2022 Q2 Form 10-Q Financial Statement

#000184176122000015 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $79.28M $0.00 $0.00
YoY Change -19.94%
Cost Of Revenue $40.32M $47.74M $195.2M
YoY Change -19.29% -4.57%
Gross Profit $38.96M $42.74M $188.5M
YoY Change -20.6% -18.12%
Gross Profit Margin 49.14%
Selling, General & Admin $57.90M $83.76M $294.0M
YoY Change 23.26% 0.71%
% of Gross Profit 148.61% 196.0% 155.94%
Research & Development $5.922M $6.240M $23.41M
YoY Change 4.11% 20.88%
% of Gross Profit 15.2% 14.6% 12.42%
Depreciation & Amortization $1.454M $1.410M $4.992M
YoY Change 20.26% 25.0%
% of Gross Profit 3.73% 3.3% 2.65%
Operating Expenses $63.82M $1.008M $2.087M
YoY Change 21.19% 3584.39%
Operating Profit -$42.76M $41.73M $186.4M
YoY Change 63.77% -152640.39%
Interest Expense $2.285M -$22.54M $325.1K
YoY Change 108.49% 10772.51%
% of Operating Profit -54.03% 0.17%
Other Income/Expense, Net $7.450M $0.00 $0.00
YoY Change -411.59% -100.0%
Pretax Income -$35.31M -$23.55M -$1.762M
YoY Change 23.89% 3116.02%
Income Tax $2.000K $23.00K $52.00K
% Of Pretax Income
Net Earnings -$35.31M -$23.55M -$1.762M
YoY Change 23.83% 3116.02%
Net Earnings / Revenue -44.54%
Basic Earnings Per Share -$1.06 -$5.05
Diluted Earnings Per Share -$1.06 -$468.1K -$33.92K
COMMON SHARES
Basic Shares Outstanding 33.38M shares 9.387M shares
Diluted Shares Outstanding 33.38M shares 9.387M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.4M $79.82K $507.2K
YoY Change 111266.92% -94.4%
Cash & Equivalents $132.4M $74.43M $78.38M
Short-Term Investments
Other Short-Term Assets $7.491M $615.3K $629.1K
YoY Change 588.78% -50.55%
Inventory $53.49M $50.56M $54.45M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $193.4M $695.1K $140.9M
YoY Change 15928.68% -73.95%
LONG-TERM ASSETS
Property, Plant & Equipment $15.83M $36.57M $15.93M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.249M $402.6M $4.394M
YoY Change -99.69% 15.02%
Total Long-Term Assets $36.66M $402.6M $41.54M
YoY Change -90.89% 15.43%
TOTAL ASSETS
Total Short-Term Assets $193.4M $695.1K $140.9M
Total Long-Term Assets $36.66M $402.6M $41.54M
Total Assets $230.0M $403.3M $182.5M
YoY Change -43.02% 14.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.71M $31.82M $21.35M
YoY Change
Accrued Expenses $40.83M $2.815M $20.65M
YoY Change 75567.16% 122.2%
Deferred Revenue $12.58M $11.27M
YoY Change
Short-Term Debt $0.00 $1.000M $1.000M
YoY Change
Long-Term Debt Due $22.71M $16.72M $10.75M
YoY Change
Total Short-Term Liabilities $98.47M $3.847M $69.21M
YoY Change 182385.17% 203.64%
LONG-TERM LIABILITIES
Long-Term Debt $43.69M $0.00 $56.18M
YoY Change
Other Long-Term Liabilities $1.562M $50.01M $5.408M
YoY Change -95.46% 65.4%
Total Long-Term Liabilities $45.26M $50.01M $61.59M
YoY Change 31.55% 65.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.47M $3.847M $69.21M
Total Long-Term Liabilities $45.26M $50.01M $61.59M
Total Liabilities $238.5M $53.85M $150.8M
YoY Change 592.26% 79.24%
SHAREHOLDERS EQUITY
Retained Earnings -$572.8M -$490.1M
YoY Change
Common Stock $16.00K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.478M -$498.9M -$456.3M
YoY Change
Total Liabilities & Shareholders Equity $230.0M $403.3M $182.5M
YoY Change -43.02% 14.75%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$35.31M -$23.55M -$1.762M
YoY Change 23.83% 3116.02%
Depreciation, Depletion And Amortization $1.454M $1.410M $4.992M
YoY Change 20.26% 25.0%
Cash From Operating Activities -$36.64M -$427.4K -$551.6K
YoY Change 2705.99% 8448.2%
INVESTING ACTIVITIES
Capital Expenditures -$1.258M -$1.352M -$5.768M
YoY Change -20.53% 7.13%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.258M $0.00 $0.00
YoY Change -97.6% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $275.0K
YoY Change
Cash From Financing Activities 95.86M 0.000 1.000M
YoY Change 82.59% -100.0%
NET CHANGE
Cash From Operating Activities -36.64M -427.4K -551.6K
Cash From Investing Activities -1.258M 0.000 0.000
Cash From Financing Activities 95.86M 0.000 1.000M
Net Change In Cash 57.96M -427.4K 448.4K
YoY Change -4539.72% -130.0%
FREE CASH FLOW
Cash From Operating Activities -$36.64M -$427.4K -$551.6K
Capital Expenditures -$1.258M -$1.352M -$5.768M
Free Cash Flow -$35.38M $924.6K $5.216M
YoY Change -12853.06% -26.44%

Facts In Submission

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3861000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-28516000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-395275000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-456279000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
2182000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
516380000 usd
grov Reverse Recapitalization Transaction Costs Net
ReverseRecapitalizationTransactionCostsNet
17100000 usd
grov Stock Issued During Period Value Reverse Recapitalization
StockIssuedDuringPeriodValueReverseRecapitalization
79981000 usd
grov Adjustment To Additional Paid In Capital Earn Out Liability Upon Reverse Recapitalization
AdjustmentToAdditionalPaidInCapitalEarnOutLiabilityUponReverseRecapitalization
-93196000 usd
grov Stock Issued During Period Value Earn Out Shares
StockIssuedDuringPeriodValueEarnOutShares
1000 usd
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
96000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
333000 usd
grov Stock Vesting Of Early Exercise During Period Shares
StockVestingOfEarlyExerciseDuringPeriodShares
125000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
24785000 usd
us-gaap Net Income Loss
NetIncomeLoss
-82694000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
-8478000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-339641000 usd
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
49000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
517000 usd
grov Stock Vesting Of Early Exercise During Period Shares
StockVestingOfEarlyExerciseDuringPeriodShares
1245000 usd
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
1622000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
7344000 usd
us-gaap Net Income Loss
NetIncomeLoss
-66411000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-395275000 usd
us-gaap Net Income Loss
NetIncomeLoss
-82694000 usd
us-gaap Net Income Loss
NetIncomeLoss
-66411000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
grov Adjustment Of Convertible Preferred Stock Warrant Liability
AdjustmentOfConvertiblePreferredStockWarrantLiability
-1616000 usd
grov Adjustment Of Convertible Preferred Stock Warrant Liability
AdjustmentOfConvertiblePreferredStockWarrantLiability
1308000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
24534000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
7269000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2864000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2337000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-16510000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 usd
grov Transaction Costs Allocated To Derivative Liabilities Upon Business Combination
TransactionCostsAllocatedToDerivativeLiabilitiesUponBusinessCombination
6673000 usd
grov Transaction Costs Allocated To Derivative Liabilities Upon Business Combination
TransactionCostsAllocatedToDerivativeLiabilitiesUponBusinessCombination
0 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
312000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
313000 usd
us-gaap Inventory Write Down
InventoryWriteDown
1693000 usd
us-gaap Inventory Write Down
InventoryWriteDown
1719000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1027000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
139000 usd
us-gaap Other Noncash Expense
OtherNoncashExpense
387000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
734000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
11320000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-613000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3059000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3495000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3426000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
525000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7327000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1308000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1788000 usd
grov Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
52000 usd
grov Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
-45000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
302000 usd
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1103000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-66138000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-61799000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2610000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2845000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2610000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2845000 usd
grov Proceed From Issuance Of Common Stock Reverse Recapitalization
ProceedFromIssuanceOfCommonStockReverseRecapitalization
97100000 usd
grov Proceed From Issuance Of Common Stock Reverse Recapitalization
ProceedFromIssuanceOfCommonStockReverseRecapitalization
0 usd
grov Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
27500000 usd
grov Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1267000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
340000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
25000000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
562000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
21165000 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2499000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
211000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
375000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
237000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
525000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
32000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
297000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
122765000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
849000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
54017000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-63795000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
78376000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
176523000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
132393000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112728000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
61000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
52000 usd
us-gaap Interest Paid Net
InterestPaidNet
3052000 usd
us-gaap Interest Paid Net
InterestPaidNet
1299000 usd
grov Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
21435000 usd
grov Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
291000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
122000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
139000 usd
grov Initial Measurement Of Common Stock Warrants Recorded As Debt Fees
InitialMeasurementOfCommonStockWarrantsRecordedAsDebtFees
0 usd
grov Initial Measurement Of Common Stock Warrants Recorded As Debt Fees
InitialMeasurementOfCommonStockWarrantsRecordedAsDebtFees
1622000 usd
grov Warrants Exercised Preferred Stock
WarrantsExercisedPreferredStock
989000 usd
grov Warrants Exercised Preferred Stock
WarrantsExercisedPreferredStock
0 usd
grov Conversion Of Redeemable Convertible Preferred Stock To Common Stock
ConversionOfRedeemableConvertiblePreferredStockToCommonStock
516365000 usd
grov Conversion Of Redeemable Convertible Preferred Stock To Common Stock
ConversionOfRedeemableConvertiblePreferredStockToCommonStock
0 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
93196000 usd
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 usd
grov Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
2182000 usd
grov Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
0 usd
grov Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
125000 usd
grov Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
1245000 usd
us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="padding-left:18pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Grove Collaborative Holdings, Inc., a public benefit corporation, (formerly known as Virgin Group Acquisition Corp. II) and its wholly owned subsidiaries (collectively, the “Company” or “Grove”) is a digital-first, sustainability-oriented consumer products innovator specializing in the development and sale of household, personal care, beauty and other consumer products with an environmental focus and headquartered in San Francisco, California. In the United States, the Company sells its products through two channels: a direct-to-consumer (“DTC”) platform at www.grove.co and the Company’s mobile applications, where the Company sells products from Grove-owned brands (“Grove Brands”) and third-parties, and the retail channel into which the Company sell products from Grove-owned brands at wholesale. The Company develops and sells natural products that are free from the harmful chemicals identified in the Company’s “anti-ingredient” list and designs form factors and product packaging that reduces plastic waste and improves the environmental impact of the categories in which the Company operates. The Company also purchases environmental offsets that have made it the first plastic neutral retailer in the world, and we plan to become 100% plastic-free by 2025. Grove Collaborative, Inc. (herein referred to as “Legacy Grove”), the Company’s accounting predecessor, was incorporated in Delaware in 2016. </span></div><div style="padding-left:18pt;text-indent:27pt"><span><br/></span></div><div style="padding-left:18pt;text-align:justify;text-indent:27pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On June 16, 2022 (the “Closing Date”), the Company consummated the previously-announced transactions contemplated by the Agreement and Plan of Merger, dated December 7, 2021, amended and restated on March 31, 2022 (the “Merger Agreement”), among Virgin Group Acquisition Corp. II, a blank check company incorporated as a Cayman Islands exempt company in 2020 (“VGAC II”), Treehouse Merger Sub, Inc. (“VGAC II Merger Sub I”), Treehouse Merger Sub II, LLC (“VGAC II Merger Sub II”), and Legacy Grove (“the Merger”). In connection with the Merger, VGAC II changed its jurisdiction of incorporation from the Cayman Islands to the State of Delaware and changed its name to Grove Collaborative Holdings, Inc (the “Domestication”), a public benefit corporation. On the Closing Date, VGAC Merger Sub II merged with and into Legacy Grove with Legacy Grove being the surviving corporation and a wholly-owned subsidiary of the Company (the “Initial Merger”), and, immediately following the Initial Merger, and as part of the same overall transaction as the Initial Merger, Legacy Grove merged with and into VGAC Merger Sub II, the separate corporate existence of Legacy Grove ceased, and Merger Sub II continued as the surviving company and a wholly-owned subsidiary of the Company and changed its name to Grove Collaborative, Inc.(together with the Merger and the Domestication, the “Business Combination”).</span></div><div style="padding-left:18pt;text-align:justify;text-indent:36pt"><span><br/></span></div><div style="padding-left:18pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Business Combination is accounted for as a reverse recapitalization with Legacy Grove being the accounting acquirer and VGAC II as the acquired company for accounting purposes. Accordingly, all historical financial information presented in the unaudited condensed consolidated financial statements represents the accounts of Legacy Grove. The shares and net loss per common share prior to the Closing have been retroactively restated as shares reflecting the exchange ratio established in the Closing. </span></div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Business Combination, VGAC II’s public shares, and public warrants were listed on the New York Stock Exchange (“NYSE”) under the symbols “VGII” and “VGII.WS,” respectively. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 17, 2022, the Company's Class A common stock and public warrants began trading on (“NYSE”), under the symbols “GROV” and “GROV.WS,” respectively. See Note 3, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Recapitalization</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span>for additional details.
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-572800000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
132400000 usd
grov Reverse Recapitalization Proceeds Received Net Of Transaction Costs
ReverseRecapitalizationProceedsReceivedNetOfTransactionCosts
80000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. These estimates made by management include the determination of reserves amounts for the Company’s inventories on hand, useful life of intangible assets, sales returns and allowances and certain assumptions used in the valuation of equity awards, the estimated fair value of common stock liability classified Public and Private Placement warrants, the fair value of Earn-Out liabilities, and Additional Shares related to the Backstop Subscription Agreement and stock-based compensation expense. Actual </span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">results could differ from those estimates, and such estimates could be material to the Company’s financial position and the results of operations.</span></div><div style="margin-top:6pt;padding-left:18pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The novel coronavirus (“COVID-19”) pandemic has created significant global economic uncertainty and resulted in the slowdown of economic activity. As of the date of issuance of these condensed consolidated financial statements, the extent to which COVID-19 may impact the future financial condition or results of operations is still uncertain. The Company is not aware of any specific event or circumstance that would require revisions to estimates, updates to judgments, or adjustments to the carrying value of assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and will be recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the condensed consolidated financial statements.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Risks Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains the majority of its cash and cash equivalents in accounts with one financial institution within the United States, generally in the form of demand accounts. Deposits in this institution may exceed federally insured limits. Management believes minimal credit risk exists with respect to this financial institution and the Company has not experienced any losses on such amounts.
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
100000 usd
CY2022Q2 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
100000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
79279000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
99023000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
169758000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
201243000 usd
CY2022Q2 grov Contract With Customer Referral Credit Current
ContractWithCustomerReferralCreditCurrent
100000 usd
CY2021Q4 grov Contract With Customer Referral Credit Current
ContractWithCustomerReferralCreditCurrent
100000 usd
grov Fulfillment Costs
FulfillmentCosts
20300000 usd
CY2021Q2 grov Fulfillment Costs
FulfillmentCosts
23600000 usd
CY2022Q2 grov Fulfillment Costs
FulfillmentCosts
44700000 usd
grov Fulfillment Costs
FulfillmentCosts
48800000 usd
CY2022Q2 grov Reverse Recapitalization Percentage Of Voting Interests Acquired
ReverseRecapitalizationPercentageOfVotingInterestsAcquired
1
CY2022Q2 grov Proceed From Issuance Of Common Stock Reverse Recapitalization
ProceedFromIssuanceOfCommonStockReverseRecapitalization
97100000 usd
CY2022Q2 grov Reverse Recapitalization Proceeds Received Net Of Transaction Costs
ReverseRecapitalizationProceedsReceivedNetOfTransactionCosts
23800000 usd
CY2022Q2 grov Reverse Recapitalization Contingent Consideration Earnout Period
ReverseRecapitalizationContingentConsiderationEarnoutPeriod
P10Y
CY2022Q2 grov Inventory Purchases Current
InventoryPurchasesCurrent
3468000 usd
CY2021Q4 grov Inventory Purchases Current
InventoryPurchasesCurrent
4659000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1744000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2072000 usd
CY2022Q2 us-gaap Accrued Advertising Current
AccruedAdvertisingCurrent
3527000 usd
CY2021Q4 us-gaap Accrued Advertising Current
AccruedAdvertisingCurrent
2363000 usd
CY2022Q2 grov Accrued Fulfillment Costs Current
AccruedFulfillmentCostsCurrent
1147000 usd
CY2021Q4 grov Accrued Fulfillment Costs Current
AccruedFulfillmentCostsCurrent
1120000 usd
CY2022Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1537000 usd
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1812000 usd
CY2022Q2 grov Transaction Costs Current
TransactionCostsCurrent
21399000 usd
CY2021Q4 grov Transaction Costs Current
TransactionCostsCurrent
1846000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8008000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6779000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
40830000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20651000 usd
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
66402000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
66933000 usd
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
22708000 usd
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
10750000 usd
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
43694000 usd
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
56183000 usd
CY2022Q2 us-gaap Purchase Obligation
PurchaseObligation
27000000 usd
CY2021Q4 us-gaap Purchase Obligation
PurchaseObligation
36100000 usd
CY2021Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
115527580 shares
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
114795034 shares
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
487918000 usd
CY2021Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
495411000 usd
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
900000000 shares
CY2022Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
100000000 shares
CY2022Q2 grov Number Of Shares Converted
NumberOfSharesConverted
1 shares
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
76700000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27882520 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.59
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y11M26D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
125429000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
205337 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3041496 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.44
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24635687 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M1D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
54818000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
15742548 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.81
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P6Y10M13D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
44349000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.41
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
7800000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6000000 usd
CY2022Q2 grov Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
1100000 usd
CY2021Q2 grov Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
2300000 usd
grov Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Shares Subject To Repurchase Obligation
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfSharesSubjectToRepurchaseObligation
0 usd
CY2021 grov Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Shares Subject To Repurchase Obligation
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfSharesSubjectToRepurchaseObligation
200000 usd
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20100000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3800000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24500000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7300000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
47400000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
59416899 shares
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
144964182 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
59416899 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
144964182 shares

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