----------- ----------
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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