Welcome to our dedicated page for Grove Collaborative Holdings news (Ticker: GROV), a resource for investors and traders seeking the latest updates and insights on Grove Collaborative Holdings stock.
Grove Collaborative Holdings, Inc. (GROV) is a leading innovator in the consumer products sector, specializing in eco-friendly and sustainable goods. The company provides a broad range of household, personal care, and pet products that are carefully curated to meet the highest standards of environmental responsibility. Grove Collaborative is committed to helping consumers transition to a more sustainable lifestyle by offering products that are both effective and planet-friendly.
The company’s core offerings include cleaning accessories, home and pantry essentials, personal care products, and pet supplements. Each product is crafted with natural ingredients, free from harmful chemicals, aiming to reduce the environmental footprint of everyday living. Grove Collaborative’s recent achievements include partnerships with renowned eco-conscious brands and the launch of several new product lines that have received positive consumer feedback.
Financially, Grove Collaborative is focused on sustainable growth, leveraging its strong online presence and subscription model to build a loyal customer base. The company continuously invests in product innovation and sustainable practices, ensuring that its offerings remain at the forefront of the industry.
Grove Collaborative’s mission is to make sustainable living accessible to everyone. With a robust online platform, the company provides an easy and convenient way for customers to discover and purchase eco-friendly products. The company’s commitment to transparency and quality has earned it a trusted reputation among consumers who prioritize sustainability.
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.
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.
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