Grove Collaborative Holdings Inc Stock Price, News & Analysis

Grove Collaborative (NYSE: GROV), the world’s first plastic-neutral retailer, has updated its sustainability goals, recommitting to its Plastic Free by 2025 initiative. Starting today, the company aims to prevent 15 million pounds of single-use plastic waste by 2030, equivalent to approximately 495 million standard water bottles. To support this goal, Grove has launched the Beyond Plastic™ Impact Tracker, an innovative tool that shows customers their personalized plastic savings per order and over their lifetime as a customer.

Since 2020, Grove has avoided 7.8 million pounds of plastic and recovered over 16 million pounds through its plastic neutrality commitment with rePurpose Global. Despite progress, Grove acknowledges it won't achieve its 100% plastic-free goal by 2025 but remains committed to substantial reduction efforts. The company has already certified one-third of its products as 95%+ plastic-free and continues to drive consumer behavior toward sustainable choices.

Grove Collaborative (NYSE: GROV), a leading sustainable consumer products company, announced its B recertification and released its 2023-2024 Sustainability Report. Grove earned a score of 100.9 points, maintaining its certification for over ten years, a milestone achieved by only 5% of B Corps. The report highlights progress in reducing single-use plastics, with 2.4 million pounds recovered in 2023, and improvements in product sustainability. Significant initiatives include partnerships for forest conservation, carbon neutrality in operations, and increased representation of BIPOC-owned brands. Grove aims to inspire sustainable practices industry-wide.

Grove Collaborative Holdings (NYSE: GROV) announced its Q1 2024 financial results, reporting a positive Adjusted EBITDA of $1.9 million with a margin of 3.5%. The company saw a revenue decline to $53.5 million, down 10.5% sequentially and 25.2% year-over-year, primarily due to reduced Direct to Consumer (DTC) orders and lower advertising spend. Net loss reduced to $3.4 million compared to $9.5 million in the previous quarter. Operating expenses decreased by 25.3% sequentially and 40.5% year-over-year. Cash reserves are at $81.6 million, a decrease driven by lease modifications and incentive payouts.

Key highlights include a rebrand of Grove Co., launch of new products, and significant savings from headquarters lease restructuring. The company maintains its 2024 guidance for revenue between $215-$225 million and an Adjusted EBITDA margin of 0.0% to 1.0%.

Grove Collaborative Holdings, Inc. (NYSE: GROV) wins the Dieline Awards 2024 Sustainable Packaging category for its rebrand of flagship owned brand Grove Co. The rebrand emphasizes reducing plastic use and sustainable packaging choices, earning second place globally.

Grove Collaborative Holdings, Inc. (NYSE: GROV) launches the Grove Co. Summer Edition Collection in collaboration with The Nature Conservancy, featuring sustainable home care essentials inspired by the Alaskan rainforest. The collection aims to support Indigenous-led conservation efforts in Southeast Alaska and promote deforestation-free practices through responsible sourcing and partnerships. Grove commits $1.5 million through 2030 to conserve two million acres in the Tongass National Forest. The collection highlights upcycled fragrances like Coastal Cedar and Summer Huckleberry, crafted with a cause to raise awareness about environmental sustainability.

Grove Collaborative Holdings, Inc. (NYSE: GROV) will report first quarter 2024 financial results on May 14, 2024. The company, a Certified B ™, specializes in sustainable consumer products and aims to create a positive impact on humans and the environment. Grove offers over 210 eco-friendly brands covering various household needs, including household cleaning, personal care, health, wellness, and more. They prioritize sustainability, high-quality performance, and ethical production, making them a trusted choice for conscientious consumers.