By Exec Edge Editorial Staff
Grove Collaborative Holdings, Inc. (NYSE: GROV), a sustainable consumer products company, raised its guidance for this year.
For 2022, the company now expects net revenue of $313 to $320 million, up from $302.5 to $312.5 million.
Revenue for the third quarter was $77.7 million, down 2% from the second quarter of 2022, and down 18% year-over-year.
Stuart Landesberg, Chief Executive Officer of Grove, said, “I am pleased with our third quarter results as we cut our adjusted EBITDA loss by more than half from the second quarter, greatly improving our adjusted EBITDA margin both sequentially and year-over-year. During the quarter, we advanced progress on several key elements of our value creation plan, as we successfully expanded our retail distribution, gained efficiencies on marketing spend, reduced operating costs, and took strides toward improving the user experience on our direct-to-consumer platform, all while navigating macroeconomic headwinds. The steps we took progress us towards our goal of driving profitable growth in 2024, and we are excited about the plans in front of us.”