Grove Collaborative Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Grove Collaborative Holdings, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Grove Collaborative Holdings, Inc. (GROVW) filed a Annual Report (10-K) with the SEC on March 20, 2024. Grove Collaborative Holdings, Inc. filed its 2023 Form 10-K on March 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1301 Sansome Street, San Francisco, CA. Grove Collaborative Holdings, Inc. was formerly known as Virgin Group Acquisition Corp. II. The SIC code for the company is 5961 (Retail - Catalog & Mail-Order Houses).

Why It Matters

For investors and stakeholders tracking Grove Collaborative Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Grove Collaborative's financial health, operational strategies, and risk factors for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. Understanding the details within this filing is essential for stakeholders to make informed decisions regarding their investments in Grove Collaborative Holdings, Inc., especially given its position in the retail catalog and mail-order sector.

Risk Assessment

Risk Level: medium — Grove Collaborative Holdings, Inc. shows moderate risk based on this filing. The company's financial performance and ability to achieve profitability are subject to market conditions and operational execution, as indicated by the nature of a 10-K filing which typically details financial results and business risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess Grove Collaborative's financial stability and growth potential.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-03-20 — Filing Date (Date the 10-K was filed)

Key Players & Entities

• Grove Collaborative Holdings, Inc. (company) — Filer name
• Virgin Group Acquisition Corp. II (company) — Former company name
• 1301 Sansome Street, San Francisco, CA (company) — Business address
• 0001841761 (company) — Central Index Key
• 5961 (company) — Standard Industrial Classification

FAQ

Industry Context

Grove Collaborative Holdings, Inc. operates in the retail catalog and mail-order houses industry. This sector involves selling goods directly to consumers through mail, telephone, or online channels.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial and operational information.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the 'Risk Factors' section to understand potential challenges and uncertainties.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-20: Filing Date — Date Grove Collaborative Holdings, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual report for the fiscal year ending December 31, 2023.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 GROV New York Stock Exchange Securiti
• $621.1 million — t a loss with an accumulated deficit of $621.1 million as of December 31, 2023. After several
• $100 — fined as the weight of plastic sold per $100 of net revenue. Grove Co. products allo

Filing Documents

• grov-20231231.htm (10-K) — 2143KB
• exhibit414descriptionofsec.htm (EX-4.14) — 319KB
• exhibit1035-formofpsuagree.htm (EX-10.35) — 64KB
• exhibit231consentofindepen.htm (EX-23.1) — 3KB
• exhibit311ceorule13certifi.htm (EX-31.1) — 11KB
• exhibit312cforule13certifi.htm (EX-31.2) — 11KB
• exhibit321section1350soxce.htm (EX-32.1) — 12KB
• exhibit971-compensationcla.htm (EX-97.1) — 25KB
• 0001628280-24-012257.txt (&nbsp;) — 10974KB
• grov-20231231.xsd (EX-101.SCH) — 90KB
• grov-20231231_cal.xml (EX-101.CAL) — 85KB
• grov-20231231_def.xml (EX-101.DEF) — 483KB
• grov-20231231_lab.xml (EX-101.LAB) — 939KB
• grov-20231231_pre.xml (EX-101.PRE) — 707KB
• grov-20231231_htm.xml (XML) — 1291KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 42 I tem 1C. C yber S ecurity 42 Item 2.

Properties

Properties 43 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 44 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6.

Selected Financial Data

Selected Financial Data 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 102 Item 9A.

Controls and Procedures

Controls and Procedures 102 Item 9B. Other Information 103 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. 103 Part III Item 10. Directors, Executive Officers and Corporate Governance 104 Item 11.

Executive Compensation

Executive Compensation 104 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 104 Item 13. Certain Relationships and Related Transactions, and Director Independence 104 Item 14. Principal Accounting Fees and Services 104 Part IV Item 15. Exhibits, Financial Statement Schedules 105 Item 16. Form 10-K Summary 109

Signatures

Signatures 110 Table of Content s Part I

Business

Item 1. Business Unless the context otherwise requires, all references in this subsection to the "Company," "Grove," "we," "us" or "our" refer to Grove Collaborative Holdings, Inc. and its consolidated subsidiary following the Business Combination (as defined below), other than certain historical information that refers to the business of Grove Collaborative, Inc. prior to the consummation of the Business Combination. Our Vision Grove Collaborative Holdings, Inc.'s mission is to transform the consumer products industry into a force for human and environmental good by creating and curating planet-first, high-performance brands and products. Overview Grove is a sustainability-oriented consumer products innovator. We use our connection with consumers to create and curate authentic, disruptive brands and products. Grove builds natural products that perform as well as or better than many leading consumer packaged goods, or CPG, brands (both conventional and natural), while being healthier for consumers and the planet. Grove's omnichannel distribution strategy enables us to reach consumers where they want to shop. We operate an online direct-to-consumer website and mobile application ("DTC platform") where we both sell our Grove-owned brands ("Grove Brands") and partner with other leading natural and mission-based CPG brands, providing consumers a selection of curated products across many categories and brands. In the year ended December 31, 2023, we generated approximately 46% of our net revenue from Grove Brands, with 76% of that net revenue from home care products. As we grow our product assortment and distribution in our other categories including health and wellness, beauty, and personal care, we expect the contribution of sales from these categories to increase. We expanded into brick-and-mortar retail in April 2021 with the launch of a curated assortment of Grove Co. best sellers in cleaning, hand and dish categories at Target, and have since established add

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View this 10-K filing on SEC EDGAR