Grindr(NYSE:GRND) 
Grindr is a location-based social networking and online dating application targeted towards members of the gay, bi, trans, and queer community. It was one of the first geosocial apps for gay men when it launched in March 2009 and has since become the largest and most popular gay mobile app in the wo...
Website: https://www.grindr.com/
Founded: 2009
IPO Price: $10 (Nov 18, 2022)
Founder: Joel Simkhai
CEO: George Arison
Sector: Communications
Industry:
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At a glance:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 129,941,000 | 125,974,000 | 115,766,000 | 104,220,000 | 93,938,000 | 97,621,000 | 89,325,000 | 82,345,000 | 75,345,000 | 72,086,000 | 70,258,000 | 61,538,000 | 55,809,000 | ||||
yoy | 38.33% | 29.04% | 29.60% | 26.57% | 24.68% | 35.42% | 27.14% | 33.81% | 35.01% | ||||||||
qoq | 3.15% | 8.82% | 11.08% | 10.95% | -3.77% | 9.29% | 8.48% | 9.29% | 4.52% | 2.60% | 14.17% | 10.27% | |||||
operating costs and expenses | |||||||||||||||||
cost of revenue | 32,595,000 | 31,690,000 | 28,919,000 | 27,408,000 | 24,542,000 | 24,045,000 | 22,915,000 | 20,999,000 | 19,620,000 | 18,290,000 | 18,243,000 | 16,110,000 | 14,815,000 | ||||
selling, general and administrative expense | 37,703,000 | 47,310,000 | 29,256,000 | 36,457,000 | 30,240,000 | 38,355,000 | 24,976,000 | 24,802,000 | 26,609,000 | 27,894,000 | 16,420,000 | 17,158,000 | 18,945,000 | ||||
product development expense | 15,933,000 | 14,612,000 | 11,088,000 | 12,941,000 | 10,287,000 | 10,506,000 | 8,806,000 | 7,754,000 | 5,741,000 | 4,351,000 | 13,270,000 | 6,200,000 | 5,506,000 | ||||
depreciation and amortization | 983,000 | 1,053,000 | 1,262,000 | 3,068,000 | 3,477,000 | 4,315,000 | 4,241,000 | 4,235,000 | 4,119,000 | 5,196,000 | 5,753,000 | 8,140,000 | 7,952,000 | ||||
total operating expenses | 87,214,000 | 94,665,000 | 70,525,000 | 79,874,000 | 68,546,000 | 77,221,000 | 60,938,000 | 57,790,000 | 56,089,000 | 55,731,000 | 53,686,000 | 47,608,000 | |||||
income from operations | 42,727,000 | 31,309,000 | 45,241,000 | 24,346,000 | 25,392,000 | 20,400,000 | 28,387,000 | 24,555,000 | 19,256,000 | 16,355,000 | 16,572,000 | 13,930,000 | 8,591,000 | -259,623 | -666,952 | ||
yoy | 68.27% | 53.48% | 59.37% | -0.85% | 31.87% | 24.73% | 71.29% | 76.27% | 124.14% | -6483.10% | -2188.61% | ||||||
qoq | 36.47% | -30.80% | 85.83% | -4.12% | 24.47% | -28.14% | 15.61% | 27.52% | 17.74% | -1.31% | 18.97% | 62.15% | -61.07% | ||||
operating margin % | 32.88% | 24.85% | 39.08% | 23.36% | 27.03% | 20.90% | 31.78% | 29.82% | 25.56% | 22.69% | 23.59% | 22.64% | 15.39% | -Infinity% | -Infinity% | NaN% | |
other income | -202,000 | 59,000 | -654,000 | 510,000 | 148,000 | -439,000 | 68,000 | -227,000 | -117,000 | 169,000 | 123,000 | ||||||
interest expense | -6,605,000 | -5,536,000 | -4,668,000 | -3,564,000 | -3,875,000 | -5,362,000 | -6,400,000 | -6,669,000 | -7,185,000 | -10,312,000 | -11,985,000 | -12,917,000 | -10,793,000 | ||||
gain in fair value of warrant liability | 9,905,000 | -11,394,750 | 8,219,000 | -35,118,000 | |||||||||||||
total other income | -6,807,000 | -549,500 | -5,322,000 | -3,054,000 | 6,178,000 | -16,527,250 | 1,887,000 | -11,843,500 | -15,737,000 | 6,082,626.25 | 12,497,709 | ||||||
net income before income tax | 35,920,000 | 25,832,000 | 39,919,000 | 21,292,000 | 31,570,000 | 1,522,250 | 30,274,000 | -17,459,000 | -2,070,250 | 835,000 | 8,280,000 | -17,396,000 | |||||
income tax provision | 9,170,000 | 5,572,000 | 9,085,000 | 4,654,000 | 4,551,000 | -527,000 | 5,593,000 | 4,965,000 | 2,680,000 | 1,299,000 | 1,272,000 | -14,051,000 | 15,503,000 | ||||
net income | 26,750,000 | 20,260,000 | 30,834,000 | 16,638,000 | 366,139 | 11,830,757 | 5,425,883 | ||||||||||
net income per share | |||||||||||||||||
basic | 0.15 | 0.06 | 0.16 | 0.08 | 0.14 | -0.7 | 0.14 | -0.13 | -0.05 | -0.26 | 0.13 | -0.19 | |||||
diluted | 0.14 | 0.1 | 0.16 | 0.08 | 0.09 | -0.7 | 0.09 | -0.13 | -0.05 | -0.26 | 0.13 | -0.19 | |||||
weighted-average shares outstanding: | |||||||||||||||||
basic | 183,323,375 | 190,056,612 | 189,714,398 | 195,973,149 | 189,767,679 | 175,880,320 | 176,034,571 | 175,676,957 | 175,516,307 | 174,170,517 | 174,113,605 | 173,896,490 | 173,599,925 | ||||
diluted | 185,090,919 | 195,178,837 | 192,558,285 | 199,836,986 | 201,048,090 | 175,880,320 | 179,961,828 | 175,676,957 | 175,516,307 | 174,170,517 | 174,113,605 | 174,380,412 | 173,599,925 | ||||
net income and comprehensive loss | 27,019,000 | -1,787,250 | 24,681,000 | -22,424,000 | 22,331,000 | -32,899,000 | |||||||||||
yoy | -200.42% | ||||||||||||||||
qoq | -1611.76% | -107.24% | -210.07% | -167.88% | |||||||||||||
net income margin % | 0% | 0% | 0% | 0% | 28.76% | -1.83% | 27.63% | -27.23% | 0% | 0% | 0% | 36.29% | -58.95% | NaN% | NaN% | NaN% | |
total other expense | -42,014,000 | -25,982,000 | -5,650,000 | -25,987,000 | |||||||||||||
loss in fair value of warrant liability | -18,680,000 | ||||||||||||||||
net loss before income tax | -6,726,000 | ||||||||||||||||
net loss and comprehensive loss | -9,406,000 | -2,751,250 | -437,000 | ||||||||||||||
other expense | -24,500 | -390,000 | |||||||||||||||
change in fair value of warrant liability | -2,895,250 | -3,362,000 | 7,098,000 | -15,317,000 | |||||||||||||
total operating costs and expenses | 47,218,000 | ||||||||||||||||
operating costs | 259,623 | 666,952 | |||||||||||||||
other income: | |||||||||||||||||
interest earned on investments held in trust account | 27,026 | 23,028 | |||||||||||||||
change in fair value of warrant liabilities | 218,567 | 11,368,775 | |||||||||||||||
fv of private placement warrant in excess of purchase price | 19,887 | ||||||||||||||||
change in fair value of forward purchase agreement liabilities | 459,717 | 1,105,906 | |||||||||||||||
weighted-average shares outstanding of class a ordinary shares | 27,600,000 | 27,600,000 | |||||||||||||||
basic and diluted net income per share, class a ordinary shares | 0.01 | 0.34 | |||||||||||||||
weighted-average shares outstanding of class b ordinary shares | 6,900,000 | 6,900,000 | |||||||||||||||
basic and diluted net income per share, class b ordinary | 0.165 | 0.34 | |||||||||||||||
balance – january 1, 2021 | 172.5 | 6,900,000 | |||||||||||||||
balance – march 31, 2021 | 172.5 | 6,900,000 | |||||||||||||||
accretion for class a ordinary shares to redemption amount | |||||||||||||||||
balance – june 30, 2021 | 172.5 | 6,900,000 | |||||||||||||||
balance – september 30, 2021 | 172.5 | 6,900,000 | |||||||||||||||
balance – july 27, 2020 | |||||||||||||||||
issuance of class b ordinary shares to sponsors | 6,899,310 | 6,900,000 | |||||||||||||||
balance – september 30, 2020 | 172.5 | 6,900,000 | |||||||||||||||
class a ordinary shares | |||||||||||||||||
numerator: earnings allocable to class a ordinary shares | |||||||||||||||||
interest income | 3,355 | ||||||||||||||||
net earnings | 3,355 | ||||||||||||||||
denominator: weighted-average class a ordinary shares | |||||||||||||||||
class a ordinary shares, basic and diluted | 27,600,000 | ||||||||||||||||
earnings/basic and diluted class a ordinary shares | |||||||||||||||||
class b ordinary shares | |||||||||||||||||
numerator: net income minus net earnings | |||||||||||||||||
net earnings allocable to class a ordinary shares | -3,355 | ||||||||||||||||
denominator: weighted-average class b ordinary shares | |||||||||||||||||
class b ordinary shares, basic and diluted | 6,900,000 | ||||||||||||||||
income/basic and diluted class b ordinary shares | 0.79 | ||||||||||||||||
• |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets | |||||||||||||||||||||
cash and cash equivalents | 23,810,000 | 87,045,000 | 6,327,000 | 120,825,000 | 255,868,000 | 59,152,000 | 39,120,000 | 16,345,000 | 21,548,000 | 27,606,000 | 29,948,000 | 22,091,000 | 33,837,000 | 8,725,000 | |||||||
accounts receivable | 70,171,000 | 67,946,000 | 58,821,000 | 57,085,000 | 53,235,000 | 49,599,000 | 43,984,000 | 40,289,000 | 35,733,000 | 33,906,000 | 32,311,000 | 30,753,000 | 28,548,000 | 22,435,000 | |||||||
prepaid expenses | 5,119,000 | 5,104,000 | 6,178,000 | 6,460,000 | 6,166,000 | 2,747,000 | 5,188,000 | 5,468,000 | 6,791,000 | 4,190,000 | 5,942,000 | 6,117,000 | 7,995,000 | 7,622,000 | 47,000 | 106,875 | 166,750 | 123,750 | 173,625 | 239,639 | 236,401 |
deferred charges | 4,622,000 | 4,669,000 | 4,486,000 | 4,197,000 | 3,987,000 | 3,807,000 | 3,773,000 | 3,702,000 | 3,578,000 | 3,635,000 | 3,711,000 | 3,651,000 | 3,448,000 | 3,652,000 | |||||||
other current assets | 779,000 | 1,274,000 | 1,492,000 | 778,000 | 458,000 | 1,679,000 | 605,000 | 2,180,000 | 765,000 | 2,413,000 | 212,000 | 408,000 | 544,000 | 750,000 | |||||||
total current assets | 104,501,000 | 166,038,000 | 77,304,000 | 189,345,000 | 319,714,000 | 116,984,000 | 92,670,000 | 67,984,000 | 68,415,000 | 71,750,000 | 72,124,000 | 63,020,000 | 74,372,000 | 43,184,000 | 147,240 | 272,530 | 366,108 | 141,249 | 511,400 | 1,043,475 | 1,258,238 |
restricted cash | 605,000 | 605,000 | 605,000 | 605,000 | 605,000 | 605,000 | 605,000 | 605,000 | 605,000 | 1,392,000 | 1,392,000 | 1,392,000 | 1,392,000 | 1,392,000 | |||||||
property and equipment | 952,000 | 1,152,000 | 1,464,000 | 1,510,000 | 1,559,000 | 1,667,000 | 1,652,000 | 1,547,000 | 1,575,000 | 1,576,000 | 1,516,000 | 1,728,000 | 1,858,000 | 2,021,000 | |||||||
capitalized software development costs | 15,396,000 | 12,993,000 | 12,401,000 | 8,077,000 | 8,686,000 | 8,750,000 | 8,665,000 | 8,494,000 | 8,132,000 | 7,433,000 | 7,718,000 | 7,994,000 | 8,448,000 | 7,385,000 | |||||||
intangible assets | 65,844,000 | 65,844,000 | 65,847,000 | 65,847,000 | 67,608,000 | 69,872,000 | 72,987,000 | 76,102,000 | 79,217,000 | 82,332,000 | 86,549,000 | 90,766,000 | 97,239,000 | 104,544,000 | |||||||
goodwill | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | 275,703,000 | |||||||
right-of-use assets | 3,931,000 | 4,723,000 | 3,230,000 | 4,023,000 | 3,039,000 | 3,053,000 | 2,922,000 | 3,414,000 | 3,046,000 | 3,362,000 | 3,668,000 | 3,966,000 | |||||||||
other assets | 3,992,000 | 3,973,000 | 1,392,000 | 1,268,000 | 1,289,000 | 1,214,000 | 1,141,000 | 1,193,000 | 1,052,000 | 1,047,000 | 239,000 | 140,000 | 93,000 | 64,000 | |||||||
total assets | 470,924,000 | 531,031,000 | 439,188,000 | 547,620,000 | 679,445,000 | 479,090,000 | 456,345,000 | 435,042,000 | 437,745,000 | 444,595,000 | 448,909,000 | 444,709,000 | 463,360,000 | 438,828,000 | 288,989,139 | 287,815,300 | 284,785,614 | 284,521,025 | 282,104,150 | 282,613,197 | 280,064,605 |
liabilities and stockholders’ equity | |||||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts payable | 4,159,000 | 1,672,000 | 4,107,000 | 1,769,000 | 2,186,000 | 3,261,000 | 2,082,000 | 2,520,000 | 3,466,000 | 3,526,000 | 1,356,000 | 3,294,000 | 6,029,000 | 5,435,000 | |||||||
accrued expenses and other current liabilities | 30,744,000 | 38,966,000 | 51,308,000 | 37,886,000 | 37,750,000 | 29,578,000 | 26,371,000 | 23,030,000 | 25,493,000 | 22,934,000 | 22,223,000 | 21,590,000 | 37,635,000 | 15,681,000 | |||||||
current maturities of long-term debt | 20,000,000 | 20,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 | 24,341,000 | 22,377,000 | 23,053,000 | 22,152,000 | |||||||
deferred revenue | 24,538,000 | 24,285,000 | 23,472,000 | 21,769,000 | 20,848,000 | 19,970,000 | 19,895,000 | 19,322,000 | 19,070,000 | 19,181,000 | 19,147,000 | 18,569,000 | 17,832,000 | 18,586,000 | |||||||
total current liabilities | 79,441,000 | 84,923,000 | 93,887,000 | 76,424,000 | 75,784,000 | 67,809,000 | 63,348,000 | 59,872,000 | 63,029,000 | 60,641,000 | 67,067,000 | 65,830,000 | 84,549,000 | 61,854,000 | 9,541,079 | 4,934,399 | 1,990,393 | 559,183 | 669,711 | 534,834 | 99,594 |
long-term debt | 371,090,000 | 375,859,000 | 264,908,000 | 268,463,000 | 272,021,000 | 275,580,000 | 279,136,000 | 282,691,000 | 300,049,000 | 325,600,000 | 319,036,000 | 320,551,000 | 337,024,000 | 338,476,000 | |||||||
lease liability | 2,203,000 | 2,574,000 | 672,000 | 986,000 | 744,000 | 963,000 | 1,030,000 | 1,512,000 | 1,856,000 | 2,241,000 | 2,615,000 | 2,977,000 | 3,327,000 | 3,658,000 | |||||||
deferred tax liability | 1,391,000 | 1,391,000 | 3,422,000 | 3,819,000 | 4,558,000 | 5,455,000 | 7,615,000 | 10,254,000 | |||||||||||||
other non-current liabilities | 15,960,000 | 19,278,000 | 8,767,000 | 14,057,000 | 11,080,000 | 14,130,000 | 9,612,000 | 7,474,000 | 3,968,000 | 2,118,000 | 1,078,000 | 787,000 | 596,000 | 327,000 | |||||||
total liabilities | 470,085,000 | 484,025,000 | 368,234,000 | 359,930,000 | 359,629,000 | 610,660,000 | 469,748,000 | 476,788,000 | 459,762,000 | 462,887,000 | 424,765,000 | 423,912,000 | 469,000,000 | 434,776,000 | 49,608,583 | 39,250,270 | 28,702,502 | 36,447,246 | 34,807,254 | 47,147,058 | 50,024,349 |
commitments and contingencies | |||||||||||||||||||||
stockholders’ equity | |||||||||||||||||||||
preferred stock, par value 0.0001... | |||||||||||||||||||||
common stock, par value 0.0001... | 18,000 | 18,000 | 18,000 | 19,000 | 20,000 | 18,000 | 18,000 | 18,000 | 18,000 | 18,000 | 17,000 | 17,000 | 17,000 | 17,000 | |||||||
additional paid-in capital | 71,132,000 | 144,049,000 | 188,257,000 | 365,594,000 | 504,399,000 | 74,519,000 | 62,315,000 | 57,009,000 | 51,830,000 | 44,655,000 | 40,175,000 | 36,391,000 | 32,285,000 | 9,078,000 | 14,852,231 | 20,278,082 | |||||
accumulated deficit | -70,311,000 | -97,061,000 | -117,321,000 | -148,155,000 | -164,793,000 | -191,812,000 | -67,960,000 | -92,641,000 | -70,217,000 | -60,811,000 | -16,048,000 | -15,611,000 | -37,942,000 | -5,043,000 | -49,462,033 | -38,978,430 | -28,197,578 | -36,206,911 | -34,223,794 | -9,853,414 | -15,279,297 |
total stockholders’ equity | 839,000 | 47,006,000 | 70,954,000 | 187,690,000 | 319,816,000 | 24,144,000 | 20,797,000 | -5,640,000 | 4,052,000 | ||||||||||||
total liabilities and stockholders’ equity | 470,924,000 | 531,031,000 | 439,188,000 | 547,620,000 | 679,445,000 | 448,909,000 | 444,709,000 | 463,360,000 | 438,828,000 | ||||||||||||
deferred tax asset | 1,242,000 | ||||||||||||||||||||
warrant liability | 252,178,000 | 113,200,000 | 121,420,000 | 86,302,000 | 67,622,000 | 29,514,000 | 26,152,000 | 33,250,000 | 17,933,000 | 21,220,018 | 19,009,781 | 30,378,556 | 31,903,209 | ||||||||
treasury stock | -29,768,000 | -19,810,000 | -14,295,000 | -7,776,000 | -6,132,000 | -3,648,000 | -2,154,000 | ||||||||||||||
deferred tax assets | 1,242,000 | 1,242,000 | 1,242,000 | ||||||||||||||||||
liabilities and stockholders’ deficit | |||||||||||||||||||||
stockholders’ deficit | |||||||||||||||||||||
total stockholders’ deficit | -131,570,000 | -13,403,000 | -41,746,000 | -22,017,000 | |||||||||||||||||
total liabilities and stockholders’ deficit | 479,090,000 | 456,345,000 | 435,042,000 | 437,745,000 | |||||||||||||||||
liabilities and stockholders’ (deficit) equity | |||||||||||||||||||||
deferred income taxes | 4,665,000 | 12,528,000 | |||||||||||||||||||
stockholders’ (deficit) equity | |||||||||||||||||||||
total stockholders’ (deficit) equity | -18,292,000 | ||||||||||||||||||||
total liabilities and stockholders’ (deficit) equity | 444,595,000 | ||||||||||||||||||||
revenue | |||||||||||||||||||||
operating costs and expenses | |||||||||||||||||||||
cost of revenue | |||||||||||||||||||||
selling, general and administrative expense | |||||||||||||||||||||
product development expense | |||||||||||||||||||||
depreciation and amortization | |||||||||||||||||||||
total operating expenses | |||||||||||||||||||||
income from operations | |||||||||||||||||||||
other income | |||||||||||||||||||||
interest expense | |||||||||||||||||||||
loss on extinguishment of debt | |||||||||||||||||||||
gain in fair value of warrant liability | |||||||||||||||||||||
total other income | |||||||||||||||||||||
net income before income tax | |||||||||||||||||||||
income tax benefit | |||||||||||||||||||||
net income and comprehensive income | |||||||||||||||||||||
net income per share | |||||||||||||||||||||
basic | |||||||||||||||||||||
diluted | |||||||||||||||||||||
weighted-average shares outstanding: | |||||||||||||||||||||
right of use assets | 4,255,000 | 4,535,000 | |||||||||||||||||||
cash | 100,240 | 165,655 | 199,358 | 17,499 | 337,775 | 803,836 | 1,021,837 | ||||||||||||||
cash and investments held in trust account | 288,841,899 | 287,542,770 | 284,419,506 | 284,379,776 | |||||||||||||||||
liabilities, class a ordinary shares subject to possible redemption and shareholders’ deficit | 288,989,139 | 287,815,300 | |||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accrued expenses | 7,761,079 | 3,254,399 | 940,393 | 559,183 | 669,711 | 534,834 | 99,594 | ||||||||||||||
convertible promissory note - related party | 1,780,000 | 1,680,000 | |||||||||||||||||||
forward purchase agreement liabilities | 8,079,104 | 5,521,061 | 4,789,885 | 5,008,045 | |||||||||||||||||
warrant liabilities | 22,328,400 | 19,134,810 | 12,262,224 | ||||||||||||||||||
deferred underwriting fee payable | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | ||||||||||||||
class a ordinary shares subject to possible redemption, 0.0001 par value... | 288,841,899 | 287,542,770 | 284,280,000 | 284,280,000 | |||||||||||||||||
shareholders’ deficit | |||||||||||||||||||||
preference shares, 0.0001 par value... | |||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 501 | 532 | |||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 690 | 690 | 690 | 690 | 690 | 690 | 690 | ||||||||||||||
total shareholders’ deficit | -49,461,343 | -38,977,740 | -28,196,888 | -36,206,221 | -34,223,104 | ||||||||||||||||
liabilities, commitments and contingencies and shareholders’ deficit | |||||||||||||||||||||
promissory note - related party | 1,050,000 | ||||||||||||||||||||
total liabilities, commitments and contingencies and shareholders’ deficit | 284,785,614 | ||||||||||||||||||||
liabilities and shareholders’ deficit | |||||||||||||||||||||
accrued offering costs | |||||||||||||||||||||
total liabilities and shareholders’ deficit | 284,521,025 | 282,104,150 | |||||||||||||||||||
investments held in trust account | 281,592,750 | 281,569,722 | 278,806,367 | ||||||||||||||||||
forward purchase agreement liability | 5,467,762 | 6,573,668 | |||||||||||||||||||
class a ordinary shares subject to possible redemption, 27,600,000 shares at approximately 10.20 and 10.10 per share as of september 30, 2021 and december 31, 2020 | 281,520,000 | ||||||||||||||||||||
liabilities and shareholders’ equity | |||||||||||||||||||||
class a ordinary shares subject to possible redemption, 22,590,729 and 21,728,375 shares at approximately 10.20 and 10.10 per share as of june 30, 2021 and december 31, 2020, respectively | 230,466,131 | ||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||
total shareholders’ equity | 5,000,008 | 5,000,007 | |||||||||||||||||||
total liabilities and shareholders’ equity | 282,613,197 | 280,064,605 | |||||||||||||||||||
fpa liability | 8,361,546 | ||||||||||||||||||||
class a ordinary shares subject to possible redemption, 22,277,508 and 21,728,375 shares at approximately 10.10 per share as of march 31, 2021 and december 31, 2020, respectively | 225,040,249 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | |||||||||||||||||
net income | 26,750,000 | 30,834,000 | 22,331,000 | -32,899,000 | 9,545,223 | -9,184,474 | -7,518,082 | 8,009,333 | 17,402,883 | ||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
stock-based compensation | 15,008,000 | 6,019,000 | 16,529,000 | 10,947,000 | 14,630,000 | 7,052,000 | 7,721,000 | 7,869,000 | 5,230,000 | 3,648,000 | |||||||
gain in fair value of warrant liability | |||||||||||||||||
amortization of debt discount and issuance costs | 297,000 | 228,000 | 224,000 | 223,000 | 226,000 | 228,000 | 224,000 | 231,000 | |||||||||
depreciation and amortization | 983,000 | 1,262,000 | 3,068,000 | 3,477,000 | 4,315,000 | 4,241,000 | 4,235,000 | 4,119,000 | 5,196,000 | 5,753,000 | 8,140,000 | 7,952,000 | |||||
provision for expected credit losses | -15,000 | -93,000 | 15,000 | 54,000 | -76,000 | 50,000 | -405,000 | -287,000 | |||||||||
non-cash lease expense | 792,000 | 793,000 | 760,000 | 636,000 | 543,000 | 492,000 | 429,000 | 316,000 | 277,000 | 298,000 | 289,000 | 280,000 | |||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -2,210,000 | -1,643,000 | -3,865,000 | -3,690,000 | -5,539,000 | -3,745,000 | -4,151,000 | -1,540,000 | -1,476,000 | -1,175,000 | -2,922,000 | -6,319,000 | |||||
prepaid expenses and deferred charges | 32,000 | -7,000 | -504,000 | -3,599,000 | 2,407,000 | 209,000 | 1,199,000 | -2,544,000 | 1,828,000 | 115,000 | 1,675,000 | -169,000 | |||||
other current assets | 495,000 | -714,000 | -320,000 | 1,221,000 | -1,074,000 | 1,575,000 | -1,415,000 | 1,648,000 | -2,201,000 | 196,000 | 136,000 | 206,000 | |||||
other assets | -85,000 | -157,000 | -11,000 | -107,000 | -105,000 | 19,000 | -173,000 | -37,000 | -175,000 | -99,000 | -47,000 | -29,000 | |||||
accounts payable | 1,469,000 | 2,354,000 | -332,000 | -1,229,000 | 1,199,000 | -559,000 | -703,000 | -398,000 | 2,170,000 | -1,944,000 | -2,729,000 | 1,790,000 | |||||
accrued expenses and other current liabilities | -9,461,000 | 15,711,000 | 5,246,000 | -1,291,000 | 3,212,000 | 3,407,000 | -2,178,000 | 2,390,000 | -1,881,000 | 633,000 | -16,045,000 | 21,954,000 | |||||
deferred revenue | 253,000 | 1,703,000 | 921,000 | 878,000 | 75,000 | 573,000 | 252,000 | -111,000 | 34,000 | 578,000 | 737,000 | -754,000 | |||||
lease liability | -842,000 | -843,000 | -682,000 | -841,000 | -741,000 | -482,000 | -1,141,000 | -385,000 | -374,000 | -362,000 | -350,000 | -331,000 | |||||
net cash from operating activities | 33,466,000 | 55,449,000 | 37,518,000 | 23,793,000 | 29,533,000 | 29,125,000 | 15,850,000 | 20,449,000 | 13,031,000 | 8,333,000 | 6,282,000 | 8,501,000 | 52,341,259 | -165,415 | -663,703 | -868,141 | |
capital expenditures | 1,018,000 | 666,000 | -440,000 | 223,000 | -306,000 | -256,000 | -298,000 | 327,000 | -268,000 | -146,000 | -63,000 | -32,000 | 0 | 0 | 0 | 0 | |
free cash flows | 34,484,000 | 56,115,000 | 37,078,000 | 24,016,000 | 29,227,000 | 28,869,000 | 15,552,000 | 20,776,000 | 12,763,000 | 8,187,000 | 6,219,000 | 8,469,000 | 52,341,259 | -165,415 | -663,703 | -868,141 | |
investing activities | |||||||||||||||||
purchases of property and equipment | -32,000 | -246,000 | -324,000 | ||||||||||||||
additions to capitalized software development costs | -1,578,000 | -3,998,000 | -688,000 | -504,000 | |||||||||||||
net cash from investing activities | -1,610,000 | -4,206,000 | -880,000 | -628,000 | -1,258,000 | -1,243,000 | -1,696,000 | -1,148,000 | -741,000 | -914,000 | -1,082,000 | -1,493,000 | -2,825,000 | ||||
financing activities | |||||||||||||||||
proceeds from the exercise of stock options | 65,000 | 132,000 | 782,000 | 619,000 | 1,991,000 | 299,000 | 816,000 | 916,000 | |||||||||
principal payments on debt | -5,000,000 | -3,750,000 | -3,750,000 | -3,750,000 | -3,750,000 | -3,750,000 | -17,550,000 | -25,750,000 | |||||||||
payment for the purchase of equity instruments | -99,925,000 | ||||||||||||||||
settlement of equity instruments | 10,930,000 | ||||||||||||||||
withholding taxes paid on stock-based compensation | -1,161,000 | -2,284,000 | -10,030,000 | -5,400,000 | -6,484,000 | -1,657,000 | -2,623,000 | -1,312,000 | |||||||||
repurchases of common stock under the stock repurchase program | -159,839,000 | -158,683,000 | -131,984,000 | ||||||||||||||
proceeds from the exercise of warrants | 0 | 0 | 314,124,000 | 0 | |||||||||||||
payment for redemption of warrants | |||||||||||||||||
net cash from financing activities | -95,091,000 | -165,741,000 | -171,681,000 | 173,551,000 | -8,243,000 | -5,107,000 | -19,357,000 | -26,146,000 | -14,632,000 | 438,000 | -16,946,000 | 18,104,000 | -56,652,000 | 100,000 | 3,390,000 | 1,050,000 | |
net increase in cash, cash equivalents and restricted cash | -63,235,000 | -114,498,000 | -135,043,000 | 196,716,000 | 20,032,000 | 22,775,000 | -5,203,000 | -6,845,000 | -2,342,000 | 7,857,000 | -11,746,000 | 25,112,000 | |||||
cash, cash equivalents and restricted cash, beginning of the period | 87,650,000 | 0 | 0 | 59,757,000 | 0 | 0 | 0 | 28,998,000 | 0 | 0 | 0 | 10,117,000 | |||||
cash, cash equivalents and restricted cash, end of the period | 24,415,000 | -114,498,000 | -135,043,000 | 256,473,000 | 20,032,000 | 22,775,000 | -5,203,000 | 22,153,000 | -2,342,000 | 7,857,000 | -11,746,000 | 35,229,000 | |||||
reconciliation of cash, cash equivalents and restricted cash | |||||||||||||||||
cash and cash equivalents | 23,810,000 | -114,498,000 | -135,043,000 | 255,868,000 | 20,032,000 | 22,775,000 | -5,203,000 | 21,548,000 | -2,342,000 | 7,857,000 | -11,746,000 | 33,837,000 | |||||
restricted cash | 605,000 | 0 | 0 | 605,000 | 0 | 0 | 0 | 605,000 | 0 | 0 | 0 | 1,392,000 | |||||
cash, cash equivalents and restricted cash | 24,415,000 | -114,498,000 | -135,043,000 | 256,473,000 | 20,032,000 | 22,775,000 | -5,203,000 | 22,153,000 | -2,342,000 | 7,857,000 | -11,746,000 | 35,229,000 | |||||
supplemental disclosure of cash flow information: | |||||||||||||||||
cash interest paid | 6,731,000 | 5,263,000 | 5,153,000 | 1,858,000 | 5,701,000 | 6,566,000 | 11,053,000 | 2,672,000 | 12,886,000 | 11,730,000 | 18,071,000 | 5,172,000 | |||||
income taxes paid | 486,000 | -436,000 | 7,474,000 | 2,827,000 | 7,128,000 | 4,000 | 12,215,000 | 4,431,000 | 338,000 | 725,000 | |||||||
supplemental disclosure of non-cash investing activities: | |||||||||||||||||
capitalized software development costs accrued but not paid | 1,050,000 | 874,000 | -248,000 | 347,000 | -60,000 | 68,000 | -298,000 | 522,000 | |||||||||
supplemental disclosure of non-cash financing activities: | |||||||||||||||||
issuance of common stock for the settlement of kpi awards | 5,059,000 | 0 | 0 | 3,609,000 | |||||||||||||
withholding taxes on stock-based compensation accrued but not paid | |||||||||||||||||
issuance of common stock for the settlement of certain performance stock unit liability-classified awards | |||||||||||||||||
issuance of common stock for the cashless exercise of warrants | 0 | 0 | 63,029,000 | ||||||||||||||
issuance of common stock for the exercise of warrants | 0 | 0 | 179,186,000 | ||||||||||||||
repurchase of common stock committed but not settled | -5,695,000 | 9,155,000 | |||||||||||||||
loss in fair value of warrant liability | 0 | 0 | -9,905,000 | 138,978,000 | -8,219,000 | 35,118,000 | 18,680,000 | ||||||||||
deferred income taxes | -4,664,000 | -397,000 | -739,000 | -107,000 | -761,000 | -2,308,000 | -2,639,000 | -2,274,000 | |||||||||
other liabilities | 2,000 | -1,000 | 0 | 1,000 | 11,000 | ||||||||||||
purchase of property and equipment | -208,000 | -192,000 | -124,000 | -195,000 | -268,000 | -146,000 | -63,000 | -32,000 | |||||||||
payment for the redemption of warrants | 0 | 0 | -58,000 | ||||||||||||||
repurchase of common stock for net settlement of equity awards | 729,000 | -23,000 | 89,000 | 13,000 | -4,000 | -127,000 | 182,000 | ||||||||||
issuance of common stock for the settlement of certain market condition liability-classified awards | 0 | 4,990,000 | 4,173,000 | ||||||||||||||
net income and comprehensive income | 27,019,000 | ||||||||||||||||
net loss and comprehensive loss | -123,852,000 | 24,681,000 | -22,424,000 | -9,406,000 | |||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
loss on extinguishment of debt related to 2020 credit agreement | |||||||||||||||||
interest income on promissory note from member | 0 | 0 | 0 | -282,000 | |||||||||||||
proceeds from issuance of debt | |||||||||||||||||
payment of debt issuance costs | |||||||||||||||||
transaction costs paid in connection with the business combination | 0 | 0 | 0 | -1,196,000 | |||||||||||||
proceeds from the repayment of promissory note to a member including interest | 0 | 0 | 0 | 19,353,000 | |||||||||||||
payment of early termination fee related to the extinguishment of debt | |||||||||||||||||
issuance of common stock for the settlement of certain market condition liability-classified equity awards | |||||||||||||||||
additions to capitalized software | -919,000 | -1,516,000 | -953,000 | -473,000 | -768,000 | -1,019,000 | -1,461,000 | ||||||||||
loss in fair value of warranty liability | |||||||||||||||||
transaction costs allocated to warrant liability | |||||||||||||||||
loss on extinguishment on deferred purchase price paid to kunlun | |||||||||||||||||
provision for expected credit losses/doubtful accounts | -119,000 | -383,000 | 717,000 | 206,000 | |||||||||||||
proceeds from exercise of stock options | 577,000 | 438,000 | 694,000 | 1,010,000 | |||||||||||||
proceeds of issuance of debt | |||||||||||||||||
principal payment on debt | -348,777,000 | 0 | -17,640,000 | -1,063,000 | |||||||||||||
proceeds from issuance of common stock in the business combination | |||||||||||||||||
proceeds from exercise of forward purchase agreement | |||||||||||||||||
payment of related party note payable | |||||||||||||||||
payment of deferred purchase price to kunlun | |||||||||||||||||
distributions paid | |||||||||||||||||
repayment of principal and interest on the promissory note to a member from distributions | |||||||||||||||||
promissory note to group holdings in relation to the distribution | |||||||||||||||||
member distributions | |||||||||||||||||
transaction costs incurred but not yet paid | |||||||||||||||||
net loss | |||||||||||||||||
change in fair value of warrant liability | 3,362,000 | ||||||||||||||||
amortization of debt issuance costs | 449,000 | 491,000 | 512,000 | ||||||||||||||
share-based compensation | 3,341,000 | ||||||||||||||||
fair value change in warrant liability | 15,317,000 | ||||||||||||||||
share/unit-based compensation | |||||||||||||||||
gain on paycheck protection program loan forgiveness | |||||||||||||||||
accrual of premium on debt | |||||||||||||||||
provision for doubtful accounts | |||||||||||||||||
due to/(from) related party | |||||||||||||||||
payment of debt | |||||||||||||||||
net decrease in cash, cash equivalents and restricted cash | |||||||||||||||||
paycheck protection program loan forgiveness | |||||||||||||||||
cash flows from operating activities: | |||||||||||||||||
change in fair value of warrant liabilities | 3,193,590 | 4,031,433 | -8,957,794 | ||||||||||||||
change in fair value of forward purchase agreement liabilities | 2,558,043 | 731,176 | -218,160 | ||||||||||||||
fair value of private placement warrant in excess of purchase price | |||||||||||||||||
interest earned on investments held in trust account | -1,299,129 | -363,264 | -39,730 | ||||||||||||||
prepaid expenses | 59,875 | 59,875 | -43,000 | ||||||||||||||
accrued expenses | 4,506,680 | 2,314,006 | 381,210 | ||||||||||||||
cash flows from investing activities: | |||||||||||||||||
investment of cash into trust account | 0 | ||||||||||||||||
cash flows from financing activities: | |||||||||||||||||
proceeds from sale of private placements warrants | 0 | ||||||||||||||||
proceeds from convertible promissory note – related party | |||||||||||||||||
payment of offering costs | |||||||||||||||||
net change in cash | -65,415 | -33,703 | 181,859 | ||||||||||||||
cash – beginning of period | 0 | 0 | 17,499 | ||||||||||||||
cash – end of period | -65,415 | -33,703 | 199,358 | ||||||||||||||
fv of private placement warrant in excess of purchase price | |||||||||||||||||
net cash from provided by investing activities | |||||||||||||||||
proceeds from promissory note – related party | 630,000 | 1,050,000 | |||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||
offering costs included in accrued offering costs | |||||||||||||||||
gross proceeds | 278,760,000 | ||||||||||||||||
less: | |||||||||||||||||
proceeds allocated to public warrants | -15,897,248 | ||||||||||||||||
class a ordinary shares issuance costs | -17,568,199 | ||||||||||||||||
add: | |||||||||||||||||
accretion of carrying value to redemption value | 33,465,447 | ||||||||||||||||
class a ordinary shares subject to possible redemption at december 31, 2020 | 278,760,000 | ||||||||||||||||
plus: | |||||||||||||||||
class a ordinary shares subject to possible redemption at december 31, 2021 and march 31, 2022 | 284,280,000 | ||||||||||||||||
compensation expense on private placement warrants | |||||||||||||||||
formation cost paid by sponsor in exchange for issuance of founder shares | |||||||||||||||||
advances from related party | |||||||||||||||||
change in value of class a ordinary shares subject to possible redemption | |||||||||||||||||
deferred offering costs paid by sponsor in exchange for the issuance of class b ordinary shares | |||||||||||||||||
class a ordinary shares | |||||||||||||||||
numerator: earnings allocable to class a ordinary shares | |||||||||||||||||
interest income | |||||||||||||||||
net earnings | |||||||||||||||||
denominator: weighted-average class a ordinary shares | |||||||||||||||||
class a ordinary shares, basic and diluted | |||||||||||||||||
earnings/basic and diluted class a ordinary shares | |||||||||||||||||
class b ordinary shares | |||||||||||||||||
numerator: net income minus net earnings | |||||||||||||||||
net earnings allocable to class a ordinary shares | |||||||||||||||||
denominator: weighted-average class b ordinary shares | |||||||||||||||||
class b ordinary shares, basic and diluted | |||||||||||||||||
income/basic and diluted class b ordinary shares |