- Fourth Quarter Adjusted EBITDA of $0.1 million, positive for
the second quarter in a row
- Positive Fourth Quarter Operating Cash Flow of
$1.1M
- Record Net Revenue per Order of $66.83
- Announces Fiscal 2024 Revenue and Adjusted EBITDA
Guidance
Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the
Company”), a leading sustainable consumer products company and
certified B Corporation, today reported fourth quarter and full
year 2023 financial results for the year ended December 31,
2023.
Grove Collaborative’s fourth quarter 2023 financial results
include several milestones for the Company, including its second
consecutive quarter of positive Adjusted EBITDA, positive Operating
Cash Flow, and a new record for Net Revenue per Order. These
results reflect progress in improving bottom-line-results, and set
the Company up to deliver profitable sequential revenue growth in
the second half of 2024.
“I’m incredibly proud of the Grove Collaborative team and their
hard work to deliver positive Adjusted EBITDA for the second
quarter in a row, and Operating Cash Flow in two of the last three
quarters, building momentum for the future as we continue on our
path to being the most trusted brand
for conscientious customers who are making the right choices for
their families and the planet,” said Jeff Yurcisin, Chief Executive
Officer of Grove Collaborative. “This past quarter has been the
start of a critical business transformation as we create incentives
for customers to build the most wallet- and planet-friendly box
possible, and roll out a robust product pipeline prioritizing
sustainability and convenience. We have an unyielding resolve to
drive profitable, sustainable growth and shareholder value by
putting the customer at the center of everything that we do and, as
a result, in the second half of 2024, we expect to deliver
sequential quarterly revenue growth. Moreover, we expect to be
Adjusted EBITDA positive for the full year and expect the momentum
to continue into 2025 where we plan to be growing and profitable
for the entire year.”
Fourth Quarter 2023 Financial
Results
Revenue, Net was $59.9 million, down 3.1% from the third
quarter of 2023, and down 19.2% year-over-year. The sequential and
year-over-year declines were driven by a decrease in Direct to
Consumer (“DTC”)1 orders from lower advertising spend throughout
2022 and 2023, partially offset by an increase in DTC net revenue
per order.
Gross Margin was 54.4%, improving 60 basis points from
the third quarter of 2023 and 740 basis points year-over-year. The
sequential and year-over-year improvements were mostly due to the
sell-through of previously reserved inventory.
Operating Expenses were $40.5 million, increasing 8.5%
from the third quarter of 2023, but down 35.9% compared to the
fourth quarter of 2022. Fourth quarter operating expenses include
$3.3 million of restructuring expenses and an increase of $1.5
million in stock-based compensation charges due to an accounting
true up in the third quarter.
Net Loss Margin was (15.8%), compared to (15.9%) in the
third quarter of 2023 and (17.1%) in the fourth quarter of
2022.
Adjusted EBITDA Margin2 was 0.2%, positive for the second
quarter in a row, down 10 basis points from the third quarter of
2023, but up 1,310 basis points from the fourth quarter of
2022.
The Company ended the fourth quarter of 2023 with $94.9 million
in Cash, Cash equivalents, and Restricted Cash, an increase
of $0.2 million versus the prior quarter, primarily driven by $1.1
million of operating cash flow offset by $0.5 million of capital
expenditures.
__________________
1
Direct to Consumer is defined as our
website and mobile application.
2
Adjusted EBITDA margin is a non-GAAP
financial measure. See “Non-GAAP Financial Measures” for a
description of adjusted EBITDA and a reconciliation of adjusted
EBITDA to net loss in the table at the end of this press
release.
Fourth Quarter
2023 Key Business Highlights:
(in thousands, except DTC Net Revenue
Per Order and percentages)
Three Months Ended December
31,
2023
2022
Financial and Operating Data
Grove Brands % Net Revenue
44
%
46
%
DTC Total Orders
864
1,132
DTC Active Customers
920
1,377
DTC Net Revenue Per Order
$
67
$
63
Grove Brands % of Net Revenue represented 44% of net
revenue in the fourth quarter of 2023, down 30 basis points
quarter-over-quarter and 70 basis points year-over-year. The
sequential and year-over-year declines were largely due to a
decrease in Grove Brand products in existing customer orders as we
continued to expand our third-party product offering, especially
our product selection in the Health and Wellness category, relative
to Grove Brand products.
Direct to Consumer (DTC) Total Orders were 0.9 million,
down 5.8% quarter-over-quarter and 23.7% year-over-year. The
year-over-year and sequential declines were due to lower
advertising spend throughout 2022 and 2023.
DTC Active Customers were 0.9 million, down 9.7%
quarter-over-quarter and 33.2% year-over-year. The year-over-year
and sequential declines were due to lower advertising spend.
DTC Net Revenue Per Order was $66.83 in the fourth
quarter of 2023, another record for Grove, up 2.4%
quarter-over-quarter and 5.4% year-over-year. The year-over-year
improvement was due to a mix shift towards existing customer orders
(as opposed to first orders) and an increase in the average number
of units per order.
Plastic Intensity Score3
Plastic Intensity Across the Entire Grove Business -
including both Grove Brands and third-party products through online
sales and retail partners - was 1.07 pounds of plastic4 per
$100 in net revenue in the fourth quarter of 2023, an improvement
from 1.11 pounds in the third quarter of 2023 and 1.08 pounds in
the fourth quarter of 2022.
Plastic Intensity for Grove Brands Only across online and
retail sales was 1.07 pounds of plastic per $100 in revenue in the
fourth quarter of 2023, an improvement from 1.14 pounds in the
third quarter of 2023, but up from 0.98 pounds in the fourth
quarter of 2022.
- Our Grove Co. 100% Recycled Plastic Trash Bags are the primary
driver of the year-over-year plastic intensity increase for our
Grove Brands. Excluding this product category, Grove Brands plastic
intensity was 0.57 pounds in the fourth quarter of 2023, an
improvement from the third quarter of 2023 of 0.63 pounds but
slightly up from 0.56 pounds in the fourth quarter of 2022. We are
continuing to explore ways to reduce plastic in this category while
providing customers with an effective product experience, but we
see recycled plastic as the current, best available material.
_____________________
3
Grove defines plastic intensity as pounds
of plastic used per $100 in revenue as a way to hold itself
accountable for the pace at which it decouples revenue from the use
of plastic.
4
To calculate plastic intensity, Grove
Collaborative defines "plastic" as any of the following materials
within both products and packaging: plastic resin codes #1-7 (from
the ASTM International Resin Identification Coding System),
inclusive of polyvinyl alcohol (PVA, PVOH, PVAl), silicone,
bioplastics, and any plastic liners, coatings, and resins
Fourth Quarter 2023 Operational
Highlights
Our strategic pillars, which we announced in the third quarter
of 2023 to drive continued success and work towards profitable
growth, are our customer, sustainability, and profitability. We are
excited to share the following related updates for Q4:
- Customer-driven growth: Highlights from the fourth
quarter related to our customer priorities include:
- Changing Our Growth Model: Began implementing a
significant and transformative shift in our business model that
more closely aligns with ecommerce best practices and first order
customer experiences while creating incentives for customers to opt
into a program that allows them to subscribe and save on individual
products. The program is foundational to enabling customers to
receive the most planet- and wallet-friendly box possible.
- Third-Party Category and Selection Expansion: Expanded
our assortment of third-party brands to include selections from
Ancient Nutrition, Compostic, The Honest Company, and WishGardens,
as well as dozens of new products from existing third-party
brands.
- Grove Co. Product Innovation: Launched our Grove Co.
Bottle Wash Power Packs and streamlined our Grove Brands strategy
to consolidate under our flagship Grove Co. brand.
- Health and Wellness Growth: Grew the percentage of
orders containing a wellness product in the fourth quarter of 2023
by more than 75% when compared to the fourth quarter of 2022, and
established a dedicated Health and Wellness Advisory Board of
medical clinicians to guide our continued growth in this
category.
- Improved Customer Experience: Made changes to our
website experience by improving personalized product
recommendations that appear on a customer’s individual
homepage.
- VIP Program Updates: Announced exclusive pricing in our
VIP Shop for themed product assortments and bundles each month,
including discounts up to 40% off for our most loyal
customers.
- Sustainability: Highlights from the fourth quarter
related to our sustainability priorities include:
- 15 Millions Pounds of Plastic Collected: Recovered 15
million pounds of nature- and ocean-bound single-use plastic since
2020 through our plastic neutrality commitment and ongoing
partnership with plastic recovery platforms.
- Beyond Plastic™ Badging5: Launched a digital badging
system on products across our site that meet Grove’s Beyond
Plastic™ standard, including 100% Plastic Free, 95%+ Plastic Free,
and No Single Use Plastic.
- Profitability: Highlights from the fourth quarter
related to our profitability priorities include:
- Ongoing improvement of operating costs: Executed
initiatives, including vendor, partner, and contract negotiations,
to increase our operating leverage and improve profitability. We
also took additional action in the first quarter of 2024 to further
optimize our operating costs and expense structure, including the
reduction of our headquarters lease footprint and optimization of
our fulfillment network footprint.
__________________
5
For each product sold on our website,
Grove Collaborative collects product and packaging data from our
suppliers and/or brand partners to calculate the total plastic
weight and determines what percentage of the product is plastic by
weight. We also evaluate if the product contains durable or
reusable plastic, defined by the Environmental Protection Agency as
lasting 3 years or more, to determine if a product contains no
single-use plastic. This information is then used to determine if
each product meets our Beyond Plastic TM standard and qualifies for
one of our three digital badges: “100% Plastic Free”, “95%+ Plastic
Free” and “No Single Use Plastic.”
Full Year 2023 Financial
Results
Net revenue of $259.3 million, which landed within the
Company’s full-year guidance range, decreased 19.4% year-over-year,
driven by a decrease in DTC orders from a reduction in advertising
spend, offset by an increase in DTC net revenue per order.
Gross margin of 53.0%, up 490 basis points year-over-year
driven by the full year impact of the online order related fees
that we began charging in the fourth quarter of 2022, a decrease in
lower margin first orders, and sell-through of previously reserved
for inventory.
Operating Expenses of $172.6 million, down 41.6%
year-over-year due to lower advertising expenses, product
development expenses, and selling, general and administrative
expenses.
Net loss margin of (16.7%), an improvement of 1,060 basis
points year-over-year.
Adjusted EBITDA margin6 of (3.5%), an improvement of
2,130 basis points year-over-year.
Plastic Intensity of 1.10 pounds of plastic per $100 of
revenue in 2023, a decrease compared to 1.17 pounds in 2022.
_________________
6
Adjusted EBITDA margin is a non-GAAP
financial measure. See “Non-GAAP Financial Measures” for a
description of adjusted EBITDA and a reconciliation of adjusted
EBITDA to net loss in the table at the end of this press
release.
Financial Outlook:
Chief Financial Officer Sergio Cervantes commented, “2023 was a
step-change year for the Company where we made significant strides
towards sustainable profitability, delivering positive Adjusted
EBITDA in the third and fourth quarters, a strong result and a
demonstration of our ability to manage our cost structure and
commitment to the long term health of the business. As we look
forward to 2024, revenue will decline again in the first quarter,
but we expect to deliver sequential revenue growth in the second
half of the year, while also balancing advertising efficiency and
profitability. We believe that the transformational changes during
2023 and early 2024 have set us up well to achieve this
outcome.”
Grove is providing the following guidance:
For the 12-month period ending December 31, 2024, we expect:
- Net revenue of $215 to $225 million, and
- Adjusted EBITDA margin of 0.0% to 1.0%
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 March 6,
2024. 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 201-689-8537. A replay of the call
will be available until March 20, 2024 and can be accessed by
dialing 877-660-6853 or 201-612-7415, access code: 13744474. The
webcast will remain available on the Company’s investor relations
website for 6 months following the webcast.
About Grove Collaborative Holdings,
Inc.
Launched in 2016 as a Certified B Corp, Grove Collaborative
Holdings, Inc. (NYSE: GROV) is transforming consumer products into
a positive force for human and environmental good. Driven by the
belief that sustainability is the only future, Grove creates and
curates more than 200 high-performing eco-friendly brands of
household cleaning, personal care, health and wellness, laundry,
clean beauty, baby, and pet care products serving millions of
households across the United States each year. With a flexible
monthly delivery model and access to knowledgeable Grove Guides,
Grove makes it easy for everyone to build sustainable routines and
Be a Force of Nature.
Every product Grove offers — from its flagship brand of
sustainably powerful home care essentials, Grove Co., to its
exceptional third-party brands — has been thoroughly vetted against
the Grove Feel Good Standard, which guarantees strict ingredients
criteria, 100% plastic neutral orders, carbon neutral shipments,
and the highest quality performance in addition to being certified
cruelty-free and ethically produced. Grove is a public benefit
corporation on a mission to move Beyond Plastic™ and is available
at select retailers nationwide, making sustainable home care
products even more accessible. For more information, visit
www.grove.com.
Caution Concerning 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
about our delivering profitable revenue growth in the second half
of 2024, our expectation that we will be Adjusted EBITDA positive
in 2024 and the momentum will continue in 2025, our plan to be
growing and profitable in 2025, our balancing advertising
efficiency and profitability, changes in 2023 setting us up for
2024, our first quarter 2024 revenue, and our 2024 guidance for Net
revenue and Adjusted EBITDA margin. 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 our current
expectations and beliefs in light of our experience and perception
of historical trends, current conditions and expected future
developments and their potential effects on the Company as well as
other factors we believe are appropriate under the circumstances.
There can be no assurance that future developments affecting the
Company will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond our 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 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; our ability to successfully expand our
business; competition; the uncertain effects of the COVID-19
pandemic; risks relating to inflation and interest rates;
effectiveness of our ecommerce platform and selling efforts; demand
for our products and other brands that we sell and those factors
discussed in documents we have filed, or to be filed, with the U.S.
Securities and Exchange Commission. Should one or more of these
risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
All forward-looking statements in this press release are made as of
the date hereof, based on information available to Grove as of the
date hereof, and Grove assumes no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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 United States generally
accepted accounting principles (“GAAP”). These non-GAAP measures,
and other measures that are calculated using such non-GAAP
measures, are an addition to, and not a substitute for or superior
to, measures of financial performance prepared in accordance with
GAAP and should not be considered as an alternative to revenue,
operating income, profit before tax, net income or any other
performance measures derived in accordance with GAAP. A
reconciliation of historical adjusted EBITDA to Net Income is
provided in the tables at the end of this press release. The
reconciliation of projected adjusted EBITDA and adjusted EBITDA
Margin to the closest corresponding GAAP measure is not available
without unreasonable effort on a forward-looking basis due to the
high variability, complexity, and low visibility with respect to
the charges excluded from these non-GAAP measures, such as the
impact of depreciation and amortization of fixed assets,
amortization of internal use software, the effects of net interest
expense (income), other expense (income), and non-cash stock based
compensation expense. Grove believes these non-GAAP measures of
financial results, including on a forward-looking basis, provide
useful information to management and investors regarding certain
financial and business trends relating to Grove’s financial
condition and results of operations. Grove’s management uses these
non-GAAP measures for trend analyses and for budgeting and planning
purposes. Grove believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating projected operating results and trends in and in
comparing Grove’s financial measures with other similar companies,
many of which present similar non-GAAP financial measures to
investors. Management of Grove does not consider these non-GAAP
measures in isolation or as an alternative to financial measures
determined in accordance with GAAP. There are a number of
limitations related to the use of these non-GAAP measures and their
nearest GAAP equivalents. Other companies may calculate non-GAAP
measures differently, or may use other measures to calculate their
financial performance, and therefore Grove’s non-GAAP measures may
not be directly comparable to similarly titled measures of other
companies.
We calculate Adjusted EBITDA as net income (loss), adjusted to
exclude: stock-based compensation expense; depreciation and
amortization; remeasurement of convertible preferred stock warrant
liability; 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 and severance
related costs; loss on extinguishment of debt; provision for income
taxes and certain litigation and legal settlement expenses. We
define Adjusted EBITDA Margin as Adjusted EBITDA divided by net
revenue. Because Adjusted EBITDA excludes these elements that are
otherwise included in our 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, except share
and per share amounts)
December 31,
2023
2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
86,411
$
81,084
Restricted cash
5,650
11,950
Inventory, net
28,776
44,132
Prepaid expenses and other current
assets
3,359
4,844
Total current assets
124,196
142,010
Restricted cash
2,802
2,951
Property and equipment, net
11,625
14,530
Operating lease right-of-use assets
9,612
12,362
Other long-term assets
2,507
2,192
Total assets
$
150,742
$
174,045
Liabilities, Redeemable Convertible
Preferred Stock and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable
$
8,074
$
10,712
Accrued expenses
16,020
31,354
Deferred revenue
7,154
10,878
Operating lease liabilities, current
3,489
3,705
Other current liabilities
306
249
Debt, current
—
575
Total current liabilities
35,043
57,473
Debt, noncurrent
71,662
60,620
Operating lease liabilities,
noncurrent
14,404
16,192
Derivative liabilities
11,511
13,227
Total liabilities
132,620
147,512
Commitments and contingencies
Redeemable convertible preferred stock
10,000
—
Stockholders’ equity:
Common stock
4
4
Additional paid-in capital
629,208
604,387
Accumulated deficit
(621,090
)
(577,858
)
Total stockholders’ equity
8,122
26,533
Total liabilities, redeemable convertible
preferred stock and stockholders’ equity
$
150,742
$
174,045
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,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
(Unaudited)
Revenue, net
$
59,857
$
74,036
$
259,278
$
321,527
Cost of goods sold
27,295
39,245
121,919
166,875
Gross profit
32,562
34,791
137,359
154,652
Operating expenses:
Advertising
3,900
6,910
21,292
66,269
Product development
4,555
4,576
16,401
22,503
Selling, general and administrative
32,050
51,703
134,929
206,863
Operating loss
(7,943
)
(28,398
)
(35,263
)
(140,983
)
Interest expense
4,159
2,767
16,077
9,685
Loss on extinguishment of debt
—
4,663
—
4,663
Changes in fair value of derivative
liabilities
(1,514
)
(22,383
)
(216
)
(71,532
)
Other expense (income), net
(1,113
)
(781
)
(7,930
)
3,862
Interest and other expense (income),
net
1,532
(15,734
)
7,931
(53,322
)
Loss before provision for income taxes
(9,475
)
(12,664
)
(43,194
)
(87,661
)
Provision for income taxes
10
19
38
54
Net loss
$
(9,485
)
$
(12,683
)
$
(43,232
)
$
(87,715
)
Less: Accretion on redeemable convertible
preferred stock
19
—
(957
)
—
Less: Accumulated dividends on redeemable
convertible preferred stock
(150
)
—
(233
)
—
Net loss attributable to common
stockholders, basic and diluted
$
(9,616
)
$
(12,683
)
$
(44,422
)
$
(87,715
)
Net loss per share attributable to common
stockholders, basic and diluted
$
(0.27
)
$
(0.39
)
$
(1.28
)
$
(4.85
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders, basic and
diluted
35,893,031
32,412,045
34,797,582
18,101,407
Grove Collaborative Holdings,
Inc.
Consolidated Statements of
Cash Flows
(In thousands)
Year Ended December
31,
2023
2022
(Unaudited)
Cash Flows from Operating
Activities
Net loss
$
(43,232
)
$
(87,715
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Remeasurement of convertible preferred
stock warrant liability
—
(1,616
)
Stock-based compensation
15,513
45,660
Depreciation and amortization
5,824
5,716
Changes in fair value of derivative
liabilities
(216
)
(71,532
)
(Reduction of) transaction costs allocated
to derivative liabilities upon Business Combination
(3,745
)
6,873
Non-cash interest expense
3,833
586
Inventory reserve
372
7,036
Loss on extinguishment of debt
—
4,663
Asset impairment charges
2,495
5,300
Other non-cash expenses
135
274
Changes in operating assets and
liabilities:
Inventory
14,984
3,285
Prepaids and other assets
1,672
3,114
Accounts payable
(2,574
)
(10,518
)
Accrued expenses
2,216
(5,004
)
Deferred revenue
(3,724
)
(389
)
Operating lease right-of-use assets and
liabilities
(1,603
)
(130
)
Other liabilities
57
(1,864
)
Net cash used in operating
activities
(7,993
)
(96,261
)
Cash Flows from Investing
Activities
Purchase of property and equipment
(2,985
)
(4,222
)
Net cash used in investing
activities
(2,985
)
(4,222
)
Cash Flows from Financing
Activities
Proceeds from issuance of common stock
upon Closing of Business Combination
—
97,100
Proceeds from the issuance of common
stock
—
4,924
Proceeds from issuance of redeemable
convertible preferred stock, convertible common stock, and common
stock warrants
10,000
27,500
Payment of transaction costs related to
the Closing of the Business Combination, the ELOC Agreement and
convertible preferred stock issuance costs
(4,555
)
(6,558
)
Proceeds from the issuance of debt
7,500
70,820
Payment of debt issuance costs
(925
)
(2,463
)
Repayment of debt
(575
)
(5,180
)
Payment of debt upon extinguishment
—
(66,034
)
Net proceeds (payments) related to
stock-based award activities
(1,589
)
(2,017
)
Net cash provided by financing
activities
9,856
118,092
Net increase (decrease) in cash, cash
equivalents and restricted cash
(1,122
)
17,609
Cash, cash equivalents and restricted cash
at beginning of period
95,985
78,376
Cash, cash equivalents and restricted cash
at end of period
$
94,863
95,985
Grove Collaborative Holdings,
Inc.
Non-GAAP Financial
Measures
(Unaudited)
(In thousands)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
Reconciliation of Net Loss to Adjusted
EBITDA
Net loss
$
(9,485
)
$
(12,683
)
$
(43,232
)
$
(87,715
)
Stock-based compensation
3,572
11,312
15,513
45,660
Depreciation and amortization
1,465
1,425
5,824
5,716
Remeasurement of convertible preferred
stock warrant liability
—
—
—
(1,616
)
Changes in fair value of derivative
liabilities
(1,514
)
(22,383
)
(216
)
(71,532
)
(Reduction of) transaction costs allocated
to derivative liabilities upon Business Combination
—
—
(3,745
)
6,873
Interest income
(1,148
)
(521
)
(3,773
)
(521
)
Interest expense
4,159
2,767
16,077
9,685
Restructuring expenses
3,258
5,887
3,811
8,879
Loss on extinguishment of debt
—
4,663
—
4,663
Provision for income taxes
10
19
38
54
Litigation and legal settlement
expenses
(180
)
—
520
—
Total Adjusted EBITDA
$
137
$
(9,514
)
$
(9,183
)
$
(79,854
)
Net loss margin
(15.8
) %
(17.1
) %
(16.7
) %
(27.3
) %
Adjusted EBITDA margin
0.2
%
(12.9
) %
(3.5
) %
(24.8
) %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240306681855/en/
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Media Relations Contact Ryan.Zimmerman@grove.co
Grafico Azioni Grove Collaborative (NYSE:GROV)
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