operating in that state, financial penalties and/or becoming subject to additional oversight from that state’s board of pharmacy. In addition, many states are considering imposing, or have already begun to impose, more stringent requirements on compounding operations.

We and our partners are also subject to extensive federal and state healthcare laws and regulations in connection with the operation of Woodwork. In certain jurisdictions, the corporate practice of medicine (“CPOM”) doctrine generally prohibits non-physicians from practicing medicine, employing physicians to provide clinical services, directing the clinical practice of physicians, holding an ownership interest in an entity that employs physicians, or otherwise exercising undue influence or control over medical decisions of physicians. Other practices, such as professionals splitting their professional fees with non-professional persons or entities, are also prohibited in some jurisdictions. Many states also limit the extent to which nurse practitioners and physician assistants can practice independently and require that they practice under the supervision of or in collaboration with a supervising physician.

Additionally, the practice of medicine is subject to various federal, state, and local certification and licensing laws, regulations, approvals and standards, relating to, among other things, the qualifications of the provider, the practice of medicine (including specific requirements when providing health care utilizing telehealth technologies and the provision of remote care), the continuity and adequacy of medical care, the maintenance of medical records, the supervision of personnel, and the prerequisites for prescribing medication and ordering of tests. The regulation of telehealth is evolving and the application, interpretation and enforcement of these laws, regulations and standards can be uncertain or uneven. Physicians and mid-level providers (e.g., physician assistants, nurse practitioners) who provide professional clinical services via telehealth must, in most instances, hold a valid license to provide the applicable professional services in the state in which the patient is located. Further, our compensation arrangements with our healthcare partners must be structured to comply with applicable state anti-kickback and self-referral restrictions. To date we have offered health and wellness services as cash-pay only. To the extent that we expand our health and wellness offerings to include reimbursement from third-party payors, we may become subject to additional federal and state healthcare laws, such as the federal Anti-Kickback Statute and the healthcare fraud and privacy and security provisions of HIPAA.

If our Woodwork operations are found to be violative of any of the aforementioned laws and regulations, including the FDCA, governmental authorities could require that we modify our product labeling, curtail or restructure our operations, or subject us to significant regulatory and/or legal enforcement actions, including the issuance of warning or untitled letters, injunctions, seizures, imprisonment, disgorgement, exclusion from participation in healthcare programs, additional reporting obligations and oversight obligations, civil fines, and criminal penalties. Other federal, state, or foreign enforcement authorities may also take action if they determine our health and wellness services and related products and promotional activities do not meet applicable legal or regulatory requirements. In addition, if any of our physician or other healthcare partners violate any of these healthcare laws and regulations, they may be subject to significant regulatory and enforcement actions and sanctions, including licensure restrictions and fines for unprofessional conduct by the applicable professional licensing authorities. See the sections titled “Risk Factors—Risks Related to Regulation and Litigation—Compounded drug products offered through our platform are subject to extensive regulation, which may expose us to fines, penalties, seizures and injunctions under the Federal Food, Drug, and Cosmetic Act (FDCA) and its implementing regulations.” and “—We and our partners are subject to extensive federal and state healthcare laws and regulations (in addition to the FDCA and FDA regulations) in the operation of our health and wellness services and may be subject to fines, penalties, and injunctions if we or our partners are found to be in violation of any of such laws and regulations.”

Available Information

Our website address is www.grindr.com. We make available on our website, free of charge, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains a website that contains reports, proxy

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and information statements and other information regarding our filings at www.sec.gov. The information found on our website is not incorporated by reference into this Annual Report on Form 10-K or any other report we file with or furnish to the SEC.