The following is a summary of the Grove Collaborative Holdings, Inc. (GROV) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Grove Collaborative reported Q1 net revenue of $53.5 million, decline of 25.2% year-over-year and 10.5% quarter-over-quarter.

• DTC net revenue per order was down 0.8% quarter-over-quarter but saw an increase of 7.5% year-over-year.

• Gross margin increased by 110 basis points quarter-over-quarter and 350 basis points year-over-year to 55.5%.

• Adjusted EBITDA for the quarter was $1.9 million, an improvement over previous quarter and the same quarter last year.

• The company ended the quarter with net cash and cash equivalents of $81.6 million.

Business Progress:

• Grove expanded its third-party product assortment by 34% year-over-year with 41% of these products enlisted in new subscribe and save program.

• The company launched various products under Grove Co., including new artwork, sustainable packaging, and ready-to-use hand soap, dish soap, and liquid laundry detergent.

• Grove executed several sustainability initiatives and released its 2023 annual sustainability report.

• A multiyear transformation has been initiated focused on customer experience, corporate restructuring, and brand development.

• Grove sustained its adjusted EBITDA positive for the third consecutive quarter and expects its growth strategies to drive sequential growth in H2.

• Growth in gross margin was driven both by third-party offerings and the Grove brand.

• A rise in orders was noted, especially with VMS items, from 8% last year to 13.8% this year, showcasing the company's focus on wellness products.

More details: Grove Collaborative IR

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