Grove Collaborative Holdings Inc - GROV STOCK NEWS

Grove Collaborative (NYSE: GROV) has launched its Spring Edition Collection in partnership with The 5 Gyres Institute, their plastics research partner since 2019. The collection features sustainable home essentials with two new natural origin fragrances: Atlantic Dune Grass and Pacific Primrose.

The collaboration aims to highlight the microplastics crisis while offering plastic-free alternatives. Grove has donated over $100,000 to 5 Gyres since 2019, supporting 19 research papers and 220+ legislative bills. The collection includes dish soap, hand soap, room sprays, laundry detergent sheets, and home goods, all packaged in recyclable aluminum, glass bottles, and recycled paper - completely free of single-use plastic.

The partnership addresses concerning statistics: 27 million tons of plastic packaging is landfilled yearly in the U.S., with only 5% being recycled. Over 11 million metric tons of plastic enters oceans annually, potentially reaching 53 million metric tons by 2030.

Grove Collaborative Holdings (NYSE: GROV) has completed the acquisition of substantially all assets of Grab Green, an eco-friendly cleaning products company. The acquisition strengthens Grove's position in sustainable home cleaning and aligns with its mission as the world's first plastic neutral retailer.

Grab Green, a third-party vendor partner with Grove since 2019, has been successful in sales and market share through its naturally-derived cleaning products lineup, including laundry detergents, dishwashing pods, and multipurpose cleaners. Co-founders Patricia Spencer and Michael Edell will join Grove in advisory roles to assist with integration and product development.

The products will continue to be available through Grove's online platform and Amazon, maintaining nationwide consumer access. This strategic move aims to scale both companies' environmental impact while expanding Grove's sustainable product offerings.

Grove Collaborative Holdings (NYSE: GROV) has launched 'Home Planet', a new blog platform focused on environmental sustainability and human health information. The blog aims to be a trusted resource for customers, providing educational content without direct product promotion.

The platform features five main categories: Sustainability 101, Reduce Plastic, Human Health, Quick Tips, and Community Stories. Content will include input from Wellness Advisors Kim Celmer and Emily Grochowski, partner features, and customer stories.

According to CEO Jeff Yurcisin, the initiative reflects Grove's strategy to build long-term customer relationships through shared values rather than transactional experiences. The blog, available at homeplanet.grove.co, emphasizes educational content over product listings, focusing on actionable insights and practical guidance for sustainable living.

Grove Collaborative (NYSE: GROV) reported Q3 2024 financial results with revenue of $48.3 million, down from $52.1 million in Q2 2024 and $61.8 million in Q3 2023. The company achieved positive operating cash flow of $0.8 million and secured a $15 million PIPE investment from Volition Capital. Grove announced its exit from brick & mortar retail to focus on e-commerce, as retail accounts for less than 4% of revenue and has been unprofitable since 2021. The company revised its full-year 2024 revenue guidance to $200-205 million while maintaining Adjusted EBITDA margin guidance of 0.5-1.5%.

Grove Collaborative Holdings (NYSE: GROV) announced it will release its second quarter 2024 financial results on November 12, 2024, after market close. The company will host an investor conference call and webcast at 5:00pm ET / 2:00pm PT the same day. The webcast will be accessible through the company's investor relations website, with a replay available until December 12, 2024. Grove is a sustainable consumer products company and plastic-neutral retailer offering household essentials from over 240 brands.

Grove Collaborative Holdings (NYSE: GROV), the first plastic-neutral retailer and sustainable consumer products company, announced it will release its third quarter 2024 financial results on November 12, 2024, after market close. The company will host an investor conference call and webcast at 5:00pm ET / 2:00pm PT on the same day. The webcast will be accessible at investors.grove.co and will remain available for 6 months. A conference call replay will be available until December 12, 2024.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has announced a partnership pilot with Crescent Hotels & Resorts to launch a Beyond Plastic™ Stay at several U.S. properties. This initiative aims to create a more sustainable hotel experience for eco-conscious travelers and educate them about reducing plastic waste.

The program allows guests to select the Beyond Plastic™ Stay option when booking rooms, starting at a $50 premium. Rooms are equipped with sustainable products from brands like Grove Co., Alpine Provisions, and Seventh Generation, prioritizing refill systems and minimizing single-use plastics. Each guest opting for this stay saves approximately 50 standard-sized water bottles worth of single-use plastic.

To promote the partnership, a nationwide sweepstakes has been launched, offering winners a two-night stay at a participating property, a $1,000 Visa Gift Card, and a $500 Grove credit.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has announced a $15 million investment from Volition Capital, bringing Volition's total investment to $25 million. The investment was led by Larry Cheng, managing partner at Volition and a Grove board member. Grove plans to use at least $10 million to pay off its outstanding term debt facility by November 30, 2024.

After full repayment, Grove's only remaining debt would be $7.5 million under its asset-based loan facility. In connection with the investment, Grove issued Volition 15,000 shares of Series A' Convertible Preferred Stock, initially convertible into 7,760,761 shares of Grove's Class A common stock at $1.9328 per share, a 45% premium to the 30-day trailing VWAP.

Grove CEO Jeff Yurcisin stated that this investment allows the company to become term debt-free, a key step in their turnaround strategy. The company has delivered four consecutive positive-adjusted EBITDA quarters and forecasts sequential revenue growth in Q4 2024.

Grove Collaborative (NYSE: GROV), a leading sustainable consumer products company, has announced a major technology replatforming initiative. The company is partnering with Shopify for e-commerce, Ordergroove for subscriptions, and Tapcart for mobile app support. This transition aims to streamline operations, enhance customer experiences, and drive growth.

Key benefits include improved scalability, flexibility, and analytics through Shopify; enhanced subscriber experiences and extended customer lifetime value via Ordergroove; and more efficient mobile app development with Tapcart. The migration process began in July 2024 and is expected to be completed by Q1 2025.