secwatch.observer — SEC 8-K summary
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Issuer:     Grove Collaborative Holdings, Inc. (GROV)
CIK:        0001841761
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001841761-23-000045
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1841761/000184176123000045/0001841761-23-000045-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1841761/000184176123000045/grov-20230511.htm
  HTML page:      https://secwatch.observer/filing/0001841761-23-000045

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