Grove Collaborative Holdings Inc
For the period ended Dec 31, 2023. Filed Mar 20, 2024.
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FY2023 · Filed Mar 20, 2024
GROV$1.04-5.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities | |||
| Net loss | $(43,232) | $(87,715) | $(135,896) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Remeasurement of convertible preferred stock warrant liability | — | (1,616) | 1,234 |
| Stock-based compensation | 15,513 | 45,660 | 14,610 |
| Depreciation and amortization | 5,824 | 5,716 | 4,992 |
| Changes in fair value of derivative liabilities | (216) | (71,532) | — |
| (Reduction of transaction costs) deferred offering costs allocated to derivative liabilities upon Business Combination | (3,745) | 6,873 | — |
| Non-cash interest expense | 3,833 | 586 | 704 |
| Inventory reserve | 372 | 7,036 | 4,725 |
| Loss on extinguishment of debt | — | 4,663 | 1,027 |
| Asset impairment charges | 2,495 | 5,300 | — |
| Other non-cash expenses | 135 | 274 | 1,274 |
| Changes in operating assets and liabilities: | |||
| Inventory | 14,984 | 3,285 | (12,598) |
| Prepaids and other assets | 1,672 | 3,114 | (3,294) |
| Accounts payable | (2,574) | (10,518) | (2,489) |
| Accrued expenses | 2,216 | (5,004) | (817) |
| Deferred revenue | (3,724) | (389) | 148 |
| Operating lease right-of-use assets and liabilities | (1,603) | (130) | 65 |
| Other liabilities | 57 | (1,864) | (774) |
| Net cash used in operating activities | (7,993) | (96,261) | (127,089) |
| Cash Flows from Investing Activities | |||
| Purchase of property and equipment | (2,985) | (4,222) | (5,768) |
| Net cash used in investing activities | (2,985) | (4,222) | (5,768) |
| 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) | (1,396) |
| Proceeds from the issuance of debt | 7,500 | 70,820 | 60,000 |
| Payment of debt issuance costs | (925) | (2,463) | (375) |
| Repayment of debt | (575) | (5,180) | (21,932) |
| Payment of debt upon extinguishment | — | (66,034) | (2,499) |
| Net proceeds (payments) related to stock-based award activities | (1,589) | (2,017) | 912 |
| Net cash provided by financing activities | 9,856 | 118,092 | 34,710 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (1,122) | 17,609 | (98,147) |
| Cash, cash equivalents and restricted cash at beginning of period | 95,985 | 78,376 | 176,523 |
| Cash, cash equivalents and restricted cash at end of period | $94,863 | $95,985 | $78,376 |
Consolidated Statements of Cash Flows - Continued
| Supplemental Disclosure | |||
|---|---|---|---|
| Cash paid for taxes | $43 | $67 | $52 |
| Cash paid for interest | 12,140 | 10,144 | 4,472 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities | |||
| Purchase of property and equipment in accounts payable and accrued liabilities | $21 | $85 | $112 |
| Debt issuance costs in accounts payable and accrued liabilities | — | 46 | — |
| Transaction costs and convertible preferred stock included in accounts payable and accrued liabilities | — | 17,500 | 1,928 |
| Assumption of derivative liabilities upon Business Combination | — | 93,196 | — |
| Initial measurement of Structural Derivative Liability recorded as debt fees | — | 7,050 | — |
| Initial measurement of common stock recorded as debt fees | — | 1,072 | — |
| Initial measurement of common stock warrants recorded as debt fees | — | — | 1,622 |
| Settlement of Additional Shares liability | 1,500 | 16,310 | — |
| Settlement of Earn-Out due to Cancellation of shares | 347 | — | — |
| Conversion of contingently redeemable convertible common stock and preferred stock to common stock | — | 516,380 | — |
| Reclassification of Grove's preferred stock warrant liability to equity | — | 2,182 | — |
| Net exercise of preferred stock warrants | — | 989 | — |
| Gain on settlement allocated to equity instruments | 9,609 | — | — |
| Vesting of early exercised stock options | — | 125 | 1,577 |
Notes to Consolidated Financial Statements
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