Grove Collaborative: Q2 2024 Results

Grove Collaborative Holdings, Inc., a sustainable consumer products company, reported revenue was in Q2 2024 was $52.1 million, down 2.7% from the prior-year quarter.

Officials attribute the decline to a decline in orders, partially offset by an increase in net revenue per order.

“I am proud of our progress on delivering Adjusted EBITDA profitability, strengthening our balance sheet, stabilizing revenue, and leveraging sustainability as our point of differentiation,” said CEO Jeff Yurcisin. “We have delivered positive-adjusted EBITDA in four consecutive quarters, positive operating cash flow in three of the last five quarters, and, subsequent to the end of the second quarter, paid down $42 million of term debt to strengthen our balance sheet and reduce interest expense. We are also forecasting sequential revenue growth in the fourth quarter of this year after reshaping our business amidst a major turnaround. Furthermore, over these past 12 months, we have rebuilt our e-commerce customer experience, which we expect will lead to sustained growth in the future.”

Grove says it’s starting to see revenue from its repeat customers stabilize, resulting in a smaller sequential revenue decline than the prior quarter. The strength of the company’s core customer base is one of its most valuable assets and is a significant factor in its confidence that it will be able to deliver sequential growth in the fourth quarter of 2024, officials said.