2022 Q4 Form 10-K Financial Statement

#000184176123000012 Filed on March 16, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $74.04M $321.5M $0.00
YoY Change
Cost Of Revenue $39.25M $166.9M $195.2M
YoY Change -79.89% -14.5%
Gross Profit $34.79M $154.7M $188.5M
YoY Change -81.54% -17.96%
Gross Profit Margin 46.99% 48.1%
Selling, General & Admin $58.61M $206.9M $294.0M
YoY Change -80.06% -29.63%
% of Gross Profit 168.47% 133.76% 155.94%
Research & Development $4.576M $22.50M $23.41M
YoY Change -80.45% -3.87%
% of Gross Profit 13.15% 14.55% 12.42%
Depreciation & Amortization $1.425M $5.716M $4.992M
YoY Change -71.45% 14.5%
% of Gross Profit 4.1% 3.7% 2.65%
Operating Expenses $63.19M $229.4M $2.087M
YoY Change 2927.98% 6319.8%
Operating Profit -$28.40M -$141.0M $186.4M
YoY Change -115.23% -176.24%
Interest Expense -$2.767M $9.685M $325.1K
YoY Change -951.1% 41.56%
% of Operating Profit 0.17%
Other Income/Expense, Net $23.16M $53.32M $0.00
YoY Change -9446.54%
Pretax Income -$12.66M -$87.66M -$1.762M
YoY Change 618.84% -3348.66%
Income Tax $19.00K $54.00K $52.00K
% Of Pretax Income
Net Earnings -$12.68M -$87.72M -$1.762M
YoY Change 619.92% -3350.67%
Net Earnings / Revenue -17.13% -27.28%
Basic Earnings Per Share -$0.97
Diluted Earnings Per Share -$0.30 -$0.97 -$33.92K
COMMON SHARES
Basic Shares Outstanding 90.51M shares
Diluted Shares Outstanding 90.51M shares

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.08M $81.08M $507.2K
YoY Change 15885.65% 15885.65%
Cash & Equivalents $81.08M $81.08M $78.38M
Short-Term Investments
Other Short-Term Assets $16.79M $16.79M $629.1K
YoY Change 2569.49% 2569.49%
Inventory $44.13M $44.13M $54.45M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $142.0M $142.0M $140.9M
YoY Change 0.76% 12397.14%
LONG-TERM ASSETS
Property, Plant & Equipment $14.53M $26.89M $15.93M
YoY Change -8.8% -27.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.192M $5.143M $4.394M
YoY Change -50.11% -98.72%
Total Long-Term Assets $32.04M $32.04M $41.54M
YoY Change -22.88% -92.04%
TOTAL ASSETS
Total Short-Term Assets $142.0M $142.0M $140.9M
Total Long-Term Assets $32.04M $32.04M $41.54M
Total Assets $174.0M $174.0M $182.5M
YoY Change -4.62% -56.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.71M $10.71M $21.35M
YoY Change -49.82% -49.82%
Accrued Expenses $31.35M $35.06M $20.65M
YoY Change 51.83% 1349.13%
Deferred Revenue $10.88M $11.27M
YoY Change -3.45%
Short-Term Debt $0.00 $0.00 $1.000M
YoY Change -100.0% -100.0%
Long-Term Debt Due $575.0K $575.0K $10.75M
YoY Change -94.65% -94.65%
Total Short-Term Liabilities $57.47M $57.47M $69.21M
YoY Change -16.96% 1580.01%
LONG-TERM LIABILITIES
Long-Term Debt $60.62M $60.62M $56.18M
YoY Change 7.9%
Other Long-Term Liabilities $0.00 $29.42M $5.408M
YoY Change -100.0% 7.26%
Total Long-Term Liabilities $60.62M $90.04M $61.59M
YoY Change -1.58% 228.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.47M $57.47M $69.21M
Total Long-Term Liabilities $60.62M $90.04M $61.59M
Total Liabilities $147.5M $147.5M $150.8M
YoY Change -2.2% 378.18%
SHAREHOLDERS EQUITY
Retained Earnings -$577.9M -$490.1M
YoY Change 17.9%
Common Stock $18.00K $1.000K
YoY Change 1700.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.53M $26.53M -$456.3M
YoY Change
Total Liabilities & Shareholders Equity $174.0M $174.0M $182.5M
YoY Change -4.62% -56.9%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$12.68M -$87.72M -$1.762M
YoY Change 619.92% -3350.67%
Depreciation, Depletion And Amortization $1.425M $5.716M $4.992M
YoY Change -71.45% 14.5%
Cash From Operating Activities -$6.714M -$96.26M -$551.6K
YoY Change 1117.1% 4907.75%
INVESTING ACTIVITIES
Capital Expenditures $642.0K $4.222M -$5.768M
YoY Change -111.13% -173.2%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$642.0K -$4.222M $0.00
YoY Change -98.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$4.892M
YoY Change -101.24%
Debt Paid & Issued, Net $5.180M
YoY Change -76.38%
Cash From Financing Activities -450.0K $118.1M 1.000M
YoY Change -145.0% -70.84%
NET CHANGE
Cash From Operating Activities -6.714M -$96.26M -551.6K
Cash From Investing Activities -642.0K -$4.222M 0.000
Cash From Financing Activities -450.0K $118.1M 1.000M
Net Change In Cash -7.806M $17.61M 448.4K
YoY Change -1841.01% 3371.53%
FREE CASH FLOW
Cash From Operating Activities -$6.714M -$96.26M -$551.6K
Capital Expenditures $642.0K $4.222M -$5.768M
Free Cash Flow -$7.356M -$100.5M $5.216M
YoY Change -241.02% -2712.83%

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0 usd
CY2022 us-gaap Paid In Kind Interest
PaidInKindInterest
586000 usd
CY2021 us-gaap Paid In Kind Interest
PaidInKindInterest
704000 usd
CY2020 us-gaap Paid In Kind Interest
PaidInKindInterest
917000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
7036000 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
4725000 usd
CY2020 us-gaap Inventory Write Down
InventoryWriteDown
1820000 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4663000 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1027000 usd
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2022 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
5300000 usd
CY2021 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
CY2020 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
0 usd
CY2022 us-gaap Other Noncash Expense
OtherNoncashExpense
274000 usd
CY2021 us-gaap Other Noncash Expense
OtherNoncashExpense
1274000 usd
CY2020 us-gaap Other Noncash Expense
OtherNoncashExpense
401000 usd
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3285000 usd
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12598000 usd
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18611000 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3114000 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3294000 usd
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1437000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-10518000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2489000 usd
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-16250000 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-5004000 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-817000 usd
CY2020 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5582000 usd
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-389000 usd
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
148000 usd
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2102000 usd
CY2022 grov Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
130000 usd
CY2021 grov Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
-65000 usd
CY2020 grov Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
-278000 usd
CY2022 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1864000 usd
CY2021 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-774000 usd
CY2020 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
961000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-96261000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-127089000 usd
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-83656000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4222000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5768000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4222000 usd
CY2020 grov Proceed From Issuance Of Common Stock Reverse Recapitalization
ProceedFromIssuanceOfCommonStockReverseRecapitalization
0 usd
CY2021 grov Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
0 usd
CY2020 grov Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
0 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
4924000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 usd
CY2021 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0 usd
CY2020 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
215000000 usd
CY2022 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6558000 usd
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1396000 usd
CY2020 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
210000 usd
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
70820000 usd
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
60000000 usd
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
43513000 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2463000 usd
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
375000 usd
CY2020 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
279000 usd
CY2022 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5180000 usd
CY2021 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
21932000 usd
CY2020 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
33118000 usd
CY2022 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
66034000 usd
CY2021 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2499000 usd
CY2020 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 usd
CY2022 grov Proceeds From Issuance Of Shares Payments Of Tax Withholding Share Based Payment Arrangement
ProceedsFromIssuanceOfSharesPaymentsOfTaxWithholdingShareBasedPaymentArrangement
-1985000 usd
CY2021 grov Proceeds From Issuance Of Shares Payments Of Tax Withholding Share Based Payment Arrangement
ProceedsFromIssuanceOfSharesPaymentsOfTaxWithholdingShareBasedPaymentArrangement
1209000 usd
CY2020 grov Proceeds From Issuance Of Shares Payments Of Tax Withholding Share Based Payment Arrangement
ProceedsFromIssuanceOfSharesPaymentsOfTaxWithholdingShareBasedPaymentArrangement
3264000 usd
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
32000 usd
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
297000 usd
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
118092000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
34710000 usd
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
228170000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
17609000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-98147000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
78376000 usd
CY2021 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
52000 usd
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
10144000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
4472000 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
3887000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
85000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
112000 usd
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
86000 usd
CY2022 grov Conversion Of Redeemable Convertible Preferred Stock To Common Stock
ConversionOfRedeemableConvertiblePreferredStockToCommonStock
516380000 usd
CY2021 grov Conversion Of Redeemable Convertible Preferred Stock To Common Stock
ConversionOfRedeemableConvertiblePreferredStockToCommonStock
0 usd
CY2020 grov Conversion Of Redeemable Convertible Preferred Stock To Common Stock
ConversionOfRedeemableConvertiblePreferredStockToCommonStock
0 usd
CY2022 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
93196000 usd
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 usd
CY2020 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
0 usd
CY2022 grov Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
2182000 usd
CY2021 grov Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
0 usd
CY2020 grov Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
0 usd
CY2021 grov Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
1928000 usd
CY2020 grov Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
284000 usd
CY2022 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 usd
CY2021 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
0 usd
CY2020 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
67000 usd
CY2022 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 usd
CY2021 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 usd
CY2020 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
323000 usd
CY2022 grov Initial Measurement Of Structural Derivative Liability Recorded As Debt Fees
InitialMeasurementOfStructuralDerivativeLiabilityRecordedAsDebtFees
7050000 usd
CY2021 grov Initial Measurement Of Structural Derivative Liability Recorded As Debt Fees
InitialMeasurementOfStructuralDerivativeLiabilityRecordedAsDebtFees
0 usd
CY2020 grov Initial Measurement Of Structural Derivative Liability Recorded As Debt Fees
InitialMeasurementOfStructuralDerivativeLiabilityRecordedAsDebtFees
0 usd
CY2022 grov Initial Measurement Of Common Stock Warrants As Debt Fees
InitialMeasurementOfCommonStockWarrantsAsDebtFees
1072000 usd
CY2021 grov Initial Measurement Of Common Stock Warrants As Debt Fees
InitialMeasurementOfCommonStockWarrantsAsDebtFees
0 usd
CY2020 grov Initial Measurement Of Common Stock Warrants As Debt Fees
InitialMeasurementOfCommonStockWarrantsAsDebtFees
0 usd
CY2022 grov Debt Issuance Costs Incurred But Not Yet Paid
DebtIssuanceCostsIncurredButNotYetPaid
46000 usd
CY2021 grov Debt Issuance Costs Incurred But Not Yet Paid
DebtIssuanceCostsIncurredButNotYetPaid
0 usd
CY2020 grov Debt Issuance Costs Incurred But Not Yet Paid
DebtIssuanceCostsIncurredButNotYetPaid
0 usd
CY2022 grov Initial Measurement Of Common Stock Warrants Recorded As Debt Fees
InitialMeasurementOfCommonStockWarrantsRecordedAsDebtFees
0 usd
CY2021 grov Initial Measurement Of Common Stock Warrants Recorded As Debt Fees
InitialMeasurementOfCommonStockWarrantsRecordedAsDebtFees
1622000 usd
CY2020 grov Initial Measurement Of Common Stock Warrants Recorded As Debt Fees
InitialMeasurementOfCommonStockWarrantsRecordedAsDebtFees
0 usd
CY2022 grov Settlement Of Additional Shares Liability
SettlementOfAdditionalSharesLiability
16310000 usd
CY2021 grov Settlement Of Additional Shares Liability
SettlementOfAdditionalSharesLiability
0 usd
CY2020 grov Settlement Of Additional Shares Liability
SettlementOfAdditionalSharesLiability
0 usd
CY2022 grov Warrants Exercised Preferred Stock
WarrantsExercisedPreferredStock
989000 usd
CY2022 grov Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
125000 usd
CY2021 grov Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
1577000 usd
CY2020 grov Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
68000 usd
CY2022 us-gaap Nature Of Operations
NatureOfOperations
Description of Business<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%">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. Grove Collaborative, Inc. (herein referred to as “Legacy Grove”), the Company’s accounting predecessor, was incorporated in Delaware in 2016.</span></div><div style="margin-top:12pt;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%">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="margin-top:12pt;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 audited 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><div style="margin-top:12pt;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%">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. On June 17, 2022, the Company's Class A common stock and public warrants began trading on the NYSE, under the symbols “GROV” and “GROV.WS,” respectively. See Note 3, Recapitalization for additional details.</span></div>
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-577900000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81100000 usd
CY2022 grov Reverse Recapitalization Proceeds Received Net Of Transaction Costs
ReverseRecapitalizationProceedsReceivedNetOfTransactionCosts
72700000 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt;padding-left:18pt;text-align:justify"><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="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 preparation of 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 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, the fair value of Additional Shares liabilities, the fair value of the Structural Derivative Liability and stock based compensation expense. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Actual results could</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> differ from those estimates, and such estimates could be material to the Company’s financial position and the results of operations. </span></div>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 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 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 consolidated financial statements.
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
7400000 usd
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
12000000 usd
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81084000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
78376000 usd
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
14901000 usd
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95985000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
78376000 usd
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
6900000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
800000 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
600000 usd
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt;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%">Concentration of Risks </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%">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.</span></div>The Company depends on a limited number of vendors to supply products sold by the Company.
CY2022Q4 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
5300000 usd
CY2022 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<div style="margin-top:18pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Structural Derivative Liability</span></div><div style="margin-top:12pt;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 Structural Derivative Liability is a compound embedded derivative related to features within the Structural Facility, defined in Note 6, Debt. The Company accounts for this instrument at fair value within derivative liabilities on its consolidated balance sheet with changes in fair value until settlement being recorded in its consolidated statement of operations. Changes in fair value of this instrument for the year ended December 31, 2022 were nominal.</span></div>
CY2022Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
100000 usd
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
100000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
321527000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
383685000 usd
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
364271000 usd
CY2021Q4 grov Contract With Customer Referral Credit Current
ContractWithCustomerReferralCreditCurrent
100000 usd
CY2022Q4 grov Contract With Customer Referral Credit Current
ContractWithCustomerReferralCreditCurrent
100000 usd
CY2022 grov Fulfillment Costs
FulfillmentCosts
82200000 usd
CY2021 grov Fulfillment Costs
FulfillmentCosts
95500000 usd
CY2020 grov Fulfillment Costs
FulfillmentCosts
96900000 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
24400000 usd
CY2022Q2 grov Reverse Recapitalization Contingent Consideration Earnout Period
ReverseRecapitalizationContingentConsiderationEarnoutPeriod
P10Y
CY2022 grov Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag
FairValueRecurringBasisUnobservableInputReconciliationLiabilityGainLossStatementOfIncomeExtensibleListNotDisclosedFlag
true
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
700000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
6900000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
6800000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27849000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
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Files In Submission

Name View Source Status
grov-20221231_cal.xml Edgar Link unprocessable
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0001841761-23-000012-index.html Edgar Link pending
0001841761-23-000012.txt Edgar Link pending
0001841761-23-000012-xbrl.zip Edgar Link pending
exhibit2110-k2022.htm Edgar Link pending
exhibit23110-k2022.htm Edgar Link pending
exhibit31110-k2022.htm Edgar Link pending
exhibit31210-k2022.htm Edgar Link pending
exhibit32110-k2022.htm Edgar Link pending
exhibit41410-k2022.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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