Grove Collaborative Holdings, Inc. - GROV STOCK NEWS

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.

Grove Collaborative Holdings (NYSE: GROV) reported Q2 2024 financial results, highlighting progress in profitability and balance sheet strength. Key points include:

- Revenue of $52.1 million, down 2.7% QoQ and 21.2% YoY
- Gross Margin of 53.9%, up 200 bps YoY
- Net Loss of $10.1 million, compared to $3.4 million in Q1 2024
- Positive Adjusted EBITDA of $1.1 million, marking the fourth consecutive profitable quarter
- Positive cash flow of $1.0 million
- Completed a $42 million term debt paydown post-quarter

The company revised its FY2024 guidance, projecting net revenue of $205-$215 million and an increased Adjusted EBITDA margin of 0.5% to 1.5%.

Grove Collaborative Holdings, Inc. (NYSE: GROV), the world's first plastic-neutral retailer and a leading sustainable consumer products company, will report its second quarter 2024 financial results on August 8, 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. Investors can access the webcast at https://investors.grove.co/ or join the conference call by dialing 877-413-7205 (201-689-8537 for international callers).

Grove, launched in 2016 as a Certified B Corp, offers over 210 eco-friendly brands across various household and personal care categories. The company's mission is to transform consumer products into a positive force for human and environmental good, adhering to strict sustainability standards including 100% plastic neutral orders and carbon neutral shipments.

Grove Collaborative (NYSE: GROV), the world’s first plastic-neutral retailer, has updated its sustainability goals, recommitting to its Plastic Free by 2025 initiative. Starting today, the company aims to prevent 15 million pounds of single-use plastic waste by 2030, equivalent to approximately 495 million standard water bottles. To support this goal, Grove has launched the Beyond Plastic™ Impact Tracker, an innovative tool that shows customers their personalized plastic savings per order and over their lifetime as a customer.

Since 2020, Grove has avoided 7.8 million pounds of plastic and recovered over 16 million pounds through its plastic neutrality commitment with rePurpose Global. Despite progress, Grove acknowledges it won't achieve its 100% plastic-free goal by 2025 but remains committed to substantial reduction efforts. The company has already certified one-third of its products as 95%+ plastic-free and continues to drive consumer behavior toward sustainable choices.

Grove Collaborative (NYSE: GROV), a leading sustainable consumer products company, announced its B recertification and released its 2023-2024 Sustainability Report. Grove earned a score of 100.9 points, maintaining its certification for over ten years, a milestone achieved by only 5% of B Corps. The report highlights progress in reducing single-use plastics, with 2.4 million pounds recovered in 2023, and improvements in product sustainability. Significant initiatives include partnerships for forest conservation, carbon neutrality in operations, and increased representation of BIPOC-owned brands. Grove aims to inspire sustainable practices industry-wide.

Grove Collaborative Holdings (NYSE: GROV) announced its Q1 2024 financial results, reporting a positive Adjusted EBITDA of $1.9 million with a margin of 3.5%. The company saw a revenue decline to $53.5 million, down 10.5% sequentially and 25.2% year-over-year, primarily due to reduced Direct to Consumer (DTC) orders and lower advertising spend. Net loss reduced to $3.4 million compared to $9.5 million in the previous quarter. Operating expenses decreased by 25.3% sequentially and 40.5% year-over-year. Cash reserves are at $81.6 million, a decrease driven by lease modifications and incentive payouts.

Key highlights include a rebrand of Grove Co., launch of new products, and significant savings from headquarters lease restructuring. The company maintains its 2024 guidance for revenue between $215-$225 million and an Adjusted EBITDA margin of 0.0% to 1.0%.