EBITDA PerformanceFourth quarter EBITDA was below estimates, affected by investments into advertising, product, and AI.
Share DilutionThe redemption of warrants resulted in a 17% dilution of Grindr's share count, impacting shareholders.
Valuation ConcernsIn a 'blue sky' analysis, GRND's share price reaching $35+ would require investors to pay ~37x EV/2026E EBITDA, which may appear more reasonable on an EV/2027E EBITDA basis.