Grove Collaborative Holdings, Inc.

Previous wording

Grove is a public benefit corporation and a Certified B Corporation, meaning we adhere to third party standards for prioritizing social, environmental, and community well-being. We believe that improved innovation grows both revenue and, over the long term, can expand margins as our innovation has historically tended to be both market expanding and margin accretive. Since inception, we have invested heavily in building out both our ecommerce platform and Grove Brands, and over this period we have operated at a loss. We have an accumulated deficit of $661.2 million as of March 31, 2026.

Current wording

Grove is a public benefit corporation and a Certified B Corporation, meaning we adhere to third party standards for prioritizing social, environmental, and community well-being. We believe that improved innovation grows both revenue and, over the long term, can expand margins as our innovation has historically tended to be both market expanding and margin accretive. Since inception, we have invested heavily in building out both our ecommerce platform and Grove Brands, and over this period we have operated at a loss. We have an accumulated deficit of $662.2 million as of June 30, 2026.

Previous wording

Our brand is integral to the growth of our business and is essential to our ability to engage with our community. Our performance will depend on our ability to profitably attract new customers and encourage consumer spending across our product portfolio. We believe the core elements of continuing to grow our brand awareness in a manner that increases our market penetration are highlighting our products’ qualities of being natural, sustainable and effective and the effectiveness of our marketing efforts.

Current wording

Our brand is integral to the growth of our business and is essential to our ability to engage with our community. Our performance will depend on our ability to profitably attract new customers and encourage consumer spending across our product portfolio. We believe the core elements of continuing to grow our brand awareness in a manner that increases our market penetration are highlighting our products’ qualities of being natural, healthy, sustainable and effective and the effectiveness of our marketing efforts.

Previous wording

We determine our number of DTC Total Orders by counting the number of customer orders submitted through our website and mobile application that have been shipped within the period. The metric includes orders that have been refunded and excludes reshipments of customer orders for any reason including damaged and missing products. Refunded orders are included in DTC Total Orders as we believe this provides more meaningful order management performance metrics, including fulfillment cost efficacy and refund rates. Changes in DTC Total Orders in a reporting period capture both the inflow of new customers, changes in order frequency of existing customers and customer attrition. We view the number of Total DTC Orders as a key indicator of trends in our DTC platform, and our future success in this channel will depend in part on our ability to drive growth through new customer acquisition and by increasing existing customer engagement. In the three months ended March 31, 2026, DTC Total Orders declined primarily due to our lower advertising spend in prior years, resulting in fewer new customers and therefore fewer overall orders. Additionally, DTC Total Orders was negatively impacted by technology disruptions to our DTC platform throughout 2025.

Current wording

We determine our number of DTC Total Orders by counting the number of customer orders submitted through our website and mobile application that have been shipped within the period. The metric includes orders that have been refunded and excludes reshipments of customer orders for any reason including damaged and missing products. Refunded orders are included in DTC Total Orders as we believe this provides more meaningful order management performance metrics, including fulfillment cost efficacy and refund rates. Changes in DTC Total Orders in a reporting period capture both the inflow of new customers, changes in order frequency of existing customers and customer attrition. We view the number of Total DTC Orders as a key indicator of trends in our DTC platform, and our future success in this channel will depend in part on our ability to drive growth through new customer acquisition and by increasing existing customer engagement. In the three and six months ended June 30, 2026, DTC Total Orders declined primarily due to our lower advertising spend, resulting in fewer new customers and therefore fewer overall orders. Additionally, DTC Total Orders was negatively impacted by technology disruptions to our DTC platform throughout 2025.

Previous wording

As of the last day of each reporting period, we determine our number of DTC Active Customers by counting the number of individual customers who submitted orders through our DTC platform, and for whom an order has shipped, at least once during the preceding 364-day period. The change in active customers in a reporting period captures both the inflow of new customers as well as the outflow of customers who have not made a purchase in the last 364 days. We view the number of active customers as one of the key indicators of growth in our DTC channel. In the three months ended March 31, 2026, DTC Active Customers declined primarily due to our lower advertising spend, resulting in fewer new customers and therefore fewer overall orders, and negative impacts from technology disruptions to our DTC platform throughout 2025.

Current wording

As of the last day of each reporting period, we determine our number of DTC Active Customers by counting the number of individual customers who submitted orders through our DTC platform, and for whom an order has shipped, at least once during the preceding 364-day period. The change in active customers in a reporting period captures both the inflow of new customers as well as the outflow of customers who have not made a purchase in the last 364 days. We view the number of active customers as one of the key indicators of growth in our DTC channel. In the three and six months ended June 30, 2026, DTC Active Customers declined primarily due to our lower advertising spend, resulting in fewer new customers and therefore fewer overall orders, and negative impacts from technology disruptions to our DTC platform throughout 2025.

Previous wording

We define DTC Net Revenue Per Order as our DTC Total Net Revenue in a given reporting period, divided by the DTC Total Orders in that period. We view DTC Net Revenue per Order as a key indicator of the performance of our DTC business. For the three months ended March 31, 2026, DTC Net Revenue Per Order increased due to more targeted promotional efforts, including the shift to rewards-based incentives through Green Rewards which launched in the fourth quarter of 2025, as well as an increase in higher priced items in customer orders.

Current wording

We define DTC Net Revenue Per Order as our DTC Total Net Revenue in a given reporting period, divided by the DTC Total Orders in that period. We view DTC Net Revenue per Order as a key indicator of the performance of our DTC business. For the three and six months ended June 30, 2026, DTC Net Revenue Per Order increased due to a more favorable product mix, more efficient promotional efforts following the introduction of our Green Rewards Loyalty Program, and a temporary increase in lower value orders in the prior period that did not reoccur in the current period.

Previous wording

We calculate Adjusted EBITDA as net loss, adjusted to exclude: stock-based compensation expense; depreciation and amortization; changes in fair values of derivative liabilities; interest income; interest expense; restructuring costs; transaction related costs related to certain strategic merger & acquisition projects; provision for income taxes and certain litigation and legal settlement expenses that we do not consider representative of our underlying operations. 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.

Current wording

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.

Previous wording

Selling, general and administrative expenses consist primarily of compensation and benefit costs for personnel involved in general corporate functions, including stock-based compensation expense, and certain fulfillment costs, as further outlined below. Selling, general and administrative expenses also include the allocated facilities, equipment, depreciation and overhead costs, marketing costs, costs associated with our customer service operation, and costs of environmental offsets. Selling, general and administrative expenses have declined for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, as a result of decreases in fulfillment costs largely driven by lower sales and our cost management initiatives. In November 2025, we executed a reduction in force as part of an initiative to streamline selling, general, and administrative expenses, which has lowered our ongoing cost structure.

Current wording

Selling, general and administrative expenses consist primarily of compensation and benefit costs for personnel involved in general corporate functions, including stock-based compensation expense, and certain fulfillment costs, as further outlined below. Selling, general and administrative expenses also include the allocated facilities, equipment, depreciation and overhead costs, marketing costs, costs associated with our customer service operation, and costs of environmental offsets. Selling, general and administrative expenses have declined for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, as a result of decreases in fulfillment costs largely driven by lower sales, lower outbound shipping costs and other cost management initiatives.

Previous wording

Comparisons of the Three Months Ended March 31, 2026 and 2025

Current wording

Comparisons of the Three and Six Months Ended June 30, 2026 and 2025

Previous wording

Revenue decreased by $7.3 million, or 17%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. This decline was primarily driven by a decrease in DTC Total Orders from lower advertising expenses in previous periods and disruptions related to the migration from our internally developed legacy ecommerce platform to third party service providers throughout 2025.

Current wording

Revenue decreased by $7.5 million, or 17%, and $14.8 million, or 17%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025. This decline was primarily driven by a decrease in DTC Total Orders from lower advertising expenses and disruptions related to the migration from our internally developed legacy ecommerce platform to third party service providers throughout 2025, partially offset by an increase in DTC Net Revenue Per Order, driven by a more favorable product mix, improved promotional strategies resulting in reduced discounts offered to customers, and a temporary increase in lower value orders in the prior period that did not reoccur in the current period.

Previous wording

Cost of goods sold decreased by $4.1 million, or 20%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily due to a decrease in DTC Total Orders and a lower cost of goods per order.

Current wording

Cost of goods sold decreased by $2.6 million, or 13%, and $6.8 million, or 17%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025, primarily due to a decrease in DTC Total Orders.

Previous wording

Gross margin in the three months ended March 31, 2026 increased by 180 basis points, compared to the three months ended March 31, 2025, primarily due to more targeted promotional strategies, as a result of the launch of Green Rewards in the fourth quarter of 2025 as well as a lower costs of goods per order.

Current wording

Gross margin in the three months ended June 30, 2026 decreased by 190 basis points, compared to the three months ended June 30, 2025, one-time disposals in the quarter, as well as a sell-through of previously reserved inventory in the prior year that did not reoccur. These decreases were offset partially by more targeted promotional strategies, as a result of the launch of Green Rewards in the fourth quarter of 2025.

Previous wording

Advertising expenses decreased by $1.6 million, or 59%, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 driven by decreases in online advertising expenses.

Current wording

Advertising expenses decreased by $1.5 million, or 55%, and $3.1 million, or 57% for the three and six months ended June 30, 2026, respectively, compared to the three and six months ended June 30, 2025 primarily driven by decreases in online advertising expenses.

Previous wording

Selling, general and administrative expenses decreased by $3.8 million, or 17%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Fulfillment costs decreased by $1.4 million due to a lower volume of orders. Corporate salaries decreased by $0.8 million, driven by reductions in headcount. Additionally, professional fees decreased by $0.5 million, software costs decreased by $0.3 million, insurance costs decreased by $0.3 million, and rent expense decreased by $0.3 million due to the subleasing one of our warehouses beginning in December 2025.

Current wording

Selling, general and administrative expenses decreased by $9.2 million, or 20%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Fulfillment costs decreased by $3.7 million due to a lower volume of orders. Corporate salaries and related benefits decreased by $2.1 million and stock-based compensation decreased by $0.7 million, both primarily driven by reductions in headcount. Additionally, insurance costs decreased by $0.7 million, rent expense decreased by $0.7 million due to subleasing one of our warehouses beginning in December 2025, professional fees and software costs each decreased by $0.4 million.

Previous wording

Interest expense decreased by $0.1 million, or 21%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily due to lower interest rates on our outstanding debt.

Current wording

Interest expense decreased by less than $0.1 million, or 11%, and $0.1 million, or 16%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025, primarily due to lower interest rates on our outstanding debt.

Previous wording

The change in the fair value of derivative liabilities for the three months ended March 31, 2026, was not meaningful. The change in the fair value of derivative liabilities for the three months ended March 31, 2025, was driven by the changes in our stock price from December 31, 2024 through March 31, 2025.

Current wording

The change in the fair value of derivative liabilities for the three and six months ended June 30, 2026, was not meaningful. The change in the fair value of derivative liabilities for the three and six months ended June 30, 2025, was driven by the changes in our stock price from December 31, 2024 through June 30, 2025.

Previous wording

Other income decreased by $0.1 million, or 56%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, related to interest income due to lower on-hand cash.

Current wording

Other income decreased by less than $0.1 million, or 35%, and $0.1 million, or 48%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025, related to interest income due to lower on-hand cash.

Previous wording

As of March 31, 2026, we had $7.2 million in unrestricted cash and cash equivalents (which excludes restricted cash of $3.3 million). We incurred negative cash flows from operating activities of $0.7 million for the three months ended March 31, 2026. We have incurred significant losses since inception and have an accumulated deficit of approximately $661.2 million. To date, we have funded our operations principally through redeemable convertible preferred stock and common stock financings, the incurrence of debt and the closing of the Business Combination. We have total outstanding indebtedness of $7.5 million as of March 31, 2026.

Current wording

As of June 30, 2026, we had $8.3 million in unrestricted cash and cash equivalents (which excludes restricted cash of $3.1 million). We generated positive cash flows from operating activities of $0.6 million for the six months ended June 30, 2026. We have incurred significant losses since inception and have an accumulated deficit of approximately $662.2 million. To date, we have funded our operations principally through redeemable convertible preferred stock and common stock financings, the incurrence of debt and the closing of the Business Combination. We have total outstanding indebtedness of $7.5 million as of June 30, 2026.

Previous wording

On March 10, 2023, we entered into the Siena Revolver (defined below) with Siena Lending Group, LLC (“Siena”) which permits us to receive funding through a revolving line of credit with an initial commitment of $35.0 million. The total borrowing capacity under the Siena Revolver is subject to certain conditions, including our inventory, accounts receivable balances and certain qualifying cash balances held with third party processors and other limitations as specified in the agreement. The Siena Revolver matures on April 10, 2028. Additional borrowing capacity from the Siena Revolver was $1.7 million as of March 31, 2026.

Current wording

On March 10, 2023, we entered into the Siena Revolver (defined below) with Siena Lending Group, LLC (“Siena”) which permits us to receive funding through a revolving line of credit with an initial commitment of $35.0 million. The total borrowing capacity under the Siena Revolver is subject to certain conditions, including our inventory, accounts receivable balances and certain qualifying cash balances held with third party processors and other limitations as specified in the agreement. The Siena Revolver matures on April 10, 2028. Additional borrowing capacity from the Siena Revolver was $0.4 million as of June 30, 2026.

Previous wording

On July 18, 2022, we entered into the SEPA, whereby we have the right, but not the obligation, to sell to Yorkville up to $100.0 million of our shares of common stock at our request until July 18, 2025, subject to certain conditions. On July 8, 2025, we and Yorkville amended the SEPA (the “Amended SEPA”) to extend the term to August 1, 2027. The shares of our common stock that may be issued under the Amended SEPA may be sold by us to Yorkville at our discretion from time to time and sales of our common stock under the Amended SEPA will depend upon market conditions and other factors. Additionally, in no event may we sell more than 6,511,532 shares of our common stock to Yorkville under the Amended SEPA, which number of shares is equal to 19.99% of the shares of our common stock outstanding immediately prior to the execution of the SEPA (the “Exchange Cap”), unless we obtain stockholder approval to issue shares of common stock in excess of the Exchange Cap in accordance with applicable NYSE rules or comply with certain other requirements as described in the Amended SEPA. Unless our average stock price exceeds $15.33, we will be unable to sell the full $100.0 million commitment to Yorkville without seeking stockholder approval to issue additional shares in excess of the Exchange Cap. As of March 31, 2026, we have sold 147,965 shares under the SEPA and there were 6,363,567 shares available to be sold to Yorkville under the Exchange Cap. As of April 30, 2026, under the terms of the Amended SEPA we would be able to raise additional gross proceeds of approximately $7.2 million.

Current wording

On July 18, 2022, we entered into the SEPA, whereby we had the right, but not the obligation, to sell to Yorkville up to $100.0 million of our shares of common stock at our request until July 18, 2025, subject to certain conditions. On July 8, 2025, we and Yorkville amended the SEPA (the “Amended SEPA”) to extend the term to August 1, 2027. The shares of our common stock that may be issued under the Amended SEPA may be sold by us to Yorkville at our discretion from time to time and sales of our common stock under the Amended SEPA will depend upon market conditions and other factors. Additionally, in no event may we sell more than 6,511,532 shares of our common stock to Yorkville under the Amended SEPA, which number of shares is equal to 19.99% of the shares of our common stock outstanding immediately prior to the execution of the SEPA (the “Exchange Cap”), unless we obtain stockholder approval to issue shares of common stock in excess of the Exchange Cap in accordance with applicable NYSE rules or comply with certain other requirements as described in the Amended SEPA. Unless our average stock price exceeds $15.33, we will be unable to sell the full $100.0 million commitment to Yorkville without seeking stockholder approval to issue additional shares in excess of the Exchange Cap. As of June 30, 2026, we have sold 147,965 shares under the SEPA and there were 6,363,567 shares available to be sold to Yorkville under the Exchange Cap. As of July 31, 2026, under the terms of the Amended SEPA we would be able to raise additional gross proceeds of approximately $6.8 million.

Previous wording

Our most significant contractual obligations relate to our loan facility, purchase commitments on inventory and operating lease obligations on our fulfillment centers and corporate offices. As of March 31, 2026, we had $11.5 million of enforceable and legally binding inventory purchase commitments predominantly due within one year. For information on our contractual obligations for operating leases, see “Leases” in Note 7 of the Notes to our audited consolidated financial statements as of and for the years ended December 31, 2025 and December 31, 2024 included in Form 10-K filed with the SEC on March 5, 2026.

Current wording

Our most significant contractual obligations relate to our loan facility, purchase commitments on inventory and operating lease obligations on our fulfillment centers and corporate offices. As of June 30, 2026, we had $11.9 million of enforceable and legally binding inventory purchase commitments predominantly due within one year. For information on our contractual obligations for operating leases, see “Leases” in Note 7 of the Notes to our audited consolidated financial statements as of and for the years ended December 31, 2025 and December 31, 2024 included in Form 10-K filed with the SEC on March 5, 2026.

Previous wording

On March 10, 2023, we entered into a Loan and Security Agreement (the “Siena Revolver”) with Siena Lending Group, LLC which permits us to receive funding through a revolving line of credit with an initial commitment of $35.0 million. The borrowing capacity under the Siena Revolver is subject to certain conditions, including our inventory, accounts receivable balances and certain qualifying cash balances held with third party processors and other limitations as specified in the agreement. If at any time the amount of outstanding borrowings under the Siena Revolver exceeds the borrowing capacity, we are required to prepay borrowings sufficient to eliminate the excess. As of March 31, 2026, there was an outstanding principal amount of $7.5 million and additional borrowing capacity from the Siena Revolver was $1.7 million.

Current wording

On March 10, 2023, we entered into a Loan and Security Agreement (the “Siena Revolver”) with Siena Lending Group, LLC which permits us to receive funding through a revolving line of credit with an initial commitment of $35.0 million. The borrowing capacity under the Siena Revolver is subject to certain conditions, including our inventory, accounts receivable balances and certain qualifying cash balances held with third party processors and other limitations as specified in the agreement. If at any time the amount of outstanding borrowings under the Siena Revolver exceeds the borrowing capacity, we are required to prepay borrowings sufficient to eliminate the excess. As of June 30, 2026, there was an outstanding principal amount of $7.5 million and additional borrowing capacity from the Siena Revolver was $0.4 million.

Previous wording

The interest rates applicable to borrowings under the Siena Revolver are based on a fluctuating rate of interest measured by reference to either, at our option, (i) a Base Rate plate 3.25% or (ii) the term Secured Overnight Financing Rate (“Term SOFR”) then in effect plus 4.25%. The Base Rate is defined as the greatest of: (1) Prime Rate as published in the Wall Street Journal, (2) federal funds rate plus 0.50% and (3) 5.00% per annum. In accordance with the agreement, Siena has been provided with our periodic financial statements and updated projections to facilitate their ongoing assessment of us. The Siena Revolver matures on April 10, 2028.

Current wording

The interest rates applicable to borrowings under the Siena Revolver are based on a fluctuating rate of interest measured by reference to either, at our option, (i) a Base Rate plus 3.25% or (ii) the term Secured Overnight Financing Rate (“Term SOFR”) then in effect plus 4.25%. The Base Rate is defined as the greatest of: (1) Prime Rate as published in the Wall Street Journal, (2) federal funds rate plus 0.50% and (3) 5.00% per annum. In accordance with the agreement, Siena has been provided with our periodic financial statements and updated projections to facilitate their ongoing assessment of us. The Siena Revolver matures on April 10, 2028.

Previous wording

Net cash used in operating activities of $0.7 million for the three months ended March 31, 2026 was primarily attributable to our net loss of $1.0 million, non-cash adjustments of $1.2 million, and a net increase in our operating assets and liabilities of $0.8 million. Non-cash adjustments consisted of a $0.8 million stock-based compensation expense, $0.4 million in depreciation and amortization and $0.1 million in non-cash interest expense, and a $0.1 million of change in fair value of derivative liabilities. The change in operating assets and liabilities resulted from a $3.1 million increase in inventory to support ongoing operations, a $1.5 million decrease in accrued expenses and accounts payable related to the timing of payments and a $0.2 million net increase in operating lease right-of-use assets and liabilities, offset by a $3.0 million decrease in prepaid expenses and other assets related to the timing of collections on our accounts receivable, a $0.8 million increase in deferred revenue and a $0.1 million increase in other operating liabilities.

Current wording

Net cash provided by operating activities of $0.6 million for the six months ended June 30, 2026 was primarily attributable to our net loss of $1.9 million, non-cash adjustments of $2.4 million, and a net increase in our operating assets and liabilities of $0.1 million. Non-cash adjustments consisted of a $1.7 million stock-based compensation expense, $0.8 million in depreciation and amortization and $0.1 million in non-cash interest expense, offset by $0.2 million of change in fair value of derivative liabilities. The change in operating assets and liabilities resulted from a $2.2 million decrease in prepaid expenses and other assets related to the timing of collections on our accounts receivable and a $1.9 million increase in deferred revenue, offset by a $2.4 million decrease in accrued expenses and accounts payable related to the timing of payments, a $1.0 million increase in inventory to support ongoing operations and a $0.5 million net increase in operating lease right-of-use assets and liabilities.

Previous wording

Net cash used in operating activities of $6.9 million for the three months ended March 31, 2025 was attributable to our net loss of $3.5 million, non-cash adjustments of $1.2 million, and net increase in our operating assets and liabilities of $4.6 million. Non-cash adjustments consisted of a $1.0 million stock-based compensation expense, $0.4 million in depreciation and amortization activity and $0.1 million non-cash interest expense, partially offset by $0.1 million of inventory write-downs and $0.1 million of change in fair value of derivative liabilities. The change in operating assets and liabilities primarily resulted from a $3.5 million decrease in accounts payable and accrued expenses, a $0.5 million increase in inventory and a $0.5 million decrease in deferred revenues.

Current wording

Net cash used in operating activities of $5.9 million for the six months ended June 30, 2025 was primarily attributable to our net loss of $7.2 million, non-cash adjustments of $2.9 million, and a net increase in our operating assets and liabilities of $1.6 million. Non-cash adjustments consisted primarily of a $2.3 million stock-based compensation expense, $0.9 million in depreciation and amortization and $0.2 million in non-cash interest expense, offset by $0.4 million of inventory write-downs and $0.2 million of change in fair value of derivative liabilities. The change in operating assets and liabilities primarily resulted from a $3.0 million decrease in accounts payable and accrued expenses, a $0.3 million decrease in deferred revenue and a $0.3 million decrease in other liabilities, offset by a $1.0 million decrease in inventory, a $0.6 million net decrease in operating lease right-of-use assets and liabilities and a $0.4 million decrease in prepaid expenses and other assets.

Previous wording

Net cash used in investing activities of $0.3 million for the three months ended March 31, 2026 was due to the purchase of property and equipment.

Current wording

Net cash used in investing activities of $0.5 million for the six months ended June 30, 2026 was due to the purchase of property and equipment.

Previous wording

Net cash used in investing activities of $3.4 million for the three months ended March 31, 2025 was due to $2.8 million of cash paid for strategic acquisitions and $0.5 million for the purchase of property and equipment.

Current wording

Net cash used in investing activities of $3.8 million for the six months ended June 30, 2025 was due to $2.8 million of cash paid for strategic acquisitions and $1.0 million for the purchase of property and equipment.

Previous wording

Net cash used in financing activities of $0.4 million for the three months ended March 31, 2026 consists of payments related to stock-based award activities during the period and principal payments related our financing arrangement for insurance.

Current wording

Net cash used in financing activities of $0.5 million for the six months ended June 30, 2026 consists of payments related to stock-based award activities during the period and principal payments related to our financing arrangement for insurance offset by proceeds related to our employee stock purchase plan.

Previous wording

Net cash used in financing activities of $0.5 million for the three months ended March 31, 2025 primarily consists of payments related to stock-based award activities during the period.

Current wording

Net cash used in financing activities of $0.6 million for the six months ended June 30, 2025 primarily consists of payments related to stock-based award activities during the period offset by proceeds related to our employee stock purchase plan.