Grove Collaborative Holdings Inc

For the period ended Dec 31, 2023. Filed Mar 20, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 20, 2024

GROV$1.10+0.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Operations

Statements of Operations

(In thousands, except share and per share amounts)

	Year ended December 31,
	2023	2022	2021
Revenue, net	$259,278	$321,527	$383,685
Cost of goods sold	121,919	166,875	195,181
Gross profit	137,359	154,652	188,504
Operating expenses:
Advertising	21,292	66,269	107,313
Product development	16,401	22,503	23,408
Selling, general and administrative	134,929	206,863	186,638
Operating loss	(35,263)	(140,983)	(128,855)
Non-operating expenses:
Interest expense	16,077	9,685	5,202
Loss on extinguishment of debt	—	4,663	1,027
Changes in fair value of derivative liabilities	(216)	(71,532)	—
Other expense (income), net	(7,930)	3,862	760
Total non-operating expenses (income), net	7,931	(53,322)	6,989
Loss before provision for income taxes	(43,194)	(87,661)	(135,844)
Provision for income taxes	38	54	52
Net loss	$(43,232)	$(87,715)	$(135,896)
Less: Accretion on redeemable convertible preferred stock	(957)	—	—
Less: Accumulated dividends on redeemable convertible preferred stock	(233)	—	—
Net loss attributable to common stockholders, basic and diluted	$(44,422)	$(87,715)	$(135,896)
Net loss per share attributable to common stockholders, basic and diluted	$(1.28)	$(4.85)	$(79.28)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	34,797,582	18,101,407	1,714,230

Consolidated Statements of Convertible Preferred Stock, Contingently Redeemable Convertible Common Stock,

and Stockholders’Equity (Deficit)

Convertible Preferred Stock (1) · Contingently Redeemable Convertible Common Stock (1) · Common Stock (1) · AdditionalPaid-InCapital · AccumulatedDeficit · TotalStockholders’ Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Balances at December 31, 2020	114,795	$487,918	—	$—	8,468	$—	$14,606	$(354,247)	$(339,641)
Recapitalization	(91,836)	—	—	—	(6,774)	—	—	—	—
Balances at December 31, 2020	22,959	487,918	—	—	1,694	—	14,606	(354,247)	(339,641)
Issuance of common stock for services	—	—	—	—	2	—	49	—	49
Issuance of common stock warrants	—	—	—	—	—	—	1,622	—	1,622
Issuance of common stock upon exercise of stock options	—	—	—	—	152	—	1,051	—	1,051
Issuance of common stock upon exercise of warrants	—	—	—	—	57	—	150	—	150
Vesting of early exercise of options	—	—	—	—	—	—	1,577	—	1,577
Repurchase of early exercised options	—	—	—	—	(31)	—	—	—	—
Stock-based compensation	—	—	—	—	—	—	14,809	—	14,809
Net loss	—	—	—	—	—	—	—	(135,896)	(135,896)
Balances at December 31, 2021	22,959	$487,918	—	$—	1,874	$—	$33,864	$(490,143)	$(456,279)
Issuance of preferred stock and common stock upon exercise of warrants	34	989	—	—	41	—	24	—	24
Issuance of convertible common stock	—	—	550	27,473	—	—	—	—	—
Conversion of preferred stock warrant liability to common stock warrants	—	—	—	—	—	—	2,182	—	2,182
Convertible preferred stock and contingently redeemable common stock conversion	(22,993)	(488,907)	(550)	(27,473)	23,640	2	516,378	—	516,380
Issuance of common stock in connection with Business Combination, net of $17.5 million in transaction costs	—	—	—	—	4,184	1	79,552	—	79,553

(1) The shares of the Company’s common, convertible preferred stock and contingently redeemable convertible common stock prior to the Closing of the Business Combination (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 1.1760 established in the Merger Agreement as described in Note 3.

Consolidated Statements of Convertible Preferred Stock, Contingently Redeemable Convertible Common Stock,

and Stockholders’ Equity (Deficit) - Continued

(in thousands)

Convertible Preferred Stock (1) · Contingently Redeemable Convertible Common Stock (1) · Common Stock (1) · AdditionalPaid-InCapital · AccumulatedDeficit · TotalStockholders’ Equity (Deficit)
Shares · Amount · Shares · Amount · Shares · Amount
Additional Shares liability, Earn-Out liability and Public and Private Placement Warrants recognized upon Business Combination	—	—	—	—	—	—	(93,196)	—	(93,196)
Issuance of Earn-Out Shares	—	—	—	—	2,800	—	1	—	1
Issuance of shares to settle Backstop Additional Shares Liability	—	—	—	—	655	—	16,310	—	16,310
Issuance of Class A common stock issued to employees, net of withholding taxes	—	—	—	—	6	—	(96)	—	(96)
Issuance of shares under ELOC Agreement, net of issuance costs	—	—	—	—	148	—	2,407	—	2,407
Issuance of common stock under HGI Subscription Agreement	—	—	—	—	397	—	2,500	—	2,500
Issuance of common stock related to Structural Debt Facility	—	—	—	—	990	1	1,072	—	1,073
Issuance of common stock upon exercise of stock options	—	—	—	—	66	—	381	—	381
Vesting of early exercised options	—	—	—	—	—	—	125	—	125
Repurchase of early exercise of options	—	—	—	—	(3)	—	—	—	—
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	—	—	—	—	773	—	(2,294)	—	(2,294)
Stock-based compensation	—	—	—	—	—	—	45,177	—	45,177
Net loss	—	—	—	—	—	—	—	(87,715)	(87,715)
Balances at December 31, 2022	—	$—	—	$—	35,571	$4	$604,387	$(577,858)	$26,533

Consolidated Statements of

Redeemable Convertible Preferred Stock and Stockholders’ Equity (in thousands)

Redeemable Convertible Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedDeficit · TotalStockholders’ Equity
Shares · Amount · Shares · Amount
Balances at December 31, 2022	—	$—	35,571	$4		$604,387		$(577,858)	$26,533
Issuance of Series A redeemable convertible preferred stock, net of issuance costs	10	9,044	—		—		—		—	—
Issuance of common stock warrants, net of issuance costs	—	—	—		—		644		—	644
Accretion on Series A redeemable convertible preferred stock	—	956	—		—		(956)		—	(956)
Issuance of shares to settle Additional Shares liability, net of issuance costs	—	—	714		—		1,407		—	1,407
Issuance of common stock upon exercise of stock options	—	—	38		—		71		—	71
Shares issued in connection with the Employee Stock Purchase Plan	—	—	263		—		482		—	482
Cancellation of Earn-Out Shares	—	—	(197)		—		—		—	—
Reduction in Transaction Costs	—	—	—		—		9,609		—	9,609
Short swing payment	—	—	—		—		11		—	11
Issuance of common stock upon settlement of restricted stock units, net of tax withholdings	—	—	1,519		—		(2,153)		—	(2,153)
Stock-based compensation	—	—	—		—		15,706		—	15,706
Net loss	—	—	—		—		—		(43,232)	(43,232)
Balances at December 31, 2023	10	$10,000	37,908		$4		$629,208		$(621,090)	$8,122

Consolidated Statements of

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.