By Karen Roman
Grove Collaborative Holdings, Inc. (NYSE: GROV) said operating cash flow was $0.8 million during Q3, the fourth consecutive quarter with positive results.
Revenue was $48.3 million compared to $61.8 million a year prior, it stated. The company announced the exit from brick & mortar channels to focus on e-commerce.
Grove’s new full year revenue guidance is $200 to $205 million, a change from $205 to $215 million, it said. Adjusted EBITDA margin will remain in the range of 0.5% to 1.5%.
“We are making essential progress in our multi-year turnaround journey,” said Jeff Yurcisin, Grove’s CEO. “First, we want to reinforce that, amidst this transformation, our priorities remain clear: drive profitability, strengthen our balance sheet, foster revenue growth, and advance sustainability.”
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