Grove Announces Fiscal Third Quarter 2023 Financial Results.
Highlights:
* Positive Third Quarter Adjusted EBITDA of
* Achieves Record Net Revenue per Order of
* Raises full year Adjusted EBITDA Margin Guidance midpoint by 100 basis points; lowers Revenue Guidance midpoint by 2%
* Expanded retail distribution to 7,500 stores, including new partnerships with Wegmans and KeHE
Fiscal Third Quarter 2023 Financial Highlights:
Net revenue of
Gross margin of 53.8%, a record for the Company, improving 190 basis points from the second quarter of 2023 and up 470 basis points year-over-year
Net loss margin of (15.9)%, compared to (16.4)% in the second quarter of 2023 and 9.9% in the third quarter of 2022.
Adjusted EBITDA margin1 of 0.3%, an improvement of 420 basis points from the second quarter of 2023 and 1,270 basis points from the third quarter of 2022.
Yurcisin continued: 'I'm also proud to share a significant milestone for Grove - our first Adjusted EBITDA profitable quarter - which serves as an inflection point as we look to the future. We will remain focused on profitability in the near-term while also pursuing a path for profitable growth in the second half of 2024 by becoming more meaningful in the daily lives of our customers and further embracing sustainability as our point of differentiation. I look forward to leveraging the strength of the Grove brand and the trust of our community to re-accelerate revenue growth and expand shareholder value while prioritizing profitability.'
1 Adjusted EBITDA margin is a non-GAAP financial measure. See 'Non-GAAP Financial Measures' for a reconciliation of adjusted EBITDA, a non-GAAP financial measure, to net loss in the table at the end of this press release
Fiscal Third Quarter 2023 Key Business Highlights:
https://investors.grove.co/news-events/press-releases/detail/73/grove-announces-fiscal-third-quarter-2023-financial-results
Investor Relations Contact
ir@grove.co
Media Relations Contact
Ryan.Zimmerman@grove.co
Source:
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