Grove Collaborative Holdings, Inc. reported third quarter 2024 revenue of $48.3 million, a decline from $52.1 million in the second quarter of 2024 and $61.8 million in the third quarter of 2023. The company achieved breakeven Adjusted EBITDA, compared to positive $1.1 million in the prior quarter.
The company announced a strategic decision to exit its Grove Co. branded products from brick-and-mortar retail locations nationwide, which accounted for less than 4% of its revenue and has been consistently unprofitable. Grove plans to focus its investment on its direct-to-consumer (DTC) channels.
Grove strengthened its balance sheet by making a $42.0 million voluntary prepayment of its outstanding term debt, facilitated by a $15.0 million investment from Volition Capital. The company plans to pay off the remaining $30.0 million of its term debt by November 30, 2024, leaving only $7.5 million outstanding under its asset-based loan facility.
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