-----------       ---------- 
      Total current liabilities                 39,586           35,043 
Debt, noncurrent                                22,166           71,662 
Operating lease liabilities, 
 noncurrent                                     13,588           14,404 
Derivative liabilities                           3,491           11,511 
                                           -----------       ---------- 
      Total liabilities                         78,831          132,620 
                                           -----------       ---------- 
 
Redeemable convertible preferred 
 stock, $0.0001 par value                       24,842           10,000 
 
Stockholders' equity: 
Common stock, $0.0001 par value                      4                4 
Additional paid-in capital                     637,394          629,208 
Accumulated deficit                           (635,878)        (621,090) 
                                           -----------       ---------- 
      Total stockholders' equity                 1,520            8,122 
                                           -----------       ---------- 
Total liabilities, redeemable 
 convertible preferred stock and 
 stockholders' equity                   $      105,193    $     150,742 
                                           ===========       ========== 
 
 
 
 
                      Grove Collaborative Holdings, Inc. 
                    Consolidated Statements of Operations 
                                 (Unaudited) 
              (In thousands, except share and per share amounts) 
 
                         Three Months Ended            Nine Months Ended 
                             September 30,                September 30, 
                      --------------------------  ---------------------------- 
                          2024          2023          2024          2023 
                       ----------    ----------    ----------    ---------- 
Revenue, net          $    48,280   $    61,750   $   153,924   $   199,421 
Cost of goods sold         22,678        28,516        70,519        94,624 
                       ----------    ----------    ----------    ---------- 
      Gross profit         25,602        33,234        83,405       104,797 
                       ----------    ----------    ----------    ---------- 
 
Operating expenses: 
   Advertising              2,820         4,062         7,312        17,392 
   Product 
    development             4,802         3,578        13,864        11,846 
   Selling, general 
    and 
    administrative         24,726        29,699        76,444       102,879 
                       ----------    ----------    ----------    ---------- 
Operating loss             (6,746)       (4,105)      (14,215)      (27,320) 
 
Non-operating 
expenses (income): 
   Interest expense         2,942         4,145        11,188        11,918 
   Changes in fair 
    value of 
    derivative 
    liabilities            (7,813)        2,733        (8,019)        1,298 
   Other income, net         (550)       (1,179)       (2,627)       (6,817) 
                       ----------    ----------    ----------    ---------- 
      Total 
       non-operating 
       expenses 
       (income), 
       net                 (5,421)        5,699           542         6,399 
                       ----------    ----------    ----------    ---------- 
Loss before 
 provision for 
 income taxes              (1,325)       (9,804)      (14,757)      (33,719) 
Provision for income 
 taxes                         11             7            31            28 
                       ----------    ----------    ----------    ---------- 
Net loss              $    (1,336)  $    (9,811)  $   (14,788)  $   (33,747) 
                       ==========    ==========    ==========    ========== 
Less: Accretion on 
 Series A preferred 
 stock                         --          (976)           --          (976) 
Less: Accumulated 
 dividends on 
 convertible 
 preferred stock             (174)          (82)         (474)          (82) 
                       ----------    ----------    ----------    ---------- 
Net loss 
 attributable to 
 common 
 stockholders, basic 
 and diluted          $    (1,510)  $   (10,869)  $   (15,262)  $   (34,805) 
                       ==========    ==========    ==========    ========== 
Net loss per share 
 attributable to 
 common 
 stockholders, basic 
 and diluted          $     (0.04)  $     (0.31)  $     (0.41)  $     (1.01) 
Weighted-average 
 shares used in 
 computing net loss 
 per share 
 attributable to 
 common 
 stockholders, basic 
 and diluted           37,343,930    35,253,756    36,798,814    34,433,760 
                       ==========    ==========    ==========    ========== 
 
 
 
 
                    Grove Collaborative Holdings, Inc. 
                  Consolidated Statements of Cash Flows 
                               (Unaudited) 
                              (In thousands) 
 
                                       Nine Months Ended September 30, 
                                   --------------------------------------- 
                                           2024                2023 
                                       -------------       ------------ 
Cash Flows from Operating 
Activities 
Net loss                            $        (14,788)     $     (33,747) 
Adjustments to reconcile net loss 
to net cash used in operating 
activities: 
   Gain on lease modification                 (3,139)                -- 
   Stock-based compensation 
    expense                                    9,268             11,941 
   Depreciation and amortization               7,401              4,359 
   Changes in fair value of 
    derivative liabilities                    (8,019)             1,298 
   Reduction of transaction costs 
    allocated to derivative 
    liabilities upon Business 
    Combination                                   --             (3,745) 
   Non-cash interest expense                   2,811              2,872 
   Asset impairment charges                      700                 -- 
   Inventory reserve                          (1,883)             1,123 
   Other non-cash expenses 
    (income)                                    (133)                99 
   Changes in operating assets 
   and liabilities: 
      Inventory                                6,113             10,297 
      Prepaids and other assets                  340               (574) 
      Accounts payable                         1,318             (1,846) 
      Accrued expenses                        (5,040)             2,469 
      Deferred revenue                          (384)            (3,133) 
      Operating lease 
       right-of-use assets and 
       liabilities                            (4,671)              (752) 
      Other liabilities                           87                237 
                                       -------------       ------------ 
         Net cash used in 
          operating activities               (10,019)            (9,102) 
                                       -------------       ------------ 
 
Cash Flows from Investing 
Activities 
   Proceeds from sale of property 
   and equipment                                  93                 -- 
   Purchase of property and 
    equipment                                 (1,392)            (2,383) 
                                       -------------       ------------ 
         Net cash used in 
          investing activities                (1,299)            (2,383) 
                                       -------------       ------------ 
 
Cash Flows from Financing 
Activities 
   Proceeds from issuance of debt                 --              7,500 
   Payment of debt issuance costs               (114)              (925) 
   Repayment of debt                         (42,000)              $(575.SI)$ 
   Proceeds from issuance of 
    redeemable convertible 
    preferred stock                           15,000             10,000 
   Payment of transaction costs 
    related to Business 
    Combination, Preferred Stock 
    and settlement of Additional 
    Shares liability                              --             (4,295) 
   Payments related to 
    stock-based award activities, 
    net                                       (1,077)            (1,672) 
   Proceeds from issuance under 
    employee stock purchase plan                 235                213 
                                       -------------       ------------ 
         Net cash (used in) 
          provided by financing 
          activities                         (27,956)            10,246 
                                       -------------       ------------ 
 
Net decrease in cash, cash 
 equivalents and restricted cash             (39,274)            (1,239) 
Cash, cash equivalents and 
 restricted cash at beginning of 
 period                                       94,863             95,985 
                                       -------------       ------------ 
Cash, cash equivalents and 
 restricted cash at end of 
 period                             $         55,589      $      94,746 
                                       =============       ============ 
 
 
 
 
                 Grove Collaborative Holdings, Inc. 
                     Non-GAAP Financial Measures 
                             (Unaudited) 
                  (In thousands, except percentages) 
 
                   Three Months Ended          Nine Months Ended 
                       September 30,              September 30, 
                 ------------------------  -------------------------- 
                   2024         2023         2024          2023 
                  ------       ------       -------       ------- 
 
Reconciliation 
of Net Loss to 
Adjusted 
EBITDA 
Net loss         $(1,336)     $(9,811)     $(14,788)     $(33,747) 
Stock-based 
 compensation      2,758        2,100         9,268        11,941 
Depreciation 
 and 

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