The Meet Group, parent company of dating apps including Skout, Lovoo, Grindr and Tagged, published its Q4 and full-year financial results yesterday.
Overall the results were positive for the Q4 and full fiscal year. In the Q4, total revenue was $57.6 million up 10% from the previous year quarter, while total revenue for the year had increased by 19% to $211.7 million.
Geoff Cook, chief executive of The Meet Group, said: “We are pleased with our results in the fourth quarter, which capped a solid year in which we more than doubled video revenue, launched new growth initiatives and further strengthened our safety leadership through new products and partner collaboration. I am proud of our team and all that we have accomplished.”
The company has also reported an increase in GAAP net income, non-GAAP income and adjusted EBITDA since the previous fourth quarter and fiscal year, and ended the year with $27.2 million in cash and cash equivalents.
The report follows the announcement that ProSiebenSat.1 and General Atlantic will acquire The Meet Group. The deal is expected to be completed in the second half of 2020.
Cook added: “I believe the transaction with ProSiebenSat.1 is a tremendous validation of our strategy to marry live streaming video with dating. The combination of our companies adds our strength in freemium dating to ProSieben’s existing premium services, resulting in a more dynamic and well-rounded dating portfolio.”
In the Q3, total revenue for the company was $52.6 million, a 15% year-on-year increase from 2018, and adjusted EBITDA came in at $11 million, $500,000 higher than expected.
Read the full financial report here.