Grove Announces Fourth Quarter and Full Year 2024 Financial Results
Grove Collaborative (NYSE: GROV) reported Q4 2024 financial results, marking sequential revenue growth for the first time since Q1 2022. Q4 revenue reached $49.5 million, up from $48.3 million in Q3 2024 but down from $59.9 million in Q4 2023.
Key Q4 metrics include:
- Gross margin of 52.4%
- Net loss of $12.6 million
- Positive operating cash flow of $0.3 million
- 717,000 total DTC orders
- 688,000 active customers
The company completed a $72 million voluntary term debt repayment in Q4 and announced two strategic acquisitions in Q1 2025: Grab Green and 8Greens. For 2025 outlook, Grove expects revenue to be flat to down mid-single digits year-over-year, with Q4 2025 projected to show low-single-digit growth. Adjusted EBITDA is expected to be breakeven to positive low-single digit millions.
Grove Collaborative (NYSE: GROV) ha riportato i risultati finanziari del Q4 2024, segnando una crescita sequenziale dei ricavi per la prima volta dal Q1 2022. I ricavi del Q4 hanno raggiunto 49,5 milioni di dollari, in aumento rispetto ai 48,3 milioni di dollari del Q3 2024, ma in calo rispetto ai 59,9 milioni di dollari del Q4 2023.
I principali indicatori del Q4 includono:
- Margine lordo del 52,4%
- Perdita netta di 12,6 milioni di dollari
- Flusso di cassa operativo positivo di 0,3 milioni di dollari
- 717.000 ordini totali DTC
- 688.000 clienti attivi
L'azienda ha completato un rimborso volontario di debito a termine di 72 milioni di dollari nel Q4 e ha annunciato due acquisizioni strategiche nel Q1 2025: Grab Green e 8Greens. Per le prospettive del 2025, Grove prevede che i ricavi rimarranno stabili o subiranno un calo a una cifra media anno su anno, con il Q4 2025 previsto in crescita a bassa cifra singola. Si prevede che l'EBITDA rettificato sarà in pareggio o positivo a basse cifre singole milioni.
Grove Collaborative (NYSE: GROV) reportó los resultados financieros del Q4 2024, marcando un crecimiento secuencial de ingresos por primera vez desde el Q1 2022. Los ingresos del Q4 alcanzaron 49,5 millones de dólares, un aumento desde los 48,3 millones de dólares en el Q3 2024, pero una disminución desde los 59,9 millones de dólares en el Q4 2023.
Los principales indicadores del Q4 incluyen:
- Margen bruto del 52,4%
- Pérdida neta de 12,6 millones de dólares
- Flujo de caja operativo positivo de 0,3 millones de dólares
- 717,000 pedidos DTC totales
- 688,000 clientes activos
La empresa completó un pago voluntario de deuda a plazo de 72 millones de dólares en el Q4 y anunció dos adquisiciones estratégicas en el Q1 2025: Grab Green y 8Greens. Para las perspectivas de 2025, Grove espera que los ingresos se mantengan estables o disminuyan en cifras medias interanuales, con el Q4 2025 proyectado para mostrar un crecimiento de baja cifra simple. Se espera que el EBITDA ajustado esté en equilibrio o en cifras positivas de baja cifra simple millones.
Grove Collaborative (NYSE: GROV)는 2024년 4분기 재무 결과를 발표하며 2022년 1분기 이후 처음으로 연속 수익 성장을 기록했습니다. 4분기 수익은 4,950만 달러에 달하며, 2024년 3분기의 4,830만 달러에서 증가했지만, 2023년 4분기의 5,990만 달러에서 감소했습니다.
4분기의 주요 지표는 다음과 같습니다:
- 총 마진 52.4%
- 순손실 1,260만 달러
- 운영 현금 흐름 30만 달러의 긍정적
- 총 DTC 주문 717,000건
- 활성 고객 688,000명
회사는 4분기에 7,200만 달러의 자발적 장기 부채 상환을 완료했으며, 2025년 1분기에 Grab Green과 8Greens라는 두 가지 전략적 인수를 발표했습니다. 2025년 전망에 따르면, Grove는 수익이 안정적이거나 연간 중간 단위로 감소할 것으로 예상하며, 2025년 4분기는 저단위 성장세를 보일 것으로 예상합니다. 조정된 EBITDA는 손익 분기점에 도달하거나 낮은 단위의 긍정적인 수치로 예상됩니다.
Grove Collaborative (NYSE: GROV) a annoncé les résultats financiers du Q4 2024, marquant une croissance séquentielle des revenus pour la première fois depuis le Q1 2022. Les revenus du Q4 ont atteint 49,5 millions de dollars, en hausse par rapport à 48,3 millions de dollars au Q3 2024, mais en baisse par rapport à 59,9 millions de dollars au Q4 2023.
Les principaux indicateurs du Q4 comprennent :
- Marche brute de 52,4%
- Perte nette de 12,6 millions de dollars
- Flux de trésorerie opérationnel positif de 0,3 millions de dollars
- 717 000 commandes DTC au total
- 688 000 clients actifs
L'entreprise a complété un remboursement volontaire de dette à terme de 72 millions de dollars au Q4 et a annoncé deux acquisitions stratégiques au Q1 2025 : Grab Green et 8Greens. Pour les prévisions de 2025, Grove s'attend à ce que les revenus restent stables ou diminuent de quelques points de pourcentage d'une année sur l'autre, avec un Q4 2025 prévu pour montrer une croissance à faible chiffre. L'EBITDA ajusté devrait être à l'équilibre ou positif à quelques millions de dollars.
Grove Collaborative (NYSE: GROV) hat die finanziellen Ergebnisse für das Q4 2024 veröffentlicht und damit das erste Mal seit dem Q1 2022 ein sequenzielles Umsatzwachstum verzeichnet. Der Umsatz im Q4 erreichte 49,5 Millionen Dollar, ein Anstieg von 48,3 Millionen Dollar im Q3 2024, jedoch ein Rückgang von 59,9 Millionen Dollar im Q4 2023.
Wichtige Kennzahlen für das Q4 umfassen:
- Bruttomarge von 52,4%
- Nettoverlust von 12,6 Millionen Dollar
- Positiver operativer Cashflow von 0,3 Millionen Dollar
- 717.000 DTC-Bestellungen insgesamt
- 688.000 aktive Kunden
Das Unternehmen hat im Q4 eine freiwillige Rückzahlung von Termindarlehen in Höhe von 72 Millionen Dollar abgeschlossen und zwei strategische Übernahmen im Q1 2025 angekündigt: Grab Green und 8Greens. Für den Ausblick 2025 erwartet Grove, dass die Umsätze stabil bleiben oder im mittleren einstelligen Bereich im Jahresvergleich zurückgehen, wobei für das Q4 2025 ein geringes einstelliges Wachstum prognostiziert wird. Das bereinigte EBITDA wird voraussichtlich ausgeglichen oder positiv im niedrigen einstelligen Millionenbereich sein.
- First sequential revenue growth since Q1 2022
- Third consecutive quarter of positive operating cash flow
- Strategic acquisitions of Grab Green and 8Greens
- Successful $72 million debt reduction
- Positive full-year 2024 Adjusted EBITDA for first time in company history
- Year-over-year revenue decline of 21.5% in 2024
- Q4 net loss of $12.6 million, worse than Q3's $1.3 million loss
- Active customers declined 25.2% year-over-year
- Gross margin declined to 52.4% from 54.4% year-over-year
- Expected flat to negative revenue growth in 2025
Insights
Grove Collaborative's Q4 results present a nuanced picture of a company in transition. The sequential revenue growth of 2.5% ($49.5M vs $48.3M QoQ) marks a critical inflection point – the first sequential increase since Q1 2022. This signals potential stabilization after several quarters of contraction, though annual revenue still declined 17.4% YoY.
The voluntary $72M debt repayment demonstrates prudent balance sheet management, significantly reducing interest expenses going forward. This move, coupled with three consecutive quarters of positive operating cash flow ($0.3M in Q4), creates financial flexibility for strategic initiatives like the 8Greens and Grab Green acquisitions.
However, profitability metrics show mixed results. The Q4 net loss of $12.6M (25.5% margin) worsened substantially from Q3's $1.3M loss, largely due to debt extinguishment costs. Q4 Adjusted EBITDA turned negative at -$1.6M after achieving breakeven in Q3, suggesting operational challenges remain despite cost-cutting efforts.
Inventory reduction of $5.1M in Q4 ($9.4M for full-year) indicates improved operational efficiency and working capital management. The strategic shift away from brick-and-mortar retail toward DTC aligns with Grove's core competencies and should drive margin improvements, but execution risks remain.
The 2025 outlook – expecting sequential improvement but flat to down mid-single digits for the full year – suggests a gradual recovery rather than immediate resurgence. Overall, Grove is showing early signs of stabilization with meaningful financial discipline, but sustainable growth remains a work in progress.
Grove's Q4 results highlight a strategic pivot that's beginning to show traction. The 1.3% quarterly increase in DTC orders – the first growth since early 2022 – suggests Grove's core e-commerce model is regaining momentum despite the 25.2% YoY decline in active customers (688,000 vs 919,000).
The decision to exit brick-and-mortar retail for Grove Co. products represents a significant strategic realignment. Rather than competing in the crowded physical retail environment where sustainable products often command price premiums, Grove is doubling down on its digital-first model where customer education and community-building drive value. This channel rationalization should improve unit economics over time.
The acquisitions of Grab Green and 8Greens reveal an intelligent capital allocation strategy. By acquiring Grab Green – already a top-performing third-party brand on its platform – Grove secures proprietary products with proven demand on its marketplace. The 8Greens acquisition expands Grove's assortment into high-margin wellness products, diversifying beyond cleaning and household essentials.
Grove's inventory management has improved dramatically, with total inventory decreasing to $19.4M, right-sizing for current demand. Meanwhile, the 40.1% Grove Brands percentage of revenue (up 160bps sequentially) demonstrates the company's ability to recapture private label momentum.
The shift to Shopify's platform mentioned in the outlook may create short-term headwinds but should ultimately improve site functionality and reduce technology maintenance costs. While Grove faces continued challenges rebuilding its customer base, its focus on higher-value, sustainability-conscious consumers and operational discipline position it for improved performance as the year progresses.
- Delivers Sequential Revenue Growth and Positive Operating Cash Flow in Fourth Quarter 2024
- Highlights Recent Acquisitions of 8Greens, Grab Green
-
Completes Voluntary
Repayment of Term Debt in Fourth Quarter$72 million - Announces Full Year 2025 Outlook
“Throughout the quarter, we remained focused on driving profitability, strengthening our balance sheet, and accelerating revenue growth, all while supporting our customers’ environmental and human health goals,” said Jeff Yurcisin, Chief Executive Office of Grove Collaborative. “For the first time since the first quarter of 2022, we grew revenue sequentially, while maintaining positive operating cash flow, reinforcing our commitment to capital efficient growth. While sequential revenue growth may not occur every quarter going forward, we see a path to year-over-year net revenue growth in the fourth quarter of 2025, which would be another pivotal moment in our transformation. We’re also excited about our recent acquisitions of Grab Green and 8Greens, which reflects our strategic approach to deploying capital efficiently in acquisition opportunities that we expect will be accretive while also being aligned with our commitment to sustainability, innovation, and human health.
“Reflecting on the past year, 2024 was a pivotal period in our turnaround journey, marked by several critical milestones. We delivered positive Adjusted EBITDA for the full fiscal year, a first in the Company’s history, and positive operating cash flow in the last three quarters. Additionally, we paid off our term debt facility, reduced our inventory by
Fourth Quarter 2024 Financial Results
Revenue was
Gross Margin was
Operating Expenses were
Net Loss was
Adjusted EBITDA was negative
Cash, Cash Equivalents, and Restricted Cash totaled
Operating Cash Flow was
Fourth Quarter 2024 Key Business Highlights:
|
Three months ended |
||||||||||
(in thousands, except DTC Net Revenue Per Order and percentages) |
December 31, 2023 |
|
September 30, 2024 |
|
December 31, 2024 |
||||||
Financial and Operating Data |
|
|
|
|
|
||||||
Grove Brands % Net Revenue |
|
44.8 |
% |
|
|
38.5 |
% |
|
|
40.1 |
% |
DTC Total Orders |
|
864 |
|
|
|
708 |
|
|
|
717 |
|
DTC Active Customers |
|
920 |
|
|
|
710 |
|
|
|
688 |
|
DTC Net Revenue Per Order |
$ |
67 |
|
|
$ |
67 |
|
|
$ |
67 |
|
Grove Brands % of Net Revenue was
Direct to Consumer (DTC) Total Orders totaled 717,000, up
DTC Active Customers – defined as the number of customers that have placed an order in the trailing twelve months ended December 31, 2024 – totaled 688,000, declining
DTC Net Revenue Per Order was
Plastic Intensity1 – measured as pounds of plastic per
Full Year 2024 Financial Results
Revenue totaled
Gross Margin was
Operating Expenses totaled
Net Loss was
Net Loss Margin was (
Adjusted EBITDA was
Adjusted EBITDA Margin2 was
Plastic Intensity1 decreased to 1.05 pounds of plastic per
Acquisitions Update:
As published in separate press releases, in the first quarter of 2025, the Company announced the completion of two strategic acquisitions: Grab Green, a pioneer in eco-friendly, high-performance cleaning products, and 8Greens, a leading brand in the wellness category known for its nutrient-rich effervescent tablets, gummies, and more.
The acquisition of Grab Green reinforces Grove’s mission to make consumer products a force for environmental and human good while strengthening its position as a leader in home cleaning. A third-party vendor on Grove’s platform since 2019, Grab Green has consistently ranked as a top-performing brand in both sales and market share, driven by its beloved laundry and specialty cleaning products. Its product lineup complements Grove’s existing portfolio of sustainable home essentials.
With the purchase of 8Greens, Grove expands into the high-priority wellness category with a first party offering. This acquisition enhances Grove’s ability to provide customers with high-quality wellness solutions while aligning with its broader emphasis on environmental and human health.
2025 Outlook:
Revenue
- First quarter revenue is expected to be the lowest revenue quarter in 2025 and going forward, including the negative revenue impact of the Shopify transition.
- Revenue is expected to improve through the second and third quarters, leading to year-over-year growth in the low-single-digit percentage range in the fourth quarter.
- 2025 revenue is expected to be approximately flat to down mid-single digit percentage year-over-year.
Adjusted EBITDA
- Full-year 2025 Adjusted EBITDA is expected to be breakeven to positive low-single digit millions.
The Revenue and Adjusted EBITDA outlook includes contributions from the Grab Green and 8Greens acquisitions.
The full year 2025 revenue outlook reflects a comparison against 2024, during which the annual run rate exiting the fourth quarter was lower than the first quarter. Additionally, the Company made the strategic decision to exit Grove Co. products from brick-and-mortar retail in 2024, which is expected to be fully wound down in the first half of 2025.
The Company is committed to delivering positive Adjusted EBITDA again in 2025, ensuring growth is both sustainable and profitable.
Webcast and Conference Call Information:
The Company will host an investor conference call and webcast to review these financial results at 5:00pm ET / 2:00pm PT on the same day. The webcast can be accessed at https://investors.grove.co/. The conference call can be accessed by calling 877-413-7205. International callers may dial +1 201-689-8537. A replay of the call will be available until April 11, 2025 and can be accessed by dialing 877-660-6853 or 201-612-7415, access code: 13751976. The webcast will remain available on the Company’s investor relations website for 6 months following the webcast.
_______________ |
1 Grove defines plastic intensity as pounds of plastic used per |
2 Adjusted EBITDA margin is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation of adjusted EBITDA, a non-GAAP financial measure, to net loss in the table at the end of this press release. |
About Grove Collaborative Holdings, Inc.
Grove Collaborative Holdings, Inc. (NYSE: GROV) is the one-stop online destination for everyday essentials that create a healthier home and planet. Explore thousands of thoughtfully vetted products for every room and everyone in your home, including household cleaning, personal care, health and wellness, laundry, clean beauty, kitchen, pantry, kids, baby, pet care, and beyond. Everything Grove sells meets a higher standard — from health to sustainability and performance — so you get a great value without compromising your values. As a B Corp and Public Benefit Corporation, Grove goes beyond selling products: every order is carbon neutral, supports plastic waste cleanup initiatives, and lets you see and track the positive impact of your choices. Shopping with purpose starts at Grove.com.
Forward-Looking Statements
This press release contains "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements regarding, accretiveness of acquisitions, Grove’s trajectory for 2025, first quarter 2025 revenue being the lowest revenue quarter, improvement of revenue through the second and third quarters of 2025, year-over-year growth in the low single digit percentage range in the fourth quarter of 2025, full year 2025 revenue being flat to down in the mid-single digit percentage range year-over-year, and 2025 Adjusted EBITDA being in the breakeven to low-single digit millions range. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements contained in this press release are based on Grove’s current expectations and beliefs in light of the Company’s experience and perception of historical trends, current conditions and expected future developments and their potential effects on the Company as well as other factors believed to be appropriate under the circumstances. There can be no assurance that future developments affecting the Company will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including potential disruptions relating to the implementation of Shopify, changes in business, market, financial, political and legal conditions; legal and regulatory matters and developments; risks relating to the uncertainty of the projected financial information; Grove’s ability to successfully expand their business; competition; risks relating to tariffs, inflation and interest rates; effectiveness of the Company’s ecommerce platform and selling and marketing efforts; demand for Grove products and other brands that it sells and those factors discussed in documents filed, or to be filed, with the
Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as Adjusted EBITDA and Adjusted EBITDA margin, have not been prepared in accordance with
Grove calculates Adjusted EBITDA as net loss, adjusted to exclude: stock-based compensation expense; depreciation and amortization; changes in fair values of derivative liabilities; transaction costs allocated to derivative liabilities upon closing of the transaction where we became a publicly traded company; interest income; interest expense; restructuring costs; loss on extinguishment of debt; provision for income taxes and certain litigation and legal settlement expenses that we do not consider representative of our underlying operations. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by net revenue. Because Adjusted EBITDA excludes these elements that are otherwise included in the Company’s GAAP financial results, this measure has limitations when compared to net loss determined in accordance with GAAP. Further, Adjusted EBITDA is not necessarily comparable to similarly titled measures used by other companies. For these reasons, investors should not consider Adjusted EBITDA in isolation from, or as a substitute for, net loss determined in accordance with GAAP.
Grove Collaborative Holdings, Inc. Consolidated Balance Sheets |
|||||||
(In thousands) |
|||||||
|
December 31, 2024 |
|
December 31, 2023 |
||||
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
19,627 |
|
|
$ |
86,411 |
|
Restricted cash |
|
3,675 |
|
|
|
5,650 |
|
Inventory |
|
19,351 |
|
|
|
28,776 |
|
Prepaid expenses and other current assets |
|
2,288 |
|
|
|
3,359 |
|
Total current assets |
|
44,941 |
|
|
|
124,196 |
|
Restricted cash |
|
1,002 |
|
|
|
2,802 |
|
Property and equipment, net |
|
3,677 |
|
|
|
11,625 |
|
Operating lease right-of-use assets |
|
12,532 |
|
|
|
9,612 |
|
Other long-term assets |
|
2,858 |
|
|
|
2,507 |
|
Total assets |
$ |
65,010 |
|
|
$ |
150,742 |
|
Liabilities and Stockholders’ Equity (Deficit) |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
6,800 |
|
|
$ |
8,074 |
|
Accrued expenses |
|
11,546 |
|
|
|
16,020 |
|
Deferred revenue |
|
6,340 |
|
|
|
7,154 |
|
Operating lease liabilities, current |
|
1,636 |
|
|
|
3,489 |
|
Other current liabilities |
|
742 |
|
|
|
306 |
|
Total current liabilities |
|
27,064 |
|
|
|
35,043 |
|
Debt, noncurrent |
|
7,500 |
|
|
|
71,662 |
|
Operating lease liabilities, noncurrent |
|
12,949 |
|
|
|
14,404 |
|
Derivative liabilities |
|
1,274 |
|
|
|
11,511 |
|
Total liabilities |
|
48,787 |
|
|
|
132,620 |
|
|
|
|
|
||||
Redeemable convertible preferred stock |
|
24,772 |
|
|
|
10,000 |
|
|
|
|
|
||||
Stockholders’ equity (deficit): |
|
|
|
||||
Common stock |
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
639,960 |
|
|
|
629,208 |
|
Accumulated deficit |
|
(648,513 |
) |
|
|
(621,090 |
) |
Total stockholders’ equity (deficit) |
|
(8,549 |
) |
|
|
8,122 |
|
Total liabilities, redeemable convertible preferred stock and stockholders’ equity |
$ |
65,010 |
|
|
$ |
150,742 |
|
Grove Collaborative Holdings, Inc. Consolidated Statements of Operations |
|||||||||||||||
(In thousands, except share and per share amounts) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||
Revenue, net |
$ |
49,501 |
|
|
$ |
59,857 |
|
|
$ |
203,425 |
|
|
$ |
259,278 |
|
Cost of goods sold |
|
23,558 |
|
|
|
27,295 |
|
|
|
94,077 |
|
|
|
121,919 |
|
Gross profit |
|
25,943 |
|
|
|
32,562 |
|
|
|
109,348 |
|
|
|
137,359 |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Advertising |
|
2,953 |
|
|
|
3,900 |
|
|
|
10,265 |
|
|
|
21,292 |
|
Product development |
|
4,592 |
|
|
|
4,555 |
|
|
|
18,456 |
|
|
|
16,401 |
|
Selling, general and administrative |
|
26,730 |
|
|
|
32,050 |
|
|
|
103,174 |
|
|
|
134,929 |
|
Operating loss |
|
(8,332 |
) |
|
|
(7,943 |
) |
|
|
(22,547 |
) |
|
|
(35,263 |
) |
|
|
|
|
|
|
|
|
||||||||
Non-operating expenses: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
1,589 |
|
|
|
4,159 |
|
|
|
12,777 |
|
|
|
16,077 |
|
Loss on extinguishment of debt |
|
5,004 |
|
|
|
— |
|
|
|
5,004 |
|
|
|
— |
|
Changes in fair value of derivative liabilities |
|
(1,869 |
) |
|
|
(1,514 |
) |
|
|
(9,888 |
) |
|
|
(216 |
) |
Other income, net |
|
(430 |
) |
|
|
(1,113 |
) |
|
|
(3,057 |
) |
|
|
(7,930 |
) |
Total non-operating expenses, net |
|
4,294 |
|
|
|
1,532 |
|
|
|
4,836 |
|
|
|
7,931 |
|
Loss before provision for income taxes |
|
(12,626 |
) |
|
|
(9,475 |
) |
|
|
(27,383 |
) |
|
|
(43,194 |
) |
Provision for income taxes |
|
9 |
|
|
|
10 |
|
|
|
40 |
|
|
|
38 |
|
Net loss |
$ |
(12,635 |
) |
|
$ |
(9,485 |
) |
|
$ |
(27,423 |
) |
|
$ |
(43,232 |
) |
Less: Accretion on Series A Preferred Stock |
|
— |
|
|
|
19 |
|
|
|
— |
|
|
|
(957 |
) |
Less: Accumulated dividends on redeemable convertible preferred stock |
|
(375 |
) |
|
|
(150 |
) |
|
|
(849 |
) |
|
|
(233 |
) |
Net loss attributable to common stockholders, basic and diluted |
$ |
(13,010 |
) |
|
$ |
(9,616 |
) |
|
$ |
(28,272 |
) |
|
$ |
(44,422 |
) |
Net loss per share attributable to common stockholders, basic and diluted |
$ |
(0.34 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.76 |
) |
|
$ |
(1.28 |
) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
37,751,421 |
|
|
|
35,893,031 |
|
|
|
37,040,375 |
|
|
|
34,797,582 |
|
|
|
|
|
|
|
|
|
||||||||
Grove Collaborative Holdings, Inc. Consolidated Statements of Cash Flows |
|||||||
(In thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
2024 |
|
2023 |
||||
|
(Unaudited) |
|
|
||||
Cash Flows from Operating Activities |
|
|
|
||||
Net loss |
$ |
(27,423 |
) |
|
$ |
(43,232 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Gain on partial termination of lease |
|
(3,139 |
) |
|
|
— |
|
Stock-based compensation |
|
11,995 |
|
|
|
15,513 |
|
Depreciation and amortization |
|
9,821 |
|
|
|
5,824 |
|
Changes in fair value of derivative liabilities |
|
(9,888 |
) |
|
|
(216 |
) |
Reduction of transaction costs allocated to derivative liabilities upon Business Combination |
|
— |
|
|
|
(3,745 |
) |
Non-cash interest expense |
|
3,380 |
|
|
|
3,833 |
|
Asset impairment charges |
|
1,260 |
|
|
|
2,495 |
|
Inventory reserve |
|
(3,061 |
) |
|
|
372 |
|
Loss on extinguishment of debt |
|
5,004 |
|
|
|
— |
|
Other non-cash expenses (income) |
|
(140 |
) |
|
|
135 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Inventory |
|
12,486 |
|
|
|
14,984 |
|
Prepaids and other assets |
|
569 |
|
|
|
1,672 |
|
Accounts payable |
|
(1,274 |
) |
|
|
(2,574 |
) |
Accrued expenses |
|
(4,612 |
) |
|
|
2,216 |
|
Deferred revenue |
|
(814 |
) |
|
|
(3,724 |
) |
Operating lease right-of-use assets and liabilities |
|
(4,349 |
) |
|
|
(1,603 |
) |
Other liabilities |
|
436 |
|
|
|
57 |
|
Net cash used in operating activities |
|
(9,749 |
) |
|
|
(7,993 |
) |
|
|
|
|
||||
Cash Flows from Investing Activities |
|
|
|
||||
Proceeds from sale of property and equipment |
|
136 |
|
|
|
— |
|
Purchase of property and equipment |
|
(1,757 |
) |
|
|
(2,985 |
) |
Net cash used in investing activities |
|
(1,621 |
) |
|
|
(2,985 |
) |
|
|
|
|
||||
Cash Flows from Financing Activities |
|
|
|
||||
Proceeds from the issuance of debt |
|
— |
|
|
|
7,500 |
|
Payment of debt issuance costs |
|
(301 |
) |
|
|
(925 |
) |
Repayment of debt and Structural Derivative Liability |
|
(72,348 |
) |
|
|
(575 |
) |
Payment of costs to extinguish debt |
|
(24 |
) |
|
|
— |
|
Proceeds from issuance of redeemable convertible preferred stock, convertible common stock, and common stock warrants |
|
15,000 |
|
|
|
10,000 |
|
Payment of transaction costs related to Business Combination, redeemable convertible preferred stock and settlement of HGI Additional Shares liability |
|
(513 |
) |
|
|
(4,555 |
) |
Payments related to stock-based award activities, net |
|
(1,366 |
) |
|
|
(2,071 |
) |
Proceeds from issuance under employee stock purchase plan |
|
363 |
|
|
|
482 |
|
Net cash provided by (used in) financing activities |
|
(59,189 |
) |
|
|
9,856 |
|
|
|
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(70,559 |
) |
|
|
(1,122 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
94,863 |
|
|
|
95,985 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
24,304 |
|
|
$ |
94,863 |
|
Grove Collaborative Holdings, Inc. Non-GAAP Financial Measures (Unaudited) |
|||||||||||||||
(In thousands, except percentages) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Reconciliation of Net Loss to Adjusted EBITDA |
|
|
|
|
|
||||||||||
Net loss |
$ |
(12,635 |
) |
|
$ |
(9,485 |
) |
|
$ |
(27,423 |
) |
|
$ |
(43,232 |
) |
Stock-based compensation |
|
2,727 |
|
|
|
3,572 |
|
|
|
11,995 |
|
|
|
15,513 |
|
Depreciation and amortization |
|
2,420 |
|
|
|
1,465 |
|
|
|
9,821 |
|
|
|
5,824 |
|
Changes in fair value of derivative liabilities |
|
(1,869 |
) |
|
|
(1,514 |
) |
|
|
(9,888 |
) |
|
|
(216 |
) |
Reduction of transaction costs allocated to derivative liabilities upon Business Combination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,745 |
) |
Interest income |
|
(429 |
) |
|
|
(1,148 |
) |
|
|
(3,057 |
) |
|
|
(3,773 |
) |
Interest expense |
|
1,589 |
|
|
|
4,159 |
|
|
|
12,777 |
|
|
|
16,077 |
|
Restructuring expenses |
|
1,566 |
|
|
|
3,258 |
|
|
|
2,032 |
|
|
|
3,811 |
|
Loss on extinguishment of debt |
|
5,004 |
|
|
|
— |
|
|
|
5,004 |
|
|
|
— |
|
Provision for income taxes |
|
9 |
|
|
|
10 |
|
|
|
40 |
|
|
|
38 |
|
Litigation and legal settlement expenses |
|
— |
|
|
|
(180 |
) |
|
|
— |
|
|
|
520 |
|
Total Adjusted EBITDA |
$ |
(1,618 |
) |
|
$ |
137 |
|
|
$ |
1,301 |
|
|
$ |
(9,183 |
) |
Net loss margin |
|
(25.5 |
)% |
|
|
(15.8 |
)% |
|
|
(13.5 |
)% |
|
|
(16.7 |
)% |
Adjusted EBITDA margin |
|
(3.3 |
)% |
|
|
0.2 |
% |
|
|
0.6 |
% |
|
|
(3.5 |
)% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311092594/en/
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Source: Grove Collaborative Holdings, Inc.