2023 Q1 Form 10-Q Financial Statement
#000184176123000047 Filed on May 11, 2023
Income Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
Revenue | $71.57M | $0.00 |
YoY Change | ||
Cost Of Revenue | $34.31M | $47.74M |
YoY Change | -28.13% | -4.57% |
Gross Profit | $37.26M | $42.74M |
YoY Change | -12.83% | -18.12% |
Gross Profit Margin | 52.06% | |
Selling, General & Admin | $38.02M | $83.76M |
YoY Change | -54.61% | 0.71% |
% of Gross Profit | 102.06% | 196.0% |
Research & Development | $4.216M | $6.240M |
YoY Change | -32.44% | 20.88% |
% of Gross Profit | 11.32% | 14.6% |
Depreciation & Amortization | $1.448M | $1.410M |
YoY Change | 2.7% | 25.0% |
% of Gross Profit | 3.89% | 3.3% |
Operating Expenses | $42.24M | $1.008M |
YoY Change | 4089.97% | 3584.39% |
Operating Profit | -$13.66M | $41.73M |
YoY Change | -132.72% | -152640.39% |
Interest Expense | $3.729M | -$22.54M |
YoY Change | -116.54% | 10772.51% |
% of Operating Profit | -54.03% | |
Other Income/Expense, Net | $596.0K | $0.00 |
YoY Change | -100.0% | |
Pretax Income | -$13.06M | -$23.55M |
YoY Change | -44.55% | 3116.02% |
Income Tax | $10.00K | $23.00K |
% Of Pretax Income | ||
Net Earnings | -$13.07M | -$23.55M |
YoY Change | -44.51% | 3116.02% |
Net Earnings / Revenue | -18.26% | |
Basic Earnings Per Share | -$0.08 | -$5.05 |
Diluted Earnings Per Share | -$0.08 | -$468.1K |
COMMON SHARES | ||
Basic Shares Outstanding | 168.7M shares | 9.387M shares |
Diluted Shares Outstanding | 168.7M shares | 9.387M shares |
Balance Sheet
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $81.65M | $79.82K |
YoY Change | 102196.42% | -94.4% |
Cash & Equivalents | $81.70M | $74.43M |
Short-Term Investments | ||
Other Short-Term Assets | $11.66M | $615.3K |
YoY Change | 1794.3% | -50.55% |
Inventory | $40.93M | $50.56M |
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $134.2M | $695.1K |
YoY Change | 19211.07% | -73.95% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $13.85M | $36.57M |
YoY Change | -62.12% | |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $2.817M | $402.6M |
YoY Change | -99.3% | 15.02% |
Total Long-Term Assets | $31.34M | $402.6M |
YoY Change | -92.21% | 15.43% |
TOTAL ASSETS | ||
Total Short-Term Assets | $134.2M | $695.1K |
Total Long-Term Assets | $31.34M | $402.6M |
Total Assets | $165.6M | $403.3M |
YoY Change | -58.94% | 14.75% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $12.29M | $31.82M |
YoY Change | -61.37% | |
Accrued Expenses | $13.97M | $2.815M |
YoY Change | 396.19% | 122.2% |
Deferred Revenue | $9.152M | |
YoY Change | ||
Short-Term Debt | $0.00 | $1.000M |
YoY Change | -100.0% | |
Long-Term Debt Due | $340.0K | $16.72M |
YoY Change | -97.97% | |
Total Short-Term Liabilities | $40.08M | $3.847M |
YoY Change | 941.96% | 203.64% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $69.05M | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $28.75M | $50.01M |
YoY Change | -42.5% | 65.4% |
Total Long-Term Liabilities | $69.05M | $50.01M |
YoY Change | 38.08% | 65.4% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $40.08M | $3.847M |
Total Long-Term Liabilities | $69.05M | $50.01M |
Total Liabilities | $137.9M | $53.85M |
YoY Change | 156.03% | 79.24% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$590.9M | |
YoY Change | ||
Common Stock | $18.00K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $27.70M | -$498.9M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $165.6M | $403.3M |
YoY Change | -58.94% | 14.75% |
Cashflow Statement
Concept | 2023 Q1 | 2022 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$13.07M | -$23.55M |
YoY Change | -44.51% | 3116.02% |
Depreciation, Depletion And Amortization | $1.448M | $1.410M |
YoY Change | 2.7% | 25.0% |
Cash From Operating Activities | -$6.737M | -$427.4K |
YoY Change | 1476.24% | 8448.2% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $784.0K | -$1.352M |
YoY Change | -157.99% | 7.13% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $0.00 | |
YoY Change | -100.0% | |
Cash From Investing Activities | -$784.0K | $0.00 |
YoY Change | -100.0% | |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | $235.0K | $275.0K |
YoY Change | -14.55% | |
Cash From Financing Activities | $1.990M | 0.000 |
YoY Change | -100.0% | |
NET CHANGE | ||
Cash From Operating Activities | -$6.737M | -427.4K |
Cash From Investing Activities | -$784.0K | 0.000 |
Cash From Financing Activities | $1.990M | 0.000 |
Net Change In Cash | -$5.531M | -427.4K |
YoY Change | 1194.07% | -130.0% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$6.737M | -$427.4K |
Capital Expenditures | $784.0K | -$1.352M |
Free Cash Flow | -$7.521M | $924.6K |
YoY Change | -913.44% | -26.44% |
Facts In Submission
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Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
171000 | usd |
CY2022Q1 | grov |
Adjustments To Additional Paid In Capital Early Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalEarlyExerciseOfStockOptions
|
125000 | usd |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
4501000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-47384000 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-498866000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13069000 | usd |
CY2022Q1 | us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
8000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3078000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3038000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-47384000 | usd |
CY2023Q1 | grov |
Adjustment Of Convertible Preferred Stock Warrant Liability
AdjustmentOfConvertiblePreferredStockWarrantLiability
|
0 | usd |
CY2022Q1 | grov |
Adjustment Of Convertible Preferred Stock Warrant Liability
AdjustmentOfConvertiblePreferredStockWarrantLiability
|
-1886000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4893000 | usd |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4460000 | usd |
CY2023Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1448000 | usd |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1410000 | usd |
CY2023Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
292000 | usd |
CY2022Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
0 | usd |
CY2023Q1 | grov |
Adjustments To Transaction Costs Derivative Instrument Reverse Recapitalization
AdjustmentsToTransactionCostsDerivativeInstrumentReverseRecapitalization
|
-3745000 | usd |
CY2022Q1 | grov |
Adjustments To Transaction Costs Derivative Instrument Reverse Recapitalization
AdjustmentsToTransactionCostsDerivativeInstrumentReverseRecapitalization
|
0 | usd |
CY2023Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
948000 | usd |
CY2022Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
195000 | usd |
CY2023Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
124000 | usd |
CY2022Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
856000 | usd |
CY2023Q1 | us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
77000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-784000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1352000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
828000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
3312000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1554000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
10287000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
162000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
2917000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-1726000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
159000 | usd |
CY2023Q1 | grov |
Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
|
261000 | usd |
CY2022Q1 | grov |
Increase Decrease In Operating Right Of Use Asset
IncreaseDecreaseInOperatingRightOfUseAsset
|
22000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
316000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-229000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-6737000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-29503000 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
784000 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
1352000 | 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 |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
90454000 | usd |
CY2023Q1 | grov |
Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
|
0 | usd |
CY2022Q1 | grov |
Proceeds From Issuance Of Redeemable Convertible Common Stock
ProceedsFromIssuanceOfRedeemableConvertibleCommonStock
|
27500000 | usd |
CY2023Q1 | grov |
Payment Of Transaction Costs Reverse Recapitalization
PaymentOfTransactionCostsReverseRecapitalization
|
4150000 | usd |
CY2022Q1 | grov |
Payment Of Transaction Costs Reverse Recapitalization
PaymentOfTransactionCostsReverseRecapitalization
|
489000 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
7500000 | usd |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | usd |
CY2023Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
837000 | usd |
CY2022Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
0 | usd |
CY2023Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
235000 | usd |
CY2022Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
275000 | usd |
CY2023Q1 | grov |
Proceeds From Issuance Of Shares Payments Of Tax Withholding Share Based Payment Arrangement
ProceedsFromIssuanceOfSharesPaymentsOfTaxWithholdingShareBasedPaymentArrangement
|
-288000 | usd |
CY2022Q1 | grov |
Proceeds From Issuance Of Shares Payments Of Tax Withholding Share Based Payment Arrangement
ProceedsFromIssuanceOfSharesPaymentsOfTaxWithholdingShareBasedPaymentArrangement
|
171000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1990000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
26907000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-5531000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-3948000 | usd |
CY2022Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
0 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
74428000 | usd |
CY2023Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
9000 | usd |
CY2022Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
21000 | usd |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
2734000 | usd |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1461000 | usd |
CY2023Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
113000 | usd |
CY2022Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
286000 | usd |
CY2023Q1 | grov |
Adjustments To Additional Paid In Capital Reduction Of Transaction Costs
AdjustmentsToAdditionalPaidInCapitalReductionOfTransactionCosts
|
9609000 | usd |
CY2022Q1 | grov |
Adjustments To Additional Paid In Capital Reduction Of Transaction Costs
AdjustmentsToAdditionalPaidInCapitalReductionOfTransactionCosts
|
0 | usd |
CY2023Q1 | grov |
Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
|
0 | usd |
CY2022Q1 | grov |
Transaction Costs Incurred But Not Yet Paid
TransactionCostsIncurredButNotYetPaid
|
2582000 | usd |
CY2023Q1 | grov |
Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
|
0 | usd |
CY2022Q1 | grov |
Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
|
125000 | usd |
CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
81653000 | usd |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
74428000 | usd |
CY2023Q1 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
8801000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
90454000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
74428000 | usd |
CY2023Q1 | 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, or “VGAC 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:6pt;padding-left:18pt;text-align:justify;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: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="text-align:justify;text-indent:45pt"><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><div style="margin-top:12pt;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: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 7,</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Common Stock and Warrants</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional details.</span></div> | |
CY2023Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-590900000 | usd |
CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
81700000 | usd |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top:12pt;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="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 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, the fair value of Additional Shares liabilities, the fair value of the Structural Derivative Liability and stock based compensation expense. Actual 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> | |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div style="margin-top:12pt;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%">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, cash equivalents and restricted cash. The Company maintains the majority of its cash, cash equivalents and restricted cash 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> | |
CY2023Q1 | grov |
Revenue From Contract With Customer Complementary Membership Period
RevenueFromContractWithCustomerComplementaryMembershipPeriod
|
P60D | |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
71565000 | usd |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
90479000 | usd |
CY2023Q1 | grov |
Fulfillment Costs
FulfillmentCosts
|
17000000 | usd |
CY2022Q1 | grov |
Fulfillment Costs
FulfillmentCosts
|
24400000 | usd |
CY2023Q1 | grov |
Inventory Purchases Current
InventoryPurchasesCurrent
|
2530000 | usd |
CY2022Q4 | grov |
Inventory Purchases Current
InventoryPurchasesCurrent
|
2757000 | usd |
CY2023Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2861000 | usd |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1714000 | usd |
CY2023Q1 | us-gaap |
Accrued Advertising Current
AccruedAdvertisingCurrent
|
1020000 | usd |
CY2022Q4 | us-gaap |
Accrued Advertising Current
AccruedAdvertisingCurrent
|
1203000 | usd |
CY2023Q1 | grov |
Accrued Fulfillment Costs Current
AccruedFulfillmentCostsCurrent
|
1335000 | usd |
CY2022Q4 | grov |
Accrued Fulfillment Costs Current
AccruedFulfillmentCostsCurrent
|
1725000 | usd |
CY2023Q1 | us-gaap |
Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
|
1509000 | usd |
CY2022Q4 | us-gaap |
Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
|
1374000 | usd |
CY2023Q1 | grov |
Transaction Costs Current
TransactionCostsCurrent
|
0 | usd |
CY2022Q4 | grov |
Transaction Costs Current
TransactionCostsCurrent
|
17500000 | usd |
CY2023Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
4712000 | usd |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
5081000 | usd |
CY2023Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
13967000 | usd |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
31354000 | usd |
CY2023Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
69389000 | usd |
CY2022Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
61195000 | usd |
CY2023Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
340000 | usd |
CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
575000 | usd |
CY2023Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
69049000 | usd |
CY2022Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
60620000 | usd |
CY2023Q1 | grov |
Fair Value Adjustment Of Derivative Instrument
FairValueAdjustmentOfDerivativeInstrument
|
600000 | usd |
CY2023Q1 | us-gaap |
Purchase Obligation
PurchaseObligation
|
15300000 | usd |
CY2022Q4 | us-gaap |
Purchase Obligation
PurchaseObligation
|
18700000 | 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 Transaction Costs
ReverseRecapitalizationTransactionCosts
|
24400000 | usd |
CY2022Q4 | grov |
Transaction Costs Current
TransactionCostsCurrent
|
17500000 | usd |
CY2023Q1 | grov |
Increase Decrease In Accrued Transaction Costs Current
IncreaseDecreaseInAccruedTransactionCostsCurrent
|
-13400000 | usd |
CY2023Q1 | grov |
Increase Decrease To Other Nonoperating Income Expense
IncreaseDecreaseToOtherNonoperatingIncomeExpense
|
3800000 | usd |
CY2023Q1 | grov |
Adjustments To Additional Paid In Capital Reduction Of Transaction Costs
AdjustmentsToAdditionalPaidInCapitalReductionOfTransactionCosts
|
9600000 | usd |
CY2023Q1 | grov |
Shares Issued Shares Derivative Instrument Contingent Consideration Canceled
SharesIssuedSharesDerivativeInstrumentContingentConsiderationCanceled
|
985722 | shares |
CY2022Q2 | grov |
Reverse Recapitalization Contingent Consideration Earnout Period
ReverseRecapitalizationContingentConsiderationEarnoutPeriod
|
P10Y | |
CY2022Q4 | grov |
Consulting Fee Expense
ConsultingFeeExpense
|
150000 | usd |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
10521571 | shares |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.59 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P4Y10M13D | ||
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
61000 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
178564 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
0.38 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
170516 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
2.82 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
10172491 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
1.59 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P4Y18D | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
98000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
|
9040393 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
1.32 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P3Y6M29D | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
|
98000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
100000 | usd |
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
4400000 | usd |
CY2023Q1 | grov |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
|
0 | usd |
CY2022Q1 | grov |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableAggregateIntrinsicValue
|
400000 | usd |
CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4900000 | usd |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4500000 | usd |
CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
28600000 | usd |
CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y3M18D | |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
72435528 | shares |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
148393189 | shares |