03.06.24
Net revenue for Grove Collaborative in Q4 was $59.9 million, down 3.1% from the third quarter of 2023, and down 19.2% year-over-year.
For the full year 2023, net revenue was $259.3 million – which the company said landed within its full-year guidance range – decreased 19.4% year-over-year. This was driven by a decrease in DTC orders from a reduction in advertising spend, offset by an increase in DTC net revenue per order.
“I’m incredibly proud of the Grove Collaborative team and their hard work to deliver positive adjusted EBITDA for the second quarter in a row, and operating cash flow in two of the last three quarters, building momentum for the future as we continue on our path to being the most trusted brand for conscientious customers who are making the right choices for their families and the planet,” said CEO Jeff Yurcisin. “This past quarter has been the start of a critical business transformation as we create incentives for customers to build the most wallet- and planet-friendly box possible, and roll out a robust product pipeline prioritizing sustainability and convenience. We have an unyielding resolve to drive profitable, sustainable growth and shareholder value by putting the customer at the center of everything that we do and, as a result, in the second half of 2024, we expect to deliver sequential quarterly revenue growth. Moreover, we expect to be adjusted EBITDA positive for the full year and expect the momentum to continue into 2025 where we plan to be growing and profitable for the entire year.”
Health and Wellness grew the percentage of orders containing a wellness product in the fourth quarter of 2023 by more than 75% when compared to the fourth quarter of 2022, and established a dedicated Health and Wellness Advisory Board of medical clinicians to guide Grove’s continued growth in this category.