Grove Collaborative Holdings, Inc. - GROV STOCK NEWS

Grove Collaborative Holdings, Inc. (NYSE: GROV) reported its fiscal year results and strategic updates aimed at achieving profitability in 2024. The Company implemented a four-pronged value creation plan, reducing net losses by $77.7 million in H2 2022 compared to H1 2022. Key highlights include a net revenue of $321.5 million, a 16% decline year-over-year, and a gross margin of 48.1%. The Company has secured a $35 million asset-based loan facility to support growth initiatives. For fiscal 2023, Grove expects net revenue between $260 and $270 million, with an adjusted EBITDA margin of (9)% to (11)%. The firm aims to stabilize its business while exploring new growth avenues in health and wellness.

Grove Collaborative Holdings, Inc. (NYSE: GROV) plans to release its fiscal fourth quarter and full year 2022 financial results on Tuesday, March 14, 2023, after market close. An investor conference call will follow at 5:00 PM ET to discuss these results. The call can be accessed via phone or the company's investor relations website, with a replay available until March 28, 2023. As a certified B Corp, Grove specializes in sustainable consumer products, offering over 150 eco-friendly brands across various categories, including cleaning, personal care, and pet care.

Grove Collaborative Holdings (NYSE: GROV) has launched the Fresh Horizons Limited Edition Collection in collaboration with Drew Barrymore. This sustainable home care collection features 15 products, priced between $5.49 and $14.99, designed to promote sustainability and eco-friendliness. The collection includes items like hand soaps, dish soaps, and multi-purpose cleaners, all made without single-use plastics. Available on Grove.com and at select retailers, the collection aims to inspire consumers to reduce plastic usage in their daily lives.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has launched its Grove Co. brand on Amazon and select Walmart stores, expanding its retail footprint significantly. The company reported over $1 million in sales for its Peach not Plastic and Superbloom brands on Amazon. Starting this month, Grove Co.'s sustainable household essentials, including gel hand soaps and multi-purpose cleaner concentrates, will be available on both platforms. Grove's retail presence now spans over 5,000 stores, enhancing its omni-channel strategy as it aims to meet consumer demand for sustainable products.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has secured a $72 million term loan to improve its liquidity for the next two years. The funds will be used for refinancing existing debt and supporting ongoing operations as the company aims for profitability by 2024. The loan features an interest rate of 15% or prime plus 7.5%, with repayments starting in July 2025 and maturing in December 2026. Notably, Grove has partnered with Structural Capital and Avenue Sustainable Solutions Fund to enhance its capital structure.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has received notification from the NYSE regarding non-compliance with the minimum average share price requirement of $1.00. The Company has a six-month period to regain compliance, during which its shares will continue to trade but will carry a '.BC' designation. The Notice does not affect ongoing business operations or reporting obligations. Grove is committed to sustainable practices and aims to be 100% plastic-free by 2025.

Grove Collaborative Holdings (NYSE: GROV) announced its participation in the Morgan Stanley Global Consumer & Retail Conference on December 7, 2022, where it will host a fireside chat at 1:45 p.m. ET. The event will be accessible via webcast on the Company’s Investor Relations website. Grove, a Certified B Corp, focuses on sustainable consumer products, offering over 150 eco-friendly brands across personal care, cleaning, and pet care categories. The company aims to be 100% plastic-free by 2025 and has recently entered physical retail through Target stores.

Grove Collaborative Holdings, Inc. (NYSE: GROV) has announced a strategic partnership with HumanCo Investments, aiming to identify potential merger and acquisition opportunities. HumanCo intends to invest up to $100 million in this initiative. Grove's CEO, Stuart Landesberg, emphasized the importance of this partnership in enhancing shareholder value through strategic transactions. Both companies aim to increase access to sustainable consumer products and improve market efficiencies. The partnership also involves HumanCo becoming an investor through a PIPE transaction and warrants for Grove's Class A Common Stock.

Grove Collaborative Holdings, Inc. (NYSE: GROV) reported Q3 2022 results, featuring net revenue of $77.7 million, down 2% sequentially and 18% year-over-year. Gross margin was 49.1%. Notably, adjusted EBITDA margin improved to (12.4)% from (26.6)% in Q2 2022. The company raised its FY 2022 net revenue guidance to between $313 million and $320 million, up from $302.5 to $312.5 million. CEO Stuart Landesberg highlighted enhancements in retail distribution and operational efficiencies, while remaining cautious about inflation and market volatility in 2023.