---
schema_version: "secwatch.filing_event.v1"
accession: "0001841761-23-000045"
form_type: "8-K"
ticker: "GROV"
cik: "0001841761"
company_name: "Grove Collaborative Holdings, Inc."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:49:46.207763+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Grove Collaborative Q1 net revenue $71.6M, record gross margin 52.1%, raises FY adjusted EBITDA margin guidance

## Summary
- Net revenue $71.6M, down 20.9% YoY; gross margin record 52.1%, up 480 bps YoY.
- Adjusted EBITDA margin (9.6%), improved 330 bps QoQ and 3,420 bps YoY; expects near break-even in Q3.
- Raises FY 2023 adjusted EBITDA margin guidance to (5.5%)-(7.5%) from (9%)-(11%); revenue guidance unchanged at $260-270M.
- Secured $35M asset-based revolving credit facility to support working capital and strategic initiatives.
- DTC active customers 1.24M, down 25% YoY; DTC net revenue per order $61.64, up 12% YoY.

## SEC filing metadata
- accession: 0001841761-23-000045
- form_type: 8-K
- ticker: GROV
- cik: 0001841761
- company_name: Grove Collaborative Holdings, Inc.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841761/000184176123000045/0001841761-23-000045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841761/000184176123000045/grov-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001841761-23-000045
- JSON: https://secwatch.observer/filing/0001841761-23-000045.json
- Plain text: https://secwatch.observer/filing/0001841761-23-000045.txt

## Key facts
- Earnings Releases
  Grove Collaborative Holdings, Inc. reported first fiscal quarter ended March 31, 2023 results: revenue $71.6 million. Guidance raised.
  - Period: first fiscal quarter ended March 31, 2023
  - Revenue: $71.6 million
  - Guidance: raised
  - Result: reported results
  source text: focus on profitability in the second half of 2022, we believe that our sequential quarterly results are the best indicator of our current financial performance. ● Net revenue of $71.6 million, down 3.3% from the fourth quarter of 2022, and down 20.9% year-over-year, largely due to reductions in advertising spend as we focus on profitability. ● Gross margin of 52.1%, a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841761/000184176123000045/0001841761-23-000045-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.